THE MOST INFLUENTIAL PEOPLE IN THE TRUMP ADMINISTRATION TURN OUT TO BE GOLD STANDARD FANS

Vice President-elect Michael Pence is currently the most powerful single political influence on President-elect Trump. Among other things, he is in charge of the transition team. He will also be in charge, after the inauguration, with dealing with Congress. For leftists, hostile to gold, that is a problem. However, for those of us who believe that the only way to solve our long-term economic problems is by a return to honest money, it is a godsend.

The editor of the New York Sun realized this quite a while ago. He wrote, back in July, about the wise choice of then-Governor Mike Pence as a running mate:

“Donald Trump’s choice of Mike Pence for vice president would — if it is confirmed tomorrow — be a promising pick for those of us who see a restoration of sound money as the essential precondition for returning America’s economy to a trajectory of jobs and growth…

Why did the paper write this? Left-wing economists and politicians have a long standing case of aurophobia. They hate gold because it inhibits both corporatist and government control over the economy. Don’t bother telling them that the dishonest system of “debt money” enslaves the very people they claim to protect. Don’t bother pointing out that debt based money favors the accumulation of capital by a narrow portion of society who receive the money first. I am, of course, talking about the bankers on Wall Street. Don’t bother warning them that the constant inflation, inherent in debt money, will eventually destroy the hopes, dreams and savings of the middle class. They don’t want to listen.

In contrast, Vice President Elect Mike Pence views gold from the standpoint of a person who does not want the large corporations and government to have complete and detailed control over the economy. His view, therefore, is diametrically opposite. He believes that gold is important to the system because it provides a base against which other things can be measured. In a speech at the Detroit Economic Club in November 2010, he said, and I quote:

“…My dear friend, the late Jack Kemp, probably would have urged me to adopt the gold standard, right here and now in Detroit. Robert Zoellick, the president of the World Bank, encouraged that we rethink the international currency system including the role of gold, and I agree. I think the time has come to have a debate over gold, and the proper role it should play in our nations monetary affairs. A pro-growth agenda begins with sound monetary policy…”

President-Elect Trump, himself, can be said to be a bit of a gold bug. He bought the yellow metal in the 1970s at about $185 per ounce, and sold it at $780. After that experience, the taste for gold never left him. During the campaign, he stated:

“Bringing back the gold standard would be very hard to do, but boy would it be wonderful, because we’d have a standard on which to base our money.”

In contrast, starting with a not-so-secret executive order, signed on April 11, 2013, President Obama seems to have authorized a raid on American gold reserves to bolster his administration’s claims of economic success. The banksters’ scheme was designed to control the chirping “canary in the coal mine” (rising gold prices) because it was singing too loudly of failed economic policies. It was also designed to put a lot of private profits into banker’s pockets. Thankfully, things are going to be different.

The new administration is looking very gold-friendly. Neither Pence nor Trump have outright stated that they intend to restore the gold standard, although Pence did hint at it. Does that mean it’s going to happen? Probably not. The stupidity of the Obama  administration, in giving license to the banksters to drain away America’s gold reserves, has made it nearly impossible. The only way would be to institute an secret program to buy back the gold. Issuing new dollars in exchange for gold would increase the money supply, a form of economic stimulus, so it might fit into the new President’s plans.

It’s not only the President and Vice President who like the gold standard. Dr. Judy Shelton was one of the two economists named to Donald Trump’s economic advisory team in August. She is now a member of the President-Elect’s transition team, and is a very strong gold standard supporter. Shelton first rose to prominence among economists when she predicted the economic collapse of the Soviet Union in 1989, two years before it happened. She says that many of the same issues are now appearing in the American banking system.  Her answer: reestablish the gold standard!

In an article in Fortune magazine, Dr. Shelton stated, and I quote:

In terms of gold being involved, some people may think of that as a throwback, but I see it as a sophisticated, forward-looking approach because gold is neutral and it’s universal.

The pre-election statements of President and Vice President, as well as the opinions of their most loyal advisors, answer the question many worry about. Some worry that “too many” people associated with Goldman Sachs are being appointed to positions in the Trump administration. Perhaps. However, that does not mean that banksters will be given free reign to continue doing what banksters have done in the past. In this case, banksters will not be allowed to continue pissing away America’s precious gold reserves. Top Trump administration people will surely see the schemes for what they are — personal enrichment programs for the banksters that support them.

The “Gold Reserve Act”, passed by Congress in 1934, requires the consent of the President before the Secretary of the Treasury can authorize tapping into America’s gold reserve. That’s what the meeting with President Obama and the CEOs of the biggest gold dealing banks, on April 11, 2013, was all about. It took place one day before the biggest attack on gold prices ever undertaken. The fact that the meeting took place at all, however, indicates that even left-wing Barack Obama was questioning the wisdom of raiding America’s gold.

Donald Trump appreciated the money that Steven Mnuchin, his only well-connected Wall Street fund raiser, brought in during the Presidential campaign. It is natural to reward someone after something like that, and that is why Mnuchin is now going to be US Treasury Secretary. But, even if he wanted to, which is not at all clear, it is very unlikely that Mnuchin would be able to convince President Trump to leave Obama’s gold reserve blasting executive order intact. Remember, Mr. Trump took issue with the idea of spending $4 billion worth of easily printable paper dollars on several new “Air Force One” 747s. Do you think he’s going to be convinced by anyone to piss away gold reserves, which are very difficult to replace?

The decline in gold prices, during November and December has been designed to allow manipulators with large, long-standing short gold positions, to shell-shock markets, facilitating an orderly escape with minimal damage. The hyping of India’s tax law changes was part of that, and is part of the strategy used to demoralize long speculators. The truth, however, is that even if India stopped importing gold, entirely, given the current excess of demand over supply, demand would still far exceed mining and scrap refining supplies. With that gap unfilled, the price must rise substantially. For more information about the true supply/demand situation for gold, see this article.

Going forward, the unplugged gap between supply and demand will be closed by the real market, not from further donations from the American treasury. Prices will rise once the banksters see the prospective cutoff from access to America’s gold reserves come too close for comfort. At that point, which will probably come in late December to early January, they will spin off whatever small short position they still have left, at any price they must pay to do it, and the upward movement will begin in earnest.

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