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 Stonehenge
enthusiast
 
Registered: 06/20/04
Posts: 3,767
Loc: S.E.
Last seen: 3 hours, 3 minutes
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 Re: Gold just broke $1800  [Re: qman]
#15521490 - 12/15/11 05:43 PM (1 year, 4 months ago) |
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Not only paper money but dollar denominated securities will lose their value. For example, cd's, treasuries, mortgages. The mortgages are good if you owe the money, not so good if you hold a mortgage.
There is not enough gold in the world to base a currency on. There is not enough silver either. Why do you think they got away from metal based money nearly 100 years ago? So they could steal our money. That and the lack of enough precious metals. One possible solution is to have money tied to an hour of work which would be minimum wage. A person could negotiate their salary but would be paid in this currency. A doctor would make more than you would. Another possibility is currency based on other property like real estate. Probably not since we had that big boom and bust. Any thing is better than worthless paper.
I think i will wait until gold hits 1500 and then jump in.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
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qman
Stranger
Registered: 12/07/06
Posts: 3,474
Last seen: 3 hours, 25 minutes
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Re: Gold just broke $1800 [Re: Stonehenge]
#15525186 - 12/16/11 10:56 AM (1 year, 4 months ago) |
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Quote:
Stonehenge said:
Not only paper money but dollar denominated securities will lose their value. For example, cd's, treasuries, mortgages. The mortgages are good if you owe the money, not so good if you hold a mortgage.
There is not enough gold in the world to base a currency on. There is not enough silver either. Why do you think they got away from metal based money nearly 100 years ago? So they could steal our money. That and the lack of enough precious metals. One possible solution is to have money tied to an hour of work which would be minimum wage. A person could negotiate their salary but would be paid in this currency. A doctor would make more than you would. Another possibility is currency based on other property like real estate. Probably not since we had that big boom and bust. Any thing is better than worthless paper.
I think i will wait until gold hits 1500 and then jump in.
Stone, it's not a matter if there is enough gold and silver, it's at what price. Today we could back all the dollars around, but at 10,000oz gold.
We got off the gold standard on 1971, so its been only 40 years of fiat money. A gold standard does not mean that we go to the store and pay with gold coins, it just means my dollars are convented to gold at a fixed price.
Paper money is never going to be tied to real estate or a hour of work, just study your world history and you will see that for over 5000 years gold has been the ultimate store of value, and that is not going away anytime soon.
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Stonehenge
enthusiast
Registered: 06/20/04
Posts: 3,767
Loc: S.E.
Last seen: 3 hours, 3 minutes
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Re: Gold just broke $1800 [Re: qman]
#15525639 - 12/16/11 12:58 PM (1 year, 4 months ago) |
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>Today we could back all the dollars around, but at 10,000oz gold
I think you mean $10k an oz not 10k ounces. Considering the total world supply of gold or all gold ever mined is estimated at 5.3 billion oz, that would not likely work. That equals only 53t which would be enough for usa but we do not own all the gold. More than 50% is in the form of jewelry and most is in other countries. The amount owned by us govt is estimated at 147 million oz but some say much of that has been stolen and since an audit of the govt and fed reserve has been blocked by every administration, we will never know. If we did have that much it would back only $1.47t. Considering the national debt is around 15t, this is not going to work. It may will rise to $10k an oz but not backing currency. And who could trust the govt to have enough gold?
>We got off the gold standard on 1971
Citizens were not allowed to convert dollars to gold after 1933. World governments were allowed to convert until they started doing so and nixon issued an executive order stopping the practice and then it was officially abandoned.
>Paper money is never going to be tied to real estate or a hour of work
I didnt say it would be but those schemes are indeed being floated and have been used in the past. Just not here.
>for over 5000 years gold has been the ultimate store of value, and that is not going away anytime soon.
You are correct and that is what i've been saying. Over 5k years actually. I would not be surprised if gold hit 10k. But a currency tied to gold at any fixed price is gonig to be attacked when gold value goes higher. If it goes lower the value of the currency goes down.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
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Yrat
Hello
Registered: 11/08/07
Posts: 2,030
Last seen: 1 day, 10 hours
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Re: Gold just broke $1800 [Re: Yrat]
#15586081 - 12/29/11 09:31 AM (1 year, 4 months ago) |
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Quote:
Yrat said:
gold and silver might have potentially broken longer term support. there could be good opportunities to buy in soon. this makes sense in light of potential big players trying to liquidate and cover positions exposed to the increasingly hopeless situation in europe. sell the only thing that has been green for quite some time... gold and silver.
lower limits include drops to even $1500 for gold, and $23 for silver. i will be buying with both fists if it gets there.
weak hands to strong hands.
on the other hand, the gold:silver ratio is riding along support in a potential wedge formation, and has shown recent strong upwards bounces off said support. a similar bounce could take gold to $1900 if silver stays the same, or silver to $26 if gold stays the same. the correlation between this and the above TA is silver to the $25 area, but a combination of both, meeting halfway, could happen as well.
looks to have come true.
we will see whether or not the prices will bounce off very long term support lines. this is becoming more and more unlikely in light of the continuing divergence in paper price vs spot price. metals investors are increasingly shying away from CRIMEX paper markets after seeing what happened to "owners" of bars during the MFG fiasco.
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"There are a thousand hacking at the branches of evil
to one who is striking at the root."
-Henry David Thoreau
Strike The Root
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Stonehenge
enthusiast
Registered: 06/20/04
Posts: 3,767
Loc: S.E.
Last seen: 3 hours, 3 minutes
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Re: Gold just broke $1800 [Re: Yrat]
#15586975 - 12/29/11 02:25 PM (1 year, 4 months ago) |
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Yeah, the problem is that physical gold charges a hefty fee. ETF gold is cheaper but there is the nagging worry that there may not be enough gold to cover all the shares. Gold is down to 1548. I think i'll put in a buy order at 1501 or what would correspond to that. I figure if it goes below 1500 people will jump in and i'll get a bounce at least. I'll keep my physical but it would be nice to pick up some loot. I still think the market is going down like an anchor. But the least bit of good news and it always picks up.
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)
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sporesmores420
SillyPsybin
Registered: 06/01/10
Posts: 829
Last seen: 5 months, 6 days
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Re: Gold just broke $1800 [Re: Stonehenge]
#15671830 - 01/16/12 01:37 AM (1 year, 3 months ago) |
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time to sell
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Wiccan_Seeker
gold foil hat admin
Registered: 02/06/02
Posts: 33,509
Loc: Virgo Supercluster (or b...
Last seen: 2 hours, 43 minutes
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Sell when its low? Is that a new strategy I'm unaware of?
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 DieCommie
El Guapo
Registered: 12/11/03
Posts: 25,374
Loc: Street of Dreams
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Quote:
Wiccan_Seeker said:
Sell when its low? Is that a new strategy I'm unaware of?
Nah, you are aware of it. Its the other side to the buy when its high strategy you have been preaching.
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Wiccan_Seeker
gold foil hat admin
Registered: 02/06/02
Posts: 33,509
Loc: Virgo Supercluster (or b...
Last seen: 2 hours, 43 minutes
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Re: Gold just broke $1800 [Re: DieCommie]
#15682088 - 01/18/12 07:55 AM (1 year, 3 months ago) |
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I guess it depends on perspective. I stopped actively lobbying for buying gold around $1000.. its gone to over $1800, didnt it?
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