The price of gold falls in yesterday's New York trading from 1130 to
1111 U.S. dollars / oz. This morning, the gold price stabilizes the
market in Sydney and Hong Kong and is currently trading with $ 1,116 /
oz to around 16 $ / oz at the previous day's level. The gold mining
stocks worldwide recorded strong profit-taking and technically dip
into the oversold area.
The financial world, the World Economic and World Social Crisis
Venezuela's President Chavez leaves 3 more banks "for serious
administrative and managerial problems" close. Chavez recently had
decreed that the daughter of the French retailer Casino is
expropriated, because illegal in the shops, prices have been
increased. The devaluation of the Bolivar by 50%, inflationary
pressures have intensified further. Finally, the inflation rate was
25%.
Comment: The development in Venezuela should be closely monitored,
because here are the consequences of a socialist monetary policy, the
least developed countries are followed, impressively clear. First, the
monetary base destroyed (current policy, especially the Fed and the
Bank of England), then moves to the inflation rate (not yet visible
because of the money flow is directed more in the assets, eg bonds),
then made government intervention (eg nationalization of banks such as
Northern Rock, HRE), then state interventions in the economy, such as
price controls, so that companies pass on higher prices and can not be
endangered in their existence (food prices, gas, water and electricity
tariffs). Even in Germany in the wake of the bankruptcy HRE
