Panic Is Near if "The Gold Is Gone"

Insight ^ | 3 March 2003 | Kelly Patricia O'Meara

[Quix]

HMMMMM

And your predictions?

[Publius]

See #27. They aren't so much "predictions" as questions that need to be explored.

[WatchNKorea]

God forbid insane North Korean leader Kim Jong Il explodes one of his nuclear bombs close to or near the DMZ hoping to take out as many of our U S troops as possible, or Kim just fires one or two missiles at our West coast and we reply by taking out North Korea in total...one of the many devastating repercussions - will be that gold bullion soars out of sight. (hate to thing about such a thing-but what if!)

[jimtorr]

A friend bought about $1,000 of silver in 1984 (approx.), or almost three months salary (we were very junior in the USAF). Silver then had nearly reached its peak at around $10 per ounce.

Shortly thereafter, the Hunt brothers were caught, and Silver promptly plunged to near it's level today.

Investing in precious metals is no less risky than the stock market.

[WatchNKorea]

"...they told me there would be a couple day delay because they were having trouble keeping up with demand."

Hmmmm, glad you mentioned that.

[arete]

Here is a good (and long) read if you are interested in what is happening at the FED and with the currency.

Doomed to Destruction -- Mogambo Guru Commentary

Richard W.

[Publius]

About three weeks ago Citigroup/SSB made it their policy to refuse wire transfer requests for any amounts of cash to be used as payment for gold and silver, including numismatic coins. How do they know? They require you to state the purpose of the transaction on their form.

This is what their Compliance Dept. is citing as justification. That $2000 you decide to use to buy American Eagles might be going out of their greedy clutches into what they call "non-traceable assets." It's ironic they cite money laundering for such small amounts, especially when they know exactly where the money came from, i.e. you sold some stock against their advice and don't want to keep it in their deposit account at .35%.

02/19/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)

WASHINGTON (Dow Jones)--Metals and jewelry dealers that do more than $50,000 worth of business per year would need to set up an anti-money laundering strategy, under a new proposed rule released Wednesday by the US Treasury.

The proposed rule covers precious metals dealers and refiners, jewelry manufacturers, loose gemstone merchants and retail stores that also act as a dealer in such items. Retail-only stores aren't covered by the rule, nor are dealers that buy or sell less than the $50,000 threshold.

The proposal is part of a series of regulations connected with the Patriot Act, counterterrorism legislation passed shortly after the Sept. 11, 2001, terrorist attacks. Businesses covered in the legislation are required to develop a strategy to prevent money laundering and curtail terrorist financing.

Comments are due 60 days after the rule is published in the Federal Register; Treasury said it expects the rule to be published next week.

It's this kind of panic within government that makes me believe that this story about financial skullduggery is true.

[WatchNKorea]

"I feel like the guy who stands on the beach and sees what looks like a cloud bank moving quickly toward him. Only too late does he realize that the cloud bank is really a tsunami."

Me too. Shame I'm just now starting a new job. I have NO funds for any gold or silver investments. But at least I'm hired on...so things aren't so bad. :)

[WatchNKorea]

"Shortly thereafter, the Hunt brothers were caught, and Silver promptly plunged to near it's level today."

Well, get ready to see silver finally crash thru that $10 and head on up. Especially considering Iraq, North Korea, Iran, Syria...etc.

[WatchNKorea]

"Investing in precious metals is no less risky than the stock market."

Of course, that's why Merrill Lynch and all the other brokerage firms say to only risk your extra money in stocks, bonds and bullion for ones portfolio...not your next house payment. :)

[Jack Black]

bump

[WatchNKorea]

They require you to state the purpose of the transaction on their form." That $2000 you decide to use to buy American Eagles might be going out of their greedy clutches into what they call "non-traceable assets."

I've never trusted bankers. They can flip on you on a dime.

[WatchNKorea]

bttt

[Publius]

Like I said, you can just smell the panic in the air.

[arete]

Ping the (un)usual suspects.

[WatchNKorea]

"Like I said, you can just smell the panic in the air."

Yes and come to think of it...a gold/silver thread such as this one would bring about 6 posts here at FR over the past few years.
"...panic in the air " yes, indeed.
The smart money goes into gold and silver bullion with haste!

[WatchNKorea]

(Greenspan is a ruling class elitist and closet socialist who is destroying the economy)

Just noticed your tagline. I"ll bet Greenspan won't advice anyone to invest in gold or silver U S minted Eagles...huh.

[fightu4it]

Gold I can do without.

Oil? Now that is an entirely different matter!

[arete]

Greenspan's whole new era flim flam economy of paper IOU's piled on other paper IOU's depends on keeping the confidence of the ponzi participants. Buying gold or silver shows a lack of confidence in the debt ponzi scheme. As I told someone the other day, can you imagine what would happen if just 20% of savers went to the bank and tried to close their accounts and asked for cash? The whole ponzi debt scheme would collapse overnight. Last person out the door turn off the lights cause the party is over.

Richard W.

[misanthrope]

10 American Eagles, purchased for $287, sold for $362.2,less than 2 yrs. turnaround.

Few equities achieved that.

Gold ROCKS!!!