1999年9月20日– “正是在需要自由黄金市场的时候，大多数现代政府才试图压制它。因为它反映并衡量了对本国货币缺乏信心的程度；并暴露了虚拟的‘official rate’。这些就是为什么需要它的原因。” – Ludwig von Mises, 人类行为，1949年。
自从冯·米塞斯（von Mises）在1949年写下这些话以来，发生了很多变化。‘official rate’美元当时‘priced’在黄金方面几乎消失了。冯·米塞斯（von Mises）时代存在的许多货币已经消失’关于经济学和金钱的有见地的论文首次出版，每一个都被政府的无知和贪婪所破坏，这些政府更关心扩大权力而不是服务于选民。冯·米塞斯（von Mises）当时知道的一美元的购买力也已经消失了90％。但是许多事情也保持不变。对本国货币的信任和信心不断下降，各国政府仍在寻求压制自由的黄金市场。
第二次世界大战后，美元– supplanting 金’历史上最有价值的角色– was made the center of the international monetary system by the Bretton Woods Agreement. When that doomed and relatively short-lived arrangement collapsed, 金 was dishoarded. In coordinated action, the US Treasury and other 中央银行, later joined by the IMF, attempted to drive the 金 price down by ‘flooding’ the market with supply previously thought to be permanently off the market. But it was not enough. 金 prevailed.
The 金 price continued to shine a light on the debasement of national 货币 and the on-going erosion of their purchasing power. So a new strategy had to be devised by governments before 金’持久的品质使所有人有机会看到法定的本国货币的伪造。结果，所谓的过程‘leasing’ 金 was born in the mid-1980’s. Leasing is without doubt the most diabolical, fiendish scheme of the never ending attempts contrived by governments to hinder and impede the free 金 market.
Consider first the inherently fraudulent nature of 租赁方式 金. If you 租赁的 a car, and then tried to sell that car, you’d go to jail. But that same justice does not apply in the 金 market.
A bullion bank leases 金 from a central bank, but the bullion bank does not let this 金 sit in its vault. With the full knowledge –通常即使有充分的合作– of the central bank that owns the metal, the 租赁的 金 is sold into the market by the bullion bank. Are you shocked? Well, it is very understandable that you might be because the lessee is selling the asset of the lessor. It is a fraud, but the lessor condones this practice because the deception serves his purpose. As Alan Greenspan so clearly stated in testimony before Congress last year: “如果价格上涨，央行准备增加数量的黄金租赁.”
尽管欺诈可能造成严重后果，但此计划存在更多的不诚实行为– the double counting. 金 that is 租赁的 by a central bank shows up in two places. It is still reported as an asset of the central bank. But it is also an asset of the person that eventually buys the central bank’s 金.
Recalling that under the scheme the lessee sells the 金, the physical metal must always end up in someone’的手。通常情况下，标准的合格投递400盎司金条‘leased’ from the central bank is refined into metal of high purity, and then fabricated into small bars, coins and high-karat jewelry. This fabrication activity is then measured and reported by the World 金 Council and other advisory services that track physical metal, all of which continue to report record demand.
出现重复计算的骗局是因为中央银行’的资产负债表不能准确反映以下事实：现货金属不再存在于央行中’的财产。资产负债表不区分或报告具有不同风险的资产之间的任何差异– “Gold”，物理金属和“Gold Receivable”, an IOU for physical metal. This practice is known as fractional reserve banking, a corrupt process that has caused countless, repeated boom and 胸围 cycles since it began when 金smiths in Britain in the 1600’s issued more warehouse receipts for 金 than they actually held in their vault. As the French say, the more things change, the more they stay the same.
少量准备金银行和银行家不断不断的盲目追求以寻找扩大信贷的方法–300多年来银行业的精髓– explain what is happening to 金 and also to the Dollar. But there is a different result today because the Dollar is no longer on a fixed 金 Standard.
Now carrying this example to the days of the 金 Standard, the quantity of paper money – payable in 金 at the demand of the holder –翻倍，价格上涨。繁荣在进行中，但这是虚幻的，因为社区的实际财富并未增加。什么’s more, as the excesses of the boom grow, holders of Dollars (which, remember, under the 金 Standard are IOU’s for 金) eventually begin doubting the capacity of the banks to fulfill their liabilities to pay 金. When the rush by people to redeem their money substitutes (paper currency and bank deposits) for real money (Gold) began, so too did the 胸围, as surely as night follows day. But today there is a twist.
The Dollar is no longer linked to 金 under a fixed standard. Therefore, the shape of credit expansions today is somewhat different. Dollar and 金 credit expansions are no longer tied to one another.
The Dollar can be expanded on its own, and we know that its credit expansion is ongoing. The continued growth of M3 and the other monetary aggregates is proof that the bankers are pursuing their unceasing, mindless drive to expand credit. Consequently, the prices of goods and services continue to rise when measured in Dollar terms. In short, 通货膨胀 is still very much with us today.
Because there is no formal link to the Dollar, 金 can also be expanded independently on its own, without any direct impact on the Dollar. And this credit expansion of 金 explains what is happening in the 金 market today.
金 supposedly in central bank vaults is being double counted. It has been refined and fabricated into small bars, coins and high-karat jewelry, all of which have been scooped up at bargain basement prices all over the world. The quantity of 金, measuring here both the physical metal and the countless IOU’对于实物金属，已经通过信贷人为地扩大了。有的中央银行‘leased’ 金 hold the IOU’以及这些借条的基础金属’s has been absorbed by the market, as evidenced by record demand for 金 in India, middle-eastern souks and even American Eagle coins, all of which has led to a predictable result. 金 too is experiencing ‘inflation’ like the Dollar.
Unfortunately, 金’s 通货膨胀 is not widely understood. We don’t normally measure this 通货膨胀 because we have become accustomed to performing economic calculation (i.e., measuring the relative value and the prices of goods and services) in terms of Dollars rather than 金, so some explanation about how 金 is being inflated is necessary.
通货膨胀是购买力的损失。美元’s 通货膨胀 is measured by rising prices of goods and services. The Dollar in other words is losing purchasing power because it takes an ever increasing quantity of Dollars to purchase the same Consumer Price Index basket of goods and services. 金 is also losing purchasing power. Because the price of 金 in Dollar terms is declining, the price of goods and services if measured in terms of ounces of 金 is also rising. 金 is being inflated.
For example, in January of this year, crude 油 was $11 per barrel when 金 was $290 per ounce. Today an ounce of 金 is $255, and a barrel of 油 is $24. In other words, the price of crude 油 has risen in 金 terms from .038-ths of an ounce to .094-ths of an ounce, an increase of nearly 2½-times. The same result arises when measuring the price of other goods and services, although the degree of 通货膨胀 will of course vary. 金 is losing purchasing power because of 通货膨胀. This observation leads to an important conclusion.
金 is not being demonetized. Rather, 金 is being inflated from credit expansion. The prices of goods and services are rising when measured in terms of 金 ounces.
通过部分储备银行扩大信贷是一个过程，就像玩音乐椅子一样。音乐停止时（所谓的‘bust’），支付黄金的负债比银行保险库中的盎司还多。就像音乐椅一样，那些最终没有坐位（即没有实物的金币）的游戏也被淘汰了。因此，当游戏结束时，金价将飙升至更正常的水平。什么’s normal? It’回答这个问题超出了本文的范围，但是有一个观察是有用的。使用政府’自1934年1月至今的$ 35美元的CPI‘official rate’成立后，今天的黄金应该等于422美元，以保持通货膨胀率不变。
在1960年’s the 中央银行 dishoarded their 金 reserve under the name of 赎回。 始于1970年’并一直持续到今天，一些中央银行仍将储备金兑换成本国货币，以掩盖其储备金 销售量。但是在1980年中期’一种新形式的丢脸开始了。以的名义 租赁方式, 中央银行 have been dumping 金 on to the market, but there is a big difference between this last method and the other two.
When 金 was redeemed or sold, it was removed as an asset from the balance sheet of the central bank. It was obvious that the 金 was gone, replaced on the balance sheet by some national currency for which it was exchanged. With 租赁方式, however, the 金 asset 仍然留在央行的资产负债表上, even though it is long gone. This reality explains the inherent fraud of 租赁方式. It also explains why the so-called ‘official rate’已经被可能适当地称为 操纵率.
There is an irony to this dishoarding by government. We know that 金 at $255 an ounce is even better value today than the former $35 ‘official rate’. After all, adjusted by the CPI, in terms of the old 官方汇率 金 today is only $21. The irony is that governments today are no brighter than they were in the 1960’s when so much valuable 金 was dishoarded at the bargain basement price of $35 per ounce. But what’更糟糕的是，当今的政府更加不诚实。