Gold Prices and Panic (Feds actions tantamount to government counterfeiting)

Mises Institute ^ | December 13, 2010 | Doug French

[sickoflibs]

Operation Bernhard was the codename of a secret Nazi plan devised during the Second World War by the RSHA and the SS to destabilise the British economy by flooding the country with forged Bank of England £5, £10, £20, and £50 notes. It is the largest counterfeiting operation in history and has been fictionalised in books, the BBC comedy-drama miniseries Private Schulz and a 2007 Oscar-winning Austrian film, The Counterfeiters (Die Fälscher).

Who knew the British voters would vote to do this to their own country after the war?

[meyer]

But dealers don’t give $1,400 to buy back the gold. I wonder how much (approximately) they do pay their customers??

Any coin dealer worth their salt will buy back at spot, and sell at spot plus $20-30. That's the way it was in Ohio. Can't find an actual coin dealer here in southeast Tennessee though.

[meyer]

I guess the spread is more like $50 or so now. I’m thinking from back in the “old” days when gold was cheap!

[Sun]

“Any coin dealer worth their salt will buy back at spot, and sell at spot plus $20-30.”

That’s good to know.

I think people who buy gold and silver should call the dealer and ask what they are PAYING, so they know who to deal with when they BUY. And that includes Goldline, and all the others we hear advertise on the radio, imo.

[Sun]

“I guess the spread is more like $50 or so now. I’m thinking from back in the “old” days when gold was cheap!”

I bought a little silver and gold when it was cheap, but I can’t afford it now, at least not the gold.

[wafflehouse]

Who knew the British voters would vote to do this to their own country after the war?

i dont get all the wailing and gnashing of teeth over this. In a fiat money system, one of the reasons for the central bank's existence is to print money, thereby stealing money from the savers. This is the system. It was designed this way on purpose.

[sickoflibs]

RE :”i dont get all the wailing and gnashing of teeth over this. In a fiat money system, one of the reasons for the central bank's existence is to print money, thereby stealing money from the savers. This is the system. It was designed this way on purpose. “

I agree with your premise. For the ‘good’ of society as a whole they steal from savers to give to borrowers, or in some cases just give away to consumers (ie voters) ‘create jobs’ (ie keep the voters happy)

The problem becomes when it results in nuking the economy.

[TheRightGuy]

Any coin dealer worth their salt will buy back at spot, and sell at spot plus $20-30. That's the way it was in Ohio. Can't find an actual coin dealer here in southeast Tennessee though.

my dealer's current buy prices

[meyer]

Looks like about $45 difference between buy and sell. That falls in line with what I’m seeing today. My earlier post was relating to prices back when gold was in the $300-350 range. I haven’t been buying or selling lately.

[wafflehouse]

The problem becomes when it results in nuking the economy.

This is also part of the system. As a politician it is always easier to print money than to take the 'credit' for a contraction in the economy.
Their JOB depends on them printing money.

[wafflehouse]

sorry, i should have said ‘phoney-bologna job’

[sickoflibs]

RE :”The problem becomes when it results in nuking the economy. This is also part of the system. As a politician it is always easier to print money than to take the ‘credit’ for a contraction in the economy. Their JOB depends on them printing money. “

Considering the overwhelmingly positive public opinion poll reception of that Obama/RINO tax/spending compromise that puts the US in another trillion dollars of debt and may even lower our national credit rating, I would say they were hired to devalue our currency and bankrupt the country. Christmas presents for everyone.

[wafflehouse]

Considering the overwhelmingly positive public opinion poll reception of that Obama/RINO tax/spending compromise that puts the US in another trillion dollars of debt and may even lower our national credit rating, I would say they were hired to devalue our currency and bankrupt the country. Christmas presents for everyone.

And what would the opinion polls look like had there been NO unemployment extentions or bailouts? Are you one of those folks that think the 'recovery' is moving right along and life will be back to roaring economic growth any time now? Because if you are, then theres no point in arguing with you. We are in a bad situation now, and (by doing the wrong thing) they will make it last much longer than it should (taking the minimum amount of public discontent), whereas if we had gone the route of iceland when the crash hit, we would have had massive pain for a while (and likely lynched politicians and bankers alike) but we would be back on the road to real recovery at this point.

[sickoflibs]

RE :”And what would the opinion polls look like had there been NO unemployment extensions or bailouts? Are you one of those folks that think the ‘recovery’ is moving right along and life will be back to roaring economic growth any time now? Because if you are, then there's no point in arguing with you. We are in a bad situation now, and (by doing the wrong thing) they will make it last much longer than it should (taking the minimum amount of public discontent), whereas if we had gone the route of iceland when the crash hit, we would have had massive pain for a while (and likely lynched politicians and bankers alike) but we would be back on the road to real recovery at this point. “

I cant tell if we agree or disagree from that. I think that stimulus packages like this one (and the first two) prolong the recession indefinitely by trying ease the short term pain. I don't see how those particular tax measures, especially Obama payroll tax cuts, do any good except but buy votes. You can make a case that raising taxes is bad in a recession but to continue to add more and more spending at the same time ensures no long term recovery but maybe inflation. This payroll tax cut is very welfare like as it goes to those that pay no income taxes and puts those on SS even more on the public dole, as with those on food stamps.

It's obviously popular, everyone got something except those that must live in the future, Peter Schiff put it perfectly when he predicted the stimulus's failure and when he predicted the crash:”We are selling our cows to buy milk.”

The polls will take us to hell.