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Gold Takes Off On German Fin Min Comments
Did the LBMA Au plunge enforcement team all take a bathroom break at the same time? The catalyst - dollar dumping accelerates as euro surges on German Finance Minister's latest words (not to be confused with his words from an hour ago which contradicted the latest batch), who said that Germany is ready to make it's contribution to the Greek aid facility. A few hundred parliamentarians may beg to differ. The Euro has surged from 1.3290 to 1.3360 in a manner of minutes. Session highs at 1.3375 may be taken out. We feel so sorry for all FX traders who are still alive ever since the Greek episode began. The main observation: gold no longer goes down when USD surges, but surges when dollar dumps.
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you won't be here in a few months, thats for sure. bates.
with stupid predictions like 'gold is heading for $500' you're gonna have to change your name yet again.
There is one thing you can count on. I wouldn't miss the gold collapse for ANYTHING, I'll be here alright that's a bet you won't lose. It may take awhile, 6-10 months MAYBE but it will happen.
I'm OUT later worms.
ok, we all had our fun, can we all ignore the special fella now.
Ok, you're right; I'll be good...
isn't it fun how everyone engages me? Shows particularly how lame you all are to engage a person like me. Really it's only the gold bugs who are particularly combative and assured, I love hammering you fools!
Really. Look at the 100 posts here, at least 70% are about me, sad isn't it?
Sad you need this much attention.
Gosh I can't resist the buffoonery. I NEED this much attention eh. We'll we know why MISS isn't married and if she did go to college, I doubt it, she didn't take logic.
How is it that I need the attention? If you fools weren't continuing on with me I wouldn't be getting the attention now would I? Your statement assumes I am able to 'get the attention'. Maybe Miss should find a Mister so you could annoy him? Sound like a plan?
You know the Philosophy of Logic? That is the funniest shit you have said! Name one logical arguement against owning gold! One! I demand it, or hereby banish you from here, oh smelly one!
It appears our boy likes humiliation. Or he is too oblivious to be embarrassed.
Funny stuff.
I say both are correct; masochistically stupid it is.
Those shots fired in the dark did not land anywhere. Kinda like how you were making fun of others here for getting you wrong.
I wish you well. If/when you wake up and finally see yourself as others see you, I hope you have some compassion for yourself. The shock could be overwhelming. Remember you are doing the best you have with what you have got.
Peace
http://www.youtube.com/watch?v=ZMQjuKC1oJs&feature=related
Comin' in hot... firin' shot shot shot...
In a word... sad. :-(
You forget your kind (anti-gold) do us a favor. You prove there is not 1 single legitimate argument against owning gold. You make even the smartest against gold look foolish by taking a side. This is like all of us going for a camping trip and you staying home and watching TV for the weekend, telling us how we will miss out on Idull and what not. We say, "It is beautiful where we are going! We are planning on hiking, fishing, swimming; having fun, and getting sun!" Your argument is trite, but we are inviting everyone, so we do not want others to not be mislead.
You reinforce us. Thats why we do it. One day soon we will not have to. Once FIAT collapses, it will be seen not as ludicrous but as insane to discount gold.
"hammering" ....BWAHAHAHAHAHAHAHAHAAHAHAHAHA !!!!!!
in your dreams sunshine Ive nodded off twice reading your nonsense.
nobody over the age of 17 says "Oh Joy" now get back to your playstation you feeble-minded lemon.
edit..
another teenage response, game set and match.
"Paper money eventually returns to its intrinsic value - zero." (Voltaire, 1694-1778)
Paper Money in AsiaThe first well-documented widespread use of paper money was in China during the Tang (618-907 A.D.) dynasty around 800 A.D.1 Paper money spread to the city of Tabriz, Persia in 1294 and to parts of India and Japan between 1319 to 1331. However, its use was very short-lived in these regions. In Persia, the merchants refused to recognize the new money, thus bringing trade to a standstill.
Figure 1. This Kuan note is the oldest known banknote in the world. It was made in China circa 1380.
By 1455, after over 600 years, the Chinese abandoned paper money due to numerous problems of over issuance and hyperinflation. An in-depth description of China's first experience with money can be found here.
Paper Money in EuropeThe first instance of paper money in Europe allegedly occurred in Spain in 1438 during a Moorish invasion. A Spanish military leader issued paper notes to his soldiers that circulated around the city. No known notes have survived.
In 1574, the Dutch city of Leyden issued cardboard coins made from the cover of prayer books while Holland was trying to regain its independence from the invading Spanish.
The Italian city of Candia later issued paper money of different denominations until a shipment of coins arrived from Venice. All notes were fully reimbursed.
In 1633, the earliest known English goldsmith certificates were being used not only as receipts for reclaiming deposits but also as evidence of ability to pay.
In 1656, the Bank of Sweden was founded with a charter that authorized it to accept deposits, grant loans and mortgages, and issue bills of credit.
By 1660, the English Goldsmiths' receipts became a convenient alternative to handling coins or bullion. The realisation by goldsmiths that borrowers would find them just as convenient as depositors marks the start of the use of banknotes in England.
In 1661, the Bank of Sweden became the first chartered bank in Europe to issues notes known as the paper daler.
Figure 2. A 50-Daler note from the Bank of Sweden issued in 1666.
By the 1680's, the use of paper money began to take place in other European countries and the New World. Circulated notes on playing cards were used in the French colony of Lower Canada. Other colonies soon developed their own paper notes.
Existing Currencies in CirculationAt present there are 176 currencies in circulation in the world.
Not all currencies are widely used and accepted, such as the various unofficial banknotes of the crown dependencies (Isle of Man and the Balliwicks of Jersey and Guernsey).
The median age for all existing currencies in circulation is only 39 years and at least one, the Zimbabwe dollar, is in the throes of hyperinflation. The twenty longest running currencies are listed below.
Currency Inception Years of Circulation Status Pound Sterling (GBP) 1694 315 In circulation Scotland Pound (SSP) 1727 282 In circulation* US Dollar (USD) 1792 217 In circulation Netherlands Guilder (NLG) 1814 188 EURO (2002) Swiss Franc (CHF) 1825 184 In circulation Guernsey Pound Sterling (GGP) 1827 182 In circulation* Mexico Silver Peso (MXP) 1822 170 Destroyed by hyperinflation in 1992 Canadian Dollar (CAD) 1841 168 In circulation Belgian Franc (BEF) 1835 167 EURO (2002) Cuban Peso (CUP) 1857 150 In circulation* India Rupee (INR) 1861 148 In circulation Manx Pound (IMP) 1865 144 In circulation* Austrian Paper Gulden (ATP) 1753 139 Replaced for 1:2 Austria-Hungarian Kronen in 1892 Japanese Yen (JPY) 1871 138 In circulation Haiti Gourde (HTG) 1872 137 In circulation Swedish Krona (SEK) 1874 135 In circulation Danish Krone (DKK) 1875 134 In circulation Spanish Peseta (ESP) 1874 128 EURO (2002) Peru Sol (PEH) 1864 121 Destroyed by hyperinflation in 1985 Italian Lira (ITL) 1882 120 EURO (2002)*Not officially recognized or valued outside issuing region.
Below are charts showing the declining value of the two longest running currencies - the British pound sterling and the United States dollar, considered to be the most successful paper currencies of all time.
The British Pound originally represented one troy pound of sterling silver back in 1560. Sterling silver is 92.5% pure silver and there are 12 troy ounces in a troy pound. Elizabeth I and her advisor Sir Thomas Gresham (of Gresham's Law fame) established the new currency to bring about order created by the "Great Debasement" of 1543-51 when Henry VIII sought to finance his costly wars with both France and Scotland.
Paper banknotes were issued shortly after the establishment of the Bank of England in 1694.
As of January 7, 2009 it now takes 81.8 GBP to purchase that same troy pound of sterling silver - a loss of 98.8%!
Under the US Mint Act of 1792, the dollar was defined as 371.25 grains of silver. There are 480 grains in a troy ounce. Thus it took 1.3 US dollars to purchase a single troy ounce of pure siver. As of January 7, 2009 the price of a troy ounce of silver is US$11.22, representing a 89.5% drop in value!
Currencies No Longer in CirculationThis analysis includes 599 currencies that are no longer in circulation. The median age for these currencies is only fifteen years!2
The following table below groups the fates of these currencies.
Currency was... No. Of Currencies Description Ended through monetary unions, dissolution or other reforms 184 Voluntary monetary unions such as the Euro in 1999, or creation of the US dollar in 1792. Ended through acts of independence 94 Acts of former colonial entities renaming or reforming their currency Destroyed by hyperinflation 156 Currency destroyed through over-issuance by the government. Destroyed by acts of war 165 Currency deemed no longer valid through military occupation or liberation.The Second World War saw at least 95 currencies vanish as nations were conquered and liberated.
Hyperinflation is one of the greatest calamities to strike a nation.3 This devastating process has destroyed currencies in the United States, France, Germany, and many other countries.
Recent Expansions to the US Monetary BaseThe monetary base comprises of currency in circulation (banknotes and coins) and the commercial banks' reserves with the central bank. Recently, there have been unprecedented increases to the bank reserve portion of the US monetary base.
Up until August 2008, the portion of the monetary base that consisted of bank reserves was between 8 - 12%. In December 2008, that proportion had risen to 47%! This drastic increase was due largely in part by the unwillingness of the banks to lend recent 'liquidity injections' from the Federal Reserve.
The following table shows the increases to the monetary base, as measured in US$ billions for the last six months of 2008. These actions by the Fed are responsible for the large spike on the right side of the above chart.
Date Currency in Circulation (M0) Cash Held as Bank Reserves Total Monetary Base Jul-08 774.8 71.7 846.5 Aug-08 775.4 71.9 847.3 Sep-08 776.8 131.2 908.0 Oct-08 793.8 338.7 1132.5 Nov-08 806.5 634.6 1441.1 Dec-08 882.0 782.3 1664.3These massive expansions to the US monetary base increase the probability of a complete collapse in the confidence of the value of the US dollar. This shift in sentiment would spark a hyperinflationary fate to the world's de facto reserve currency.
Notes1 The very first historical use of paper money is believed to have occurred in 140 A.D., shortly after the Chinese discovery of paper in 105 A.D. How this money came to an end is not known.
2 Many of the early paper currencies (likely to number in the many hundreds) of medieval Asia (China, India, Japan, Korea and Persia) as well as the majority of paper currencies that existed in China until 1935 are not included due to lack of historical information.
3 It should be noted that many of the curencies listed as being destroyed by war in this article also underwent hyperinflation.
Published on DollarDaze.org - Jan 7, 2009.
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HOLY CRAP!
Young and arrogant...
Plenty of spare time...
Wants us to sell all of our gold...
Poor command of the English language...
yipcarl = Fabrice Tourre
Good theory, cept he should be claiming to make a whole lot more than 305K.
Fyngoud!!!11w