Jim’s Quote of the Day:

“The amount of gold in existence is finite. It cannot be increased any faster than by 1.6% per annum (the rate at which mines are producing gold). Whereas the amount of money in circulation is currently expanding at double-digit levels, on a worldwide basis, the U.S. M3 money supply back in 1980 was 1.8 trillion dollars. Today, according to economist John Williams, the U.S. M3 money supply has ballooned to almost 15 trillion dollars. Some of that extra money has the potential to move into gold.” – Peter Degraaf, in Is the Price of Gold Artificially Depressed?