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This Is What Gold Does In A Currency Crisis, Euro Edition
Submitted by John Rubino via Dollar Collapse blog,
Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.
So after falling hard in 2013 and treading water for most of 2014, the euro price of gold has gone parabolic in the space of a couple of months. This sudden rather than gradual awakening is the standard pattern for a currency crisis, mainly because it takes a long time for most people to figure out their government is clueless and/or lying. But once they do figure it out, they act quickly.
Europe’s gold chart isn’t as dramatic as Russia’s (see it here) because Europe doesn’t depend on oil exports and the euro, while dropping versus the dollar, isn’t yet in free-fall. But with another trillion euros due to hit the market in the coming year, and a series of currency union-threatening political crises in the pipeline, the flight to safety could easily become a stampede.
Europe and Russia, meanwhile aren’t the only countries with incipient currency crises. Here’s gold in Canadian dollars:
Just to be clear, this isn’t a prediction about the immediate future, but an attempt to illustrate the nature of gold. It behaves this way in crises because it is sound money which can’t be created in infinite quantities by panicked central banks as can euros, Canadian dollars and all other fiat currencies. These charts illustrate what happens when this difference starts to matter.
Right now, the fear is country-specific. Europeans start to distrust their government and shift to gold, without necessarily questioning foundational concepts like big, activist government and central bank management of fiat currencies. They still assume that the euro would be fine if managed correctly.
The next stage will begin when enough local currencies blow up to make people realize that the problem isn’t with specific governments or national forms of money, but with the idea of fiat currency itself. When that happens the global gold chart will look like Europe’s — but with more zeros.
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Yes, they carried a 50-cal bullet.
My dad had one that was .68 caliber. They were originally bored as much as .8".
I would not care to be shot with such a thing. Just think of the medical care waiting for you behind the lines!
A fast surgeon could cut your leg off in about a minute. Knife, saw, torch and wrap.
Blood all over.
Damn Yankees.
And a lot of them never went supersonic, which meant it didn't get hot enough to kill germs and on impact would drag pieces of cloth into the wound and if it hit bone, shattered it.
Thus the need for amputation. Ghastly shit.
And yer right, damn yankees.
Our Republic died with the loss by the Confederacy. Like Hotel California, you can check in any time you like, but..
Damn yankee bankers.
The Lone Ranger added 15% copper to his balls and the ammo worked fince, assholio.
Actually the minee balls were shaped the way they were so the expanding combustion gasses would force the lower skirt against the bore rifling and increase accuracy.
Yep. Those three grooves on the bottom of the projectile would cause a spin stablizing effect. No need for expensive and time-intensive rifling.
The US Dollar particularly, but also other currencies particularly those bearing the Queen's head are backed by state violence ranging from sheriff garnishee of income or assets through to being bombed or shot by state forces.
Fiat currencies are a contract backed by state violence, a violence the state claims is legitimate
I watch TV too much. Sorry Freddie, I'm weak. And we had so many gold for cash ads a year or two ago but now there are almost none. Everybody in Toronto is into the real estate market instead.
is that a hockey stick in your pants, or are you just glad to QE me
Will the Greece election cause gold to pop on monday? Might be a good time to buy NUGT today before the close. And some UVXY.
You are all going to find out what gold is worth in the here and now very fucking soon.
Gold is going to expose the lies that never end, from the minute you enter the 'Education System', of which you were never taught how to balance a household budget, but were taught about fucking Portugal, never explained the metrics involved with FIAT money, how the principal can never be repaid because of compound 'Interest', it was never explained you will work an entire life and be fucking robbed by the bastards that do fuck all but skim. The 'Suits', just like them fucking child molesting cunts that just happen to be the 'Elected' compromised child rapists that the banksters love for the old blackmail game eh? The filthy dirty politicians you all fucking give your 'Consent' to.
Oh, your going to find out just how valuable the yellow metal is. The lies are going to make sure the gleam shines through, as it has for 5000 years. And you politicians and the fucking filth that controls you are going to find out about not just consent, but implied withdrawal from a system of criminal theft.
And then the hangings start you cunts.
Utter Cunts
;-)
Bravo. nice rant!
Rockatanski.
Nothing I type is a lie, the truth the whole truth and nothing but the mother fucking truth.
Here comes the mother fucking 'Common Law'. Eight hundred years old this year and still going strong.
Come and get 'My' 'Consent' you cunts? Withdraw and remove yourself from this shit mate, I have.
Now, to those that know, like NSA GCHQ, come and fucking get some.
;-)
ITM96, cunt that he is, with another world-class ZH rant. Fuck yeah!
;-)
You need a cookie.
Or a blue pill Comte D,
You ever get the feeling you are stark raving fucking mad? I do...
Long may it continue, 'cos we all wont go silently into the night will we?
;-)
Until I work up the courage to go full on Vigilante, I don't think my cries in the night will matter at all.
Nor will all the trillions of words written here on ZH.
The only thing that will work to get the likes of Lord Blankfein and his accomplices to change their ways and stop buying up the people's choices for governance, is F E A R.
Until the ice cold chill of fear creeps up their hairy backs, they will continue unabated.
And the only thing that they fear is loss of their useless lives.
A few members of the 1%, taken out with a high powered rifle, or bomb or beheading, will perhaps rejigger the game.
I know I'm repeating myself.
The Eurolira is here. Germans know what this means. Can't speak for the Dutch, Belgians, Austrians or French or any of the others.
Convert Eurolira to either CHF or gold and silver.
THERE IS NOWHERE ELSE LEFT TO PUT THE MONEY NOW
TPTB sort of explained their money system to us when we were told "the economy grows or it dies". Hey, it's dying now.
we were told "the economy grows or it dies"
Their economy... a REAL economy doesn't work that way. It's all about cycles. Boom and bust and in between. On the way up it's good - on the way down it's not so good. But in a REAL economy you always know that even on the way down it'll go back up soon.
In their economy you can have depressions that are caused by regulatory imbalances and that will hang around and get worse until the flaws in the laws are fixed (like we have now.).
In a REAL economy, "recessions" are mostly confined to imbalances between demand and supply, and usually limited to one economic sector (and outliers), and when the supply and demand in that sector rebalances, the recession is over. Short term stuff - no intervention required.
Russia news:
russia is still winning. replace the word russia with any western country and you will find the same headlines. no one argues that. it is obvious.
this is about principle. the usa is on the wrong side of history and a large number of people are aware of it. all of us are caught in its vortex(trite even in proper use now) waiting to be sucked into destruction. anyone who steps up to challenge the beast is a real patriot even if it is russia or china or pago pago.
Fuck off you knob.
Is all you do post anti Russian shit? Grow the fuck up and look at what your own do on a fucking daily basis you fucking idiot.
"Russia's foreign currency reserves shrank by 2 percent last week alone to $379 billion as the Central Bank sold foreign currency in a bid to prop up the ruble."
The quote above is from your last link....
Say$ more perhaps about the foodstamp fiat petroscrip Saudi Mercan Caliphate I$I$ dollah clogging up the ponzi crapper Wall St casino sewer line$ than the state of Russia's wealth....or did I miss something?
Don't you worry, there is a fix for this: Quantum Keynesianism.
http://rhizome.org/announce/events/59637/view/
The implications for this are absolutely fucking terrifying.
I sent this comment to the prime minister of Japan
Using this link, please also use it
http://nukeprofessional.blogspot.com/2015/01/how-to-complain-to-japan-to...
Would you like to be the party that Saves the Pacific, or face 30 generations of shame?
A tad optimi$tic....perhaps?
I'd say so, given plutonium will be only half as toxic as it is now in 240,000 years, which is a lots more than 30 generations.
Not sure what it decays into after that.....
Not sure what it decays into after that.....
fiat USD
Jack Lew is starting to squeal about how strong the dollar is -- so look for some efforts by the US to weaken the strong dollar.
gold shot up at the beginning of QE, and is way back down. We'll see if it sticks.
Who ordered the 12 clown package that showed up here on the PM comment section?
Anyone who doesn't see the importance of these moves in gold (and silver) against select currencies, and, perhaps more importantly to the largely US audience here, the upward momentum of PMs with a rising US$, is short a couple hundred thousand brian cells, methinks.
I've been buying silver since 2003, and lately have accelerated my purchases (missed the bottom, but got some around $16-16.70) and am seriously considering buying even more, despite the giant move this month.
Not only will gold skyrocket when the US$ shits the bed, but silver will go absolutely ape-shit rewinding the ratio back near 15:1.
WOWSERS!
FINALLY someone else here who watches the G:S ratio instead of the price in fiats. THANK YOU!!! I've been SO alone!!!
And for all of you numbnuts who threw rocks at me earlier for saying I wouldn't buy AU... (if I had the money to buy metals) THIS is the MAIN reason why I wouldn't buy AU!!! In historical terms, THE RATIO from Ancient Rome to the pre-FED period ranged between 1:12 (G:S) and 1:20. What was it today? According to Kitco, it closed at 70.75!!!Lets' see... that would be about a 400% correction out there waiting to fall on the metals market...
Yeah... you keep buying that AU... yep... just buy all you can get a hold of. Idiots.
Silver takes up a ton of room. I like it but nothing compares to gold.
it is hard to out run the bad guys with 170 lbs of silver in your pockets.
I have both...silver if times aren't too bad, and I just need to bribe the man.... gold if I need to make a run for it.
Hey Tyler where is the Yen vs Gold chart? (that's the best one to date).
It's a global fiat currency race to devalue, so gold can only go in one direction (supressed or not!).
Currency War. Only Talking Points from .gov still don't reflect that in the utopian, UN, one government, one currency, and Free(slave) Trade Vision.
LOL, can't break $1300 here in the US though, gets kicked back down every time.
They were probably losing to much physical at $1200 so decided to retreat back up to $1300 to try and stem the flow.
But it's not going to be nearly high enough to put people off now.
Even a blind man can now see most fiat currencies are being trashed / devalued at break neck speed.
The sooner we stop pricing things in usd the better. I wanted gold maple leafs when it was cheap before christmas but the exchange rate kept screwing me, and i guess i waited too long.
That would be great, but we are still a while off from that time period. That is why PM bugs keep getting killed after they get excited over a rally.
They still don't understand that until they can buy their day to day living expenses such as mortgage (rent), food, and utilities in precious metals, gold is nothing more then a commodity subject to deflation as is other commodities.
So, despite the rally in PMs, I repeat my stance that PMs will go down but will be relatively higher when compared to other commodities. In order for gold and silver to really go way up, things need to be priced in gold/silver instead of the dollar as you suggested. Until then, the dollar is king. It's anyone's guess as to when the dollar dies.
Couple of points. First I know of at least 5 people that are going to establish their employment contract based in gold. So, for example, if you were to negotiate, say $75,000 salary in gold today in say $CDN where $1USD = $1.2423 $CDN, then a $75,000 salary fetches you $75,000/(1300X$1.2423) = $75,000/$1,615 = 46.43 oz. If the $CDN continues to crash over the course of a year, it is easy on a per period basis to track any deviation(s) away from 46.43 oz. If at the end of the year the total value of deviations away from 46.43 oz is either added to (if > 0), or subtracted from (if < 0) your compensation. This is a crude, but, nevertheless, a conscious effort to employ gold into everyday life as security against a boot fucked currency.
Second, I am not entirely convinced that the the rush to the $USD is necessarily a rush to the dollar as it is a rush to gold, since gold is measured in $USD. It feels to me, almost as if the $USD is being conveniently used as a proxy for the metal, at least while it is for now the defacto unit of measure. In other words, its not the dollar thats being sought - its what the dollar measures - in this case gold. Like a sort of substitute for actually holding gold ( fuck i know I am going to get down arrowed for that!) - but, you know what I mean.
I don't know. Gold has found a pretty sturdy base of support here in terms of price despite the $USD rally of 15% or better against most other currencies. Maybe I got this wrong. But for sure I have this right - gold is being valued - RIGHT NOW - whether they can buy their ciggarettes with it, pay their rent with it - or not.
I marked you up, because I agree. Sorry to disappoint you, but this is Fight Club after all.
Anyway, you got it. Your thinking simply reflects how you account your labour when it is priced in gold as MONEY. Money is the function of gold. When paper replacements fail, time after time, gold's intrinsic value makes it our historic refuge. (Gold being an asset, and requiring labour, entails a non-zero value that fiat cannot offer.)
One cannot eliminate "store of value" function for very long, before one's money gets demoted back down to paper. This is the mistake made in every fiat regime to date, including this one.
I agree with FOFOA's perception that money is a store of value, AND is also (separately) a representation of trade. When we confuse and conflate the two functions, we fall for the fiat scam. That's if we don't understand the difference between intrinsic value, and "value" as simply declared by a limited and flawed government (who can and and will arbitrarily change that value at any time, as often as it feels the need).
We may see gold act as a representation of trade for awhile, until notes become reliable again. Both gold as a store of value, AND USD as a representation of trade, are moving quickly. We will see how long the USD continues to function solely as a facilitator of trade as people become aware that there is no store of value in it. When a (new) note appears that represents both a store of value and a trade transation (yes, that store of value should be gold, but certainly could be other items as well), then gold may recede back into just being a savings vehicle again.
You are getting into practice, in thinking about gold the way we will all soon learn to do. I am not sure why anyone would mark your comment down, since you are learning to think in ways that we all must now (re-)learn. The Chinese and the Russians have now had quite some practice with barter contracts. Putting those into gold terms shouldn't be difficult since at least they'll have some barter value equivalencies established.
The dollar doesn't actually measure gold, BTW, as I'm sure you know - "full faith and credit" is a promise of taxation on future earnings. BUT, in real time today, with the world's first (and God willing, only) attempt at fiat failing so fearfully, I can see why you put it this way. I panicked this month in watching the SPREAD in POG between the USD and its various satellite currencies. So I began buying up supplies this year with an urgency that I never have before, and trying to collect instructions for how to make everything under the sun, just in case. Gold never lies, and its action is scaring me with how close the is end of the Economy As We Know It. I live in Canada, and I am very concerned since gold is telling me that the future of the loonie in its current condition (a satellite of USD) is now pretty short.
In 2002 the $CDN was around $0.65USD. It was shitty times then too. Prices for all things were less back then, including gold, which was around $300USD, but relative to income - shit - nothing was cheap, but, affordability was definitely more apparent. Now the $CDN is headed toward a similar nominal measure again, but, gold remains much higher. All prices are higher now than in 2002, but so too are nominal incomes, but the change in prices have outstripped the change in wages. So it is all indeed relative. Its why I think gold will remain firm here around the $1200 - $1300 USD, all else equal.
It was also a time when government couldn't balance a budget. Unemployment was stubborn in all jurisdictions and oil was $20/$25USD per barrel.
I remember, that it was expensive for me to buy gold then. And its expensive for me to buy it now.....to the extent that I feel the pain buying it now almost precisely as I did then. Like you say, the value of gold hasn't changed. And as Tall Tom put it, it must be worth more to me than fiat as I am prepared to part with the fiat to have it. Nothing more. Nothing less. cheers
I have a "friend" who is the major shareholder in a small corporation. The corporation pays him in silver Maples once annually.
As the Maple coins say five dollar stamped on it...he remits his Revenue Canada taxes at the $5 value, not the price of an oz of silver.
Revenue Canada has not been able to stop him, as the Maple is Canadian currency and the government agency stamped $5 on it.
Genius
Rober Kahre tried that in the US and ended up with 15 years in the cooler. Lost his appeal also.
Article
I don't quite understand the US justice system...Kahre used US currency to pay his employees. If he did something wrong why didn't they allow him to correct his mistake instead of jail? Gold coin is either currency or it isn't . If it isn't currency, the governmnt shoud take the demonination of $20, or $50 off the the one oz coin.
No...this was a message by the IRS to set an example to others, not to screw with them. what a travesty of justice.
And the killer is my friends the fucking pasty faced, in-bred cunt who just happens to be the Prime Minister of Britain, that likes a touch of coke, just like his whore of a wife. And we put up with this shit?
Just like that off-white fucking idiot clown that was put in place for you lot? You think either of these wankers even know what time of the day it is? Fuck off and talk sense.
And the price of the yellow has owt to do with these two fucking clowns? Course it has :-)
I have shit more intelligent things down the fucking can than these two cunts.
Idiot cunts
;-0
God, I love when you get going.
Dont ever change.
Lets go give these cunts war Bunghole, I can do this shit round the clock...
These cunts want us fighting for the express privileged they think they are born into my friend? Not this time mate, here comes the mix, and there aint just one of me, an army of one. We cunts are watching this unfold. Welcome to the one thing you never even envisioned you cunts, here comes the promise you could never deliver. And I will never change mate, its not me, never was.
Inthemix96 and his mates are looking for redemption, can you provide it or deliver it? The reckoning will sort the wheat from the chaff, will it fucking not NSA GCHQ, lets get this game on you cunts. Pound for pound the mix wins.
Cunts..
:-)
no really-STFU
STFU
My only question is what are you waiting for?
+1 Bunghole. When ITM96 starts my day brightens exponentially. :)
Mix, you are awesome my friend. I just want you to know that we are way too busy with "deflate-gate" in Merica and it is all over the news like it is some big deal. Do we need to get CONgress involved in this to really fuck it up? There are hell of lot of other things to pay attention to besides the air pressure in a football. No one I know cares about air pressure in footballs but I guess we are supposed to care about it because the media said so. WE DON'T FUCKING CARE. I am embarrassed yet again. The Merican train is way off the tracks and I think the locomotive fell about a thousand feet into a river after it jumped a shark.
Keep it going Mix. Bless you.
Nigel, is that you?
I ask because of the Yorkshire accent
Please be Nigel
Please be Nigel
Please be Nigel
“The next stage will begin when… people realize the problem isn’t with [faulty management of a currency]… but the idea of fiat currency itself.”
Ah, you are so gentle. “Fiat currency”? No, it is actually much worse: it is, in fact, a currency that necessitates cannibalization of following generations of Americans.
You see, this “fiat currency” (paper dollars and bank reserves) comes into existence IN EXCHANGE for US Treasuries (directly or indirectly). Government debt is the process by which a generation of tax consumers imposes confiscatory taxes on following generations of tax payers. It is, as noted, a form of cannibalism.
When you describe it as a “fiat currency”, you make it sound so benign – who but nitpickers would complain? But describe it as a money of cannibalism, and you capture its true, and hideous, hue. A hue no civilized man would tolerate.
Still, people seem to be realizing this (with rising gold price); altho on a relatively crude level.
Speaking of gold: hardly anyone seems to realize that it is the backing for all issued currencies and bank reserves – despite all the propaganda against it; for, if you examine central-bank balance sheets, “gold or gold receivables” are always listed first – as the final asset standing behind all issued currencies and bank reserves.
Before the latest crisis hit (latter half of 2007), a piece of paper listed on the Federal Reserve’s asset statement as “gold certificate” was the only near-reality based asset that stood behind (collateralized) issued currency and bank reserves (the monetary base) of about $0.9 trillion.
Since that time, this “monetary base” has swelled to somewhere between $12 and $18 Trillion. And there’s hardly a financial analyst who knows it – at least they’re not showing it.
This explosion of the monetary base was powered by unanticipated consequences of governments’ attempts to guarantee bank deposits. As a result, new “cash equivalents” were created that supplemented the normal currency and bank reserves totals. It’s a long story, with a lot of dots to connect. Please study, What Price Gold… $7,000… $infinity? It should take you to another universe.
wow "Illness, loss of jobs, resort to banditry and prostitution, alienation among family and neighbors are natural results when tax rates are moderate. Where they are unrestrained, children suffer the fate of exposure. Most history books are silent on this issue. But Edward Gibbon took the time to explain the ruin left in the wake of Roman tax takers: mother and father, Gibbon reported, who could see no hope of supporting a newborn, would take it into a field and abandon it; there, it would take three or four days for the forces of wind and sun, cold and rain to silence its screams; sometimes dogs or wolves would mercifully shorten its suffering. (Gibbon, Edward, Decline and Fall of the Roman Empire, abridged by D. Lowe, ed., 141.)"
And this was at the height of Roman Power. Soon, things got worse.
The next stage will begin when enough local currencies blow up to make people realize that the problem isn’t with specific governments or national forms of money, but with the idea of fiat currency itself. When that happens the global gold chart will look like Europe’s — but with more zeros.
I'm sure everyone here knows the obvious alternative to this so-called "fiat currency" (but their obvious is different than mine). Please tell me what you think it is? Don't say gold (or something gold backed ... which is the same thing) because 1oz of the stuff per human on earth is nowhere near enough when you understand the cost of bringing a new oz into the world is less than current $2,000 and that sets the price. And it's not silver because the existing value of silver is just 1/5th that of existing gold.
How should the Medium of Exchange be managed?
Am all ear$....?
Um, tulips?
"because 1oz of the stuff per human on earth is nowhere near enough"
This is why something has to be revalued.
What are you revaluing? What are you revaluing it to be? Give me numbers.
#3, #18, and #5,628.
Did I guess the right ones?
You're dense.
That leave BoE next to ejaculate more sterlings.
The XAU/EUR price action was beautiful, I think it is mostly because of the money printing by the ECB and the Swiss that unpegged their Swiss Franc that the price moved up.
The main problem with society is that they have not "learned to wash their sweet potatoe as of yet".
With society being made up of mostly followers we must continue to lead.
http://www.worldtrans.org/pos/monkey.html
By that evening almost everyone in the tribe was washing sweet potatoes before eating them.
The added energy of this hundredth monkey somehow created an ideological breakthrough!
"somehow"
being the operative word
Is there an "app" for the .....apes?
Everything is going great until someone stops dropping free sweet potatoes to the monkeys.
Before the $anction$ against Russia:
the cooks are French,
the policemen are English,
the mechanics are German,
the lovers are Italian
and the bankers are Swiss.
After the $anction$:
the cooks are English,
the policemen are German,
the mechanics are French,
the lovers are Swiss
and the bankers are Italian.
Maggie Merkel's last bash for the Empire of Chaos
https://www.youtube.com/watch?x-yt-ts=1421914688&v=-XGtoUFz_vY&x-yt-cl=8...
https://www.youtube.com/watch?v=AMY3aJwhfqg
Gold is also in a primary bull market when expressed in USD. This shows remarkable underlying strength. Furthemore, silver and the gold and silver miners ETFs are in a primary bull market too, which lends even more credence to the bullishness of gold:
http://www.dowtheoryinvestment.com/2015/01/dow-theory-update-for-january...
C'mon, LC, I need a dime bag. They won't take ferns.
OK, Barry. Here is a gold ducat. I hope you Bring back the change.
Well, nuklear war will certainly change everything if it is allowed to happen.
https://larouchepac.com/20150122
Yes, it will blow up some gold, amking it moar val u able.
But what will happen when Mario Draghi prints 1.8 trillion more euros ??
Will people calm down again? or will they see through the facade of lies and deception?
Hes buying garbage Greek debt so no inflation from the print at all
What sort of idiot writes articles like this, let alone believes it. They are not bidding up gold dramatically. The gold spot price is not denominated in Euros. Gold is up, but not because Europeans are liquidating their Euros.
This article is nothing more than a handjob for the gold bulls.
Am I missing something here?
If there's Euro deflation; the Euro is going down in value?
That's strange, because I always thought that deflation = a decrease in the currency supply thus leading to an increase in the value of a currency.
and that inflation = an increase in the money supply thus leading to a decrease in the value of a currency.
Why would gold, if it was an inflation hedge (which it's NOT), be going up if the Euro is in a deflation; thus increasing the value of the Euro?
What's really happening is that Europeans are buying gold because they're scared. Gold is insurance.
The Euro is inflating that is why Europeans are buying gold because they distrust their central planners.
The XAU price is up mainly because the ECB debased the Euro hard and the Swiss unpegged their Swiss Franc from the Euro.
"We papered some folks....."
"We ingoted some folks..."
"WE FUCKED SOME FOLKS..."
The euro area's money supply is not decreasing - it is growing like weeds, and the growth rate will now accelerate further.
Gold is over 83,000 in Roubles or 1.5 times the gross pay of Russians per oz.
You forgot to add "gross monthly pay...." At least that is what I think you meant.
I think I have a million + rubles in gold, or a ruble worth a million. Something close.
Yet the $ of gold is barely moving compared to these. We once had a dollar backed by gold. Now we have gold backed by the dollar.
Bullshit.
Gold is a thing dug out of the Earth. How primative .
Things obtained by sweat are always more primitive but also more valuable.
The basics of human life are primitive. Eating. Drinking. Sex. Basic comfort in a house.
you mean like your spelling skills?
Gold by reference to all the paper that is out there is obviously underpriced. But against a basket of commodities it's price is about right with maybe another 20% to go.
When gold shoots it will be because of the sudden rush to secure a piece of tangible and mobile wealth.
If you have any common sense you have or will join the gold revolution. SGE withdrawls were 60T for the week ending January 16th. Your choice. Join Asia or be left behind in poverty.
http://jessescrossroadscafe.blogspot.com/
Any way you slice it, the bounce back above 1180 was impressive.
http://pebblewriter.com/gold-recovers-its-luster/
USA treasuries ALSO surge in price during crises of any kind that can affect financial markets.
The USA dollar is still the world's reserve currency and will continue to be for many more decades, in spite of profound destructive policies worldwide.
However, I would rate the Euro's prospects of survival at only 50%.
My bank reduced the daily ATM withdrawal limit to $400 from $800. Fuckers!
Does your bank.have a name?
Scotiabank. They are tight with their money, which used to be my money but until they give it back it's still their money. I pay them $1.25 per withdrawal.
When the Dominion of Canada decided to create the Bank Act, allowing chartered banks...a few rich decendants of former pirates in Nova Scotia, decided to launder their pilfer by starting the Bank of Nova Scotia.
Today, ScotiaBank is still run by pirates.
Did you ask why?
It's a machine, you can't reason with it.
It's called Deflation remember? :)
You got me. Why am I complaining when I keep saying half as much will go twice as far.
Bloomberg reports that at least two hedge-fund thieves are known to have been fired for not properly hedging against the possibility that the Bank of Canada would cut rates.
So some good has come of the BoC's decision to inflate along with the ECB.
As Fukushima destroys the Pacific, massive uptick in shark attacks in Hawaii, continues!
http://nukeprofessional.blogspot.com/2015/01/as-fukushima-radiation-destroys-pacific.html
OK, I do have some bullion stored at BullionVault. Anybody has anything in those outfits (BullionVault, GoldMoney, etc.)? Am I missing something?
I know that possession is greatly recommended, but I don't see the point. If I want to leave the country, will I just put my gold bars (or, in my case, just ounces) in a suitcase and trust the TSA at the airport?
It's a good point, but it comes down to how much you trust a bullion bank to have assayed bars allocated to you, and to save those bars secure against all comers international, legal, and domestic.
Anyone who trusts a bullion bank must do their due diligence and accept the risk. Trusting a bank is a risk. Keeping it home is a risk. It's a risk like the TSA, that it will be stolen from you, and the more valuable gold gets the greater this risk will become for those buying it, holding it, and disposing it.
We must begin to become savvy. I had good experience with both BullionVault and GoldMoney, but that was in the past. They continue to have good reputations with some bloggers I know. I'm sure there are others. I think it would be important to get to know a lot of them.
I would not want to screw the Government turning all their gold at Fort Knox into tungsten.
Use a boat.
Jewellry my friend
celticgold has just figured out how to make GOLD from LEAD .........,
now he just needs a good getaway driver ......
I live in canada and I can assure you that only about 100 Canadians are even aware...or give a frozen fk about their dollar.
I asked around for about a month now and its startling how nobody gives a shit.
The real fun is not even on the radar yet. That will happen when Canadians read a financial book....ok FORCED to read.
@Dan, not uncommon during inflation in any country. People's perceptions on money are amazing. I've seen terrible inflation overseas and even in the US. with no one commenting. The Feds know this and are determined it will happen throughout the world. What do you think will happen when the USD crashes from it's recent gains? It's the last lifeboat afloat (except for gold) and as the holes in it grow larger it will soon begin its descent. It's either this or defaults everywhere.
Fuck the banksters huh? Jews rule the ENTIRE world in every way
https://xaameriki.wordpress.com/2013/11/15/ongoing-relationship-between-...
https://archive.org/details/nazi_concentration_camps
If Jews ran the world---I mean real ones who take the stuff in the Torah seriously---it would be a damn sight better place than it is now.
Most banksters aren't of Jewish extraction. None at all have any God but money, and as far as they're concerned laws are for debt-peons, not them.
Most Jews are atheists and only worship money, power and helping out THE JEW and JEW ONLY. Religion is just a coverup for their evil doings just like how they have their boy jesse jackson and al shapton use religion as a cover up. That is the work of the filthy fucking jew. So yes, the dirty filthy murderous jew does run the world.
Ukraine city Mariupol under putin regime goon attack, already 15 killed and 48 injured civilians. Russian forces keeps firing rockets against the city. This is war crime, putin will be hanged.
http://m.youtube.com/watch?v=X5TFXLocXBM
http://m.youtube.com/watch?v=iPU9RE3Orjo
Arrest Putin! Bring him to war tribunal! He is a war criminal!
http://youtu.be/EqFC-hAUVbc
Latvia as presidential country in EU must punish Russia by bringing new EU sanctions against Putin regime.
Well, now we know Angela Merkel's ZH handle.
As Fukushima Radiation Destroys the Pacific, Massive Increase in Shark Attacks in Hawaii
This report is here
http://nukeprofessional.blogspot.com/2015/01/as-fukushima-radiation-dest...
Nukepro first reported on a massive uptick in shark attacks in 2012 and 2013.
That report is here:
http://nukeprofessional.blogspot.com/2013/12/apex-predators-in-hawaii-ar...
Then we didn't hear anything on main stream media in all of 2014. Not one single report.
Now that I decided to revisit the issue, the results are startling, the massive amounts of attacks on humans continue. In fact in one WEEK in 2014 Hawaii had three "non-provoked" shark attacks, and 4 shark attacks in a 2 week period.
What does that mean "non provoked". Well it means just a totally random attack.
If you are spearing fish (I used to do this all the time) you are "provoking the shark", if you are fishing, you are provoking the shark, if you are night diving and grabbing squeaking lobster and crabs, you are provoking the shark. So this is another way for the government to lie about statistics.
God forbid that you actually try to go fishing? Sheesh, cannot believe you are provoking those sharks.
I am not saying the story is fake, but how come sharks have not leveled off if radiation is wiping out other fish?
sharks well , well you asked for it : thanks dr evil ttps://www.youtube.com/watch?v=Bh7bYNAHXxwu
WTF does this have to do with Gold?
At any rate, the Fukushima scaremongering is for the BSC (Bat Shit Crazy) set.
Go off and diddle with your Chemtrails.
My bet is that 'they' will make at least one more gigantic smash attempt on gold and gold shares.
I can see them taking down gold 100-200 dollars and shorting the shit out of goldies.....to see if they can create another panic.
They have not given up on gold...they just print and short.
The problem is not with 'fiat' itself. It is thinking that currency is a store of value.
The world needs a better store of value. Gold is and will be that.