"Gold Is The Ultimate Money" says Ron Paul

Todays AM fix was USD 1,608.75, EUR 1,246.42 and GBP 1,059.43 per ounce. Yesterdays AM fix was USD 1,611.50, EUR 1,247.10 and GBP 1,064.12 per ounce.

Silver is trading at $28.94/oz, 22.49/oz and 19.13/oz. Platinum is trading at $1,587.75/oz, palladium at $757.00/oz and rhodium at $1,250/oz.

Gold fell $6.90 or 0.43% and closed yesterday at $1,605.70/oz. Silver finished down 0.38%.

The mooted savings levy in Cyprus is a form of wealth confiscation on behalf of the EU which is making depositors throughout the Union nervous. There has been no dramatic increase in the demand for gold in recent days. However, this could be a tipping point moment when savers realise that they are unsecured creditors of banks and their savings are not sacrosanct.

Cross Currency Table (Bloomberg)

Dr. Ron Paul was interviewed by Fox after the U.S. Federal Reserve confirmed it will continue its QE program highlights the importance of gold as money.

On July 13, 2011, when Dr. Paul was a U.S. Congressman he asked U.S. Fed Chairman, Ben Bernanke, "Do you think gold is money?" and Bernanke replied, "No, its a precious metal."

Dr. Paul countered, Even though its been used for 6,000 years? But Bernanke denied gold was money and said, No, it's an asset. Just like T-Bill's are not money.

The Fox News interviewer then commented, Cyprus has taught us that governments can confiscate money that you've earned or even paid taxes on. Rampant quantitative easing and price fixing by governments may prop up the stock markets but it doesnt keep unemployment down. The U.S. Fed is going to continue its QE program which is good for gold.

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"Gold Is The Ultimate Money" says Ron Paul