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Greek Scramble For Physical Brings Gold Price To $1,700 Per Ounce
And there are those who wonder how Sprott's PHYS could have traded at "ludicrous" NAV premium of over 20%. Coinupdate.com reports that prices at which the Greek Central Bank is selling one ounce gold equivalents are as high as $1,700 (40% over spot), and prices on the black markets are even higher. The punchline, as Athens slowly returns to a forced gold standard: " A popular spot for street vendors to sell their coins is near the Athens Stock Exchange. There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds." That's good - downtown Manhattan close to the NYSE has some free space for gold vendors to set up shop as well, they just need to push some of the frontrunning/collocation boxes off to the side. And in other rhetorical ruminations, is it safe to say that the last days of the fiat experiment are among us now that people themselves are bypassing the government and enforcing their own gold standard?
More from Coin Update:
The fear running through the Greek populace is that the nation’s government may default on some of its debts.
Since 1965, the Greek government has imposed restrictions on trading British Sovereign gold coins (gold content .2354 oz). Despite those restrictions, the Bank of Greece reports that it is selling an average of more than 700 coins per day to worried Greeks.
In the first four months of 2010, the Greek central bank sold more than 50,000 sovereigns at its main downtown Athens office. Bank officials estimate that at least 100,000 other coins changed hands on the black market. The Bank of Greece has received as much as $409 per coin, which works out to a price of more than $1,700 per ounce of gold! Prices paid on the black market are reckoned to be even higher. A popular spot for street vendors to sell their coins is near the Athens Stock Exchange. There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds.
The US government and some state governments such as California are in financial straits as bad as or even worse than Greece. How long will it take before American buyers will have to wait in lines to pay outrageous premiums for what are now bullion-priced gold and silver coins? More than one analyst thinks those days will come within a few months or sooner.
The article then goes on to discuss the well-known gold price supression schemes developed over the past 30 years by JPM, Goldman and the LBMA, which should by now not be news to any readers.
What should, is that if one could found a way to legally transfer 10 or so ounces to Athens, anyone could make $5 grand on the spot. With some patience the same return will be achievable in our very own US of A.
h/t Aaron
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I'll bet you do -- and it ain't clams.
A RALLY LED BY FEAR WILL BE FAR STONGER THAN ONE LED BY GREED!
test.
What was that? Did anyone hear something?
'twas meant good-heartedly...
mack, you are easy on the eyes, please post again soon.
Thanks for the test-tickle.
You couldn't be more wrong, except for the last sentence. You need practice mixing in more facts before you can achieve the credibility that you seek.
You think you have the power vested in you to bestow or withdraw credibility because you own a few ounces of what you think is gold. Bwa ha ha. Bwa ha ha. Bwa ha ha.
Uhhm,,, Could you be more of a douche?? Didn't think so.
you can't eat __________.
You can't eat anything with your condition.
Let me break a little bit of news for ye, Belrev. You don't know what you are talking about. Hyperinflation with excess productive capacity has happened numerous times in the past. And it doesn't matter, frankly, how much production of consumer goods there is, if there is a loss of confidence in the currency, those goods rapidly disappear. It is the structure of production that is the problem, and ours, here, is improperly structured to withstand such.
Go back to sucking your thumb and reading Samuelson and Keynes. If it helps you sleep better, that is. In the meantime, I will be glad to purchase your gold. Although I am quite sure you have none.
+ 1
Hyperinflation is a loss of confidence in the currency and it can happen even in presence of productive overcapacity.
Many people think that hyperinflation is related to inflation or high inflation...actually is quite different.
just pissed he dont have none and now its out of his budget.
In that case he can still get on the silver train, ummm..., silvertrain.
www.Gold-Silver.US
Please, write up a detailed realistic step by step scenario how this all will come to being. And I don't mean "one day you wake up and there are wads of cash dropping from helicopters on sheeples' heads". No I mean a real life credible scenario. Bwa ha ha. Bwa ha ha. Bwa ha ha. Bwa ha ha.
Guess I was wrong. You can be more of a douche.
A doubleplusungooddouche, to be precise.
the immediately previous time that most resembles today (the second and final part of a disinflationary/deflationary economic period, following the end of the up credit cycle and the equity bear market rally after the initial crash) is 1930 to 1932...1942 depending on the asset in question (stocks or real estate). during that time gold rose from $22 to $35 and gold miners like 5x. in dollars or pounds no hyperinflation or even inflation much until the 1940's (not as lucky in some other currencies). still gold rose in price pretty much in all currencies (and treasuries fell in price until stocks bottomed in 1932).
the scale of the currency and debt balloon today (and the extreme reduction in credit quality of the fed's, etc. balance sheets) makes any excesses of the 1930's seem small beer. these facts are not really in dispute and make holding gold sensible. speculation beyond that regarding fiat currency collapse or, at minimum, extreme crisis, may well "pan out" and make gold assets even more lucrative. but such speculation is not necessary to justify the asset allocation in question.
wonderful advice. So all you stupid gold bugs, I have a proposition for you. I will gladly bid you 2 loaves of bread, 2 cans of spam and a carrot for any and all gold eagles and buffaloes in your possession. The first 1,000 customers will get one can of Tsing Tao beer absolutely FREE.
This offer will stand whether we have hyperinflation, deflation, war, pestilence or even if a team from Cleveland wins a major sports championship. That's right, no matter what happens, my bid stands. I eagerly await your call.
Throw in one kilo of palladium, and you've got a deal.
Seems like most posters on this page have a reading comprehension difficulty. That glitter must have obscured their vision. Bwa ha ha. Bwa ha ha. Bwa ha ha.
You gold haters have never told us what is wrong with someone holding 5% - 10% of their wealth in gold.
I would be interested in your view on this.
Who needs gold when you have Barney Frank and Barry Sortero covering your back? For that matter, who needs guns and ammo when you have the Acorn and all thier gang-banger members to protect you from the rednecks who are clinging to guns and the bible?
Nooooo thx. Dont need Barney "the butt pirate" covering my back.
Don't forget the clams. (See above)
I'm telling you, them ain't clams!
Polonium enema, thats what you need...
I am partial to providing the healing arts to the subject of the rabid wolverine enema.
Chris Benoit, RIP
A raccoon can do a pretty thorough job as well.
Said it before, will say it again. My neighbor raises fine organic cattle. Asked him what he would trade for one dressed out, and delivered to my house. He said 1 ounce gold. Neither he not I care about the $/ounce ratio. It is the Ounce/steer ratio that matters. Will be 1.0 for the foreseeable future.
+1 Interesting
Careful with those non-transparent, small markets.
Find the right distressed seller, and you'll be able to buy a whole ranch for a handful.
The man hours spent in digging out Gold is much more than raising a cattle. 1 oz Gold >> 1 cattle.
Remember, dressed and delivered to my freezer. Also, he will be able to hold out longer than I will, sitting there eating his T-bones
Evidently, you have neither raised beef or butchered beef. Sounds about right to me.
And you have mined gold?
I spent 6 months in 1992 on the Merced River with a long tom sluice box. I'd get up at the crack of dawn, start sluicing, then look up and it'd be almost night and time to go back to camp. I think an ounce per steer is about right.
+1. At today's price of gold, for a whole beef, cut and wrapped. Fair price.
Take a look at this article. It deals with this issue directly.
http://www.gold-silver.us/what_silver_gold_buys.html
You are the decider. And the pricer.
http://www.youtube.com/watch?v=E2Zv1T4Qdv4
http://www.youtube.com/watch?v=3oKwg6W05MU
You are the decider ??? does G.W. know you said that ?????????????
"You are the decider. And the pricer."
a very critical point to understand, especially if you wonder why there are so many bashers crawling out from the woodwork. got very little to do with who holds the gold (in the literal sense), has much to do with who holds the power.
Exactly. Which is why I was making fun of his dictatorial pricing scheme. Which is what wallstreet thinks will be the norm.Assholes got it in thier head that they are going to keep lying, pushing, capitulating, lying, pushing, capitulating over and over for all eternity. Which is fine but they are going to find people less and less patient and more and more "repsonsive". People are going to be reasonable or they will find themselves facing long lasting undying unreasonableness.
And another that couldnt pull the trigger, just pissed because she ran around here talking about how she was going to buy the next dip when gold goes back to $600 again..Probably nader..Well Ive got breaking news for you, It aint comming back mam, larry bird is not walking through that door, IT AINT COMMING BACK..ITS $1200, sell your moped and get an ounce..
How much gold do you think Coach Pitino has?
B.O. What's your point?
Nonsense
Weimar Germany had overcapacity. The same for various Latin American countries during hyperinflation periods (Argentina, Bolivia, Brazil)
Zimbabwe had 80% unemployment rate.
....and by the way, what do we produce in the US anymore?? I do nt=ot see that much of production overcapacity here....you mean some decrepit industrial buildings in Michigan not even good for rats??
In a deflationary period preceding an eventual hyperinflationary blast, a lot of productive capacity is shut down....you cannot build factories just snapping your fingers....
Learning what really happened will open your eyes to a lot of things that don't always shine. Bwa ha ha. Bwa ha ha. Bwa ha ha.
I'm sorry, what did you say?
I couldn't hear you over the din of that waterful of shit cascading out of your mouth, DOUCHEBAG!
"Because gold is honest money, it is disliked by dishonest men." (Ron Paul)
And also, I might add, by dishonest douchebags.
That's why Au will only be going to 5k-10k instead of the 50k it would go to if it all collapsed right now.
By the way we already have high inflation....because prices (for everything, including equities) should have dropped much more than they did given the present economic conditions....government programs, UI extension and mad printing at the Fed are keeping them higher than they should.
Excellent point.
This is rarely mentioned but to think of how cheap houses, food, cars, clothes should have been right now is utterly ridiculous.
Like Schiff always says, deflation is a good thing. You purge out the overlevered, defend the currency and let the ones that have saved start leading the buying spree once prices do hit rock bottom. Sure unemployment would have been over 20% immediately for years, quite possibly a decade...but it's going to get there anyways now. At least we could have had a sound fiat currency to comfort the masses.
Agreed. I was negotiating on a nice 2 year old pickup. Price was high, and dealer did not take my (cash) offer and let me walk out. Why? People can still borrow money to buy cars, and as long as you are bidding against someone buying on credit you lose, as it is real money to me, and not to him.
Most of us actually get that part. The question is only how long to play last year's game by the old rules. New rules are coming, not quite here, might play along a little longer.
But soon, you know, that music stops and everyone tries to grab a seat in the new world. There won't be many seats though. There might only be enough for a select few to settle in and get to work.
We'll see. We'll see.
Lots to think about. Listening to the music play, and thinking.
Yes, I agree, especially the thinking part. I am in need of the pickup. I have the $$. I have made other wise choices already. Will credit conditions worsen, so that they can barely give pickups away (wait to buy), or will inflation kick in, and no one wants to give up a pickup for inflating currency. On purchases like cars, hard to know whether to act quickly, or wait.
buy an older used truck, with a few scratches, and an economic drivetrain. maybe a repo, at the auction
rebel, also consider getting a diesel, especially if you're in the south. with a few minor tweaks, you can run it in on straight grease if need be (as long as it's filtered properly) .
That is so relevant to what is going on today. cash = past labor. credit = promised labor. Am I being to simplistic?
+ 10,000
production breaks down when producers can't keep up with the falling value of their currency. they can't see where prices are going and leave themselves out in the cold when they need new widgets and raw stock.
So then why did production slump during Great Depression I, which was by all accounts a deflationary phenomenon. Bwa ha ha. Bwa ha ha. Bwa ha ha.
Your argument:
Declining production in hyperinflation => increasing production in deflation.
Wrong. Think harder before laughing.
Belrev, I have an interesting quote for you:
"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
John Maynard Keynes (1883-1946), British economist.
In the Chapter IV of his book "The Economic Consequences of the Peace" (1919)
Sounds familiar??
Money is power. Hyperinflation destroys the value of money. Do the international jews want to lose their power? Ask thyself this question. Bwa ha ha. Bwa ha ha. Bwa ha ha.
Hyperinflation it is a godsend for debtors and it helps, tremendously, owners or real productive assets...look at Weimar Germany...the man in the street did suffer, the big industrialists came out comfortably ahead (wiped out their debt load in the process).
And probably, after a hyperinflationary bust, TPTB will/would propose a new currency with "them" in control (a super FED?? A super Dollar??) and then the cycle (in their hopes) woudl start again.
Remember, every fiat currency period had its "architects" that thought they could "manage it", that "this time is different", etc....the end results is always the same...tears...
"Paper money eventually returns to its intrinsic value....zero."
François-Marie Arouet (1694-1778) French writer and philosopher known with the pseudonym of Voltaire
Perhaps "oolongs" (Cowboy Bebop) or "double dollars" (Trigun) -- my vote would be for "MegaDollar" (it's new, it's old fashioned, it's the only product you will ever need, Step Right Up...)
Ass. Thy name is Belrev. The international Jews don't need no stinkin' money. They can buy hard assets before they devalue the currency.
EDITED: I see that when comments are removed the replies really get screwy!
Bwa, ha, ha up on this:
http://finviz.com/futures_charts.ashx?t=GC&p=w1
I married a jew. Jesus, it's been great. didn't even know she was part of this int'l movement. Now I don't work,and money is just delivered to us all the time, and the various central banks let us know in advance what they intend to do. every year I get a raise. Eating matzoh (made with Christian blood) is a small price to pay-- wouldn't you agree?
lol funny
That is the fundemental flaw in the argument.
Who decides on the bolded line?
it is clear in his sentence. obviously the bourgeoisie and the proletariat. and they're a-decidin' as we speak.
That is the fundemental flaw in the argument.
Who decides on the bolded line?
There is ALWAYS a populist demagogue waiting in the wings to point out to the rabble who to blame.
SEIU at Bank execs home
http://www.youtube.com/watch?v=tsf-XsC18IQ
or maybe this guy
http://www.youtube.com/watch?v=_7IdgoXzi24
or HIM
http://www.youtube.com/watch?v=Vbduo4fHANA&feature=related
don't think for an instant TPTB don't have their players warming up in the bullpen to make sure you don't pick "THEM" you do get to pick, though. do you prefer your overlords socialist or fascist flavored?
Wow,
What if that was the Tea Party protesting ?
"Racist thugs: Time for a crack down. Bust out the copper coated lead candy."
wonder if they're getting double overtime pay for their efforts there as per union contract?
It's sure ringing a bell with me.
What are you talking about? Is Bernakrnee gonna come over and do the dishes?
... a society with productive overcapacity where its all despised fiat currency is amply backed by goods and services.
And you forgot - debt bubble driven mal-investment - like now deserted subdivisions on farm land - like depleted uranium rounds. I bet if we had less debt bubble driven mal-investment we would see a need for fewer depleted uranium rounds.
"where its all despised fiat currency is amply backed by goods and services."
Let me ask you, when Bernanke conjures a trillion FRN's into existence, what "goods and services" has he procured to do such a thing?
The rest of your post completely ignores well documented historical instances of hyperinflation.
Are you aware there is a country in Europe called Germany?
...or one in Africa called Zimbabwe?
http://www.youtube.com/watch?v=7ubJp6rmUYM
Fortunately, America's african population is about 13%. So we should skip that situation that they had in Zimbabwe after throwing out and killing all white farmers.
You didn't answer my question.
When Bernanke conjures a trillion FRN's into existence, what "goods and services" has he procured to do such a thing?
Even if he was somehow in control of all of the "goods and services" in the entire country, one would have to agree that the amount of such things is finite, correct?
But yet, his FRN creation powers are infinite?
So really, to say that the FRN is backed by anything tangible, like "goods and services" is incorrect.
".................that they had in Zimbabwe after throwing out and killing all white farmers."
The Mugabe equivalent of our idiotic destruction and offshoring of productive capability in Asia and elsewhere...
Oh geez, not this "You can't eat gold" garbage again. You're telling us we should buy shoes for $40,000? Get real.
And even if gold were worthless during hyperinflation, the point is still wealth preservation. On the other side of the crisis when things start to pick up, I'll have my gold and you'll have a pile of shoes.
You're telling us we should buy shoes for $40,000? just went long shoes !!!!!!!
You're telling us we should buy shoes for $40,000? just went long shoes !!!!!!! Al Bundy = donald trump !!!!!!!!!!!!!!!!!!!!!!!!! lol
You can't eat shoes. Even if they are pretending to be edible.
http://ifshoescouldkill.com/2010/05/25/crazy-shoe-photos-spaghetti-food-...
A BankRun is organized in Greece.
Damn. I opened up Kitco just to make sure the sky hadn't fallen. Or maybe risen. LOL.
Hal wont Open the Pod Bay Door
http://www.youtube.com/watch?v=kkyUMmNl4hk
Ahh but fear will be the name of the game in the long, hot summer of 2010.
All that seemed right will be wrong. What was up will be down. And all that once glittered will definitely not be gold. Gold envy.
Another poster added to my list of favorites here at ZH.
Damn, bunch of geniuses here!
I thought that 6% of my assets in gold was OK. I guess not, I'll go buy more soon.
Caviar knows what he is talking about...
Yes, he does, I have just not been organized enough to put him on my Study His Comments List... Caviar, if you should so choose, you may come to our lil ol drinking party when gold reaches $50k per oz. (disclosure: society has to be functioning reasonably normal).
.....
By the way Hulk, my absinthe bottle loses more and more every day... It will be finished before long. Should I cry about no more absinthe, buy gold or go back to Italy for more. Existential questions like these can paralize me.
.....
"Cry in my Absinthe" (a haiku):
So sad as days pass,
As my bottle runneth dry
Death After Midnight!
(refers to Hemingway's fave drink with absinthe "Death in the Afternoon")
Alcohol has a very high evaporation rate!
Always wrap yourself in saran wrap before getting drunk. It lasts longer.
I'm still in for the $50K Soirée !
Cant happen here in the USA... Americans are too smart to pay that kind of "money" for a useless relic such as "gold".
Hahahahahaaa. You may be able to fool the stupid Greeks, but not the smart American investor!
You're joking right? I can't actually tell. But you have to be joking.
One hopes for potato-mafia's sake that the prose above are triple reverse psychology with backlash sarcasm over ice. Otherwise, we need a big butterfly net.
LOL, awesome! That is what i was going for!
GOLD BITCHES!!! Now you still dont know.. Was I mocking, or was I sincere?
PS, I am a Schiffhead soooo.
Where can we find out how much over NAV PHYS is? Is there a site that calculates the % p premium over NAV for various ETFs?
Re Sprott NAV: http://www.sprottphysicalgoldtrust.com/
Say what you want about Debka but its just a matter of time until this shit blows up again, too.
http://www.debka.com/article/8808/
Third comment to a turd! World must be going to hell in my eyes. Writing to turds, well, how much lower can one go?
Yes, the Middle East is yet another Black Swan flying overhead...
You too, TF have been added to my Must Study Posters List...
D@mn! How crazy would you have to be to pick on a country with "Atomic Teeth?"
Now that didn't even make it into any MSM network at all. They reported alot of stuff from greece, but they haven't reported the haggling over the austerity programs for it or the gold selling for at least 1700 dollars an ounce. There is a panic happening in Europe and the US is trying to keep the information from the panic down to a minimum or even at a positive. Yea they talked about the riots and the banks, but they couldn't hide that because the rest of the world was reporting it.
Two weeks ago a coin dealer told me his buyer in Switzerland said to buy any quarter ounce "trash" coins now because the Germans were grabbing them all up.
Please--I remember when the first Internet fund came about,,lots of media press, it of course traded at a premium to NAV, Jacobs , maybe Ryan Jacobs was the Internet king...of course this was the TOP!! Fonzie jump the shark-- fucking top.!! If people want to pay that premium for gold or silver--shit my house safe is going to be empty tomorrow!! I am a seller...I have been hording coins when silver was 4.75.. gold 250.00...please sold to YOU!!!
You're a seller, huh? What are you transitioning into then, stocks? Cash? Goats?
Benny Bucks. I hear that Timmy G. will be on the new 5 million dollar bill.
even sinclair
Whatever OTC derivatives do not do to the investment banks, litigation will. Litigation is both civil and criminal. No civil suit based on derivatives can ever go to judgment by jury because it will be a stone cold loser. Even a bench trial would present significant risk to the defendant.
OTC derivatives are the basic problem about which nothing has been done and nothing will be done. That secures the final end which is gold as the only standard, measure and storehouse of value functioning as a medium exchange. By definition that is what money is.
Gold is the only money that can be trusted as debt is being added to debt in a ridiculous plan to cure a problem.
The fiat system is cooked, and there is simply no good paper currency.
The face of this world is about to change. Sir Richard Russell is correct.
Please protect yourselves because you must. I can point you in the right direction. It is you must take action
downtown Manhattan close to the NYSE has some free space for gold vendors to set up shop as well...
Yeah...like One Chase Manhattan Plaza.
Directions? Chase Plaza is just across the street from the Federal Reserve Bank of New York. For convenience.
Ah, yes... the blowing of a bubble.
Seen it many a time, where more and more of the herd pile onto the bandwagon, making mountains out of mole-hills on any tidbit of "news," twisting the irrational into the rational, for all to believe and worship.
Until finally, when the last greatest fool jumps in?
*POP!*
*PPFFFFFFFTT...*
In this particular case: The gold bubble.
Time the pop right, you can make some money.
Gold has been significanly undervalued for a few decades. It may be or may not have passed the level of "fair value", your call.
When Greenspan was giving out free money in the form of too low interest rates, were we in a bubble? Hell ya.
When the entire world is so far in debt that they are playing hot potato with CDO's and moving currencies 100+ bps per day, are we in bubble? Ditto.
In this environment gold is doing exactly what it should do because Gold is money.
And just like the Zim dollar, the ex 1.50 Euro and current USDX at 87, it will become over valued.
I will then, and only then, sell a few oz.'s to fund the purchase of the next bubble.
The overshoot will make any vaporware.com company from 1999 look like a piker.
Sure, gold is "money."
Just like linen bills, electrons, seashells, colored beads and tulips are "money."
Every asset has a price.
Trade those assets for other assets, which can later on be traded for other assets.
Round and round she goes, where she stops nobody knows!
Gold will make a killer short at some point.
But I do believe this bubble will experience some more blowing in the meantime.
We are getting closer and closer to "PEAK GOLD!"
Agreed.
However no central bank, or the IMF for that matter, keep colored beads, tulips, seashells or linen (I will grant you electrons).
Gold will be a spectacular short at sometime, about the same time I am taking bids for my maples.
In the meantime - Bullion Bitchez!
underground economy...a beautiful thing
They are probably a lot more afraid of Greece going back to its own currency than a debt default or losing their membership in the Euro Zone.
send products
to box 23879
atten: get shit for free
grand central station
N.Y. N.Y. zip 234859
your stuff must be great and going good .. and free advertizing to boot .. life is good
Row Row Row your boat gently to the Fed-
I love this site. I am new to zerohedge, after spending 8 years reading numerous gold and silver sites. I will be posting about Israel's upcoming war with Iran, as I have lived in Israel for 26 years. Buy oil, silver , platinum ,gold-in that order
Moi? Pt, Au, Ag in that order. But what's a trivial disagreement among friends? Batten down the hatches amigos! The SHTF soon. And in will not be pretty, even for the prepared.
Welcome. I look forward to any insight you can provide about Israel/Middle East.
If you get an avatar your comments will stand out more.
Well if the AUD is to dive on the back of a property bubble pop it will be a good time to update my Perth Mint silver/gold holdings that are quoted in USD.
Looks like the world is going to end after all.
I'm going to take full advantage of this situation, and am possibly looking for potential investors. I redundantly state possibly potential because I entirely understand that I come across as a raving lunatic.
I want to rule China. I see the coming shitstorm as an opportunity for me to impose my own order within the chaos.
In order to do this, I need three primary resources: manpower, firepower, and transportation (which involves oil).
The first is accomplished easily, given the second two. To that end, I need firearm and motorcycle factories in India.
I wish to see every Chinaman armed with an AK and an offroad motorcycle, both of which are cheap, reliable (or at least, easily repaired), and highly effective. There are many Chinamen to arm; the larger ones will ideally carry rocket launchers.
Emphasis will be on mobility, deception, stealth, strategic / judicious use of firepower, and outplaying, obv.
I have been searching for other young, strong, intelligent men such as myself, but alas, the smart ones are all working in finance, and they feel secure.
Rob from the rich commies while their armies are off dicking around with western imperial powers, give to the poor peasants . . . and live the life every 22 year old man lusts for, that's my goal. We'll inspire young, impressionable boys (I was so young and so impressionable not long ago) with our asskicking, badassery, and scoring ass, and thus recruit.
Many of the best plays require an Ace; if I annihilate enough shit, the most powerful military industrial complex in the history of mankind will support my antics, because I will be spreading democracy by defying the CCP / PLA, and I am fairly fluent in Christian philosophy.
Invest now, and guarantee yourself good business relations with the future (de facto) emperor of the Chinese empire.
Am I allowed to do this here? lol
Unfortunately, you come across as a raving lunatic that makes a lot of sense!
Indeed.
Whatever form the coming disorder takes, running a crime gang will likely be a good business model. The usual restraints to your trade mostly fall away; your main problem is defending your turf from other gangs.
Since 1965, the Greek government has imposed restrictions on trading British Sovereign gold coins (gold content .2354 oz).
1. Why does the Greek government impose legal restrictions on gold ownership? It's inert, not radioactive nor good for making explosives, etc. What is it about gold that persuaded the U.S. government to ban its ownership (even in paper form) for 48 years?
2. And why are Greeks having to pay such high premiums? Here in Brussels sovereigns can be had for 5% over spot.
Look, central banks have discovered a money tree. Your grandmother prob. told you money doesn't grow on trees, but central bankers know it does. And all they have to do is tell the tree how much they want, and it gives the money to them to do whatever they want with. Sound sweet? Well, it should, and they don't want YOU messing around with it, so no "alternatives" to their money allowed, lest anyone should accidentally make a comparison of the two. Capiche?
I guess I should get some gold here and sell it in Greece. $1.700 per ounce? Maybe here we see a reason why Greece is in such troubles.
Long story short. The more ounces, the closer to spot.
1 oz gold coins (no collectible value) maybe 50-60 over spot.
However, for whatever reason, as you go down to 1/2 ounce, 1/4 ounce, and 1/10 ounce bullion, the price relative to spot increases rather dramatically.
I don't know if its a rip off or what. I'd love to load up on smaller denomination coins, but the premiums are substantial.
I've bought some collectible double eagles (1 oz), mostly Libertys but some Saints. I belong to NGC and PGCS so I can check population reports and buy some fairly scarce coins for modest premiums to spot. It probably will never pay off as an investment other than the gold value, but, its enjoyable for me.
You answered your own question why the premium is higher for smaller denominations.
People want them and can get more for them.
From the various mints, the premiums are significantly higher as well and they seem to retain that premium in the resale market.
Are there any Tulips??
How do you say "Let the Games begin!" in Greek?
This is sorta half off-topic, but some of you might find this interesting. I have decided to give up my experiment. I just can't do it any more.
The experiment?
Three years ago I decided to find out how many everyday stores (groceries, electronics, department-stores, etc) would take gold (bullion bars or coins) in exchange for their goods.
In the beginning, it was tough going - my notes indicate my success rate was 7% the first month of the experiment. Fairly demoralizing, it was.
However, it has been growing ever since. To a small extent, that's because I learned to give better pitches, but most of the gains came in the last year, long after I fixed my technique (I'm rather a nerdy-scientist and have zippo sales skills or inclination, so take that into account).
Anyway, last month my success rate was up to 88%, and this month appears to be ending at 92%.
But I guess my point is this. I simply CANNOT BEAR to give up my gold bars, when I can buy with worthless, fake, fraudulent, counterfeit, green fiat toilet-paper. I'm afraid I've developed an aesthetic or psychological attachment to my gold to complement my long-standing philosophical attachment. Or maybe I'm just worried the "end is near" (of the failed fiat experiment), and every little 1oz bar of gold will serve me much better than Bernanke toilet-paper. Yeah, that's probably it.
But anyway, 92% is getting pretty close to "viable money/currency" level, I'd say. Wouldn't you?
I don’t understand this post.
I live in Greece and I know that the Central Bank Of Greece sells Sovereign Bullion Coins for maximum 270 euros per coin for the last week, which is about $330.
See for yourself at the Bank’s site:
http://www.bankofgreece.gr/Pages/en/Markets/LIRA/Default.aspx?FltFld=ID&FltVal=185
And if you divide by the gold content .2354 you come to about $1,400 per ounce. I understand that the spread from the spot price is about 180$ (this is definitely high), but this is a only fraction of the $409 gain per coin you are claiming in the post.
How did you come to this $1,700 per coin anyway?
If one takes into account the economic crisis here in Greece and fear for the things to come, I certainly believe it’s a good trade to buy sovereign coins from the Central Bank.
When the stock market go bullish, gold price drops as the money flow to stock markets which give higher return. When the market go bearish, the money will try to find shelters and go to the gold market. So next time when you observe that the gold price is going down, it means that an opportunity to invest in stock market has come.
http://www.financemetrics.com/gold-overpriced-inflation-and-gold-prices/
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