Arizona Challenges The Fed’s Money Monopoly

It’s Monday again (thank you Garfield). Looks like a flattish open in the gold markets. While we continue our waiting game, let’s think broadly about gold’s role in the money system. If we can call it a system at all… Gold persists as a store of value because people place value on it. And because the supply of gold is limited to what gets dug out of the ground, governments can’t really toy with the value of it like they can with local currencies, like dollars, euros, yen or pesos. It’s because of the jiggering with currencies – done in an attempt to fund political overspending – that people keep putting faith in “real things” like gold (and silver, and platinum…).

Last week Arizona sent a warning shot across the Fed’s bow by introducing a bill that would make gold legal tender, at least in Arizona. While it sounds like “local whining” it’s actually important, because if it passes it will force the Federal government to respond to the action in some way. It’s another warning shot by the states rights believers who trust local people more than far away people. Among other things. Here’s a column on the topic by Dr Ron Paul. Dr Paul, an actual MD who’s delivered literally thousands of babies in his practice, is as far from the weirdo the mass media tried to depict as you can get. In fact he’s one of the most decent, thoughtful human beings you could ever hope to meet.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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