James Turk - Goldmoney

Had the gold standard not been abandoned in 1971, nobody today would be talking about the rising price of crude oil simply because the price of crude oil would not be rising.

If central banks persist with actions that debase national currencies, the gold price will continue to rise in terms of those currencies.

Given all the debasement that we have seen over the past seven years, it seems like a sure bet that central banks are not going to change their ways. Their pronouncements to "fight inflation" and to protect a currency's purchasing power are nothing more than hollow rhetoric.

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