Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

You Better Read This, Gold & Greece: Not What You Think
Kenneth J. Gerbino & Company ^ | Posted May 20, 2010 | Kenneth J. Gerbino

Posted on 05/21/2010 7:43:47 AM PDT by dennisw

click here to read article


Navigation: use the links below to view more comments.
first 1-2021-23 next last

1 posted on 05/21/2010 7:43:47 AM PDT by dennisw
[ Post Reply | Private Reply | View Replies]

To: dennisw

The only problem with the theory is that these people are communists and it will never get better only worse.


2 posted on 05/21/2010 7:51:31 AM PDT by screaminsunshine
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw

Why are gold-bugs verbose?


3 posted on 05/21/2010 7:52:14 AM PDT by Uncle Miltie (0bummer calls opponents "Teabaggers". So we can call Kagan "Carpet Muncher." Right?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw
Restructure most, if not all, of the entire $4.2 trillion of debt over 10 years.

"Restructuring" is such a nice word. It's sort of a post hoc legalization of theft, combined with the notion that those robbed never lost anything.

ML/NJ

4 posted on 05/21/2010 8:04:45 AM PDT by ml/nj
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw

Ping for later


5 posted on 05/21/2010 8:17:58 AM PDT by schu
[ Post Reply | Private Reply | To 1 | View Replies]

To: Uncle Miltie
Why are gold-bugs verbose?

'cause it is a complex set of issues...?

I thought this was a particularly cogent explanation of the status quo and excellent advice.
But, hey, I agree gold bugs are verbose. :-)

6 posted on 05/21/2010 8:22:43 AM PDT by vox_freedom (America is being tested as never before in its history. May God help us.)
[ Post Reply | Private Reply | To 3 | View Replies]

My thinking is that silver is a better investment, at least for now. It hasn’t tracked up with gold, as it traditionally has, and at $18 an oz. it is good commodity to own and store.


7 posted on 05/21/2010 8:24:25 AM PDT by vox_freedom (America is being tested as never before in its history. May God help us.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: dennisw

Well Gold WILL go way past the damn moon when Israel finally nukes the crap out of Iran.


8 posted on 05/21/2010 8:27:21 AM PDT by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
[ Post Reply | Private Reply | To 1 | View Replies]

To: madinmadtown
If gold is such a good asset why are there so many companies advertising on radio to sell you gold for your paper dollars?

Saw your comment on the locked thread...I agree. The folks selling it either have more than enough, or are making money selling it. The only thing that keeps me out of the current market is the 20% fees - about 10% premium to buy, and then another 10% to sell. I used to own gold & silver (and did well, thank you), now I think food and ammo are better investments...

9 posted on 05/21/2010 8:30:35 AM PDT by LearnsFromMistakes (Yes, I am happy to see you. But that IS a gun in my pocket.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; OneLoyalAmerican; ...

Goldbug ping

I think gold and silver bottomed today, but I’ll wait until Monday to buy in anyway. Lots of forced liquidations in other stuff made gold the sale of last resort, we’re about done time wise with the almost-mandatory end of the month pre-settlement takedown, and Cramer’s fleeced his viewers again for about fifty bucks.

Re silver, $17.50 is not the greatest round number there is, but it’s been of interest chartwise before, and it bounced off it hard when it hit it for the second time in two days this morning,

Mail me to get on or off the Free Republic Goldbug Ping List.


10 posted on 05/21/2010 8:31:45 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
[ Post Reply | Private Reply | To 1 | View Replies]

To: jiggyboy

Apologies if I was too verbose there.


11 posted on 05/21/2010 8:32:35 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
[ Post Reply | Private Reply | To 10 | View Replies]

To: dennisw

How do you counter the argument that gold based currencies limit expansion? I provide widgets that add productivity and efficiency into a process, increasing wealth growth - how does a metal reserve allow this? I mean all that “wealth” sits in a vault, how do create growth in the money supply? I think I heard Hugh Hewitt comment along these lines.


12 posted on 05/21/2010 8:46:24 AM PDT by RushingWater
[ Post Reply | Private Reply | To 1 | View Replies]

To: vox_freedom

I agree on the silver end. If the economies collapse, it will rise on the relationship to gold. If the economies do not collapse, it will rise on the increased industrial uses (which are many times that of gold.)

And, at $18 an ounce it is more affordable to average joe.


13 posted on 05/21/2010 9:30:56 AM PDT by Vermont Lt (This nation, of the people, by the people, and for the people has perished from the land.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: LearnsFromMistakes

My local ammo supplier just sent out an email with a sale notice. Went down and bought 500 rounds for the cabinet. Just to be on the safe side.


14 posted on 05/21/2010 9:32:26 AM PDT by Vermont Lt (This nation, of the people, by the people, and for the people has perished from the land.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: ml/nj
"Restructuring" is such a nice word. It's sort of a post hoc legalization of theft, combined with the notion that those robbed never lost anything.

When I was a teen back around 1948, I collected stamps from the British America colonies and was earning 35c an hour as a stock boy at a local store. I sweated and saved until I had enough to buy a one pound stamp - a princely $4.80.

A few months later the Brits "devalued" the pound from $4.80 to $2.40 and I saw half the rewards of my efforts cut in half. At the time, a candid politician said, "'Devaluation' means declaring bankruptcy and settling for 50c on the dollar." That was my watershed lesson in fiat currency.

"Restructuring" is the new buzzword now since currency is backed by nothing but policians' promises. No doubt we'll soon be hearing that word a lot.

15 posted on 05/21/2010 9:40:32 AM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
[ Post Reply | Private Reply | To 4 | View Replies]

To: dennisw

I object to his repeated use of the term paper money. In the total, there is not enough paper money to stand for the electronic bits that are actually the money. In today’s world, money is accounting entries on electronic ledgers.

The article is a good piece but overlooks one extremely important consideration, inflation. As the debt payment is stretched out, the total in the out years is decreased by the coming inflation. The value Of $10 in 2020 $$ measured against 2010 value will be only $5 or less.

By then, gold will be at least $2,500 per ounce and gas in America $6 or $7 per gallon, that is if there is still an America. With the Mexican conquest the new leaders migh t make gas be sold in liters.

How many ounces of gold in a pound? I can vision Obama decreasing the price of gold by messing with this number.


16 posted on 05/21/2010 10:10:00 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Uncle Miltie

Because air is free


17 posted on 05/21/2010 10:10:49 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: bert

So this guy is saying buy gold now because years from now it’s going ‘go to the moon’??


18 posted on 05/21/2010 10:10:59 AM PDT by Freddd (CNN is down to Three Hundred Thousand viewers. But they worked for it.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Freddd

I object to his phrase “going to the moon”

The value of gold measured in $$ or Euros is going to rise because of the coming inflation. There will be strong measures to control the inflation to where it is the maximum tolerated by voters.

Pundits like to speak of hyperinflation and of wheelbarrows of currency. I think it will be much tamer than that but at a level to keep folks angry but not angry enough to burn the Capitol.

The inflation is by design. It is the only real way out, the only viable solution.


19 posted on 05/21/2010 10:22:54 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: RushingWater
How do you counter the argument that gold based currencies limit expansion? I provide widgets that add productivity and efficiency into a process, increasing wealth growth - how does a metal reserve allow this? I mean all that “wealth” sits in a vault, how do create growth in the money supply? I think I heard Hugh Hewitt comment along these lines.
  1. At this point people would be overjoyed to use a major currency that was 10-20-30-40% backed by gold
  2. An honest currency could be backed by gold and silver
  3. Until about 20 years ago the Swiss currency was 40% backed by gold and they did well. Had a nice sober economic growth
  4. Our currency used to be backed by gold from 1873 (Coinage Act of 1873) until 1933
  5. After that our currency was backed by gold for external transactions...for foreign trade
  6. This ended in 1971
  7. We used to have paper currency that was backed by silver...Ended in 1964.
  8. We had a huge Federal silver stockpile that backed these silver certificates (paper currency)
  9. The huge world wide expansion of debt on all levels of government, consumers, businesses shows we need limitations and restraints.
  10. Mandating that a currency be partly backed by gold and silver can do this and is preferable to what we now have that is imploding in Greece already
  11. too many promises (by governments) = too much debt
  12. we have a debt backed currency. Your Federal Reserve note is a debt instrument "backed" up by US Treasury debt obligations (T Bills)
  13. A gold and silver backed currency at least has some intrinsic worth.
  14. Currency we have now has no intrinsic worth unless you call being backed by TBills something intrinsic

20 posted on 05/21/2010 10:25:37 AM PDT by dennisw (The falser the prophet the more mentally deranged the adherents)
[ Post Reply | Private Reply | To 12 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-23 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson