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Bill Buckler Discusses The Last Price Standing Of "True Money", Answers The Only Question Relevant To Gold Bugs

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Sun, 09/19/2010 - 18:34 | 591028 CashCowEquity
CashCowEquity's picture

I am a Privateer subscriber. This is an  excellent newsletter and I recommend all to subscribe. Job well done!!!

Sun, 09/19/2010 - 19:59 | 591131 tictawk
tictawk's picture

Great article.  The one major problem remains i.e. over the last 40 years, all the debt was created in a FIAT currency and if the dollar becomes a hard currency, it will make it impossible to repay the debt because the means of easy credit creation will be unavailable to the Fed. Real wealth payback is a in a hard currency is impossible given that this nation has exported is blue collar and white collar job overseas. 

So all that remains is DEFAULT on the trillions in DEBT.  Shhhh! don't tell our Asian vendors :-)

Sun, 09/19/2010 - 20:49 | 591203 GoldSilverDoc
GoldSilverDoc's picture

Finally, somebody who says the same things.  It is silly to think of a "price" of gold in a fiat currency.  It is sort of like believing that wealth is equal to numbers on some bankster's computer.  It is only wealth as long as the "greater fool" theory is operative; when that stops (and it always does, and it will),  it becomes, once again, just a bunch of electrons.  

Producing ag land.  Gold.  Producing factories.  Tools.  Guns (another type of tool).   Knowing HOW to do things.  These things are wealth.  "Financial products" based on fractional reserve banking and government counterfeiting are simply ways to STEAL wealth.

 

Mon, 09/20/2010 - 02:21 | 591470 Voluntary Exchange
Voluntary Exchange's picture

+1

Mon, 09/20/2010 - 02:37 | 591345 anonnn
anonnn's picture

 Errata

Mon, 09/20/2010 - 13:49 | 592460 The Rogue Economist
The Rogue Economist's picture

Actually, that happened in 1971. It's just that everyone has pretended that it wasn't a default to keep their economies going. Over the last 30 or so years, they've started believing the fantasy. But the time for dreaming is almost at an end, it's time to pay the hotel bill

Sun, 09/19/2010 - 18:35 | 591030 Hulk
Hulk's picture

+1279. Gold Bitchez!

Sun, 09/19/2010 - 18:36 | 591035 CashCowEquity
CashCowEquity's picture

Physical Delivery Bitchez !!

Mon, 09/20/2010 - 03:13 | 591498 Andrew G
Mon, 09/20/2010 - 05:50 | 591533 Dead Cat Bounce
Dead Cat Bounce's picture

Gold Emerods and Mice Bitchez!

Sun, 09/19/2010 - 19:08 | 591070 Squid-puppets a...
Squid-puppets a-go-go's picture

see the figures above, dude - Gold is Silver's bitch

Sun, 09/19/2010 - 19:28 | 591092 Hulk
Hulk's picture

+20.80. Silver Bitchez!

Sun, 09/19/2010 - 19:56 | 591129 UGrev
UGrev's picture

I bought as much as I could afford when it was like 11-12/oz.. I'm a happy man :)

Sun, 09/19/2010 - 21:55 | 591287 Hulk
Hulk's picture

Keep buying!

Sun, 09/19/2010 - 22:59 | 591347 DoChenRollingBearing
DoChenRollingBearing's picture

Hulk is right!  Keep buying, I am off to the coin shop for more PMs.  I want to show (if it comes to that) the IRS that the prices I paid for gold are high!

Sun, 09/19/2010 - 23:03 | 591352 DoChenRollingBearing
DoChenRollingBearing's picture

Hulk, re your comments on another thread, yessir I remember chiggers when I lived in a small town in the South when I was a kid!  Worse than mosquitoes, worse than No-see-ums.

All of this scary talk tonight makes me want to think about buying some rural property in PERU, and maybe have sharecroppers work it...  Could Peru be a better place to be if .gov gets out of control here?  Beats me, I am watching and paying attention every day. 

Mon, 09/20/2010 - 02:16 | 591468 The Navigator
The Navigator's picture

Not sure what the political situation in Peru is like, but here are their tax rates (not much in savings compared to US rates). Not so sure they'd let you keep your guns to protect your gold either. Not many place to run to now.

 

Mon, 09/20/2010 - 02:57 | 591489 IQ 145
IQ 145's picture

Silver, Bitchaez !!

Sun, 09/19/2010 - 20:58 | 591183 Jendrzejczyk
Jendrzejczyk's picture

Beyond all the insanity that is happening in the world now, nobody really noted the interactive chart posted here a while ago from "Scientific American"

http://www.zerohedge.com/article/peak-everything-interactive-look-how-mu...

showing only 19 to 20 years of easily mined silver and gold left in the ground.

The elders here will attest that you can "Rip VanWinkle" 20 years away in a heartbeat. Even if this architectural, playing card Taj Mahal manages to stay upright for a few more years, buying PM's should ensure that your ancestors will be bringing frankincense and myrrh to your shrine for eons.

 

Sun, 09/19/2010 - 20:21 | 591152 Threeggg
Threeggg's picture

Knocked back down to where it started.

in a very few minutes I might add.

Bodes very well for this weeks expiry.

=1274  Gold Bitchez

Sun, 09/19/2010 - 20:28 | 591163 Hulk
Hulk's picture

Manipulation, Bitchez!

Mon, 09/20/2010 - 02:14 | 591466 Snidley Whipsnae
Snidley Whipsnae's picture

It's 2:10am gold = 1283, silver =20.82...do you know where your PMs are?

Mon, 09/20/2010 - 03:01 | 591492 IQ 145
IQ 145's picture

 Yes, they'in a nice quiet basement of a financial institution in a medium sized country with a wonderful tradition of bank secrecy; in the care of a nice family of bankers who've been bankers for generations and have no desire to be criminals.

Mon, 09/20/2010 - 11:33 | 592045 DosZap
DosZap's picture

Clue us in, that used to be the SWISS.....no more.

Sun, 09/19/2010 - 18:42 | 591044 IrrationalMan
IrrationalMan's picture

I wish that for the decade returns he would not compare spot prices between the dates for gold and silver and price levels of the indexes.

The metals have a cost of carry and the indexes have a dividend return.  The gold investment would have to have decuctions for the cost of storing and insuring etc, while the stock market would need to be adjusted for dividends etc. 

I am not saying that Gold has not outperformed paper assets, but comparisons should be fair at least. 

Sun, 09/19/2010 - 19:01 | 591062 Oracle of Kypseli
Oracle of Kypseli's picture

Irrational,

You can not compare gold with the stock market. Gold is wealth preservation and the other one is investment on potential growth.

When governments are behaving responsibly, you do want to allocate more on growth stocks and less on wealth preservation.

Obviously, this is not the case. Europe, Japan, America are on steroids printing paper money and are racing to deflate their currencies.

if it all blows, people's 401k index fund will be worth less than an oz of gold. 

Sun, 09/19/2010 - 21:13 | 591246 rocker
rocker's picture

Well Now, Bloomberg ironically is having fun talking about which currency is going down the most.

Hmmmm, must me something to come about this Major debasement of fiat money.

Sun, 09/19/2010 - 23:09 | 591357 DoChenRollingBearing
DoChenRollingBearing's picture

Oracle, one day I have to talk with you about farmland in Peru.  For now I am OK with gold.

Next time you are in in Lima visit our bearing company at Av. Benavides 5495 (Surco).

Bearings = Steel Gold!

Mon, 09/20/2010 - 02:21 | 591469 Snidley Whipsnae
Snidley Whipsnae's picture

Precisely correct, I have been accumulating AU/AG since 1968. Price to store is negligible. It is like storing an insurance policy. One needs a safe place to store so that policy will not go up in a home fire, tornado, etc...same applies to gold/silver.

One also needs to store enough fiat so that one is not force out of PM positions...but, not too much. A couple of years worth of paper. Don't trust the FDIC to make good on claims to bank deposits...they are broke.

Sun, 09/19/2010 - 19:37 | 591102 cossack55
cossack55's picture

Storage is 4" ID PVC and insurance is multiple weapons and booby traps.  Enter at YOUR own risk.  Paper gold my ass.

Sun, 09/19/2010 - 20:25 | 591156 Misstrial
Misstrial's picture

Don't forget to have some coins to give in case anyone comes to the door:

(...take note of the Liberty center-front...)

http://www.shopbakersnook.com/m5_view_item.html?m5:item=1684

Sun, 09/19/2010 - 20:11 | 591144 Misstrial
Misstrial's picture

I'm staying away from dividend stocks - reason being that if the companies reduce or can't pay the dividends, the stock price is knocked down at the knees.

Further, the only thing that can stabilize dividend paying investments is a recovery of some kind. If there's no recovery, then more stock offerings will have their dividends cut.

imo, we are faaaar away from a recovery and at the very best, we're looking at years of deflation/inflation which is not good for profits or dividends.

~Misstrial

Sun, 09/19/2010 - 20:35 | 591176 watchingdogma
watchingdogma's picture

You forgot to adjust the indexes for the companies in them that went bankrupt (GM, AIG) or were replaced because of stock price loss (C).  I can't remember the last time Silver was worth nothing because it went into bankruptcy.

Most stock pushers seem to conviently forget this tidbit.

Sun, 09/19/2010 - 20:51 | 591208 GoldSilverDoc
GoldSilverDoc's picture

"The metals have a cost of carry" - this is akin to saying that a tax cut "costs the government money".  

Mon, 09/20/2010 - 08:35 | 591616 Miss Expectations
Miss Expectations's picture

SPEAKER PELOSI: Well, what I say is what I've said all along. The tax cuts at the high end have not produced any jobs.  They've only increased the deficit.

http://www.npr.org/blogs/itsallpolitics/2010/09/16/129918761/pelosi-stic...

Sun, 09/19/2010 - 18:53 | 591051 Something Wicke...
Something Wicked This Way Comes's picture

Always some minor hairsplitting...this is the guy who whines because his sister got the grape popsickle and he got the orange one. We should compare the grape v the grape and the orange v the orange. Yawn.

Supernova bitchez! I've been buying my gold in the smaller ingot size. The tradeable size. The dealer I work with says buyers outnumber sellers 97-3.

 

Sun, 09/19/2010 - 18:55 | 591053 CashCowEquity
CashCowEquity's picture

Do you mean 0.25oz and 0.50 oz coins?

or the 0.10 oz coins

Sun, 09/19/2010 - 20:19 | 591148 Misstrial
Misstrial's picture

No, he's referring to the Suisse PAMPs.

2.5/5.0/10/100-gram size. Very small ingots with assay certificate.

~Misstrial

Sun, 09/19/2010 - 21:09 | 591243 silvertrain
silvertrain's picture

 The higher Gold goes the better those fractionals look..Even the 1 grams are great for trade etc..And at $50 or so right now virtually anyone can play the physical PM game..

Mon, 09/20/2010 - 02:28 | 591475 Snidley Whipsnae
Snidley Whipsnae's picture

I buy the 'monster boxes' of US 1oz silver coins. 500 of them take up little space. They come in plastic tubes and all tubes in one plastic box. Very good feel when lifted. Very good feel in the hands. Also have a bunch of old walking liberty halves, mercury dimes. No doubt about what they are, even to someone that has never hefted them before.

Sun, 09/19/2010 - 19:00 | 591058 Bearster
Bearster's picture

In times of crisis, it is the bid that disappears but the offer is always there (flash crash, c.f.)

The gold bid for paper dollars will be withdrawn at some point, which is a point the author makes very well.

Mon, 09/20/2010 - 02:29 | 591476 Snidley Whipsnae
Snidley Whipsnae's picture

Permanent backwardation! It's coming.

Sun, 09/19/2010 - 19:00 | 591059 geopol
geopol's picture

1/10 Gold eagles by the ton

Sun, 09/19/2010 - 19:04 | 591063 Hulk
Hulk's picture

You must get paid by the word!

Sun, 09/19/2010 - 19:31 | 591096 geopol
geopol's picture

Shouldn't  I ???

Sun, 09/19/2010 - 19:43 | 591110 Hulk
Hulk's picture

You most definitely should! Your many words have edumacated me greatly!!!

Sun, 09/19/2010 - 19:01 | 591061 rwe2late
rwe2late's picture

 Article needs to embrace a more global perspective.

 Globally, the fiat dollar reserve status serves as the medium in a brutal extortion racket.

 Dollars are required to obtain commodities, particularly oil. The extraction and marketing of petroleum must be controlled to enforce that requirement. The global Pentagon acts as the paid enforcer for a cabal of international financial and war industry corporations. Subservient Mideast despots and sheikhdoms have to be militarily protected, and recalcitrant governments (Iran, Iraq, Venezuela) that would abandon the petrodollar are thwarted.

Meanwhile the US may endlessly exchange its fiat currency for the products of the world, and devalue the worth of foreign dollar holdings by endless printing and rising commodity (oil) prices.

The dollar is backed by guns and oil - some would dare call it empire.

Sun, 09/19/2010 - 19:07 | 591067 Hulk
Hulk's picture

It is an empire, but just like its infrastructure, its crumbling...

Sun, 09/19/2010 - 19:33 | 591099 rwe2late
rwe2late's picture

Unfortunately,

the two co-dependent addicts will probably hold on to one another to the very end.

 The military machine needs the unlimited credit fiat funding only the Fed Reserve system can provide.

 And the Fed Reserve system needs the global military in order to sustain its dominance over the international flow of funds. 

Sun, 09/19/2010 - 19:52 | 591125 minus dog
minus dog's picture

"The military machine needs the unlimited credit fiat funding only the Fed Reserve system can provide."

Until it doesn't.  Money isn't the only way to get things done - nor is it the oldest.  Don't forget that.

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