“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence
Dan,
ReplyDeleteReading Jim Sinclair's link on the Renminbi Kilobar (http://www.caseyresearch.com/cdd/invest-gold-and-chinese-renminbi), if I'm reading this right, Renminbi gold closed at $1693/ounce its first day of trading this past week, while NY gold closed no higher than $1670/ounce.
My question is this: What keeps everyone from buying NY gold and selling Renminbi gold, taking delivery of NY gold, delivering it to the Renminbi exchange, and pocketing $23/ounce?
-Lemming
different closing times?
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