William Kurtz

No Gold, No Market, No Candlesticks

The ownership of Gold in the hands of the public is an inconvenient truth for Government.  It is an embarrassment, a measuring-stick of the capability of Congress and of the Executive branch to manage the affairs of the country.  Gold will soon be confiscated and removed from open trading in the market, just as happened immediately after Franklin Roosevelt was sworn into office as President about 75 years ago.

Investors and traders have long been accustomed to the convenience of price charts of stocks, Indexes, and commodities.  Today, in computer display if not yet generally in commercially-available printed charts, the Japanese Candlestick format of price presentation reveals much more information than old-style bar charts, especially in connection with the mass psychology which underlies price moves.  Stock prices, of course, are available for display in this mode.  So are Forex charts and those of the commodities, as well – including the charts of Gold.

The charts are so familiar to us by now that they give us comfort.  They are a ready reference when analyzing our own investments as well as the price movements of the various financial instruments.  The chart book is on or near our desks, within arm’s reach.  “We’ve grown accustomed to its face.”

But soon, something will be missing.  The chart book will not be the same at all.  A champion measuring-stick will be gone.  The charts of Gold will be there no longer.

What do I mean, they will be there no longer?  Well, they will be there no longer because Gold will be removed from trading.

Gold?  “Removed from trading?”  What sort of nonsense is that?

The answer is, Gold will be removed from trading because Gold in the hands of the populace is a menace to the designs and perceived needs of the central government.  The free price of Gold stands as a measuring-stick of the honesty, performance, and credibility of the executive and legislative branches of government; and it tends to stand in the way of printing dollars at will in order to “solve” problems which government has itself created or has enabled to occur.  For centuries, Gold has been, and it still is, the one asset against which fiat money and the value of all other assets is measured; and it is one of the few financial assets which is not attended by a corresponding liability.  It is Money, the Ultimate Money.

Gold in the hands of the public is an Inconvenient Truth for Government.  It is a nuisance and an embarrassment.  One of Franklin Roosevelt’s very first actions upon taking office the first time was to declare that private ownership of Gold was illegal.  He confiscated people’s Gold.  His declaration had teeth, including prison and severe fines.  It was many decades before the fake rationale which was used in order to justify the seizure could no longer be sustained, whereupon the people’s right to own Gold was restored to them.  Of course, they had that right all along; it had simply been stolen from them all those years.

In these perilous times, with Lehman Brothers bankrupt, Merrill Lynch disappearing into Bank of America, and an enormous bailout proposal about to be submitted to Congress – which almost certainly will result in the creation of dollars out of thin air and the devaluation of the dollars in the wallets and bank accounts of the citizenry – ownership of Gold in private hands will become more inconvenient to the central government than ever.  It will have to be removed from circulation so that further devaluation of the dollar can be masked and so that the bailout process can proceed without this feisty little terrier called “Gold” nipping at the Treasury Department’s ankles.

Your Gold coins will be seized from you.  Trading in Gold will disappear.  We will no longer be able to see Gold prices displayed in Candlestick format or in any other way; because there will be no market.

That’s my prediction.  And the day is not far off.

William Kurtz             September 21, 2008             

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