by Chris Powell
Dear Friend of GATA and Gold:
Bloomberg News today devotes much of its home page to an eight-minute video segment by its reporter Henry Baker that apparently was first posted several weeks ago and is ridiculously and arrogantly titled “Everything You Need to Know About Gold,” as if such knowledge could be conveyed in eight minutes.
The segment might be more accurately titled “Everything Bloomberg News Wants You to Know About Gold — and No More.”
Baker begins by asserting the most common fallacy about gold — that it pays no interest. But of course gold can pay interest, just as regular government currencies can, when it is lent, as it often has been lent by governments themselves in pursuit of suppressing its price and competition with government currencies.