Rebutting the anti-gold propaganda of the mainstream media can be an exhausting process. We see mound after mound of pseudo-analysis claiming that gold should be priced at $1,200/oz (USD), $1,000/oz, or even more ludicrous numbers to the down side. Countering such babble is a two-stage process. First we must address all of the silly arguments which are presented. Then we must construct a separate, additional argument, explaining how/why the price of gold should be at much higher price levels than the inane figures which appear in the mainstream media.
Much less common are the opportunities to address the propaganda in terms such as these:
Why Is Gold Not At $2,000/oz – Macquarie
Here we have a Big Bank supplying the anti-gold propaganda, published by the notorious gold-bashers at Kitco. But now the argument is framed (more or less) in rational terms. Why is gold not at/above $2,000?
Regular readers are aware that $2,000/oz (USD) is, at best, only half of what should be the minimum price for gold, today. However, since $2,000/oz would be a new, nominal high for the price of gold, in the eyes of many people this is a number which represents a fair/rational price. Why is the price of gold not at a fair and rational level? Now we are on equal terms with the propagandists. We no longer need to construct two arguments to their one. We only need to address the lack of substance in the propaganda itself.
They [Macquarie] attributed gold’s relative weakness to a stronger U.S. economy, in the form of a strong dollar and higher yields, as well as a lack of physical demand… [emphasis mine]
The language is oh-so familiar. These are the propaganda machine’s Big Three Anti-Gold Myths:
1) The “strong” U.S. economy, and its Never-Ending Recovery.
2) The Almighty Dollar.
3) “Weak demand” for gold.
Anti-gold Myth #1 is actually a two-part myth. Because the U.S. economy is so strong, so goes the propaganda, the Federal Reserve will “soon” be raising interest rates. Yes, “soon”. For eight years, we have been told day after day, week after week, month after month, that the Fed will be raising – and normalizing – interest rates “soon”. As soon as the U.S. economy is “strong enough”, the rate-hikes would start coming like clockwork.
Supposedly, the U.S. economy has been getting stronger and stronger for nearly eight years. Yet all we have seen from the Federal Reserve during this time is a single baby-step toward the normalization of interest rates (and lots and lots of big talk). How do we reconcile this contradiction?
There is no U.S. recovery. It is all statistical exaggeration and outright lies. The U.S. government lies about inflation, everyone knows this. The fiction-peddlers at the Federal Reserve and inside the U.S. government itself pretend there is “no inflation”, while food and housing costs (in particular) spiral higher at never-before-seen rates. The Liars grossly understate the rate of U.S. inflation.
But when you understate inflation, you overstate GDP — automatically. All GDP numbers are “deflated” by the prevailing rate of inflation, otherwise the so-called GDP number would also be measuring the increase in prices. Understate inflation, and thus under-deflate the GDP estimate, and GDP is overstated, on a percentage-for-percentage basis. The U.S. “Recovery” is nothing more than unreported U.S. inflation.
We can also reveal this fiction by exposing the myth of “millions of new jobs” in the U.S. The U.S. economy has continued to lose jobs. The civilian participation report – the measurement of the total number of Americans with actual jobs – shows there are more than 3 million less Americans with jobs than at the start of the mythical Recovery. No new jobs. No GDP growth. No Recovery. Indeed, the U.S. economy has been losing jobs (on a net basis) faster during the so-called Recovery than during the official “recession”.
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