A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006. Now a Popeyes fast food restaurant on Google Maps.

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“Unless your kid’s fundraiser is selling bottles of liquor, I want no part of it” (5/23)
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Entry from May 10, 2012
Currency of Last Resort (gold nickname)

Gold has been called the “currency of last resort.” When people lose faith in governments and their fiat currencies, they buy and trade in gold. “Gold is a currency of last resort” has been cited in print since at least 1980 and has been frequently used since the financial crisis of 2008.
Gold has also been called an “anti-dollar,” a “barbarous relic,” a “pet rock” and a “yellow dog.”
Google News Archive
6 August 1980, The Leader-Post (Regina, Saskatchewan), “Another speculative gold boom predicted by Toronto analyst” by The Canadian Press, pg. 37, col. 4:
“Gold in the absence of any alternative is the only real currency acceptable anywhere,” he said. “Gold is a currency of last resort.”
(John Ing, portfolio manager at Pitfield Mackay Ross Ltd.—ed.)
Google Books
What’s wrong with the U.S. economy?
By the Institute for Labor Education and Research (U.S.)
Boston, MA: South End Press
Pg. 92:
For the last couple of centuries many countries in the capitalist world have relied heavily on paper money or gold as the standard currency of last resort, as the common unit of value to which their money and prices are ultimately pegged.
31 August 1983, Gazette Reporter (Rivers, Manitoba), “Gas Prices Goose Inflation” by Garth Turner, pg. 10, col. 3:
Isn’t the global banking system held together with wisps? Won’t gold have its day as the currency of last resort?
Google Books
What the rescue of Bear Stearns and the credit crisis mean for your investments

By John M. Waggoner
Hoboken, NJ: John Wiley
Pg. ?:
In modern times, gold has become the currency of last resort. It’s what you buy when you think that your own government’s money will become worthless.
Google Books
The New Gold Standard:
Rediscovering the Power of Gold to Protect and Grow Wealth

By Paul Nathan and Donald Luskin
Hoboken, NJ: John Wiley & Sons
Pg. 117:
Gold has been mobilized. It is moving into the hands of investors and savers all over the world. It is being rediscovered by central banks as a currency of last resort.
May 10, 2012, 4:16 a.m. EDT
Goldman: Gold still the currency of last resort
By Francesca Freeman
LONDON (MarketWatch)—Gold hasn’t lost its luster as the currency of last resort despite its dramatic tumble this week, said Goldman Sachs GS -0.90% Thursday.
While investors have recently shown a preference for the dollar during risk-off events, it is too early for the greenback to fully reclaim its ‘safe haven’ status, “as the original U.S. dollar concerns haven’t disappeared,” says the bank.
Goldman Sees “Currency of Last Resort” Up 15 pc At $1,840/oz in 6 Months
Published in Market Update Precious Metals Update on 10 May 2012
Gold’s London AM fix this morning was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce. Yesterday’s AM fix was USD 1,585.50, EUR 1,221.87 and GBP 984.17 per ounce.
Goldman Sees “Currency of Last Resort” Up 15 pc At $1,840/oz in 6 Months
Goldman Sachs has confirmed that it remains bullish on gold and believes that gold will rally as the Euro crisis deepens and the US engages in more stimulus.
Goldman maintains “constructive” 6-month forecast, says case for higher prices remains in place.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Thursday, May 10, 2012 • Permalink

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