Getting Gold Back Into the System
By GCRU Gold News on Friday, December 30 2016, 00:16 - Permalink
“Mostly due to government action, gold’s utility is locked away,” said Weiner. “You can’t use it as a medium of exchange. You can’t earn interest on it. The only thing it’s good for is waiting for the end of the world or waiting for the price to go up.
“So today if you buy gold, you’re not providing a corrective feedback mechanism to the monetary system. You might or might not do well as a speculator … but you’re not changing the monetary system by buying and selling it.”
To provide the market with accurate price signals not distorted by central bank policy, Weiner’s company Monetary Metals Inc. brings together gold savers and gold borrowers, who negotiate a rate of interest entirely paid in gold.