The Deceit of Gold (1973) by C.M. Flumiani

$60.00

A 53 page passionate discourse by Flumiani on gold, monetary policy and the financial markets.

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The Deceit of Gold (1973) by C.M. Flumiani

Alanpuri Trading, Los Angeles, CA, U.S.A., 2014. Softcover, Reprint, exact facsimile of the early 1970s (no stated date) first edition published by The American Classical College Press, 53 pp.

Contents: First, I must say that this is the most passionate of all the books I’ve read by Flumiani. The tone he writes with is “rage” for almost 50 pages as he rants and continues to rant about the “deceit” of GOLD and the “deceit” of a long list of other organizations, concepts and ideas. If you’re a perma-bear you’ll love this one. It’s just very interesting to me that Flumiani had such a strong opinion about the lack of GOLD’s value.

He was VERY adamant that the price of GOLD was going to move lower and I feel including this excerpt if the best way to describe the main concepts and tone of the book. This is from page 2 where he talks about the nine deceits of gold:

“BUT GOLD HAS also lost its second precious advantage: the advantage of a stable price. In 1972, the price of gold was approximately $50 an ounce. In February of 1973, the international price had increased to $65 an oz. Just one month later, the price had climbed to $90 an oz. and there are to-day individuals lecturing and writing to the effect that very soon GOLD will be selling at $380, and even at $500 an oz. These individuals are, of course, mad: they are absolutely insane, but they are always able to find an audience who will listen to them so ignorant and so prone to deceit are the masses, the living masses of mankind. In the face of price changes as the ones indicated above, GOLD is no longer, of course, a commodity with price stability and on this score along, it is utterly unfitted to be used as an international monetary currency.”

— Whew, that’s some spirited prose. As with many of Flumiani’s books, the title is “sometimes” what the book contains and this one is no different. The first 18 pages are specifically about the Deceit of GOLD and his view on some monetary issues, but the rest 53 pages are somewhat related but he goes on to ramble about the “13 Major Deceits of the Wall Street Intellectuals,” “The Deceit of Devaluation,” “The Magic Deceit of the P/E Ratio.” and a few more rants. Flumiani is strong in his convictions and it’s one of the reasons his books are so entertaining to read, even if you don’t agree with his opinions. Very Rare Flumiani Title. Collectible Reprint. 53 pp.

The Deceit of Gold (1973) by C.M. Flumiani

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