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Where are the gold bugs NOW?
Gold Prices Online ^ | 06/27/2002 | Lazamataz

Posted on 06/28/2002 3:00:46 PM PDT by Lazamataz

Well, 'the new spoosman' and many like him have told me for months that the 'fiat' currency is worthless, and gold is the only valuable currency out there. Disregarding for a second the fact that these gold bugs are so ready to part with their gold for those 'worthless fiat notes', I would like to point out that since the height of their caterwalling, Jun 01 2002, gold is down from 326$ an ounce to 314$ an ounce today. That is a 4 percent drop in less than a month.

The 'fiat currency' people are out to lunch. I don't expect gold to do any better than index with inflation in the long run, and today managed to show a savage loss of $5 an ounce.


TOPICS: Business/Economy; Extended News; Your Opinion/Questions
KEYWORDS: goldbugs; scammers; spammers
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Look, don't get me wrong, I like gold. I love gold. I will own a small stock of it. But it is not the place to put all your money, in my mind. The stock market ebbs and flows, but both it and undeveloped land near cities are the only truly consistent returns on investment. You need to be patient, of course. Day trading or real estate speculation takes more bodies than it delivers wealth.
1 posted on 06/28/2002 3:00:46 PM PDT by Lazamataz
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To: Lazamataz
All. Plain and simple. Central banks doing what they have been doing since 1999 with the Washington Agreement. Manipulating the price. SOmething about to hit markets, so they are trying to drive the price down so banks and mining companies can unhedge . COMEX gold drops as central banks intervene on dlr Updated Fri 6/28/2002 15:21 EST < NEW YORK, June 28 (Reuters) - Central bank intervention to prop up the dollar pulled the rug out from under COMEX gold on Friday, upending early gains and sending futures to a six-week low as bulls turned tail en masse. < Much of the capitulation came suddenly before the close, which left August gold at $313.90 an ounce, down $5.70, or 1.8 percent. It managed an equally head-jerking bounce off $310.50, its lowest since May 16, in the final moments. Spot gold fell to $314.00/5.00 from Thursday's $319.00/50 close. Friday's late fix by London bullion dealers was $318.50. Gold was also a victim of investor outflows back into the stock market. The Dow Jones industrial average was up 53 points in the afternoon, despite news that Xerox Corp. would restate five years of results to reclassify more than $6 billion in revenues in the second accounting debacle absorbed by Wall Street this week. The dollar was firm against the yen after the Bank of Japan led the intervention to prevent a rising yen from choking off Japan's export-led recovery. The greenback failed to stay up against the euro, but still ended above the 28-month low hit at $0.9990 per euro in the morning. "We rallied because of the strength of the euro based on the Xerox situation -- and there are a few other things that make people feel there's no loss of confidence in U.S. equities due to all this thievery going on," said a floor broker. "Then intervention drove the dollar higher and that in turn drove gold lower." Gold, equal parts currency and commodity over the years, has correlated tightly with the euro this year, reaching 2-1/2 year highs early this month above $330 an ounce. Stock market jitters compounded the interest in gold as a store of value, amid worries about the fragile economic recovery, terrorism and corporate book cooking in the wake of the collapse of Enron Corp. Estimated final volume was a busy 45,000 contracts, almost half of which came in the last few minutes of trade. "It took out $316 with stops below that level and just hammered the market on those stops," said David Meger, analyst at Alaron Trading in Chicago. $310 was the obvious point of the movement but when we said that we weren't expecting to get that in the next three minutes." The long position on the COMEX has been a growing impediment as gold ran out of new buyers. The CFTC Commitments of Traders report released after the close Friday showed the net speculative long on the COMEX contracted to 37,967 contracts as of Tuesday from last week's 41,241 lots. July silver <0#SI:> fell 4.3 cents to $4.833 an ounce in a narrow $4.89-$4.825 range. Spot silver was last at $4.82/84, off from $4.86/88 late Thursday. It fixed at $4.87. The net speculative long in silver fell to 39,164 contracts from 44,655 the previous week. NYMEX July platinum <0#PL:> slipped $2.70 to $537.30 an ounce. Spot platinum closed at $535/540. September palladium <0#PA:> rose $1.80 to $318.80, steadying above Thursday's contract low at $314 an ounce. Spot palladium fetched $316/326. ((Alden Bentley, New York Commodity Desk, 646 223 6041, nyc.commods.newsroom@reuters.com)) (C) Reuters 2002. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
2 posted on 06/28/2002 3:24:07 PM PDT by DCE
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To: Lazamataz
I am a gold bug, and here to stay. My 1 oz Gold coin was worth $20.00 in the 1920s/30s. With either my gold coin or my fiat federal reserve note (debt), I could buy a really nice suit.

Today, that same Gold coin will buy me a really nice suit, but that $20.00 federal reserve token will barely get me a set of cufflinks.

I don't use my gold to "make" money, I use my gold to maintain my money.

When all the shorts in all the banks are called in someday (when the IMF can no longer manipulate the Gold and Silver market), the dollar will likely drop through the floor, and Gold and silver will still have their value in the euro, suit, food, whatever. It really hasn't truely lost value in the last 6000 years. I'm in no hurry to believe it will start now.

Gold and Silver are still just assets which values go up and down a bit, like a bag of rice, a saw, whatever, but over the long haul its value remains fairly constant.
3 posted on 06/28/2002 3:27:11 PM PDT by borntodiefree
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To: Lazamataz
If gold is the suppose to be the un-fiat, natural, currency of choice by man, then why is its worth based in dollars and not the other way around; by measuring the dollar against a weight in gold, the supposed natural standard?

.

Answer: It's not anymore!

4 posted on 06/28/2002 3:28:27 PM PDT by demlosers
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To: Lazamataz
That's because you should be investing in gold-pressed latinum, not gold.
5 posted on 06/28/2002 3:31:11 PM PDT by Redcloak
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To: DCE
All. Plain and simple.

Plain and simpler: An ounce of gold during the Roman Empire would buy an nice suit and a pair of shoes. Today, an ounce of gold will buy you a nice suit and a pair of shoes.
6 posted on 06/28/2002 3:36:47 PM PDT by AdA$tra
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To: demlosers
If gold is the suppose to be the un-fiat, natural, currency of choice by man, then why is its worth based in dollars and not the other way around; by measuring the dollar against a weight in gold, the supposed natural standard?

There is a law, forgot its name, that says 'Bad currency drives out good' in the market -- that law only holds true in a state enforced money monopoly, in a truly free market, good currency drives out bad.

7 posted on 06/28/2002 3:38:34 PM PDT by mindprism.com
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To: Lazamataz
A fiat currency is a leveraged currency. Our currency is more leveraged than it ever has been....is a bubble currency. All modern currencies are leveraged so we're not alone. I like gold. I like honest money and would be happy with a currency backed by even 10% gold. Today our currency is backed not by gold but by the full faith and credit of the USG. 
IOW the US dollar exists and is accepted on belief, positive psychology and faith.

Someday the dance will end for our currency just like it has for the NASDAQ and will end for our current real estate mania.

Full Faith and Credit
... What will happen to the "full faith and credit of the United States government"
backing the US dollar then? How about the stock markets, bond markets et al? ...
www.gold-eagle.com/gold_digest_01/mcintosh112601.html - 10k - Cached - Similar pages

8 posted on 06/28/2002 3:39:53 PM PDT by dennisw
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To: borntodiefree
Today, that same Gold coin will buy me a really nice suit,...

Where can you get a 'really nice suit' for $314? Walmart?

9 posted on 06/28/2002 3:40:01 PM PDT by Looking for Diogenes
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To: Lazamataz
Gold certainly does not ebb and flow. I keeps its value steady in the short term (less than a couple hundred years). Government fiddling with the economy changes the price (not the value) of gold as liquidity is added or subtracted beyond what is called for by actors in the economy. That is called inflation and deflation. Keynesians and Monetarists who staff this administration as they do most administrations, exist to allow the politicians to believe they can operate an economic perpetual motion machine by fiddling with levels of government spending (Keynesians) or by fiddling with the amount of money in circulation (monetarists). They are always a drag on the economy and add difficulties and thus expense to the flow of commerce.

Gold does not change in value and is not an investment.If gold appears to be going "up" be assured that the value of the dollar is declining. You buy gold when you don't trust positive investments to perform better than inflation and then you keep up with inflation minus transaction fees and storage.

The Fed began to "correct" a 5 year deflation in the fall of 2000 when the price of gold stood at $250. The price since then has risen fairly steadily to it's current level of about $320 (it fluctuates a few % when stability is lacking) The gold theorists had been saying during the deflation that the "proper" price of gold was about $360 because that is where it was when the deflation started. Some said that it should be "corrected" to that price and others said that was too drastic and it should be corrected to $320. Well, it is at $320. If it starts climbing again look for $360.

Actually the "correction" of the "incorrect" gold price is just the wrong thing to do. It should be stabilized at whatever point the Feds get their heads out of their orifices. It is the change that is harmful, not any particular level.

The rise since fall 2000 represents about 30% inflation that we will experience in the general price level. Commodities have been drifting up for a while. Retail stores are starting to feel the pinch and are raising peripheral prices as they try to hold down the prices on their major lines.

10 posted on 06/28/2002 3:41:40 PM PDT by arthurus
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To: borntodiefree; AdA$tra
I am a gold bug, and here to stay. My 1 oz Gold coin was worth $20.00 in the 1920s/30s. With either my gold coin or my fiat federal reserve note (debt), I could buy a really nice suit. Today, that same Gold coin will buy me a really nice suit, but that $20.00 federal reserve token will barely get me a set of cufflinks.

Wrong unit of measure, but I understand how you might make the error:

In the 1920's or 1930's, you could buy a decent suit for about 50 hours of unskilled labor. ($0.40 an hour * 50 hours = 20$). Now, you can buy a decent suit for about 38 hours of unskilled labor ($9.00 an hour for 38 hours = 350$).

Dollar amounts are meaningless unless you take into account inflation of wages as well as inflation of prices.

11 posted on 06/28/2002 3:41:44 PM PDT by Lazamataz
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To: Looking for Diogenes
Where can you get a 'really nice suit' for $314? Walmart?

LOL, I downgraded from 'really nice' to 'decent' in my example. :o)

12 posted on 06/28/2002 3:42:53 PM PDT by Lazamataz
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To: dennisw
Today our currency is backed not by gold but by the full faith and credit of the USG.

Not a bad bet, in my estimation. At least in our lifetimes.

13 posted on 06/28/2002 3:43:43 PM PDT by Lazamataz
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To: Lazamataz
"I would like to point out that since the height of their caterwalling, Jun 01 2002, gold is down from 326$ an ounce to 314$ an ounce today. That is a 4 percent drop in less than a month."

Actually, I'm glad (for you) that your wife is handling the finances. Here are the facts (Year to date):

Gold has gone up 12%

The Dow is down 8-9%

S&P is down 14%

NASDAQ is down 26%

Since the gold peak (which was actually June 4)

Gold is down 4%

The Dow is down 4%+

S&P is down 4%+

NASDAQ is down 7%

I am not a gold bug (15% of my net worth is in precious metals) but over the past year that 15% has outperformed the other 85% (mostly bonds).

Appreciating assets don't go up in a straight line, depreciating assets don't go down in a straight line.

Also, several gold bugs are no longer on this forum (spoos, robnoel and a few others)


14 posted on 06/28/2002 3:43:46 PM PDT by rohry
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To: borntodiefree
Where do you buy your really nice suits? Because I want to go there. I am clearly being way overcharged.
15 posted on 06/28/2002 3:46:50 PM PDT by surely_you_jest
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To: Redcloak
That's because you should be investing in gold-pressed latinum, not gold.

Oh, I do.

That's me on the left with my idiot, profitless brother.

16 posted on 06/28/2002 3:47:07 PM PDT by Lazamataz
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To: Lazamataz
In the 1920's or 1930's, you could buy a decent suit for about 50 hours of unskilled labor. ($0.40 an hour * 50 hours = 20$). Now, you can buy a decent suit for about 38 hours of unskilled labor ($9.00 an hour for 38 hours = 350$).

Using unskilled tailors to have your suits made?

No wonder you're always whining about your pants falling off while you're playing on your 'puter.

17 posted on 06/28/2002 3:47:38 PM PDT by Willie Green
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To: Lazamataz
Fiat currency value is only maintained by the illegal manipulation of the gold market, see gata.org. Eventually, soon, the gold miners will be forced to file lawsuits against this manipulation because they are going under because they cannot extract it from the ground and reasonably profit at the artificially maintained price. Meanwhile, jewelry and industrial demand continues to force the gold reserves into consumption.

In short, its a pressure cooker that will devestate the currency markets should it blow.

18 posted on 06/28/2002 3:47:52 PM PDT by mindprism.com
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To: rohry
Like I said, I'd keep a small portion in gold. Some virtual, some physical. I just like the shiny stuff.

But unless you personally move out of your gold positions, in the long run the market will outperform you.

Always has. Not to say it always will.

19 posted on 06/28/2002 3:48:53 PM PDT by Lazamataz
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To: Willie Green
Using unskilled tailors to have your suits made?

Nope. The unit of measure of value I am using is the unskilled-labor-hour. We can use skilled-labor-hours if you so desire. Lawyers would be a good unit of measure. Of course, it would merely more prominenty display my point.

No wonder you're always whining about your pants falling off while you're playing on your 'puter.

Not true. I say that I am not wearing them to begin with. There is a difference.

20 posted on 06/28/2002 3:50:40 PM PDT by Lazamataz
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To: Lazamataz
Where are the gold bugs NOW?

They're crawlin' all over me...get 'em off me...they're itchin' me...get 'em off, get 'em off meeeeeeeeeeeeee!!!

21 posted on 06/28/2002 3:50:54 PM PDT by TomServo
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To: Lazamataz

Silver and gold, silver and gold
Ev'ryone wishes for silver and gold
How do you measure it's worth?
Just by the pleasure it gives here on earth.

Silver and gold, silver and gold
Mean so much more when I see
Silver and gold decorations
On ev'ry Christmas tree.

22 posted on 06/28/2002 3:52:19 PM PDT by Senator Pardek
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To: Looking for Diogenes
"Where can you get a really nice suit for $314?" You might be surprised what you can buy if you are buying the product for its quality and not just buying the name on a label. Some people can live about as well on $500.00 a week as some others can on $1500.00 a week. Some can live even better. The pricing of most things we buy are only very loosely related to the cost of production, in other words you very seldom get more than you pay for but a lot of people go through life getting a lot less than they pay for. In fact some people insist on paying for more than they get. I have known a few who would not be caught dead with anything that was not priced at least twice its true value.
23 posted on 06/28/2002 3:52:26 PM PDT by RipSawyer
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To: TomServo
They're crawlin' all over me...get 'em off me...they're itchin' me...get 'em off, get 'em off meeeeeeeeeeeeee!!!

Here.

Toke on this. You'll calm down.

24 posted on 06/28/2002 3:53:28 PM PDT by Lazamataz
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To: DCE
Governments and banks cannot actually manipulate the price of gold for more than a very short time. The practices needed to manipulate the gold price are, in fact, additions and subtractions to financial liquidity beyond what is called for by economic actors. "Manipulation" is inflation or deflation. It is the value of the unit of account, the money, that is being manipulated. Massives movements of gold between banks and governments is an attempt to hide inflation and fools no one in this age if real time information. When money is demanded for the smooth flow of commerce and is not put into the system, the price of gold declines as it is sold to acquire liqiuidity. If too much liquidity is pumped into the economy the excess is used to buy gold and the dollar price goes up. "Manipulation" is done to fool economic actors into thinking that money is more valuable than it is but it only succeeds in throwing sand in the economic gears as calculation loses predictibility.
25 posted on 06/28/2002 3:54:40 PM PDT by arthurus
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To: mindprism.com
Being on a gold standard has its problems:

Leading into the Depression of 1893, a leading London investment bank collapsed in 1890, hard-pressed British investors sold millions of dollars worth of stock in American railroads and other corporations and converted their dollars to gold, draining U.S. gold reserves. By 1895, the gold reserve was barely a shadow of it's former self. With the gold reserves down to $41 million, Pres. Grover Cleveland turned to Wall Street. Bankers J.P. Morgan and August Belmont agreed to lend the government $62 million in exchange for U.S. bonds at a special discount. With this loan, the government replenished the U.S. gold reserve.

Cleveland saved the gold standard, but at a high price and Morgan and Belmont made a handsome profit on the deal.

A gold backed dollar has seen its day. It is a fallacy that the gold backed dollar provides stability and wealth and is just a false belief. It's just another investment whose price goes up and down and should be treated as such.

26 posted on 06/28/2002 3:58:09 PM PDT by demlosers
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To: Lazamataz
He bears a striking resemblance to the Grand Nagus.
27 posted on 06/28/2002 4:01:25 PM PDT by Redcloak
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To: Lazamataz
I would like to point out that since the height of their caterwalling, Jun 01 2002, gold is down from 326$ an ounce to 314$ an ounce today. That is a 4 percent drop in less than a month.

And the dollar is down 12% against the Euro in two weeks. LOL. Gold owners are doing better than dollar owners.

28 posted on 06/28/2002 4:01:25 PM PDT by #3Fan
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To: Lazamataz
"But unless you personally move out of your gold positions, in the long run the market will outperform you.

Always has. Not to say it always will."

Not so. Look at 1929-1949, 1966-1982. That is one-third of the 20th Century where the Dow went nowhere. I think that we are now in a long-term down-spiral in the major market indicies that will equal those years.

I also forgot to mention how much the dollar has gone down against the euro (snicker, snicker), the Yen (and they want their currency to go down!) and the Pound (on average 5%).


29 posted on 06/28/2002 4:01:28 PM PDT by rohry
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To: Lazamataz
I am a gold bug, and if I had any spare cash I would be stocking up on the stuff right now. What a buying opportunity.
Sadly I have to wait until July 5th to get paid, and most of the cash will be going to pay off a credit card bill for a vehical repair.
30 posted on 06/28/2002 4:02:00 PM PDT by Chewbacca
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To: Lazamataz
Not true. I say that I am not wearing them to begin with. There is a difference.

If the pants don't fit, they don't fit.

Stick with the skilled tailors.

BTW, last time I was in Korea, I had a custom suit made in Itaewon.
Was measured for it somewhere around 8 in the evening...
Delivered to my hotel room by 9 the next morning. Perfect fit!!!

31 posted on 06/28/2002 4:03:17 PM PDT by Willie Green
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To: Lazamataz
Oh yes, I forgot to congratulate you on a post that will live for days and generate 100's of posts.
32 posted on 06/28/2002 4:04:33 PM PDT by rohry
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To: Looking for Diogenes
You can get a really nice suit at The Men's Warehouse.
33 posted on 06/28/2002 4:04:43 PM PDT by Chewbacca
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To: demlosers
If gold is the suppose to be the un-fiat, natural, currency of choice by man, then why is its worth based in dollars and not the other way around; by measuring the dollar against a weight in gold, the supposed natural standard? . Answer: It's not anymore!

That doesn't mean anything. We could value the dollar or gold in loaves of bread, a number is just a number.

34 posted on 06/28/2002 4:05:31 PM PDT by #3Fan
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To: AdA$tra
Plain and simpler: An ounce of gold during the Roman Empire would buy an nice suit and a pair of shoes.

Caeser always wore the best suits, you have to give him credit for that. :^)

Your point is correct though, such as in loaves of bread.

35 posted on 06/28/2002 4:08:29 PM PDT by #3Fan
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To: DCE
Hey, if you did some formating someone might actually read your post. Put a few paragraphs in will ya?

This is a friendly suggestion, no flames here...
36 posted on 06/28/2002 4:09:16 PM PDT by rohry
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To: borntodiefree
Gold is more than just an asset. You cannot eat it , you cant make lawn mowers out of it, etc., but it is the commodity that, because it has been used as The Money for 5000 years or so, will continue to be so used so long as there is such a thing as markets. Gold retains its characteristic because governments cannot screw with it. They can play games with the cvalue of the fiat money but they cvannot change gold. They can attempt to mask gold by clipping and dilution (in the days of circulating gold money) or by modern tricks of paper but dilution was always detected instantly and the value of the debased coin adjusted to reflect the debasement. Paper tricks have the same effect, debasement of fiat money.

Silver is not so reliable because the industrial uses are far greater than the monetary uses and because silver enters the system in more erratic amounts. The addition of gold has been quite steady over the millenia. Silver can also be "lost" in that it combines readily with other elements to form other substances.

37 posted on 06/28/2002 4:11:30 PM PDT by arthurus
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To: Lazamataz
Not a bad bet, in my estimation. At least in our lifetimes.

Read Revelation, Trumps 1 through 3. I don't know if our dollar can survive that.

38 posted on 06/28/2002 4:11:40 PM PDT by #3Fan
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To: Lazamataz
How many gold bugs have you seen counsel investors to place all of their money in gold? The real issue is whether any investment should be in gold or other precious metals -- and on this question, it seems like you adopt the same position proffered by those same "gold bugs" whom you would attack.
39 posted on 06/28/2002 4:14:06 PM PDT by DeaconBenjamin
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To: #3Fan
Revelations 3:17-18

"You say, 'I am rich; I have acquired wealth and do not need a thing.' But you do not realize that you are wretched, pitiful, poor, blind and naked. I counsel you to buy from me gold refined in the fire, so you can become rich; and white clothes to wear, so you can cover your shameful nakedness; and salve to put on your eyes, so you can see."

40 posted on 06/28/2002 4:17:37 PM PDT by Chewbacca
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To: arthurus
Gold is more than just an asset. You cannot eat it

Actually, there are gold and silver solutions that are sold to be injested (drank). They're very good for the immune system and the skin, I believe.

41 posted on 06/28/2002 4:20:09 PM PDT by #3Fan
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To: DeaconBenjamin
I am a gold bug and have 90% ov my assets in gold and silver.
Physical metal, not paper.
I have watched the value increase 32% while it sits there in my safe doing nothing.

Article 1, Section 10, US Constitution. No State shall make anything but gold and silver coin a payment of debt.

The above still hasn't been repealed.
42 posted on 06/28/2002 4:20:46 PM PDT by Chewbacca
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To: demlosers
If the government is an honest and good steward and maintains the price of gold as its only economic intervention (a true gold standard) such dislocations do not occur. The bank collapses and wild gyrations and then general crashes of business and economies were due to governments trying to push the buttons to make things keep working. Much of those gyrations were the result of the biggest economic actor in the world, the US, shutting off its international commerce. When the US throttled its own participation in world trade (Smoot-Hawley and follow-ons) the rest of the world trade system collapsed and banks and industry got scrambled and governments tried all sorts of foolishness to save their economies. None of it worked but it provided the stuff for tales of BigBanker and BigCapitalist Evilness for generations.
43 posted on 06/28/2002 4:23:02 PM PDT by arthurus
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To: DeaconBenjamin
and on this question, it seems like you adopt the same position proffered by those same "gold bugs" whom you would attack.

There are a few on FR [the new spoosman] whose underlying theme is the U.S. economy is on its way to total ruin, listen to me I'm your savior, buy gold to save yourselves, the world is coming to an end... .

44 posted on 06/28/2002 4:24:40 PM PDT by demlosers
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To: demlosers
Anyone who seeks salvation in monetary concerns deserves what they will get.
45 posted on 06/28/2002 4:29:47 PM PDT by DeaconBenjamin
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To: Lazamataz
You need to be patient, of course.

It is possible based on history that patience might need to last 15 to 20 years. Just be prepared to grip that buy and hold strategy for a very long time. To paraphrase: In the patient run we are all dead.

46 posted on 06/28/2002 4:31:48 PM PDT by Stentor
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To: dennisw
There are 2 ways to run an honest gold standard that will iron out the bumps and dips in economic "cycles". One way is for the only economic rule of the Fed to be that the price of gold must not vary. Continuous corrections are signaled byincreasing and decreasing demand for liquidity which is satisfied by open market bond operations to stabilize gold.

Thje other way is a circulating gold coinage with the free coinage of gold. You take 5 ounces of gold to the treasury and the treasury gives you 5 ounces of gold coins. These coins could circulate beside the fiat currency and would be an instant visible-to-everyman check on inflation. Either or both would be of immense value to the economy as they would vastly reduce the costs of dealing with fluctuating and less than perfectly predictible values of currencies.

47 posted on 06/28/2002 4:32:11 PM PDT by arthurus
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To: Chewbacca
You say, 'I am rich; I have acquired wealth and do not need a thing.'

All rich men must humble themselves and unload their camel after hours (by one's latter days) so it can go through the eye of the needle (Jerusalem's night gate), an example of earthly riches having no credit for eternal rank.

But you do not realize that you are wretched, pitiful, poor, blind and naked.

A rich man easily forgets that there is a more important wealth, the wealth of the spirit.

I counsel you to buy from me gold refined in the fire, so you can become rich;

God calls Himself a consuming fire. Gold from the refining fire is wisdom from the Word.

and white clothes to wear,

Good works, planting seeds that we will take with us if we show ourselves approved and wear during the eternity.

so you can cover your shameful nakedness;

God's refining fire teaches one how to erase the rudiments of a person if he/she repents and tries to obtain wisdom.

and salve to put on your eyes, so you can see."

Only by gaining wisdom by reading the Word can one obtain eyes to see.

A good verse. It shows God's high opinion of gold as a store of wealth for our short fleshly existence.

48 posted on 06/28/2002 4:34:02 PM PDT by #3Fan
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To: mindprism.com
Gresham's Law: When two currencies are in circulation, the worthless currency will drive the valuable currency out of circulation.
49 posted on 06/28/2002 4:35:10 PM PDT by edger
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To: demlosers
If gold is the suppose to be the un-fiat, natural, currency of choice by man, then why is its worth based in dollars and not the other way around; by measuring the dollar against a weight in gold, the supposed natural standard? .

You are writing tautology. The "price" of gold is spoken of rather than the "price" of currency because it is easier to say $320 an ounce than to say 1/320 of an ounce.

50 posted on 06/28/2002 4:35:22 PM PDT by arthurus
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