Skip to comments.You Better Read This, Gold & Greece: Not What You Think
Posted on 05/21/2010 7:43:47 AM PDT by dennisw
click here to read article
The only problem with the theory is that these people are communists and it will never get better only worse.
Why are gold-bugs verbose?
"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.
Ping for later
'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. :-)
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.
Well Gold WILL go way past the damn moon when Israel finally nukes the crap out of Iran.
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...
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,
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Apologies if I was too verbose there.
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.
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.
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.
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.
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 $$ measured against 2010 value will be only $5 or less.
By then, gold will be at least $2,500 per ounce and gas in America $6 or $7 per gallon, that is if there is still an America. With the Mexican conquest the new leaders migh t make gas be sold in liters.
How many ounces of gold in a pound? I can vision Obama decreasing the price of gold by messing with this number.
Because air is free
So this guy is saying buy gold now because years from now it’s going ‘go to the moon’??
I object to his phrase “going to the moon”
The value of gold measured in $$ 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.
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