Gold, Silver, & other Metals

Gold Confiscation, Inflation, And Virtuous Central Bankers

When the world’s major central bankers get together, as they did at the Fed conference in Washington this weekend, ironies abound. Off to the side, Turkey had just floated a plan to get its people to turn in their physical gold in exchange for “certificates,” a first if still voluntary step in what may become a process of gold confiscation. In the background: the Fed, which had promised to keep interest rates at record lows through 2014, come hell or high water, after having purchased $2.3 trillion in bonds. In the foreground: the money printers of Japan and Europe.