Gold Price Skyrockets in India after Currency Ban

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As some people say, CASH is TRASH. This has proven true in India in recent weeks. Gold however is money.

A key thing to understand for all you non “gold bugs” (and I use the term lovingly) is that gold doesn’t so much go down or up in price as much as paper currencies gain or lose value relative to the value of gold. Gold is a steady Eddie and has been for millennia. Paper has a tendency to die an ugly death. We’ve seen it over and over.

(From Lew Rockwell)

Once social engineering of this size has started, people will and should take steps to protect themselves and their families. Decisions should be made today, not tomorrow.

People’s money in banks is frozen and can no longer be used for purposes involving cash. Every indication is that this money will stay frozen, as Modi wants coerce people into invest their money according to his preferences: into low-interest bonds or negative-yielding infrastructure projects.

Any rational person should be to trying to avoid getting stuck in what is a rapidly emerging police state that will control people’s finances and eventually their entire lives.  It will probably be best to take as much investment-related money as one can out of the system, or even better out of India.

A few escape routes still exist for the time being. By law it is still possible to move out US$250,000 per year outside India. This window cannot stay open too long. Until it is shut, one still has the option to move money into foreign currency or investments in more productive instruments outside of India.  One should also be able to store gold with an offshore entity in a country that respects private property.

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