Happy Anniversary!!!

[Lemon Thrower]

Dec. 31, 2024 was the 50th anniversary of Ford's executive order that made gold legal in the U.S. again.

https://www.zerohedge.com/markets/happy ... lized-gold

why does this sound familiar?

Futures Market Intended to Increase Volatility, Reduce Demand
Various forms of market manipulation and price suppression have been ongoing since gold futures trading opened on the COMEX in New York and four other US-based commodity exchanges on December 31, 1974, which coincided with Ford’s executive order rescinding the ban on private gold ownership.

A telegram sent to the US Secretary of State from the US Embassy in London, England, on December 10, 1974, revealed the importance of gold sales and futures trading. In the telegram—presumably written by the embassy’s Deputy Chief Ronald Speirs—London gold dealers are described as praising the announced sale of 2 million ounces of US gold and predicting deregulation of—and volatility in—the futures market would reduce demand for physical metal.

“Each of the dealers expressed the belief that the futures market would be of significant proportion and physical trading would be miniscule by comparison,” reads the cable released by WikiLeaks.

“Also expressed was the expectation that large volume futures dealing would create a highly volatile market. In turn, the volatile price movements would diminish the initial demand for physical holdings and most likely negate long-term hoarding by U.S. citizens.”

[pmbug]

I was a kid when this happened in '74. I wasn't mature enough to be paying attention to such things. It's kind of weird to think back to my childhood and realized that I was alive when such events ('71 too) were happening.

[thecrazyone]

I was a kid when this happened in '74. I wasn't mature enough to be paying attention to such things. It's kind of weird to think back to my childhood and realized that I was alive when such events ('71 too) were happening.

Same.

I can't believe it was illegal to own gold. No wonder people keep finding gold coins and related buried in basement floors!

[shinnosuke]

Another anniversary today. From Wikipedia: "On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins."