Dumb TV Reporter ‘Brings The Stupid’ On Gold

Is it any wonder that distrust in corporate media is at an all time high?

Paul Joseph Watson
Prison Planet.com
Friday, September 30, 2011

Is it really any wonder why distrust in corporate media recently reached an all time high? Watch this TV news clip in which the reporter claims that the U.S. dollar is a safer investment because it is backed by “the American government,” whereas gold is backed by nothing at all.



No, you’re not watching a clip from The Daily Show, this is a real “news” anchor telling her audience that gold has no intrinsic value or backing and that the U.S. dollar is a safer investment because it is backed by “the American government.”

And before you ask, CTV’s markets reporter Bridget Brown is not part of Obama’s new economic advisory team, nor is she speaking as a contestant in Miss Teen USA.

There’s so much wrong with this on so many levels.

For a start, gold is backed by the fact that there is a finite amount of it in the world, that it takes a lot more work to mine that it does to press a button on a printing press, and that other little nugget of information – gold has been used as a store of value and as a means of financial transaction by hundreds of civilizations for thousands of years. Gold is backed by the full weight of human history.

There’s also the huge number of gold reserves – 20 per cent of the total amount of gold on the planet – held by central banks around the world.

On the other hand, the U.S. dollar is not backed by “the American government,” since the Federal Reserve is not part of “the American government,” it is a private entity which “the American government” has to borrow U.S. dollars from in order to pay its bills.

It is not gold but the U.S.dollar that is backed by nothing. The dollar was once backed by gold until the gold standard was abolished by President Nixon. The dollar is a fiat currency and as such is doomed to fail just like all fiat currencies did before it. History is littered with the ashes of countless failed currencies. Those too were backed by “the government,” yet they all crashed and burned. Gold has never failed as a store of wealth or as a commodity of transaction.

This TV news clip actually comes out of Canada, but it underscores why corporate media globally is losing its trust and its viewers to alternative platforms.

A recent Gallup survey found that, “The majority of Americans say they have little or no trust in the mass media to report the news fully, accurately, and fairly.”

The figure of 57% who hold this viewpoint represents a new record high. Another interesting finding is that, “Lower-income Americans and those with less education are generally more likely to trust the media than are those with higher incomes and more education.”

Since gold has more than quadrupled in value over the last 10 years whereas the U.S. dollar has lost at least 30 per cent of its purchasing power over that same time period, lower income Americans who follow the kind financial advice being put out by the corporate media in the clip above are likely to remain in the “lower income” bracket.

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Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.

Gold Hits Record as Misery Mounts Over Debt

CNBC

Gold rallied to its ninth record high this year on Tuesday, as growing fears about the spread of the European debt crisis and the increasingly gloomy outlook for the U.S. economy fed a broad investor push into perceived safe-haven assets.

Gazimal | Iconica | Getty Images

U.S. lawmakers averted an unprecedented default on the country's debt on Monday but the likelihood of the United States losing its top-notch credit rating as a result of its ballooning deficits boosted the likes of gold, the Swiss franc and German government bonds.

Stocks and bonds of the euro zone's more fragile members came under fire on Tuesday, pushing yields on Spanish and Italian debt to 14-year highs, while Italian authorities held emergency talks and Spain's economy ministry kept in permanent contact with its European Union counterparts to try to stem the crisis.

U.S. December gold futures [GCCV1 1638.20 16.50 (+1.02%) ] were last up 0.4 percent on the day at $1,628.80.

Spot gold [XAU= 1637.1899 19.09 (+1.18%) ] was last up 1.3 percent on the day at $1,638.79 an ounce, having touched an all-time high of $1,640.39 earlier in the day, marking its ninth record this year ahead of the vote in the U.S. Senate later to enshrine the last-minute deal on raising the country's debt limit into law...[Full Article]

Gold Tops $1,600 an Ounce as Debt Fears Simmer

CNBC

Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday, as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk...[Full Article]

Gold price hits all-time high on US debt concerns

BBC

The price of gold has risen to a fresh all-time high of $1,594.16 an ounce, and the dollar has fallen, on concerns the US may default on its debts.

The moves came after ratings agency Moody's said it may cut the debt rating of the US, warning there was a "rising possibility" it will default.

To avoid default, US politicians have to agree to raise the country's debt limit by 2 August.

Democrats and Republicans are currently in dispute over how best to do this.

'Shockwaves'

The spot price for gold rose to a record high of $1,594.16 an ounce in Thursday trading, before easing to $1,590.66.

Gold is seen as the number one haven purchase in times of economic uncertainty, but analysts said its rise was also caused by the fall in the dollar, which makes the precious metal more affordable for holders of other currencies...[Full Article]

Gold to Reach $5,000 Due to Supply Shortage: Report

CNBC

An exhaustive report by Standard Chartered predicts that gold [GCCV1 1525.90 1.50 (+0.1%) ] will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls.

“There are very few large gold mines set to commence operation in the next five years,” said Standard’s analyst Yan Chen in a report Monday. “The limited new supply comes at a time when central banks have turned from being net sellers to significant net buyers of gold. The result, in our view, will be a gold market in deficit, even assuming flat growth in demand. With the supply-demand balance so out of kilter, we see the gold price potentially going to US$5,000/oz.”...[Full Article]

The Gold Rush: Conservative Economists and States Push for Gold Standard

ABC News

In a move indicative of the growing concern over rising inflation and the weak economy, South Carolina became the newest state to propose a bill that would make gold and silver coins a form of legal tender in the state. (Gazimal/Getty Images)

In a move that reflects growing anxiety over rising inflation and a weak economy, South Carolina became the newest state to propose a bill that would make gold and silver coins a form of legal tender in the state.

Utah started the trend, becoming the first state on May 9 to recognize gold and silver coins minted by the U.S. government as legal tender. More than a dozen other states are considering similar moves.

Gold is increasingly taking the spotlight as worries about inflation and a debt crisis grow...[Full Article]

Stocks Fall, Dollar Weakens as U.S. GDP Growth Slows; Gold Reaches Record

Bloomberg

U.S. stock-index futures fell and the Dollar Index dropped to a three-year low as reports showed the economy slowed more than forecast and jobless claims unexpectedly rose. Gold climbed to a record.

Standard & Poor’s 500 Index futures declined 0.2 percent at 8:45 a.m. in New York, and the Stoxx Europe 600 Index gained less than 0.1 percent. The Dollar Index retreated for an eighth day, the longest losing streak since March 2009, slipping 0.4 percent to 73.193. Gold jumped to $1,534.05 an ounce and copper rose 0.7 percent...[Full Article]

Gold and silver continue to surge

Financial Times

Gold hit a record high, while silver surged more than 5 per cent to within a whisker of its all-time peak, as the dollar continued its decline and inflation concerns drove haven flows.

Driven also by government debt concerns, gold rose 1 per cent to $1,518.20 a troy ounce, the seventh-consecutive trading session in which it has hit a record high. Silver surged 5.5 per cent to $49.17 an ounce, having hit a 30-year high of $49.80, within sight of the landmark $50 level...[Full Article]

Oil above $125, gold at new high

UK Telegraph

Oil climbed above $125 a barrel on Friday after attacks on Libyan oil fields reignited worries about supply and inflation fears pushed gold to a new record high.

Brent crude was up more than $2 at a fresh two-and-a-half-year high of $125.05 in late afternoon trading in London. This is highest intraday level for front-month Brent crude since August 4, 2008, when the price hit $125.30.

Rising oil, metal and food prices have stoked inflation in economies around the globe and created concerns that it will damage the fragile economic recovery.

Inflation jitters and the weaker dollar saw investors buy gold and silver, which rose above $40 an ounce for the first time since 1980. Gold was up $13.30 at $1,471.47 an ounce...[Full Article]

Gold price hits record high above $1,450 an ounce

Raw Story

LONDON – The price of gold hit a record high above $1,450 an ounce in trading here Tuesday as the 'safe haven' metal won support from geopolitical unrest and surging global inflation, traders said.

Gold reached $1,450.65 an ounce at 1515 GMT on the London Bullion Market, beating the previous record of $1,447.82 set on March 24.

It stood at $1,448.65 an ounce at about 1630 GMT, while sister metal silver struck a 31-year peak of $39.09 an ounce in the wake of gold's rally...[Full Article]

Morning Note: Gold Replacing Dollar as World’s Reserve Currency?

CNBC

$105 per barrel oil. Cotton prices at record levels. Food prices at 2008 highs. Typically, such commodity price increases would send central banks running to the U.S. Dollar to secure the value of their savings. After all, the dollar has been the reserve currency since World War I.

But not this time.

Central banks are shedding dollars [DXC1 76.58 0.095 (+0.12%) ], reducing their holdings by about $9 billion in previous quarter, according to Nomura Securities’ Jens Nordvig, global head of G10 FX Strategy.

What are they buying instead? Gold [GCCV1 1413.60 -12.60 (-0.88%) ]...[Full Article]

Bob Champman Interview - The Dollar is Doomed

http://www.youtube.com/watch?v=Tsq5hdhBEkw




http://www.youtube.com/watch?v=LfOpxwQsmDs

Legislator says the state needs its own currency

New Observer

RALEIGH -- Cautioning that the federal dollars in your wallet could soon be little more than green paper backed by broken promises, state Rep. Glen Bradley wants North Carolina to issue its own legal tender backed by silver and gold.

The Republican from Youngsville has introduced a bill that would establish a legislative commission to study his plan for a state currency. He is also drafting a second bill that would require state government to accept gold and silver coins as payment for taxes and fees.

If the state treasurer starts accepting precious metals as payment, Bradley said that could prod the private sector to follow suit - potentially allowing residents to trade gold for groceries...[Full Article]

Oil, Gold, and Silver Prices Up as Saudi Arabia Faces Unrest

Kurt Nimmo
Infowars.com
Mrch 7, 2011

Oil market speculators used the escalating conflict in Libya as an excuse to jack up crude prices to $106 per barrel today. Crude oil prices rose on news opposition forces and soldiers loyal to Moammar Gadhafi clashed near some of the country’s key energy infrastructure.

Benchmark crude for April delivery was up $2.25 to $106.67 a barrel by early afternoon in Europe. The price increase is the highest since September 2008, according to the Associated Press. In London, Brent crude for April delivery was up $1.80 to $117.77 a barrel on the ICE Futures exchange.

Asian stocks and currencies also fell on news of rising violence in the Middle East. The MSCI Asia Pacific Index dropped 1.1 percent to 137.83 as of 3:32 p.m. in Tokyo, led by a 1.8 percent drop in Japan’s Nikkei 225 Stock Average.

Oil prices were on a steady rise prior to the engineered revolutions in North Africa. Traders were convinced that demand for oil was set to rise by around 2 percent in 2011. Industry experts and Wall Street speculators predicted a gradual move to $120 and even $150 per barrel oil prices.

Gold and silver prices also spiked on Monday. Gold for April delivery was adding $15.80 to $1,444.40 an ounce at the Comex division of the New York Mercantile Exchange, according to The Street.

After rising 4.2% Friday, spot silver traded up a further 2% or 66 cents to $36.33 a troy ounce today, driven by higher oil prices due to political unrest in Libya and elsewhere in the Middle East, the Wall Street Journal reports.

In December, Lindsey Williams predicted the price of oil would skyrocket to between $150 and $200 a barrel this year. Williams served as a pastor on the Alaskan pipeline and has insider sources within the oil industry.

On March 1, Williams told Alex Jones the uprisings in the Middle East are engineered by the global elite and will soon spread to Saudi Arabia.

Protests are planned in the oil kingdom and the government has promised to dispatch 10,000 troops to put down any dissent. The demonstrations were initially planned for Friday – the Muslim day of worship when demonstrations are traditionally held – but organizers of demonstrations have decided to take to the streets today, March 7, according to Forex News. On Saturday, Saudi Arabia announced it would not allow any demonstrations or sit-in protests in the country.

A member of Saudi Arabia’s royal family, Prince Talal Bin Abdul Aziz Al Saud, said on February 17 the kingdom may see protests unless King Abdullah introduces reforms, according to BBC Arabic TV. Abdullah announced plans to spend about 110 billion riyals ($29 billion) on programs aimed at boosting housing, education and social welfare.

In response to the prospect of demonstrations in Saudi Arabia and the growing conflict in Libya, Dubai’s shares retreated for a third day on Monday. “Investors are shunning assets in the region as the political turmoil, which started in Tunisia more than two months ago, expanded to Oman, Bahrain, Yemen, Libya and Iran,” reports Bloomberg.

On Tuesday, March 1, the Tadawul, the largest stock market in the Arab world, plunged 6.78 per cent following the arrest of a prominent Shia cleric and the prospect of demonstrations in Saudi Arabia.

–

Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.

Gold Prices Settle Higher on Jobs Reading; Silver Hits 31-Year High

NEW YORK (TheStreet ) -- Gold prices rose after an expectation-meeting U.S. jobs report and a double digit selloff on Thursday. Silver also tapped a 31-year high.

Gold for April delivery added $12.20 to $1,428.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price today has traded as high as $1,432.80 and as low as $1,413.80. The spot gold price was adding $13, according to Kitco's gold index.

Silver prices added $1 to $35.32 an ounce. U.S. dollar index was slightly lower at $76.38...[Full Article]

Gold, Silver Surge to New Record Highs
In Investor Rush to Precious Metals, Silver Outpaces Gold



Gold and silver prices surged to new records Tuesday as the dollar weakened against major currencies, continuing a trend that has left Americans scrambling for alternatives to traditional investments such as stocks and money market accounts.

Silver touched $22 an ounce Tuesday, the highest since 1980. Silver has surged 36 percent this year from less than $9 when the financial crisis began in 2008. Gold, which has increased 19 percent in 2010, jumped to $1,313 an ounce, the highest ever recorded.

With stocks in the dumps and government deficits spiraling, Americans are increasingly turning their attention to silver and other precious metals...

[Full Article]

Gold Coin Sellers Angered by New Tax Law

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Coin Dealers Flipping

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation...

[Full Article]