“Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.” ShouldReadyGoldQuantityCommoditySuppliesCentral BanksDerivativesLease Author:Alan Greenspan
“If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.” IfsShouldProblemTogetherMovingPayAttentionMinesGoldPay AttentionRelativeCurrencyCoalSignalsCentral BanksCanariesMoving Up Author:Alan Greenspan
“There's only one thing that all of the central banks control and that is the base, their own liability, and they can control that in various ways. They can control it directly by open market operations, buying and selling government securities or other assets, for example, buying and selling gold, or they can control it indirectly by altering the rate at which banks lend to one another.” WayGovernmentOne ThingSecurityExampleGoldRateVariousSellingOperationsBuyingAssetsLiabilityCentral BanksBuying And Selling Author:Milton Friedman
“Central banks have gotten out of the central banking business and into the central planning business, meaning that they are devoted to raising up-if they can-economic growth and employment through the dubious means of suppressing interest rates and printing money. The nice thing about gold is that you can't print it.” IfsMeanGrowthInterestMoneyNiceEconomicGoldRatePlanningEmploymentPrintDevotedBankingEconomic GrowthPrintingNice ThingsInterest RateCentral BanksDubiousSuppressingCentral BankingCentral PlanningPrinting Money Author:James Grant
“Monetary reform, if it is to be genuine and successful, must sever money and banking from politics. That's why a modern gold standard must have: no central bank; no fixed rations between gold and silver; no bail-outs; no suspension of gold payments or other bank frauds; no monetization of debt; and no inflation of the money supply, all of which have proved so disastrous in the past.” IfsPastSuccessfulModernStandardsGoldDebtGenuineReformFixedSilverFraudBankingInflationPaymentMonetaryCentral BanksSuspensionBailGold And SilverGold StandardRations Author:Lawrence Reed
“Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was the last limit. Its banishment as a standard unleashed the inflation monster and leviathan itself, which has swelled beyond comprehension.” WantGovernmentAgeLastsLimitsPaperStandardsGoldMonstersWelcomeInflationComprehensionCentral BanksUnleashedLeviathanPaper MoneyBanishment Author:Llewellyn Rockwell
“We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy, but rather to ensure foreign trade turnover. Therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as Russia's for a period of at least three months.” NeedsAbleThreeLevelsEconomyMonthsPeriodsGoldTradeRussiaFinanceCurrencyReservesThree MonthsCentral BanksGeneral PublicTurnoverForeign Trade Author:Vladimir Putin
“All issues - purchasing and selling of currency - are related to the regulation of the national currency market. However, it is still difficult to say what will be the reaction of the Central Bank and if it would lead to increasing the gold and foreign currency reserves.” IfsStillsDifficultIssuesGoldReactionsSellingRelatedRegulationCurrencyReservesCentral BanksPurchasing Author:Vladimir Putin
“The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.” PeopleWorldWayKindStillsRealGovernmentMagicGoldInternationalSymbolsFundCurrencyMonetaryReassuringCentral BanksVaults Author:James Surowiecki
“There are five main purposes of central bank cooperation"..."the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful.” MightPurposeEffortFiveInfluenceCircumstancesGoldInternationalCreditAssetsCooperationJointsProvisionCentral BanksJoint EffortsForeign Exchange Author:William Smith White
“It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.” FactsCenturyUniqueStandardsGoldObjectivesTendenciesBoardsStabilityCurrencyPassiveBankingInflationNineteenth CenturyCentral BanksGold StandardProminencePrice Stability Author:Paul Volcker
“We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K.” IfsMightHouseDifficultTakenCostGoldRoseActiveManageFedsAbyssTradingCentral BanksGold Price Author:Eddie George