IPFS News Link • Gold and Silver
Gold and Silver Prices Are Set In Libor-Like Daily Conference Calls Between a Handful of Big Banks
• Prison PlanetThe Telegraph noted Monday:
[Bank of England executive] Paul Tucker told MPs that Barclays’ abuse of the Libor system may be only one part of the banks’ dishonesty over crucial financial information, suggesting that other markets should now be investigated.
An official inquiry into Libor – which helps determine interest rates for householders and businesses – should be broadened to include several over markets where banks are trusted to report their own data, he said.
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1 Comments in Response to Gold and Silver Prices Are Set In Libor-Like Daily Conference Calls Between a Handful of Big Banks
All the money controls are based on 2 little words: "buy" and "sell." The word "trade," without the buy and sell, offers freedom. But such freedom comes at a "price." It is the price of not having the convenience of being able to easily determine property value relationships.
Is that car more valuable than this one? Is this refrigerator more valuable than that washer/dryer combo? What will you take in trade for something you want to get rid of? What will you give in trade for something that you want?
Money is handy. It seems to make the trades much easier, and often much more equitable. Yet, the inherent danger is that the wealthy, or a group of wealthy, might determine the values of everything with the relation of money; this is what has happened today. Money controls have been around since the times of ancient Babylon.
What is the price of money? From the standpoint of gold, the current price of money is US$100 for about 6.29% of a troy ounce of gold. That is, a troy ounce of gold will buy you about US$1589... if you want $dollars, that is.
What is the price of money? From the standpoint of silver, the current price of money is US$100 for about 3.5 troy ounces of silver. That is, a troy ounce of silver will buy you about US$28.78... if you want $dollars, that is.
Once we start to look at money from a perspective of things that have REAL, inherent value - money has no inherent value in itself - we will start to move into freedom with regard to money and the economy.