Posted on 04/15/2014 5:48:07 AM PDT by blam
Drop in AU price = 2.27%.
Some Doomsday indicator.
Well, that’s a good point.
See the same thing in the stock markets where I have nothing at stake.
Dow drops one or (WOW!) two percent and it’s portrayed as Atlas’s last shrug.
Me, I’m thinking a good thirty percent “adjustment” would bring at least a whiff of reality to the floor.
A mere flesh wound! :)
“Alas Babylon” author Pat Frank wrote a post-nuclear war survival manual in 1962. He saw boxes & bricks of .22 lr ammo becoming barter currency but he also wrote,
“The day may come when a pound of tobacco is worth more than a pound of gold.”
I agree with whoever posted that right now is a good time to acquire junk silver. But it just occurred to me that when Pat Frank wrote his survival book, most U.S. coinage was still solid 900 silver and a silver dollar was worth exactly one dollar and most greenbacks were silver certificates.
That 1962 book is expensive & scarcer than hens’ teeth since there was only one edition. Anyone out there know if Pat Frank favored hoarding silver coinage?
Silver is only nineteen bucks & some change right now, BTW.
Thanks to the BIS for the price dip. I will look at buying another 0.5 Kg of silver later today.
Real money just got cheaper. So not complaining.
Implicit to this statement (because you use the word "price") is that you are using some currency (almost certainly the dollar) as your frame of reference for assessing value.
However, dollars can be (and are being) printed arbitrarily. It's the value of the dollar that varies, an oz of gold, however, it always an oz of gold.
I'm not being critical of your thought process here (I had that same thought process for 95% of my own life), I'm just pointing out that there is another perspective that can make a lot of sense if you ponder it a bit.
I realize all that. But owning and holding gold is pointless unless you are prepared to defend it. Even if you divest of it in times not strife ridden, your government will find a way to screw you out of the value added you have gained. This is implicit to the new PPACA ancillary laws and regulations - Reporting Gold sales, specifically.
If you want to speculate on it, there are plenty of fools out there willing to buy it thinking it will be a better investment that other intrinsically valuable things. I’m not saying it isn’t a good scheme if you know how to work it and don’t depend on it as a SHTF option.
Here’s a BWH article on “junk” silver:
http://www.backwoodshome.com/articles2/silveira131.html
I was looking for the more recent one about counterfeit junk silver coins but couldn’t find it.
Be on the lookout.
LOL. I love that attitude!
Love to pick up a little gold right now. I can afford zinc.
I took a $20K annuity, cashed it out and bought gold when it was $1600/oz. The taxes on the annuity, the income kicked me into a higher tax bracket, and the loss of value in gold made this trick a costly one. At least I have some gold to look at....cost a lot just to have it.
If I freaked out at every dip in gold and silver over the past 14 years that I’ve been in this game...I shouldn’t be IN this game!
I’ve been buying/selling Commodities since I was a teenager; back in the day when you had to use a newspaper and a telephone (that was attached to the kitchen wall!) to place your orders.
Commodities are not for the faint of heart. :)
I’m not familiar with the PPACA ancillary laws ... this sounds nasty. Got any reference links?
They’re all buried in that couple thousand pages nobody read. Property transfer fees, reporting gold sales, medical device taxes. Etc. I guess I should have said hidden vs ancillary. Sorry.
Goldbug ping.
Well, I guess the only way to get ahead in this world is to run for Congress then. They may rue the day they flushed me out of the business world!
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