Posted on 03/30/2012 10:10:51 PM PDT by blam
One heck of an adjustment.
i’ve said (for years now) the VIX has never since approached its 1987 highs. the “Greenspan Put” has become the “IMF Global Put.”
And when the market open again?
ping
There’s always tomorrow and another 3900 points.
But doesn't that mean that the gold he is buying now at $1700/oz will only be worth $35/oz after 60 years of inflation are corrected?
This has been my plan for quite some time now. I figure a Dow of 2900 is the time to pull the buy trigger.
“The Gold Confiscation Of April 5, 1933
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential Executive Order 6102
Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled
An Act to provide relief in the existing national emergency in banking, and for other purposes~’,
in which amendatory Act Congress declared that a serious emergency exists,
I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:”
and when the Fed confiscates your gold what you gonna do then ? friend.
Good old Richard, I’m glad to see he’s still working. Like all in his field he’s had his hits and misses, but he’s always interesting. I hope this is a miss.
But I’m short the S+P 500 (and hedged) in case he’s right.
“and when the Fed confiscates your gold what you gonna do then ? friend.”
Let ‘em try. Too many people now have gold, and guns.
The knowledge that the market can close early and stay closed makes sell offs worse.
If all that really were to happen... You can’t eat gold...
The Elliott Wave has never been wrong.
yitbos
I don’t think so. Most of the gold are held by central banks, very few by individuals. 1930’s was different. Gold was in US coins and US issued certificates that one can redeem in gold. FDR did not want the gold to leave the US during depression thus he had it removed from money, and individuals who owned it in US coins, certificates or bullion bars had to turn it in for the new dollars we still use today. Since we are off the gold standard, there is no monetary value in confiscating privately owned gold. If we go back to the gold standard, the US currency will be reset. Those in debt will be impoverished, those who hold hard assets will have their wealth preserved.
ShadowStat’s take on when the wheels are coming off...
http://www.shadowstats.com/article/no-414-hyperinflation-special-report-2012#_Toc315271679
So having gold in stocks is not good?
If one reads the mail of Goldman Sach in the late 1920’s and e-mails in 2007 in both cases they were pushing junk on their cleints.
But doesn't that mean that $35 will be worth $1700?
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