GOLD QUOTES

"I place economy among the first and most important virtues,
and debt as the greatest of dangers to be feared."

- Thomas Jefferson

"The decline of great powers is caused by simple economic over extension."

The Rise and Fall of the Great Powers

by Paul Kennedy

"We hear sad complaints sometimes of merciless creditors;
whilst the acts of merciless debtors are passed over in silence."

- William Frend

Every major nation is increasing its paper money. The problem with gold is that people still see it as a commodity like zinc or wheat or pork bellies. The great secret that the central banks don't want you to know is that GOLD IS MONEY. As the dollar declines through time, the secret of gold will become common knowledge -- this will happen as the gold bull market progresses. When people see what's happening to their paper "money," the great rush into gold will begin. We are still in the accumulation phase of the gold bull market.

- Richard Russell, Dow Theory Letters

There are two reasons to invest in gold. First, there is the simple and obvious prospect that it may rise in price and thereby create positive returns for those of us who hold it. The second reason is not quite so obvious, but it is more powerful. It is the fact that gold's behavior is uncorrelated to other financial assets including bonds, stocks and currencies. When expected returns on financial assets are low, money flows in the direction of gold. It is also true that gold, being uncorrelated as opposed to inversely correlated, can rise while financial asset prices are also rising. It is these characteristics that qualify gold as a form of financial insurance.

- John Hathaway

"The economic house of cards built with paper dollars has begun to wobble. Its fall will once again teach the world why gold -- not paper -- has been the preferred store of value for thousands of years."

- Richard Duncan

Gold is the buy of a generation.

- Walter Murphy, Merrill Lynch analyst

Put at its simplest, one can say that gold has the same exchange value as it did in 1900. That is approximately true in high inflation countries, like Germany, which had two wipe-out inflations in the 20th century; in medium inflation countries like Britain, which lost 98% of the purchasing power of the pound; and in low inflation countries, like the United States, which lost about 95% of the purchasing power of the dollar.

- Lord Rees-Mogg

There is a secular trend at work, which neither the Fed nor any other government agency can prevent, although they can micromanage it. My long- term script for gold is unchanged. A 10 to 20-year bull market has only just begun.

- David Fuller, Fuller Money

What's happening today happened 300 years ago in the French economy when John Law, another Scotsman, was allowed to launch the first government-sanctioned bank, which replaced coins with paper money. Commerce boomed. Politicians recognized this correlation between issuing more money and people liking you. They issued more and more money, but it was a false promise. Nothing intrinsically was being added to the economy except promises, which could never be redeemed. Selling by speculators caused the stock market to correct. The correction encouraged the authorities to print more funny money. Ultimately, the continued pumping of liquidity destroyed the economy, the stock market and France's currency.

- Hugh Hendrey, Barron's Interview 12/29/04

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