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Gold In The USA
The United States has always had a love affair with the yellow metal. It all started in Stafford, Virginia in 1782, when Thomas Jefferson documented the first gold discovery himself. Since then, Americans have been searching for gold far and wide. The California Gold Rush brought hundreds of thousands of people to the West in search of new found wealth. Years later, many more ventured into Alaska’s wilderness to hit it rich. Even today, there is a modern gold rush in Nevada, where the five biggest gold mines (by contained oz) are located.
The US produced 8.2% of the world’s gold in 2013, which puts it in third place for annual production. It’s also no secret that the US also holds the largest reserves of gold today, primarily located in the Fort Knox and Federal Reserve Bank of New York depositories. Between the two locations, a hefty 8,133.5 tonnes of gold are vaulted.
The future is still bright for gold in America: in fact, just three undeveloped deposits in Alaska (Pebble, Donlin, and Livengood) hold a potentially game-changing 180,000,000 oz of gold combined. While it is true that there have been some hiccups along the way, such as Roosevelt’s confiscation of gold in 1933, it is unlikely that America’s fixation on gold will end any time soon.
Courtesy of: Visual Capitalist
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The drought in CA is an opportunity for those with a bit of ambition to sift for gold. With water levels as low as they are surface gold deposits in river beds are exposed creating an opprtunity to sift where sifting was seldom done before. You can find good little nuggets after only a few hours work....if you want a cool date idea.
Gold is money. Everything else, not so much.
<=$1000 worth of food and tobacco
<=1oz gold
what would you rather have when SHTF???
or WHEN they start rationing these REAL SOON!
be honest...
US gold reserves are a hoax. American gold has been long ago lease out/sold, along with other sovereign nations gold stored, for free, at the NY Fed.
The gold price is suppressed through massive not for profit market sales at illiquid hours to ensure a cascading collapse in price.
Treasury Bonds, with QE, interest rate swaps and reverse repos, are a corrupt, manipulated bubble.
You can invest in the integrity if government or you can invest in gold. The jig is up.
Now we print our gold.
"Between the two locations, a hefty 8,133.5 tonnes of gold are vaulted."
You would think the Germans would have had theirs back by now...
What about silver?
Precious metals have hit their peak. Don't shoot the messenger. Your best bet is to be long on the dollar. This next collapse will be a deflationary death spiral.
Nobody around here will agree with that because they have bought into PM's and read so much material that gives them tendency bias (faber, schiff, et al... smart people in their own right... just way off in terms of where we are in the long wave phase of the economic cycle).
I tend to think PM's have hit a peak until actual inflation does catch up to the price levels that PM's have hit.
Whats weird is that many of this site go on about PMs being essential because inflation is going to go nuts, but then they also think we are in Japanification and interest rates will stay low forever. Those are irreconcilable.
There will be a time for hard assets again, but for now you want to be liquid so you can shift money fluidly to generate a return. PM's just sit there and do not "materially" appreciate in value unless the price changes.
Look, either you believe that there will be a widespread loss of confidence in paper promises in the not too distant future, or there won't.
If (I would say when) that loss of confidence occurs, gold will be perceived – as it has for thousands of years – as a true store of value, and one of the sole remaining 'good' collateral.
The notion that it wouldn't, under such circumstances, spike far higher in value, is ludicrous.
elvis the pelvis and his other log in names (besides the others that log in under his multiple names and don't pay enough attention to their choice of words) may be an annoying, self promoting, and suspicious... but - they're likely correct in this case.
He's incomplete in the definition. Gold has hit the peak, yes, but short term peak. Gold will never stop rising compared to fdrns long term.
You seem to suggest that a real market and price discovery exists for bullion.
That's not even an illusion any more.
Depends on whether you are talking about long term storage of value, or short term profit.. It would be better if you did not confuse the two.
A credit based monetary system that creates more debt than credit has only a credit crisis as a certain outcome. When debt consumes most available credit, the credit (cash) you have becomes scarce and apreciates in real terms.
Gold rules in deflation. If we get a severe deflationary spiral, how will the financial sector fare throughout massive debt default? Banks, brokers, insurance companies etc. are going to be looking real scary if you have wealth there. That which is not lost to insolvency will be lost to panic among legislators whose electability rests on the ability to provide entitlements.
Cash in hand will surely shine but not for long. The Treasury and the Fed will do all they can to devalue the cash you hold in order to make debt servicing easier and to boost economic activity. Almost every other central bank around the world will do the same.
Hey Jax,
This is the best summary of the cash/gold conundrum I have ever read. Simple and clear -- Thanks .
Bindar
So to summarize:
We're going to have a severe deflationary spiral for the 10 minutes it takes the Fed to devalue our cash?
"Your best bet is to be long on the dollar. This next collapse will be a deflationary death spiral." BUT, IF YOU HAVE ANY DEBT (like a mortgage?)...not so much. Inflation can be the debtors friend. Truly a "lesser of two evils" conundrum.
Nah. Shoot the messenger. Its IQ reached a peak when 'e was four...
On "deflationary death spiral" see my comment http://www.zerohedge.com/news/2014-09-03/austrian-bill-gross-discusses-c...
No, you dont know that. Wheres your prove?
@ strannick (avatar of "The most interesting man in the world"): "American gold has been long ago lease out/sold
This matters only if it was Sold and Moved offshore. Otherwise, if it was Leased, or Sold and still in Fed vaults, it means "fuck all". In an emergency the Gov can and will seize any and all foreign AU holdings in its custody. Law (US Code, Title 50, §§1701-1707) is already in place (see IEEPA). And in case you still doubt that if they'll actually use it, let me remind you that...
[1] In a law-abiding society (USA), "Possession if 90% of the Law."
[2] In a law-less society (USSA), "Possession if 100% of the Law."
Hedge and plan accordingly.
Good diligence Captain!
May the gorn, mugato, blastaneuron, and that other thing that's part rock never enter your room while you're sleeping.
The Horta? Don't mind her. She's just laying eggs.
Ah, the old 'can't eat gold' comment. try this: you can't spend spoiled food, so better eat it all tonight.
Both, and don't forget the booze.
Why do I have to choose?
They serve completely different purposes.
Stack BOTH.
What if you have 80 grand? That much food won't store long.
China's fixation on the other hand is the real thing...housewives, students, taxi-drivers...
Those guys get it.
America’s fixation on gold will end
when they figure out
they don't have any ...
"It’s also no secret that the US also holds the largest reserves of gold today,..."
It's a secret as to how much gold the US holds as part of it's reserves today... (Factual Error Corrected). :)
So much comment on an article clearly composed of hyperbole and wrong or outdated information:
17 dwt/pennyweight is considerably more than 1/20 ounce (ANybody able to do math here besides Kirk?) - more like 0.84726 ounce.
The first gold rush in the US was at Mint Hill and surrounds, North Carolina. American Creek came after that.
Barrick has no remaining stake in Pebble (and hasn't for about a year), which has as much chance of becoming a mine as the average ZH'er does of becoming a liberal.
Novagold's information regarding Donlin has been shown time and again to contain, shall we say, more than a few inaccuracies regarding P&P's. Neither the company nor the bullshit they publish are reliable.
Go on all you want about "new" deposits - the majors cannot replace in their reserves what they are taking out already, and the incidence of new finds >1Moz is becoming a smaller number every year. Bullish for the metal, I'm happy to say-but not next week. It ain't bullish for the majors, though.
No deposit yielding less than .25oz per ton has (with a few exceptions, Cortez Trend being one of them) any chance of becoming a viable mine over the long term, unless gold prices remain above 1400/oz. If gold heads below 1100, nearly all the open pits in the US will close unless oil dives back to 25 bucks a barrel.
If ANY person truly thinks that the US' gold is still at Ft. Knox or downtown Manhattan, I have a bridge to sell cheap. The cabal of thieves that usurped the US government under RayGun/Bush and since have pilloried our national wealth. Or haven't y'all noticed?
Nice to see an article here on gold, for a change. Pity its just a bunch of rah-rah bullshit with nothing new to add to any conversation.
We hold the largest reserves of gold?
HAHAHAHAHAHAH!!!!!!!!!!!!!!!!!
The last audit of US Gold reserves was in 1953.
China is the largest holder of phiz. USA has the paper notes.
The Euro system holds over 10,000 tons.
Article fail.
Does that figure include Germany's gold?
Yeah it does. The gold that's in Ny
Got me there.
In theory...yes.
In practice...no.
Comment fail.
Hey wait a minute. You can't imply that one entity has it's gold and one doesn't when neither have been audited.
This is all in theory
Just to clarify and so i'm not perceived to be implying anything...I'll state it outright: neither the US nor Germany has either their own or each others' stated bullion reserves.
Germany openly admits that a good chunk of their reserves are in both NY and Paris for 'safe-keeping' (chuckles to self). I see no reason to doubt this.
The US's financial institutions, Nazionist banksters, MSM shills and narcissistic, megalomaniac political puppets have been proven again and again to be thieving, pathologically lying, criminal psychopaths. They do not deserve to be urinated on should they catch fire...let alone be trusted with a nation's gold reserves, pension funds, investments and other savings. I see every reason to doubt these thieves.
The refusal to allow the krauts to see their deposits, the insistence upon returning only a small portion of the reserves and over 7 years and with only 5 T of re-smelted gold returned to the krauts last year, clearly it has been illustrated that the Fed doesn't have the BB's bullion. I see every reason to doubt these same thieves.
Refer to my other post below w.r.t. the US's own reserves and auditing...or lack thereof.
It's only my opinion, but....l am supremely confident that this bullion is gone and not coming back.
This parrot is no longer.
But of course you're free to believe whatever suits you. No skin off my nose. Best of luck old chap.
Point taken boss
LJS - not wishing to argue, but your comment is erroneous...and that's even worse news for the clowns running this circus.
The US gold reserves were audited in recent years. The report is dated Jan. 2013. You can download it here:
http://www.treasury.gov/about/organizational-structure/ig/Audit%20Report...
It states that the TOTAL (that's ALL of it) US reserves of gold are:
Gold bars: 13,378,981.032 troy ounces = 416.130 tonnes.
Gold coins: 73,829.50 troy ounces = 2.296 tonnes.
So in the US government's own words and by my calculations...418.4 tonnes, give or take a few shekels.
So much for the 8,000 tonnes the US is meant to be holding. At best they're holding 5% of that...at best.
Conspiracy proven by their own report. QED.
No wonder they couldn't find Germany's gold. And no wonder the US military is obsessed with sticking guns in everybody else's faces to bully, threaten and harras them into falling in line and keeping the smoke and mirrors in place. The jig is up and the US is living on borrowed time...just like everything else it borrows.
All - please feel free to elaborate if i'm missing something?
The truth is there to see but the MSM shills are too incompetent and too indoctrinated to worry about trivial matters such as the truth.
Keep stacking...
Thank you for the link. But after looking a bit deeper, it is the gold held by federal reserve banks not total gold held. This report provides a better breakdown http://www.fms.treas.gov/gold/current.htm If it's accurate?
Bad link or was the article already taken down?
WOW! .gov troll efficiency!!!
The largest gold deposits on Earth are not in ANY country. The deepest gold deposits are deep, deep inside the earth's core. In fact, it's inside its Iron core (since gold is heavier than iron). Only magma movements bring small parts of it close to the surface, close enough for mining.
Good News: There is enough gold inside the earth to cover the planet 2 meters deep.
Bad News: No technology of man will access it in the next 100 years. Basic physics prevents this triple-witching of 1. Molten Temperatures, 2. Gigantic Pressures and 3. Dynamic Magma flows. Even the Enterprise can "beam up" this stuff. Dream on.
Thank god for physics. Imagine if the morons at Cb's could rehypothecate the planet's core...
All gold created by supernova; the synthesis of iron takes more energy out of the equation than it puts in, so the furnace stops there unless its big enough to be a supernova ;)
Gold talks, fiat walks
I know, I know. But for the last 20 months it's been "Fiat talks, gold squawks". Unfortunately.
Clearly nothing or damn little is certain in life or finance.
There be gold in those mountains I tell you... the great mother lode.
We also control the IMF which adds thousands of tons more.
I'm not so sure about the World Bank but I wouldn't underestimate they're ability to demand gold as collataral given all the bailouts in Europa going on right now either.
China is an interesting mystery because they simply don't disclose how much they have...or who even owns it for that matter.
If that gold starts lying in custody in New York City banks the amounts involved there could be truly staggering.
The richest square mile on Earth, Money Mountain here in Colorado (Cripple Creek-Victor Mining District) keeps rolling along but Nevada has the advantage of being extra-special corrupt so you can dig anywhere you want so long as Harry's Clan gets a cut.
"America’s fixation on gold"
Listen. Hahaha. I can't stop laughing now. Ha. Thanks. Funny.
Hey, joe six pack, would you take this gold bar or the big mac/fries combo?
"Ohhhhh, I'll take dem burger and fries. I tell ya what, throw in a large drink and you can borrow my truck for the weekend."
Truer than you think. Just heard a story two days ago here in town someone bought $15 worth of high-quality dollar store merchandise using three, yes three, rolls of mercury dimes. The guy just smiled and quietly bought them from the drawer.
it is unlikely that America’s fixation on gold will end any time soon
Ha ha ha!!! That is fucking hilarious! Anyone, I challenge you - do your own poll. Ask people on the street:
- How much does gold cost/oz?
- How much does an American Eagle cost?
- How much gold do you own (jewelry, bullion/coins, paper/etfs)?
You'll find out pretty fucking quickly how big America's 'fixation' on gold is. Global annual production is, let's round it off at 2500 tons. 300 million Americans. 1300 is beyond a lot of people's financial capability, so let's use a quarter oz, and say $350 for a quarter oz of gold. If everybody in the country bought 1/4 oz (of REAL, in their possession) gold/year - for $350, there's all the annual mine production spoken for. Anybody see any sign of that happening?
America's fixation - what a fucking laugh...
Same idea, ask Uncle Jimmy-Bob-shit-for-brains.....name 5 Dow Stocks.
...and then ask him/her to name 3 Kardashians, 2 contestants from 'The Biggest Loser', Honey Boo Boo's mother's name, 3 NASCAR drivers, 2 NFL wide receivers, and which talent shows Simon Cowell is judging on. Bet he/she scores 100%.
Stop talking to my wife.
HAHAHAHAHAHAHA!
Now THAT's FUNNY! ...I don't care who ya are.
I gotta get out more. I only know Kardashians since they are sceezy.
Steve Largent still playing?
IBID: "it is unlikely that America’s Gold shills will end their fixation any time soon, or that the Fed's gold-price-fixing will end any time soon"
The shills want it to rise, but the Fed can't and won't let it rise, or the Dollar's GRC hegemony is over. Hedge accordingly.
227 tonnes = 8 million ounces. 350 million americans. So roughly 1/50 th of an ounce per person would consume the entire domestic mine supply. If every American devoted merely $25/year to gold....
There's not much gold to be found here in Florida, except in the lake behind my house, where I took my gold for an afternoon boat ride one day to give it some sun, it fell in. That's why I don't have it anymore.
prep the salvage barge
another zero hedger has gone down
{ where are these guys getting their skippers licensees}
The US produced 8.2% of the world’s gold in 2013, which puts it in third place for annual production.It’s also no secret that the US also holds the largest reserves of gold today, primarily located in the Fort Knox and Federal Reserve Bank of New York depositories. Between the two locations, a hefty 8,133.5 tonnes of gold are vaulted..
Tell me it ain't so. You've got to be fucking kidding me. The banks took ownership of the US Gold in 1934 (I think that's what Chris Martenson said) and where it went from then is anybody's guess. Arrest Jamie Dimon and return the gold to the United States of America.
arrest robert rubin
The US has 8133 tons of gold? How do you know?
Maybe once upon a time but now? 2014? Bullshit!
Trolling for the Fed?
This article is so much horsefuck! Who wrote this fucking drivel?? There is no love affair in America with gold. Not one percent of this nation has ever seen a gold coin, much less owns one. Not one in one hundred thousand can tell you anything about gold or about gold mines. There hasn't been an audit of Ft. Knox or American gold holdings since the 1950's. The 1970's audit was a hollywood PR stunt done for Life Magazine. It took an hour. A proper audit of America's gold would take 200 forensic auditors a year to complete. And it would take an acti of congress to make that happen !! Truth is: gold was drummed out of the American experience long ago by plastic credit cards which represent debt, not wealth, and DEBT IS WHAT AMERICANS ARE IN LOVE WITH, not true wealth. And I don't care if there are 12 trillion ounces in the ground in Nevada and Alaska.....at 1200 an ounce, they are never coming out of the fucking ground !!! Please God, save us from thiis nation of horsefucking morons !! Someone ask Germany's Angie M. where her fucking gold is? I'll tell you where...it's in a vault in Shanghai and it ain't coming back to market for 500 years. American love affair with gold my ass.
I think more people hold it than you suspect but it's not a love affair.
i don't know about that...
i am always trying to educate ppl at work, my family, to take some of their money and invest in gold.
i don't know of one person who has gold and i don't see anyone taking my advice....
I've only been able to educate(somewhat) one friend. He seems to periodically forget basic points, like the average cost per oz to mine it. I have to keep him propped up on data just as surely as the Fed props up the Dollar.
same here
NO, more people DO NOT HOLD IT than I suspect !! See for yourself. In any social setting, ask who owns a gold coin. It will take a room of 100 to find one person who has bought a gold coin as a hedge against the lunacy foisted on Americans -- if he has the guts to admit it !!
The writer of this dumb article embarrassed himself with those who have studied gold and who understand the US gov't decided 80 years ago to wipe gold out of the American psyche so that printed money (debt) would become the currency that everyone just accepts. No, America has no love of gold because Americans don't know anything about gold. Americans love is with debt, and credit ratings, and maxing out the plastic cards, and buying an auto on a 6 year note, and hoarding dollar bills (debt-tickets) backed only by the full faith and credit of the US. Full faith and credit my ass.
Americans are stupid about money, and some who understand gold take advantage of them. How do you think Cash4Gold operations exist, and who backs them? Sell us your scrap gold. There is no such thing as scrap gold, just as there is no such thing as scrap money or a scrap IRA or a scrap diamond ring. But millions of morons have sent granny's 'broken' gold to China through the Cash4Gold operations. Hell, I don't blame the Chicoms. Cheaper than mining the stuff at one gram per gazaillion tons of dirt. No, my friend, this nation is sadly filled with fucking idiots who don't have the foggiest notion what's coming down the tracks at them.
This ignorant article goes into proven reserves in the ground, gazillions of ounces. Wouldn't matter if the whole fucking planet was made of gold. At current dollar values, and current costs of production, who is going to lose money pulling that gold out of the ground while the US gov't suppresses the true value of gold just to keep a dying dollar afloat? No one, that's who. Your govenment is scared to death of gold and that's why the market is flooded with paper gold futures, options and etfs, backed by not one molecule of gold. This article is dogshit from the git-go. And next time, don't get me started..................
I have a contact, now a buddy and friend. He is a PM dealer, among other things.
I had to be referred, by name,before business was conducted. So I scrimped and saved, and put together a nice little stash.
He also has a cash for gold operation. He said much,much more comes in than goes out. It has slowed, now that the pickings and morons have been thoroughly cleaned out.
Here is the absolutely funny, sad part. I'm scrimping and saving, trying to build a stash. Keeping it low key.
My wife is taking old jewelry in " cash for gold" and ecstatic with her fiat at way down the scale. My buddy told me it works because the eyes light up when he brings out cash.
He was apologetic when he told me. I waved it off, explained you can't fix stupid, and let him off the hook. I did say I wanted a discount on my next purchase!
+1 for epic rant
Thanks. Having a lot of fun with this one.
Americans prefer guns vs. gold. He who has the guns can take the gold AND make the rules!
In your dreams!
90% of gun owners are not crooks and would not steal your gold. The other 10% will be killed by the 90% for other reasons.
I love these people whose emergency plan is to think they will simply tool up and go take what they need from those who properly prepared.
It will be a pleasure to put one right between their fucking eyes, from 100 yards or up close when the time come.
No warning shots, bitchez.
If your roaming the streets, shtf, your a target. Means your not ready. Makes you a deadly viral infection, to be eliminated on site.
Only problem with your "plan" Bro is that the guy with the gold is also gonna have the guns to protect it.
Only tanks at ft Knox is at the museum , except when the marines come up from ft Benning.as for the depository last time I saw it , it needed pressure washed and a weedeater
Pebble CA is in Bristol Bay Alaska which has one of the largest salmon runs and a fishery worth $200m/yr or about 200000 Oz gold. Per year. the mine will cost a fortune and kill the fishery.
A 90-yr gold bug from France
stuffs 50-gram bars down his pants
Thinks his treasure can grow:
“For surely you know,
one’s never too old for romance”
Here is how much Americans love gold:
Mark Dice tries to sell a one ounce gold coin for $50 when gold is $1100 an ounce.
http://www.youtube.com/watch?v=Gk5aRIz17fk
And here he is, still trying to sell the same coin for $25 when gold is $1500 an ounce.
http://www.youtube.com/watch?v=ndshbH3qZ6Y
Should we wonder why we are a nation of burger flippers?
ask the burger eaters...
well, there is the american woman's fixation on gold digging.
gold? the campaign to end the fixation on gold achieved its goal in 1913.
"It’s also no secret that the US also holds the largest reserves of gold today, primarily located in the Fort Knox..."
And germany sez...."pull my finger".
Ain't nuthin' in Fort Knox except spider webs and a stack of IOUs.
I heard there are significant Tungsten reserves (painted gold)
It’s also no secret that the US also holds the largest reserves of gold today -
and I'm the tooth fairy
Gold has some more declining to do before it becomes a 'buy' again...
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-july-2014/
I always wonder how much discovery of gold had to do with development of America?
As for love of gold of course you cannot have it, just look at Al Huxley's calculation above ... it all disppears if everyone buys a coin or two and this is a rich country where many people make quite a lot of money,
how much discovery of gold had to do with development of America?...
Quite a bit if you're referring to "America" and not just the "U.S." Remember the Conquistadors were out for the gold and Spain/Portugul divvied up some hefty returns for their investments.
As for the US discoveries, the California discovery had significant impact considering the dozen years or so prior to the civil war were spent in transferring the wealth from the Mother Lode and Nevada Comstock out from San Francisco's Barbery Coast directly into New York City bank vaults. This tipped the scales in the North's favor considering the South had only a paultry 15 Million in specie at the start of hostilities.
The record setting year it took to grant California statehood after Sutter's secret exploded was also instramental in upsetting the tenuous balance the high value antiquated southern farming utensils had in reviving deep seated fears and hatreds of Northern Monied interests control over southern commodities receiving reasonable market valuations.
The more things Change, the more they stay the same.
jmo.
"It’s also no secret that the US also holds the largest reserves of tungsten today, primarily located in the Fort Knox and Federal Reserve Bank of New York depositories. Between the two locations, a hefty 8,133.5 tonnes of tungsten are vaulted."
fify
Anybody have any thoughts on how it will work in a post collapse, SHTF scenario when gold becomes used for commerce, won't people who have stacked small weight bars (eg., 0.5, 1, and 2.5 gram) get screwed if they need to make a large purchase? These bars are currently the equivalent of about $1866, $1555, and $1443 per oz. So if you needed to buy something that cost an ounce, if you had a one ounce coin or bar it would cost you about $1300, whereas if you had the small bars it could cost you up to $1866 ?
In the absence of Au, I'd insist on my change in Ag.
That is Armstrong's argument when he says you cannot pay your mortgage with gold, orthe bus fare for that matter.
My guess is all it will be digital.
armstrong says gold is not money, then pls explain me why Central Banks hold it? I think in final analysis is what will be decided, there might be a plan or two out there and all it will fall in place in due time.
There would not be any change. The purchase cost one ounce, so you would need to give them 31 one gram gold bars if you didn't have a one ounce bar. So you would be giving them something that you paid over $1500 for, whereas if you had had a one ounce bar, it would have only cost you around $1300, so you get screwed for over $200 because you stacked one gram bars. It's like something costing $100 if you have a hundred dollar bill, but if you only have fives, you have to pay 25 five dollar bills for total $125.
sparksmass- I see your point. However, if change could be made in Ag, maybe the math would work more equitably. Another view might be IF Au ever gets "set free" and rises to fair market value ($10k per oz. for example) maybe the $200 discount won't make much difference under the circumstance and long run.
when they posted the sign at the local Oxford assay shop
[All transactions over 4 thou must be reported to the IRS]
i started buying 1/10 th oz gold coins
in case gold goes over 4k
don't want to get screwed selling oz gold coins in public...
You're still thinking in dollars, Sparksmass old chap. Start thinking in ounces and grams or get out of precious metals altogether. Unitil you change that mindset, you won't have a chance of survival in a catastrophic meltdown.
...or you could just break out the silver. Problem solved.
Provided that you can defend your PM's of course. Just ordered another 200rds - 308 Win. (7.62x51) Federal 168gr. OTM Ammo for my M1A scout squad. I'm stacking 2014 silver eagles as the price drops. BTW, my gun safe is bolted down!
Your biggest ( and mine) problem will be thinking in prices in other than dollars. Throw that out the window.
Gold does NOT change in value. When the fiat rate goes up or down, you think it's the gold that's changing in value? Think hard on that.
Just my guess, but it won't take long for necessary s to be revalued straight up in AU/ AG.
Don't be afraid of holding small bars or coins. The smaller bars will always carry a higher premium (meaning value, not necessarily in dollars) whether you're buying or selling, than the large bars. Premiums are natures way of telling the US government price suppression criminals to fuck off. Ten one-tenth oz gold coins are worth more with premiums and worth more for pure versatility and worth more to more people than a one ounce coin. So they will always be desirable.
Don't be afraid of holding large bars. If you have to sell to have some paper money, or for anything else, then pay with the large bars and take the change in smaller coins or smaller bars, or 90% silver. Or apples, or ammo, or an antique Colt .45 or whatever. If the vendor can't handle that transaction, he's going out of business anyway and you should move on to someone who isn't an economic moron.
In your SHTF scenario, stop thinking in terms of dollars. Dollar prices probably won't be in the equation. If someone wants an ounce of gold for a product, make a deal. Or move on to someone else who will. The price in dollars will not matter because there won't be a dollar price. There might be some other gauge of value, and, yeah, some might refer to that price in dollars, but that will be a very distant consideration when there's forty shillings on the drum and sound money on the barrel head. In your SHTF scenario, dollar bills will be cheaper and more plentiful than toilet paper. And that's what you'll use them for (collect the older, softer, worn bills....less chance of paper cuts). In fact, dollar bills as bath tissue is a great example. Would you rather have ten $1 bills to use, or one $10 bill? Same amount of dollar value, but certainly more versatility in the smaller denominational notes.
So, how do you do the math between this stash and that stash? What's $3 face in 90% worth in Brit Sovereigns? Well assuming there's still an energy infrastructure in place, there'll be an APP for that. If not, you'll learn to use your brain or you'll starve and your wife will start hooking and you'll be remembered as a loser. Easy choice that one.
I love my gold and have never sold any but let's be honest here: It is a tiny market and easily manipulated. I am saying that because today is not my first day in the gold markets. I am 15 years into gold now. Is it for everyone as a day trade option? You would have to be nuts to do that. Taking physical is a great idea. Who day trades GLD around here anyway?
Yeah, I should have sold physical at $1900. Hell, I should sell now because I am still in the money because I bought early but I will not do so. I did well buying out a coin dealership of all of their silver, holding and then selling the junk of it. Hell, I did really well. That is not to say that I am not underwater on a few of my silver purchases because I am but not on gold in any way. In fact, I can play with some silver overall I am way ahead of the game. I simply upgraded my junk silver to both numismatic and pristine bullion but I bought a little too high. Alright...so be it.
I really do not regret what I did though. Everything I have so far is so far off the books that, well, good luck. It always takes a lot of transactions to buy and sell. Capital gains my ass! I have other things going on that I need to worry about and none of them are related to EFT bullshit.
Per those things, I see gold and silver as a good buy right now. That British pound looks way overvalued as well. Since we already know that we can't trust any central bank to tell the truth, we should know that snagging up some ounces will not hurt us too badly.
Manipuflation- I hear ya and to a point, feel your pain. However, one thing I kinda disagree with is the up grading into numismatic. Even though you had "junk silver" it seems to me the best course is obtain as much 99.9 raw weight as you can so when "true" values are reached, you can get as much bang for the oz. as you can. If TSHTF, I doubt many would be able to afford the extra premium or be interested in "Collectables" per sa' as opposed to sheer, pure PM weight. Numismatics's are great and added value due to scarcity is a bonus but "on the other side" of SHTF when people will again value scarcity and be able afford collectibles.
A point well taken. I understand.
in retrospective perhaps you should have sold your house in 2005 and bought it back in 2011 or so ... well, only if you have tomorrow's paper at your disposure
Youtube search
Mark Dice can't sell a $1500 1 oz gold coin coin $25
This article is sarcasm, right?
MDB ? 8,000+ tons?
Then where is Germany's gold?
I've been a member of Tom Massey's GPA for years prospecting for gold in as unlikely place as Ohio. There are gold deposits in most states worth finding despite what the geologists say. Among the more foolish things California has done is prohibiting the use of harmless suction dredging which could add gold wealth to CA. Environmentally ill meddlers have incredibly stopped the low impact high banking and have banned everything but shovels to unearth FREE WEALTH from the ground and rivers. if you are lving in California you know your state is being run by idiots - to borrow from another ZH topic.
Talking about storage,The Chinese now own ONE CHASE MANAHATTON one of the biggest deep storage vaults wtih the New York fed just 100m away Its all fuckin gone.
17 penny weight? What kind of stupid fuck measuring system is that?
Oximoron.
the US gold has not been seen since 40 years.
The US gold has not been audited since 70 years.
So what is the point to say, that there are somewhere 8xxx tons? Yes, papergold.
its irrelevant. They own 100:1 so whatever is in the ground isn't enough to cover its obligations if they choose to nationalize all the mines in an event of collapse. DC fascists really know how to line their pockets.
Maybe they already have been nationalized... US Govt owns a majority of the land in NV
Check out the Haile gold mine in South Carolina.
I think it is still a penny stock, but they are waiting on EPA/Army Corps permits.
When I was a kid I visited my cousins there and we explored the place.
I think the company is Romarco Mining or something close to that, based in Canada.
None other than John C Calhoun, 7th US VP and author of the Confederacy, owned it at one point. One of my relatives said it contributed to the founding of Clemson University, an Engineering School.
(wiki:)
https://en.wikipedia.org/wiki/Calhoun_Mine
Corrrection: Calhoun's mine was in GA. My history is off.
Haile, in SC, is ready to produce, awaiting permits.
Once the US Balkanizes, The South will Rise Again.
I am going to guess by then, President and Premier Field Marshall Bath House I will control a postage-stamp area around DC.
Army Corps permit to mine? Crazy
America's Fixated on gold? Nice try. The 30 dolts around here who are left still holding the bag from the last pump and dump are the only ones who care.
99.99% of Americans don't own any,
99.99% of Americans couldnt even tell you the price of it.
99.99% of Americans consider ICRAP the new gold, that is why gold ICRAP is swept off the shelves....
So instead of trying to create "da pump and dump" again. Why don't you just sell your shares at the 99.99% loss you have......
"America’s fixation on gold will end any time soon."
The only fixation on gold I can see is the fixation on keeping the dollar afloat....
The one thing that is not in dispute is that the price of PM futures on the COMEX and at the LBMA is under the contol of central banks and their bullion bank minions. This is proven by recent releases of rules and financial filings by the CME, and by repeating daily price action that clearly shows dumps of large numbers of future contracts that garuntee the WORST price for the seller (dumping all at once at illiquid times). If there was one question the Bart Chilton would NEVER answer, it was "Why would someone try to sell a commodity for the worst price possible???"
The price of PMs are being manipulated down. Therefore, the only logical response is to buy at these depressed prices.
How long will it take for this strategy to yield a reward? I wish I knew.
If we (the US) REALLY have all that gold, why is the US considered to be "bankrupt?"
17 trillion in debt on the books and hundreds of trillions in unfunded, future debts (soc sec, fed pensions, military pensions, etc) is why the US is bankrupt. With 8,133 tons of gold (very iffy, that one), the US would not be bankrupt and would be solvent for decades if gold were valued at, say, $180,000 per ounce. There is plenty of gold to back the dollar. One ounce cannot back the dollar with gold valued at $1250. One ounce could back the dollar if one ounce was valued at $300 trillion.
In 1933, when FDR swiped America's gold, one ounce was worth 20.67. Do you think anybody in 1933 ever thought gold would one day be worth 60.4 times $20.67? I can tell you -- no they did not. So, in 100 years, could gold go to $100K or $200K? Sure. 60.4 x today's imaginary government suppressed price of $1250 would be, what....$75,000. At the 2011 price of $1920, that 1933 gold at 60.4 times gold would be worth $116,000. So that's your target - somewhere between $1250 and $116,000 over the next 100 years.
And this just in -
James Turk says "Revaluation Spike in Gold Coming" (KWN)
This pretty much garuntees that there will be NO revaluation spike in gold anytime soon. Turk the Jerk has been so terribly wrong about EVERYTHING PM over the last three years, he MUST be a FED shill. This guy has skewered more muppets than JPM, GS, Frank OZ, and Jim Henson put together.
It's probably all been leased n rehypothicated before it ever left the mine...
It's all rrlative baby. No matter how much gold they find, the central banks keep printing at a ratio of at least 100 fiat to gold 1. If you count derivitives, then 10 million to 1. Cherchez the fall of fiat first, then you may have an idea how much the Phyzz is "worth".
Very interesting article. I never knew Nevada has the 5 largest US gold deposits.......
Can the connection be made thats why 80 plus percent of Nevadas land is owned by the State and Federal Government??
Think about it....
The averadge American has no idea of what gold is, what it's for, or its value. The average American is far more interested in the worthless gold colored statues which Hollywood presents to itself each year at the Academy Awards. The average American is a moron.
When does Shanghi Gold Market/Exchange go online? What do you think this will mean for the Crimex? Fiat?
One can only hope.
Funny, no mention of the massive gold deposits under the former Mather Air Force Base near Sacramento, KA nor the Teichert quarry mines more gold than rock/gravel in Sacramento, KA... AeroJet is also on top of a massive amount of gold...
"1934: Gold Reserve Act increased gold's value from $20.67 to $35 / oz."
Don't think I didn't catch that.
I did.