Melman on Gold & Silver
October 2019 by Leonard Melman
When one of the major currencies in the world begins to decline steadily, based on monetary history we would expect a bias toward positive movements in the precious metals.
Unquestionably, it was the other side of the Atlantic Ocean—that is the European side—that provided virtually all the political, economic and social fireworks during the past month.
Much of the past 12 months, both in America and around the world, has been devoted to discussions of Keynesianism versus the Austrian School of economics; of the value versus risks of “Quantitative Easing,” of free markets versus government-dominated markets; and of the right of government to accede to unlimited demands on her resources, no matter the cost.
What gives this illustration great importance is America may be facing the same kind of dilemmas that have brought Japan’s market such long-term grief.
Our initial thought is simply this: why create these artificial currencies, unbacked by any material wealth, when the two items that worked so well century after century—namely gold and silver—are still fully available?
Somehow, we received the impression from these two gatherings and from other conversations that bureaucrats in general are simply not aware of how difficult it is to raise capital to finance mining operations and how important it is for newer companies to show true progress in order to receive further financing.
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