WEBVTT

NOTE Gold vs. Government

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This opulence is overwhelming, and it set me to thinking about previous conferences that we've had through the years.

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In our earlier days, we would be more likely to have a conference at Motel 6, where the rates were modest.

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and I'm reminded of driving Murray Rothbard, he was the speaker at some event, some libertarian event and we were in traffic and I was annoyed and I said,

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Murray, there's people, Milton Friedman gets $15,000 for a speech, what are you going to get?

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And Murray said, I hope they don't serve fish.

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If there's any single word that would describe the tone of the conference and the speakers,

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they were diverse, many countries, different continents.

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I think the word integrity comes to life.

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They disagreed or possibly had disagreements on some of them, but there was an integrity.

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They believed in what they did, not a sell-out in the crowd.

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And it says much about the Mises Institute and I made a speech in Toronto when somebody came up to me afterwards and said something about it being a moral speech.

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I'd never been accused of that before and I didn't know quite how to handle it, but that's what he was talking about, that there's an integrity in what we believe and it exists with everybody in this room.

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Let me talk about gold a little bit because the subject was brought up by almost every speaker and I would just like to give my narrow view of the subject and my colleague, Luke Carabini, I think he'll agree with me on much of this.

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Luke Carabini, we've been competitors for 40 years, this is the first time we've met.

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I claim that I'm ten years behind him in everything he does, okay.

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Whether you view gold as insurance, hedge, primary statement of your belief,

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a lot of our customers are making the statement that by buying an ounce of gold

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that they're sort of supporting their view of the world.

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We have a lot of different ways to buy gold these days.

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In these days, you can buy stock in a goldmine company or you can buy a mutual fund that

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holds gold mining shares.

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You can buy an equity in some depository.

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I can't even keep up with the different ways that you can buy gold.

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Then there's the electronic gold where you get a credit to your account.

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My view of all of that is, before I'll invest my money or advise my customers, the concept

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has to be around about 200 years.

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And if it stands that test of time, then I'll take a chance.

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Our view would be, you buy whatever other options you choose, buy some gold.

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Lew, take delivery, okay?

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Some of it, take delivery.

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Now, where you store it, where you keep it, I don't know, but you work that out yourself,

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but everybody should have some gold.

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It's a good feeling at night when you, one of my, when gold is down $12 an ounce and

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everybody is depressed and I'll call this fellow and his wife tells me he's in his

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library, he closed the door and he's counting his gold coins.

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That's the way, that's the way he deals with it.

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The film that you're about to see is remarkable, but Pat Barnett can better explain it. She'll

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tell you all about it, but it is remarkable. Is it about 20 years? About 20 years since

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that was done? 19 years. My job usually ends by asking you for money. So before I introduce

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You're going to find an envelope on your place setting.

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It's hard to ask for money in this place.

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It doesn't warrant asking for money, but we need your support.

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We want to keep everything going.

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Most of you are aware of our programs and our library.

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If you've not been to Auburn, Alabama, you must go.

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So, it's going to Mecca, it's a testament to Llewellyn Rockwell, but in a way it belongs

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to all of us, you must make that trip.

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So help us, be as generous as you can, don't go to the gaming tables for an hour or so,

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give us the proceeds instead, and once again thank you all for coming and making this a

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wonderful success, thank you very much.