Quotes from the Sydney Gold Symposium

Kris Sayce from Money Morning Australia attended the Sydney Gold Symposium this week. He admits no prizes for making the right guess on the opinions on gold and silver. “The message was buy both. And buy them now.” Which he says, made him feel a bit uncomfortable.

Here are Kris’ highlights from the conference – and a word of warning:-

Monday’s keynote speaker was Egon von Greyerz. Here are a few choice quotes:

“There are three types of money. There is money which is worthless (Zimbabwe), there is money that will become worthless (US dollar), and there is real money (gold).”

“100,000 people earning average $ 40,000 have to work for 350 years to produce as much income as Ben Bernanke can print $ 1.4 trillion in a fraction of a second.”

What’s the difference? The first is mostly productive work… The latter is a man pressing a button!

“Nixon should have been impeached for going off the gold standard, not Watergate… or shot even! It was the worst criminal act I’ve ever seen.”

The afternoon session saw our old pal, Dan Denning take the stage:

“The gold standard should be the friend of the working man…

“You cannot have true liberty without gold as real money.”

And on the sham of central banks having an inflation target, Dan pointed out an inflation target of 3% means the central bank is authorising the steady erosion of personal wealth… by 3% each year.

But “under a gold standard [the people] cannot be robbed by the central bank in that way.”

The second day was a ripper too.

But as we were chairing, we did not have the chance to take as many notes as we would have liked. Richard Karn’s talk on specialty metals was the best of the crop.

His best slide compared nations’ money supply growth and reported inflation rates. Turns out Australia’s money supply is growing faster than the U.S. Yet officially our inflation is under control!

But getting back to our point from the start of this letter, some parts of the Gold Symposium made us feel a bit uneasy.

We know it was a gold conference. And we knew everyone would be bullish on the yellow metal. But still, we had hoped for some counter arguments. Or at the very least for one of the speakers to say, “Of course, if I’m wrong, this will happen…”

The closest any of the speakers came to this was (we think) John Embry of Sprott Asset Management. To paraphrase, he said: “Be careful what you wish for. If there is hyperinflation it will be terrible for everyone.”

It’s an argument we’ve made here many times. We know the gold bugs won’t like us saying it. But the best outcome for gold investors is probably for the world’s economies to experience more of the same… bailouts and central bank money printing.

That will be bad news for those who don’t own gold as they’ll remain unaware of the silent destruction of their wealth. But for gold and silver investors it could (or should) see precious metals crank higher over time.”

The full article is available at http://www.moneymorning.com.au/20111116/the-working-mans-and-womans-best-friend.html

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