Dear Friend and Reader,

For most of the 20th century gold was under assault. A war against it has been waged for the last seven decades, in fact.

But there was a time when Presidents and Prime Ministers, bankers, economists and philosophers spoke of gold with respect and awe - not just as money, but also as a protector of wealth and freedom.

Paper money, on the other hand, is a great aid to meddlers and world improvers of every stripe. It makes it possible for them, said US President Herbert Hoover, to confiscate "the savings of the people by manipulation of inflation and deflation."

"We have gold," Hoover added, "because we cannot trust governments."

But politicians and bankers have long been fickle about gold, changing their tune as easily as they change their socks. Take, for example, ex-Fed Chairman Alan Greenspan.

'Easy Al' was once a defender of real money, but he became its worst enemy...

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold," wrote Greenspan in 1966. He continued:

"Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

Yet Greenspan surrendered his principles for power. He reigned over the most reckless monetary policy in US history. Recently “Helicopter Ben”  Bernanke has taken the helm. The moniker being earned for his promise to run the printing presses and drop money out of a helicopter if deflation threatens. Meanwhile recession fuelled by the sub prime housing collapse, a potentially endless war on terrorism and perhaps another depression are now on the horizon. And gold once again is coming to the centre stage in the financial arena.

Not that long ago, I was sitting with Lord Rees-Mogg in his library on Bloomsbury Square in London. On that grey morning we discussed the fragile state of the world economy.

The US dollar has fallen against the euro by 11.5% in the last 12 months and the pound is steadily losing ground against its continental rival as well.

"But I think the future could be even worse," William said. "The logic and principles that govern valuation of currencies have been stretched to their limit with the almighty dollar. Gold has just begun to rise like the Phoenix from the ashes of a 20-year bear market."

"Something dangerous and exciting is going on today," he continued. "And if you don't understand it, you are at grave risk."

Gold, a subject that has fascinated both of us for decades, took centre stage. We recalled the gold's golden era after Nixon cut the dollar loose from the artificial constraints. We revelled in the gains made back when gold rose from $35 to $850 per ounce.

Lord Rees-Moog explained why he believes that gold's comeback today isn't due to fears of war, failure in the stock market or investor's fears. "It's inevitable," he said. His reasoning came from a deep historical perspective.

"The Irish banker, Richard Canutillo," he explained, "was the first modern economist, not Adam Smith as so many people assume. And he was the first to document how paper money, inflation, gold and supply and demand work. And he made a fortune because of it."

"Canutillo was opposed to the inflationist theories of John Law. But he understood Law's monetary schemes and created a substantial fortune wisely applying his insights during Law's Mississippi Scheme, which bankrupted France. He profited again during the similar South Sea Bubble in England - because he understood the enduring value of gold."

"In the wake of the economic chaos 300 years ago, Canutillo wrote his groundbreaking 'Essay on the Nature of Trade in General'. In it he savaged the muddleheaded Mercantilist thinking of his day to make a dramatic contribution to our knowledge of economic method, theory, and policy."

"Mysteriously murdered after writing his 'Essay', Canutillo remained unpublished for more than twenty years," my friend told me. "And although he was among the few people acknowledged in Adam Smith's 'The Wealth of Nations', Canutillo was almost forgotten for centuries."

Then Lord Rees-Mogg added, "I intend to change that."

I asked my friend how he came to know so much about such a relatively unknown figure. That's when I discovered why the details of gold's story flowed so freely for him.

Lord Rees-Mogg told me that he'd just finished editing a historic collection of the premier writings concerning gold - including Canutillo’s brilliant 'Essay'. I sat up straight and leaned forward to get the details, admiring the set as he explained to me the grand reception these volumes have received in the world of prestigious university libraries, the stately collections in Embassies and among bibliophiles around the world.

He recounted some of the 20 different authors included in this elegant three-volume set chronicling gold's battle for monetary supremacy - from Gerard de Marlines 'A Treatise of the Canker of England's Commonwealth' (1601) through David Hume, John Locke, David Ricardo, John Stuart Mill and Karl Manger, all the way up to the more modern writings of Murray Rothbard.

"If looked at as a written history of the battle for gold as money against fiat currencies - written by the heroes of the war - you will see their impeccable logic. We can learn much from them today," Lord Rees- Mogg said.

Yet it seems that the historical perspective of most people today barely stretches back past the '90s. Most haven't a clue of the contributions made by the giants of philosophy and economics like Locke and Mill, let alone the more obscure geniuses in this collection. Nor do they understand the crucial role that gold has played in world economic history.

Let me put it to you straight. How many times have paper currencies - unbaked by gold - become worthless?

Answer: every time.

And how many times has a gold currency lost its value?

Never.

There is just something inherent in man. He cannot resist the temptation to destroy paper money. It is just too easy to print more and more. On the other hand, gold cannot be created easily. Each ounce is hard to come by. And it is such a durable metal that almost every single ounce that has ever been mined is still in circulation today.

Compared to paper money, gold goes up in price and it goes down in price. But its value never goes away.

Lord Rees-Mogg then read me a review that Edward Chancellor had penned in 'Prospect' magazine:

"Over the last thirty years, we have witnessed runaway inflation, a variety of speculative bubbles and a succession of currency crises. Is there no way to escape this mayhem which spreads its misery from the day-labourers of Buenos Aires to the pensioners of New York? In fact, one solution offers itself; an idea so unpopular that only a handful of cranks nowadays even dare consider it..."

"In order to rid the global economy of its chronic instability, we must return to our golden fetters," said Chancellor. "In an introduction to a recently published collection of historic writings on gold - The Case for Gold, three volumes, published by Pickering & Chatto - William Rees-Mogg lays out the case."

"Well," your correspondent noted to Lord Rees-Mogg, "I've been accused of being a crank...and I've been accused of being a gold bug too. But so far I haven't been convicted of either."

We both laughed. And then I proposed to buy whatever copies remained of the first edition press run that he would allow.

That way I was certain to have it for my own library and I could offer them to book lovers and history buffs among Daily Reckoning readers. (It's not the first time I gave in to this impulse. I bought his whole inventory of the great 'Classics in Austrian Economics' set...and when I offered it to readers, it sold out almost immediately.)

Gold is hot now. The Chinese are buying. The Indians are buying. Daily Reckoning readers are buying... 

We like gold because, while we cannot predict the future, eventually and always, paper currencies disappear and gold remains.

Unusually and unnaturally, the world's most ubiquitous paper currency - the US dollar - rose against gold for the last 20 years of the 20th century. It is not likely to do the same for another twenty. Nor will the pound sterling, the euro, or perhaps even the Chinese yuan. Why not? 'The Case for Gold' lays out the reasoning for this inevitable trend with unparalleled clarity.

It contains perhaps the greatest insights ever written about gold - and it's the most comprehensive collection ever compiled in one place.

You'll grasp gold's value as real money and the role it plays in our freedom. Each time you remove one of these beautiful volumes from your bookshelf and open it, you'll have at your fingertips knowledge and wisdom that's been largely overlooked for years - left to gather dust in research and reference libraries in Europe and America.

As you turn the pages of these volumes you'll open the door to a remarkable resource of the history and hidden logic behind gold's enviable position in the monetary systems of the world. You'll deepen your understanding of the principles of money and the logic of gold. You'll take in wisdom that will serve you well for as long as you remain financially active...unlike the vast majority of today's investment 'information'...information that evaporates as soon as you look at it closely.

Unfortunately, the first edition completely sold out within days. 

After lengthy discussions with Pickering and Chatteo I could only secure a further 100 units, they tell me they have no plans to re-print this title in 2008 or beyond.  I honestly believe this will be the last of this unique set  ever available.

I've only been able to secure 100 copies of the current edition of 'The Case for Gold'. But I managed to reserve them for you and other readers of The Daily Reckoning.

You won't find this title on the New York Times Bestsellers list, of course. Pickering & Chatto is no ordinary publishing company. This 180-year-old institution doesn't publish popular fiction for the benefit of the lumps. It's established a name for itself in the most important libraries of the world.

It publishes important works, like the complete writings of famed biologist Charles Darwin in 29 volumes. It publishes elegantly bound limited editions destined to last for centuries.

In fact, 'The Case for Gold' is more than just a fount of economic knowledge. It is also a prized product in its own right. Each volume in this essential trilogy is lovingly hand-bound in rich gold library buckram with classic gold-detailed spines using centuries-old techniques.

Crafted by master bookbinders that only Pickering & Chatto and a handful of European publishers can afford to commission, each volume is a work of art in its own right. The materials exceed the standards set by American National Standards Institute. The publishers use only the finest 100% wood-free pulp available, laced with micro-fibres to prevent tearing. The paper is better than simply "acid-free." It's neutral pH paper with an alkaline reserve, or buffer, in the finish of the pages.

Barring accident, these books should last hundreds of years and be treasured for their outward beauty as well as the wisdom contained inside. Several years ago, Pickering and Chatto issued the first in a series of collectible first editions: a collection of the writings of the key Austrian economists. This beautiful three-volume set has gained much attention by collectors worldwide. If you have the 'Austrian Economics' set, then 'The Case for Gold' is an ideal addition to your growing collection.

What's more, these books are almost eternally valuable. Not just the ideas...but the objects themselves. They are designed to last for hundreds of years. And since they are very limited print runs, they typically become hard to find after a few years - and often more valuable to collectors and investors.

Thus Lord Rees-Mogg promises me that if you ever choose to part with your set of 'The Case for Gold', Pickering and Chatto will buy it back from you at your purchase price or market value, whichever is higher.

And all the while, it will enhance your personal library and be a lasting symbol of who you are and what you believe.

"We are seeing a gradual but marked change in investor sentiment toward gold and a simultaneous return of gold to its 2000-year old status as a reserve asset," said economist Robert Mundell when he accepted his Nobel Prize in 1999. "It will be desirable to select as the standard of value that appears likely to continue to exchange for many other commodities in nearly unchanged value."

Like gold - the metal that sits at number 79 in the Periodic Table and never moves - the wisdom in this three-volume set is immutable. Whether you are already a dedicated book-lover...a collector with an extensive library of valuable and unique tomes...or want to start building your own collection of truly worthy financial and investing books...I urge you not to pass up this opportunity to possess your own copy of this remarkable three-volume anthology.

This opportunity is not for everyone, of course. But for discerning investors and readers with a hunger for deep knowledge and success - and an appreciation for life experience garnered over the centuries...as opposed to the opinions of popular pundits who are still spewing propaganda for Wall Street and the City...this three-volume 'Case for Gold' collection offers a fantastic opportunity. One that may never be repeated.

Why do I get so excited by these books? After all, they're just books... right? Well, no. This book is different. It's an investment of the sort I especially like.

Firstly, you can't lose money. Even if you and your descendants read it for years...you can still sell it back for at least what you paid for it. This is Pickering and Chatto's guarantee to you, promised by my friend, William Rees-Mogg 

Many rare editions, however, tend to appreciate in value substantially. Today a first edition of Ayn Rand's Atlas Shrugged sells for about $1,800. It cost a fraction of that when it was first offered back in 1957. A first edition of J.D. Salinger's Catcher in the Rye is worth $12,500; Ernest Hemingway's Old Man and the Sea sells for $1,400; Samuel Johnson's Dictionary of the English Language has soared to $140,000.

If the books happen to increase in value...all the better for you!

Secondly, these volumes are attractive, substantial assets that you can see and appreciate. Readers and friends, who purchased copies of the collected writings of Nikolai Kondratiev, or 'The Wealth of Nations' by Adam Smith, will know the superb quality offered by Pickering & Chatto's sets.

If you want to add this museum-quality collection to your  own library, I urge you to act immediately - before they are all gone.

You'll read brilliant observations and forceful arguments that detail and develop the case for gold.

From the 400-year-old treatise of Gerard de Malynes...to the 40-year-old writings of Murray Rothbard...you'll be privy to the battle as it proceeds across the centuries. And by helping you understand the nature of gold and its relationship to currency, commodities and wealth, these books will also help you and your family build and protect real wealth.

As I said before, this opportunity is not for everyone. But for those with the intelligence, the hunger for knowledge and success - plus sheer good taste - I believe 'The Case for Gold' offers you nothing less than a once-in-a-lifetime opportunity.

This information is priceless. If I set a figure of a thousand dollars on it, it would be worth every cent. These books offer you so much remarkable information that Pickering & Chatto have sold this book - to university libraries, book collectors, Embassies and scholars - for $537 a set.

But because I've bought all the remaining stock, I can offer you a substantial discount. You'll pay just $437 - a special discount of $100.

Let me remind you, these books will last for generations, and today, I promise immediate attention to your order and a prompt refund of your payment if we should run out of copies.

Thank you for your attention to this truly unusual offer. I hope both you and your library will benefit from it. You can reserve your copy of 'The Case for Gold' here.


Best wishes,

Bill Bonner
The Daily Reckoning

P.S. 'The Case for Gold' is a landmark in economic, investment and intellectual history. But once these sets are gone, I can't say whether you will ever come across another copy again.

P.P.S. Be sure to order right now if you would like a set of 'The Case for Gold' for yourself, your library and your family. I promise that if we receive your order after our supply is exhausted, you'll promptly receive your refund in full.