Bernanke plans; gold laughs

Gold blows through $1600 and passes 1000 British Pounds. Wasn't it only a few months ago that it passed 1000 Euros? And I can remember buying gold within the last few years under 1000 Zimbabwe Ben dollars. Silver is above $40.

In related news, the head of the world's largest hedge fund, Ray Dalio of Bridgewater, says we are heading for economic collapse due to money-printing by 2013.

How did you like that May-June pullback in silver? What a gift that was! In April, with silver around $50, I was kicking myself for not having bought more physical silver at lower prices. Well, I may be dumb but I ain't stupid, and I didn't pass up that chance a second time. I hope you took advantage of the mid-30's too.

Meanwhile, Ambrose Evans Pritchard is announcing the Return of the Gold Standard.

And finally, one of my favorite quotes on money:

Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.

- Norm Franz