"worthless relic".....exactly why they are scared stiff trying to punk gold.......they know it is one of the most obvious hedges against their mischief......however, there is oil, coal, and other assets almost as good so their efforts are useless.....
Plus, even if they "revalue" gold, who will listen. The FASB is revaluing all the paper sh*t but they are still worthless piecesof doggie doo. Asia and South America and most of the Middle East already ignores USA and EU rhetoric so they would ignore their fabrication of gold prices, oil, etc......just because Ben or that Wall Street pimp Geithner says gold is worth such-and-such does not make it so......verdad?
The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance,
and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy.
The Goldman Sachs and JP Morgans still rule the world. These assholes are supressing Gold so they can sell treasuries. But China is not buying it anymore.
watch 'The Obama Deception" http://video.google.com/videoplay?docid=7886780711843120756
Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.
I agree with auri. The Fed, etc is scared sh*tless about what's happening and Ben said so this week that he is "extremely uncomfortable" with what treasury is doing. His effort to block the bonuses, for example, was ignored by Geithner and Paulson before him...both Wall Street pimps.
The markets are still in somewhat on the verge of a death Spiral and ben is smart enough to realize it. I rec "Inside the Fed" by Axilrod who describes first-hand a similar situation in the 1970's when the Fed knew it could not control inflation, dropping dollar, etc so it purposely gave the public massive spin stories trying to prop it up...just as they are doing now trying to use psychology to prop the dollar up as China, Russia and others know the drop will continue due to massive gov debt.
Well now, the shows just how s hit scared they are of this market. If it was a relic why even bother to mention it. All they are doing by spreading another trillion around is out fiating each other. Any recognized form of constant value is to be feared and gold is #1 by far.