printCanada is interested in what my friend Jay Taylor has to say about gold. Mr. Taylor is a New-York based investor and broadcaster who invests and broadcasts in the Austrian tradition (gold bug).
On the real price of gold:
“… An ounce of gold is an ounce of gold, but what is a dollar?”
Since there is no measure of the worth of the dollar, “Mr. Bernanke can create 2 trillion dollars more out of nothing, which is like taking an inch off a yardstick every year and still calling it a yardstick.”
What an ounce of gold buy, using the commodity based “Rogers International Raw Materials Fund, L.P.,” is rising steeply.
Gold’s real price has surged to “crisis levels,” retort Jay’s smart Canadian interviewer (whatever that phrase means). “The yardstick is getting shorter and shorter in dollar terms,” and the gold-mining sector is doing swell.
Jay predicts that gold could hit $2500 an ounce. An Austrian economics purist, Jay ventures that we are in deflationary times, thus the price of gold could fall, as its purchasing power rises.
You don’t have to convince me. “Gold Is A Girl’s Best Friend (& Bona Fide).”