Conrad Black: I think gold will go to $5000
Published in on August 22, 2011
Last week I asked the tireless Conrad Black for his thoughts on the gold price and the gold standard. He graciously provided the following response this afternoon:
"Dear Mr. Humphreys,
Nixon had to do something, but would have been better off to revalue the dollar and try to impose a standard based on a combination of gold, oil, and some basic consumer items, even a third of the first two and the last third the CPI. He was moving to stop inflation, prevent foreign countries from just swapping their dollars for all the gold the US had, and to get the Democrats off his back. He was right to move and remember he only repealed translatability into gold for international transactions. And the jump to $1800 isn’t the fault of Nixon or Roosevelt; it’s the fault of Clinton, Bush Jr. and especially Obama, as well as some of the Europeans, especially Brown. I think gold will go to $5,000 because the leaders of the world’s leading economic countries, with the exception of China, Canada, Australia, and India, are utterly hopeless.
Best wishes. Yours, Conrad Black"
And best wishes to you, Conrad Black. I look forward to your upcoming writings (and liberty) as always.
"Dear Mr. Humphreys,
Nixon had to do something, but would have been better off to revalue the dollar and try to impose a standard based on a combination of gold, oil, and some basic consumer items, even a third of the first two and the last third the CPI. He was moving to stop inflation, prevent foreign countries from just swapping their dollars for all the gold the US had, and to get the Democrats off his back. He was right to move and remember he only repealed translatability into gold for international transactions. And the jump to $1800 isn’t the fault of Nixon or Roosevelt; it’s the fault of Clinton, Bush Jr. and especially Obama, as well as some of the Europeans, especially Brown. I think gold will go to $5,000 because the leaders of the world’s leading economic countries, with the exception of China, Canada, Australia, and India, are utterly hopeless.
Best wishes. Yours, Conrad Black"
And best wishes to you, Conrad Black. I look forward to your upcoming writings (and liberty) as always.
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