Parhams0508
Well-Known Fanatic
...and I'm sitting here at work, watching gold and silver spot prices jump 2-4%. I feel like the end is nigh.
QE3 just announced....
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thehammer69
Well-Known Fanatic
When we print money at home....we go to jail. When government just prints additional money....they give it a fancy name and we still end up ****ed.
fiundagner
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Weimar republic round 2?
http://en.wikipedia.org/wiki/Weimar_Republic
Section 6.1 specifically, but there is a lot of erie similarity.
http://en.wikipedia.org/wiki/Weimar_Republic
Section 6.1 specifically, but there is a lot of erie similarity.
Parhams0508
Well-Known Fanatic
Who owns the largest amounts of our debt? The Fed and China, if I remember correctly. So are we going to occupy ourselves?
Treedodger
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Treedodger
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C_Carson said:
LOL, I see what you mean. Doesn't make much sense does it. It's price can also be pretty volatile, but the one thing you can always count on throughout history is that gold/silver has never been worthless and it certainly never hurts to have a small amount of insurance. It's really all a gamble or bet based on what you think will happen next.
One thing is for sure though, our country cannot continue down the path of printing money, endless spending, and accumulating massive debt without serious consequences and what the Fed is doing now with QE3 is unprecedented.
Parhams0508
Well-Known Fanatic
C_Carson said:
Unfortunately, one cannot be sustained by gold and silver alone. Doesn't really taste good, and I believe gold can become toxic in the human body.
Plus, most places will not accept, nor know how to exchange goods and services for gold or silver. They either don't understand their value, or they do not know how valuable to them personally gold or silver can be.Provident, and other companies like Kitco and Amex, buy from customers lower than what they sell it to other customers (or to refiners). You can look at it as money changing, or stock trading.
Treedodger
Well-Known Fanatic
Parhams0508 said:
Very true, that would be the definition of pretty much any for profit business.
I do agree though, it would be foolish to think any precious metal alone would ensure your well being (ie food and personal protection are #1). I just don't think it should be ignored as altogether unnecessary if you wish to come out the other side of some financial, economic, or social disaster better off.
Back on track though, here are some interesting Ron Paul comments re QE3 and our house of cards:
?Short of getting rid of the Fed, which is not going to come and I wouldn?t do that overnight anyway, I would say that Congress has the authority to say, do not buy debt. Do not buy any debt. The Congress can yell and scream and pander to the people. They can say the deficits are terrible and terrible. But nobody wants to cut overseas spending or food stamps for the poor. They say, ?we cannot do it without the Fed. The Fed has to buy this debt.? That is a moral hazard for the politician. If the Fed couldn?t buy the debt, and interest rates would rise all of the sudden, the burden would be on the Congress to get their house in order to restore confidence. Even that would panic a lot of people because you would have to live within your means? We do not like that. We like this idea that we can give people anything they want for free, so we can get reelected. Well, all of this is coming to an end.?
?Liquidity should be determined by the market. I don?t think he should raise rates. He should just get out of rigging rates. The system is so biased. It helps the bankers who get free money and then they buy government debt. What about the people who are frightened, they do not like the stock market and they are frugal and want to take care of themselves? What do they get?1% on a CD? That is unfair. It?s bad economics. You want to let the market determine interest rates and let it sort it out....?
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It is very hard to argue the fact that while big banks are buying up all the debt in sight dirt cheap, we are getting less than 1% in return on our money back from them. I guess a good question to ask would be is this being done to help the economy or the banks? Either way, it is certainly convenient for banks and not helping the economy, while we continue once again to be on the losing end. It is definitely time for a change.
Totally agree with what you both said. I see the value of precious metals after SHTF is over and some sense of normalcy/society is restored, but I also figure brass, alcohol, food, medicine and a few luxury items like coffee and chocolate are going to be the major currency for a long time, and people with silver and gold are going to use that metal to buy what they don't have.
I just find it amusing there's all these people out there yelling "Money is about to become worthless! Take that money to buy my product!" :lol: They aren't wrong, it's just an interesting dichotomy.
I just find it amusing there's all these people out there yelling "Money is about to become worthless! Take that money to buy my product!" :lol: They aren't wrong, it's just an interesting dichotomy.
Parhams0508
Well-Known Fanatic
Check out the AOCS (American Open Currency System) mint and their coins; they have "denominations" that make bartering with bullion easier. http://aocsmint.com/
I like their idea of incremental gold and silver, but we have already had that prior to '64 with the gold and silver circulated coins. And the mark up on the AOCS bullion is a little higher than other pieces of bullion, but might be worth it if enough people are buying into the concept of a barter system.
Whenever I have people come into the store at which I work, wanting silver and gold as hedges for the coming collapse, I tend to ask them, "How much food do you have? How do you think you'll get water if the grid goes down? How are you defending your stash against the Golden Horde?" I am most often met with blank stares, and a few sheepish looks and the "Well, I haven't thought about it like that before!" comments.
When the sheep wake up, they still act like sheep; they have to learn to become watchdogs.
I like their idea of incremental gold and silver, but we have already had that prior to '64 with the gold and silver circulated coins. And the mark up on the AOCS bullion is a little higher than other pieces of bullion, but might be worth it if enough people are buying into the concept of a barter system.
Whenever I have people come into the store at which I work, wanting silver and gold as hedges for the coming collapse, I tend to ask them, "How much food do you have? How do you think you'll get water if the grid goes down? How are you defending your stash against the Golden Horde?" I am most often met with blank stares, and a few sheepish looks and the "Well, I haven't thought about it like that before!" comments.
When the sheep wake up, they still act like sheep; they have to learn to become watchdogs.
Precious metals trade REQUIRES some type of normalcy in the economy for it to be valuable. Sitting on a hundred pounds of gold is useless if no one is willing to trade you a can of beans and rice for your gold. Any well rounded portfolio will include some precious metals, but thats mainly for trade/sale when the markets are really good.
thehammer69
Well-Known Fanatic
Treedodger
Well-Known Fanatic
Parhams0508 said:
Thanks for the link. I do like the idea of coins better, but as you said they are always a little higher.
