Peter Schiff’s Official Gold Blog

The New York Sun published an editorial this week looking at proposed legislation in Virginia that would examine the viability of a metal-backed monetary standard. If the federal government doesn’t understand the importance of real money, maybe the states will take up the banner.

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Check out the latest issue of The Alchemist, published by the London Bullion Market Association. A reprinted speech by Jamie Sokalsky, CEO of Barrick Gold Corporation, one of the largest gold mining companies in the world, takes an in-depth look at international gold production and the bullish future for the yellow metal.

“I think there are a huge number of factors that ultimately have changed the way we are going to see mine production going forward, in particular gold mine production. In the years that this conference has been going, we have seen so many changes – the gold price going up, but also many changes with respect to the challenges that gold-mining companies face. As everybody knows, gold has been in a bull market for a number of years. In my view, that shows no signs of reversing.”

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The Argentinian government has frozen super market prices for the next two months in a misguided attempt to stop inflation. A new commentary on Zero Hedge compares Argentina’s financial decline to the state of affairs in developed countries around the world. Are you prepared for sudden hyperinflation?

“Up until now, Argentina’s descent into a hyperinflationary basket case, with a crashing currency and loss of outside funding was relatively moderate and controlled. All this is about to change. Today, in a futile attempt to halt inflation, the government of Cristina Kirchner announced a two-month price freeze on supermarket products. The price freeze applies to every product in all of the nation’s largest supermarkets — a group including Walmart, Carrefour, Coto, Jumbo, Disco and other large chains. The companies’ trade group, representing 70 percent of the Argentine supermarket sector, reached the accord with Commerce Secretary Guillermo Moreno, the government’s news agency Telam reported. As AP reports, ‘The commerce ministry wants consumers to keep receipts and complain to a hotline about any price hikes they see before April 1.'”

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