The sound of Ron Paul’s head exploding
CHINA PHOTOS/Getty Images I happened to catch Republican presidential candidate Ron Paul’s rambling concession speech after last night’s loss in the New Hampshire primary. He had many crazy things to say (closing down the Federal Reserve?), but returned to one of his major campaign themes: a call to return to the gold standard of yesteryear ...
CHINA PHOTOS/Getty Images
I happened to catch Republican presidential candidate Ron Paul’s rambling concession speech after last night’s loss in the New Hampshire primary. He had many crazy things to say (closing down the Federal Reserve?), but returned to one of his major campaign themes: a call to return to the gold standard of yesteryear as a means of combating the falling dollar.
Well, Dr. Paul isn’t going to like this news:
China’s gold futures advanced as much as 10 percent on the first day of trading as the world price of the metal climbed to a record on a weak dollar and concern rising energy and food costs will spur inflation.
Gold for June delivery, the most active contract, rose as much as 21 yuan, or 10 percent, to 230.99 yuan a gram, or the equivalent of $988 an ounce, in Shanghai. That’s almost $100 more than the $891.70 peak reached by the world gold price today.
Blake Hounshell is a former managing editor of Foreign Policy.
More from Foreign Policy
Chinese Hospitals Are Housing Another Deadly Outbreak
Authorities are covering up the spread of antibiotic-resistant pneumonia.
Henry Kissinger, Colossus on the World Stage
The late statesman was a master of realpolitik—whom some regarded as a war criminal.
The West’s False Choice in Ukraine
The crossroads is not between war and compromise, but between victory and defeat.
The Masterminds
Washington wants to get tough on China, and the leaders of the House China Committee are in the driver’s seat.
Sign up for World Brief
FP’s flagship evening newsletter guiding you through the most important world stories of the day, written by Alexandra Sharp. Delivered weekdays.
By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You may opt out at any time.