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What Happened The Last Time The Mainstream Media Unleashed The Anti-Gold Artillery
With the mainstream media onslaught against precious metals climaxing this weekend as WSJ's Jason Zweig proclaimed gold "like a pet rock," describing owning gold as "an act of faith," we thought it worthwhile looking back at the last time 'everyone' was slamming gold and entirely enthused by the omnipotence of central bankers... May 4th, 1999 - "Who Needs Gold When We Have Greenspan?"
Over 16 years ago, The New York Times' Floyd Norris unleashed the last big gold slamming piece topping a period of precious metal bashing...
Who Needs Gold When We Have Greenspan?
Is gold on its way to becoming just another commodity? The people who run the world's financial system are doing their best to secure that fate for the metal that once was viewed as the only ''real'' money.
The process of removing the glitter from gold has been a gradual but inexorable one, and is one of the most telling counters to the argument that national governments are less important in this era of globalization. Much of the world is now quite happy to accept the idea that a greenback backed by Alan Greenspan is just as good as one backed by gold.
Certainly gold's reputation as a store of value has eroded. At the peak of the gold frenzy in 1980, an ounce of gold cost $873, precisely that day's level of the Dow Jones industrial average. Now the Dow is at 11,014.69, about 38 times higher than the $287.60 price of gold.
Actually, that measurement understates the amount by which stocks have outperformed gold. If you had owned stocks all those years, you would have received substantial dividends. If you owned a lot of gold, you got no dividends but did have to pay storage fees for the stuff.
That is, in fact, how the central bankers of the world look at gold these days. Michel Camdessus, the managing director of the International Monetary Fund, said last week he expected the fund to sell gold for the first time in two decades. The Clinton Administration is pushing for such sales by the I.M.F. to help finance a laudable program to forgive debts owed by very poor countries.
The money received from the gold sales is to be invested in Government securities that will provide income, and that income will pay off the loans. The implicit assumption is that gold, which does not pay interest, is a lousy investment.
A couple of weeks ago, the Swiss electorate voted to begin untying the Swiss franc from its gold backing. The Swiss central bank could begin selling gold as early as next year. Once again, the argument was that selling gold was a way to find easy money for good deeds. To those who still view gold as the only real money, having the Swiss defect is a bit like discovering that Rome is embracing Protestantism. It is the last place that should happen.
But it is happening, and it seems likely that more central banks -- like the Australian and Dutch banks -- will join those that have already begun selling gold.
The argument against retaining gold is that its day is past. Once it was useful as a hedge against inflation that would hold its value when paper currencies did not. Now financial markets have their own sophisticated ways, using exotic derivative securities, to hedge against inflation.
Once gold served as protection for investors against governments that debased their currencies. Now there is plenty of debasing going on -- the Brazilian real is down 27 percent this year -- but the lesson people have drawn is to believe in the dollar. There is growing support for the idea that all of Latin America should adopt the dollar as a currency.
Dollarization, as that idea is called, amounts to a sort of a gold standard without gold. There would be a universal money whose value was based not on gold in the vaults, but on the wisdom of Mr. Greenspan and his successors at the Federal Reserve. Few fear that one of those successors might resemble G. William Miller, the Fed chairman in the late 1970's who seemed to have no idea how to slow inflation.
If the demonetization of gold continues, the price is likely to keep falling as central-bank sales more than offset any increase in demand from jewelers or industrial users. That could change if it turns out that central bankers are not the geniuses they are now deemed to be. But for now, the world believes in Mr. Greenspan and sees little need for gold.
What happened next? A 650% run over the next 12 years:
Not to mention a complete about-face by the very same Alan Greenspan:
Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it.
...
And the question is, why do central banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that, why are they doing that? If you look at the data with a very few exceptions, all of the developed countries have gold reserves. Why?
So here's a thought Jason: instead of quoting a Barclays analyst why "a lot of investors have become disillusioned with gold" and why "safe-haven demand hasn’t been strong enough to lift prices, but has only been strong enough to keep them from falling", maybe you can try to figure out why that is the case.
Start by making a few phone calls to Citi or JPM and find out why their commodity/precious metal derivatives exploded as they did - as can be factually seen in the OCC's Q1 report - at a time when gold has not only not risen following a surge in global risk, but has tumbled to its lowest value since 2010.
Because that's what actual "reporters" do - they report, something the WSJ may have forgotten.
It appears the mainstream media's total indoctrination of a narrative handed down by the central bank... in the face of central bank hording of gold - once again shows the desperation of the status quo to keep the dream alive (and suppress any signs of fragility) as The Fed moves to tighten.
Paraphrasing The New York Times from the 1999 lows in gold,
If the demonization of gold continues, the price is likely to keep falling as central-bank buys are nmore than offset byu paper manipulation. That could change if it turns out that central bankers are not the geniuses they are now deemed to be. But for now, the world believes in [Mrs. Yellen] and sees little need for gold.
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You don't want to be one of those people telling reality that is wrong...
Why not WSJ?
Here I was thinking 'reporters' sold stories to advertisers...
That's what you get for not paying dividend!
WSJ Neocon bankster corporatist mouthpiece.
They are all bought and paid for... like your representatives and Senators.
but WTF do I know, anyway...
Sometimes reality is wrong...and you just have to tug on Superman's cape, spit into the wind, pull the mask off of ol' Lone Ranger....
Sometimes it's just best to go long EPSON and printer toners.
Gold is fer spendin, not savin.
There is no question the main stream loves to push the notion that gold holds no place in an investment portfolio. Here is a rebuttal the next time your confronted with this nonsense.
Aaah yes, the 'not so', but maybe, fuckable Bridget Brown comes to mind whenever we have these discussions.
https://www.youtube.com/watch?v=OCHCf8qY4so
Fortunately, and for reasons all to apparent, the MSM is dieing. RIP and good riddance IMHO.
https://www.youtube.com/watch?v=Iz-8CSa9xj8
I'll only sell it when you give me a whole farm for it.
Hedgers, please come to your senses. Gold is dead. Dollar is king. And nothing will stop the deflationary tail-spin.
Buy gold like it's water.
The life you save just might be your own.
vacant totally vacant.
unlike the fullness of your avatar.
:-D
Ha! I'm the guy known to my local bank "investment advisor" AND all his buddies in the trade as, "The Guy Who Only Owns Gold", because that's all I have in that account; cash and gold. And so, I am an object of open derision by the bank's stock brokers.
I don't like this guy or his buddies and the bank itself is on borrowed time afaic.
"When the established authorities are wrong, it is dangerous to be right"
-Voltaire
WTF.. go for it.......
At least get the quote right: "it is dangerous to be right in matters about which the established authorities are wrong"
Obligatory FUCK THE AUTHORITIES.
https://youtu.be/Gp_ue8AT3Hc
Actually, you're both wrong. The original quote is:
Il est dangereux d’avoir raison dans des choses où des hommes accrédités ont tort.
French style?...
But I'm f'ng American.. next trip to Monaco, however.. I will do it French.
Manthong's version was more fluid, Voltaire had sex with his dog.
At least get the quote right: "it is dangerous to be right in matters about which the established authorities are wrong"
JHFC.. you are like the wife.. fine tooth comb...ok.. fine... but I am much closer to the V-man that some current authors.
you corrected me.. I am not above correction.. and I appreciate you for the effort.
now, see if you can say it in Greek......
And when the cuttin was done the only part that wasn't bloody was the soles of the big man's feet.
I knew Leroy..
He was a friend of mine.
And Obama, sir.. you are no Leroy Brown.
For the gold bugs...
http://www.imdb.com/title/tt0511094/?ref_=ttep_ep16
https://www.youtube.com/watch?v=iIkOotplqu4
Not Mark Hamills finest, but what is?
Can someone please tell this retard that comparing gold to a stock index is a red herring.
COMPARING THE PRICE OF AN INDEX TO GOLD DOES NOT ACCOUNT FOR THE STOCKS THAT LEAVE THE INDEX.
Now can someone bring up a chart of the price of the stocks that comprised the DOW in 2001 with that of gold ? Gold is gold. It does not change
Ummm....are you trying to say that if I buy shares in an index fund, the price of my shares will follow the price of the intial stocks in that index forever? Perhaps you are a little over-confident in your assumption of how index prices are determined.
Gold IS CURRENCY.. .chop some slices off an Eagle.. put them your hem .and see if anyone wants the slices a few years from now. FU Munger.. you will get yours one day..
and.. I still want to know if any of the kids know how many clicks it takes to adjust for 128 feet of drop..
oh.. at a 300 yd zero.. .25 MOA.. 1.7 ounces of love coming out of the muzzle at 2800 FPS and 6 tons of pressure. 6 ft. tall target.
so.. how far is that before it hits the ground?
..if you answered less than a mile you were wrong.
Gold is not an investment per se, but a store of wealth and/or insurance. Comparing gold to stocks, is well like comparing apples to oranges. A more fair comparison is gold vs. cash. Gold generally appreciates and increases buying power over time, fiat does not, thus it is liken to an investment.
I continue to acquire AU and AG, as insurance and to protect my store of wealth. I continue to investigate investments with monies I can afford to gamble with.
Articles like WSJ try to draw fiat and dollars destined for precious metals into the "markets", like the lure of sirens to weary sailors.
"Gold is not an investment per se, but a store of wealth and/or insurance. "
As long as people believe that's what it it, then that's what it is.
Confidence in the barbarous relic is key.. and for the moment there is no confidence in Gold as money.. The $$ Rules!
That said once the market has shaken out all the Gold Bugs.. then back up your truck for the buy of a lifetime..
$650------
Well F me..
put me in the way-back machine with little Sherman and the dog Peabody. just a lousy 115 years ago.. before the criminal Wilson and his bankster accomplices and see what the what I can buy just with a few of the old Morgans I have.
Well F yes.. they rode it for all it was worth.
So now it is not a matter of what they can pay..
It is a matter of what the Germans/EU can collect.
Ha.. Ha.. ha.. ha…
and y'know.. if I was able to go back to 1910.. maybe I could take Aldridge out.
I have tried spending $100 bills around town, to only go back to the bank to exchange for smaller notes. From what I have seen stores think the $100 bill is worthless. And this is why I will continue to dollar cost average down stacking beanie babies.
Yeah! What happened to the buggy whips and Polaroids? Marchand (?) mechanical calculators?
'bring back my Univac..
I'm not sure your point. I watched the show and have come to the conclusion that only a retard would site a Spielberg tv show from Feb. 2 1986 to monetary metals. In some illogical way, if I twist my brain and squeeze a plausible relation I'd be accomplishing the same result as pissing into a storm gale.
Gold is the premier currency. Silver is excellent in times like these. On a long enough timeline fiat drops to zero.
Didn't Spielberg get hosed by Madoff? I'm not listening to his expertise on anything financial. Hey, Elvis made money, Priscilla is making much more.
Kubrick is the best director that ever lived. Eastwood is better than the ET guy.
Didn't Spielberg get hosed by Madoff? I'm not listening to his expertise on anything financial. Hey, Elvis made money, Priscilla is making much more.
Kubrick is the best director that ever lived. Eastwood is better than the ET guy.
"Here I was thinking 'reporters' sold stories to advertisers..."
And here I thought that we (Libertrarians and ZHers were all about ZeroBullshit.
I guess we're no different that any other org/group, insofar we're really good at pointing out the BS from others, but are happy to mask, deflect or redirect our own BS and shortcomings. There's a very good and legitimate reason why I'm so hard and intolerant on "BS from within": No person, group, org or society can live long and prosper, if it does not weed out falsehood and hypocrisy from its own ranks. To whit...
Plenty of ZH writers and bloggers have been promoting the ownership of PM on the way up and on the way down. Plenty! "The fraud and deception of this is so odious that its stink wafts from the computer monitor", you might say.
Here is my sneaking suspicion on what's been happening: Plenty of ZHers have been shorting its paper price, and then using the profit to buy bullion. Not that there is anything wrong or immoral in that act, but... it is immoral and hypocritical, if these same people have been "singing in praise of gold". They're two-faced phonies and opportunists, pretending to stand for Truth. Lest some of these phonies try to white-wash themselves, let me remind you that when there are more bets on the price going down, the price does indeed go down, and thus their shorting bets are "Aiding and Abetting" TPTB.
And I'll go so far as to claim/hypothesize that even guys like Sprott, the ex-Goldmanite speculators at Stansberry Research (whose daily flood if emails made me realize this), and maybe even the Tylers themselves are doing this. For when it comes to Human Nature and the opportunity to profit, I don't put anything past these 'Elmer Gantry' types.
Lighten up Kirk, you flushed them, you were bright and didn't get hurt, neither did I. In the longer run nobody that is stacking is going to suffer, they will rule until the confiscation begins.
These are good times for stacking more, damn the mules, load the wagons. BTW, Elmer joins my Iconic Movies Pack along with Dr Strange and Soylent Green. He showed Sister Sharon the glitter of the real rapture.
Confiscate. ?????
Better have more than light skinned vehicles.
..and don't come close if you ain't dressed heavier than Robo-Cop.
+1 from Kirk.
"We're an empire now, and when we act, we create our own reality. And while you [reporters are] studying that reality—judiciously, as you will—we'll act again, creating other new realities, which you can study too, and that's how things will sort out. We're history's actors … and you, all of you, will be left to just study what we do."
Something is definitely going down... somebody just ponied up a cool $50 million to "Jump the QUEUE" and take JULY DELIVERY on COMEX Silver...
We haven't ever seen that before.
Somebody is talking their book. The trick, as always, is to figure out who it is.
if you are in a poker game and do not know who the mark is..
it's you.
.
The ides of March have come. Aye, Caesar, but not gone.
LOL, keep telling that to yourselves.
...and keep blocking voting so you can remain undisturbed in your delusion.
...and keep blocking voting
Or maybe ask satan for help.
Cat's gonna sacrifice his pet goat and a nine year old at the Grove this year.
Good luck with that.
Stocks and bonds are currency right cunt...,oh and real estate .
Lol
Ever wondered why gold is traded on the currency desk and not on the commodity desk of big banks, smarty pants?
It's money.. only one of two real monies.
Everything else is stupid credit...
We also have the new kid on the block - Bitcoin.
Its status is uncertain.
Bitcoin is definitely currency - a unit of account etc....
Bitcoin might become money - a store of value (over the long term) - we just dont know yet. It will be a long wait to find out, but its attribute of provable scarcity indicates it may be money, if it can survive the gradual development of the protocol without losing that scarcity.
Gold/Silver are definitely money - they have proven that over the long term (measured in centuries)
At the moment I put Bitcoin in the category of something the world has never seen before:
A deflationary currency. All other currency ever seen has been inflationary by design to support overspending by politicians.
..the high encryption block chain is just the start.. Mesh will take it of their hands altogether.
It's a communictions protocol.
Currency and money are not the same thing.
It would appear that few realise this.
Gold is both money and currency; yet another one of its many remarkable properties.
LOL, keep telling that to yourselves."
Ok, Well fine, but I bet my little Swiss gold franks, junk .90 silver coins and 1930’s Liberty’s will buy more crap than your paper when the SHTF.…
Gold is a tier one asset with a currency code.
Last time I checked, a barrel of oil was not a tier one asset and doesn't have a currency code
Damn.. Tier 1... don't you realize that they just did that a little while or so ago.. what might they know???
You are absolutely right. Gold is more like property. It's value is only determined by what people will pay for it. Much like Bitcoin value is determined by demand.
Because of it's unique qualities, rareness, and immutability people tend to give it high value in civilized societies. But there is no saying how much value it will have when life becomes uncivilized.
Gold is a wealth reserve asset. Gold is savings.
..makes a pretty good watch, too.
historically the best uses for gold have been paying ransom, bribes, and buying mercinaries ----"everything else is just game" -Hemingway
cool Hemmingway from Spain...... :-) when bug out time comes I have 2.7 oz of Swiss precision AG on the wrist, but it will be wrapped in camo tape.
Get a clue, kids....
As long as squaws worship bling, gold is heap powerful wampum for pussy.
..just spewed some coffee... kemosabe
:-D
It will have more value than the energy and labor required to get it out of the ground.
Similar to the idea of bitcoin mining, that it must pay for the hardware and energy to mine a bitcoin or no one would.
One more thing.
Gold has no counterparty risk.
Bitcoin has a variety of risks all outside of the owners control.
After cash is outlawed and Emperor Clinton decrees from her high office all gold is now property of .gov and must be turned in post haste under penalty of death then what? if you can't trade it is the value zero or infinity and does it really matter at that point?
Some if not most would react the same way you would if she said the government now has control of your 401. At least people holding gold have a choice.
"Bitcoin has a variety of risks all outside of the owners control."
OK a bit of volatility now.. not like it's a market or a currency or anything.
so explain to me .. I don't do Bitcoin yet.. but riskless P-P verified proof of work, 256K encrypted, I have the whole f'g ledger on my notebook.. what is the problem there?
Supreme cunt Clinton does not have X-Ray eyes stronger than ground penetrating radar. Supreme cunt is not master of the world, prepare to flee. She needs to keep an eye on Caligula, anyway. Meanwhile, is Web Hubble out of the P-Farm yet?
Fun facts.
Gold has no counterparty risk
Bitcoin has no counterpart risk.
Both have systemic risk. If people (as a group) no longer value them, they have no value.
Everything else is just details about the risks of each one.
Both have security risks.
If you add counterparty risk to either, by trusting someone else to hold them for you - you get increased risk.
Bitcoin has far less history, so systemic risk must be assessed as a lot higher than Gold.
Gold is more difficult to verify, store, secure and transport than Bitcoin - so it has a higher cost of holding.
Gold is under attack by Central Banks, Bitcoin is not at present. Pricing is more vulnerable to manipulation for Gold.
Bitcoin is far less used than Gold. As a result, Bitcoin pricing is dramatically more volatile than Gold.
So - choose what suits you. Or be much better and hedge using both - percentage allocation according to your risk preferences.
oh gee.. sage advice..
Thank you.
but my bunker is a pretty cheap place to hold counter-party riskless valuables..
I can store them for you, too and God will account for all of it.
Uncle Sammy the Robber knows his limitations in the field of neurons and synapses, therefore is simply awaiting perfection by the bright ones, then confiscation of Xcoin technology and the cashless society arrives with Sammy the banker's NSA holding all back doors and keys to the vault.
My life is uncivilized and bitcoin's last price is: $280.42
it was under 230.00 just a couple of weeks ago.
Caveman trade electrons like paper.
No, Gold is money.
I sold my ocean front property up in Maine for 55 gold coins and 33 silver coins. The transaction worked out great.
I hope that doesn't ruin your day.
And money is whatever people say it is. Got anymore property to sell? I have some really nice shells that I call money...
no, you're just plain wrong about that.
money is not whatever people say it is.
money has very specific characteristics, that have been known since the time of aristotle:
portability
durability
divisibility
fungibility
scarcity
gold meets these requirements, therefore it is money
the us dollar does not meet the property of scarcity (it can be printed at will), therefore it is not money.
sea shells are not fungible and not scarce and not very durable, therefore they are not money either.
You're a fool. There is not a single definition of money with silly rules. When you are in a starving crowd, a loaf of bread can buy you anything. Think outside of your box if you can.
yes, that shows that bread can be used as a currency. however, bread cannot be money, as it is not durable (it goes bad fairly quickly), and it is not fungible
you should have a basic understanding of the difference between money and currency, and not get them confused, if you want to have a discussion of the topic.
hmm.. riddle me this.. how many bitcoins are minable.....
"Google" it.
I don't think they will go stale.
Soylent Green, anyone?
not sure where your question is leading.
but i believe the number is 21,000,000
correct.. have a Satoshi on me..
hurray! i now have 7 billion and 1 satoshis!
thanx!
:-) it is furtherly divisible
Seriously, gold will never be money unless a total collapse happens. In that case though, too much gold will certainly kill you. ;)
.. except if you are Ming the Merciless
stacking12321 just gave you the textbook definition of money and you call him/her 'a fool'?
I say the only ultimate money is gunpowder.
Gold is NOT money. It can be sold for money, but it itself is not money.
Maybe, but someday fiat currency will sell for nothing.
geez.. someone is out there that is dumber or as deceptive as Bernanke.
I'm sorry I did not mean to insult.. but read the F'g Constitution for God's sake.
Unlike anybody in .gov nowadays.
Fiat will go where all fiat goes.. to ZERO.
I will gladly pay you a quadrillian Zimbob bucks Tuesday for a hamburger today.
..and at the rate it's going, I might make it Yen.
Gold IS money. It can be sold for currency.
FIFY
I can get a gold round with a pretty bird and "50 Dollars" stamped on it. Is that gold or money?
it is both.
gold is money.
it doesn't matter what it's stamped with.
This. The retards here should understand that gold is not viable to be used as money in a modern society.
When you know 1/10th what this guy knows about money, then come back and post. Until then STFU:
https://www.youtube.com/watch?v=wK6mUl3YMwU&feature=youtu.be
Thanks for the link HAL. It looks like he had a tough audience there at the Council for Fucking Retards.
Actually, gold is money douchenozzle. The dollar is a currency. Read more...post less!
Well, it will conduct current, so there's that.
Jason Zweig is a complete tool. He's a shill and he's so stupid he doesn't even know he's a shill.
BECAUSE THE GOVERNMENT HAS LEARNED AND WILL NEVER SUCK BANKSTER DICK AGAIN!
GOVERNMENT IS WORKING FOR YOU AMERICA! NOW SEND US YOUR SOMS AND DAUGHTERS AND SHUT THE FUCK UP!
(this message is paid for buy Mkney for Nothing Chicks for Free...an asspiring slush, I mean advoacy group that only asks for YOU to contribute MOARRRRRR...
I just bought another batch of Gold Eagles... Why? Because I sleep better owning gold than I would by owning equities. I know that when I wake up in the morning, or when my grandson wakes up one morning 25 years from now, the gold will still be there...
MRAP with gold'n'gun grabbing crew inbound for strike!
Problem is 1999 was after a 17 year secular bear market... not saying that is going to happen but this is not really a good analogy.
The Feds totally f'd what used to be known as a market economy in October, 2011..
In coordination with GS Mario's LTRO-1
We are in GS fascist Nazi territory now.
..and excuse the F out of me. But I don’t recall King Hussein and Chewie going to church anytime recently..
However, I noted that Vlad has had several conferences with priests both in his big city and on a little island in the middle of the Baltic.
WTF world am I living in?
I guess that six billion people in Asia, Africa and South America don't live in the "world".
Whenever I read an article that talks about the "world" I know the author means the Empire of Zion.
likely, the EM's will survive.. their leaders are not evil enough yet.
https://www.youtube.com/watch?v=BiXIs3bbETA
She has it all figured out.
She reminds me of this girl... https://www.youtube.com/watch?v=lj3iNxZ8Dww
Hey, at least she didn't abuse the word "like"
I'm sure it took incredible self-control, so high marks for that.
People are so fucking stupid.
I need to mail order a non English speaking bride and move us out to a secluded cabin away from all this bullshit.
https://www.youtube.com/watch?v=N6dWQLhTkQM
For real though, my marriage to a Chinese woman has convinced me that the USA has gotten it just about 180 degrees backward on family, financial, and a few other matters. Still, there's some good reasons people want to leave there, so we're still looking for a half-decent country.
Check out Ecuador, especially Quito and environs.
I love that she cites somebody as saying that. Do you think they told her that to make her look like an idiot? Or because they knew she woudn't know any better and pass idiocy onto the morons watching?
" describing owning gold as "an act of faith,"
As opposed to having faith in 500 trillion of derivatives and printing $$ ! I don't even own any gold, but fuck me. They all come out of the woodwork with sprawling fundamental theories for the drop...it dropped like a stone in seconds, where do fundamentals come into it?
Don't fight the Fed, or don't fight mathematics?
Which will be the last notion standing?
Gotta head off them Chinamen at the pass!
http://www.forbes.com/sites/kitconews/2014/05/27/china-looking-to-domina...
Jessica Fung, commodity analyst from BMO Capital Markets, said that this move by the Chinese central bank appears to be extremely opportunistic.
“It is quite clear that the East is trying to dominate the market,” she said.
Doesn't matter what others think, history shows fiat currencies come and go but there is always gold.
Pet rock, lol yeah ok.
Let's say all fiats go the way of the crapper. How exactly do you plan to use your gold? How would you use it for barter? Can you divide it into smaller pieces? Can you trade it in the streets?And how would you protect your gold in a world where the dollar has no value?
You would have to buy a lot of safes, and guns. You would need to know how to use the gun to defend yourself and your family. You would basically need to build your own Fort Knox. Once people discover that you own gold, that's your ass.
I wonder if gold horders even think about these scenarios.
I have no safe for my gold and silver, but I defy anyone to come and find it. Yes, you can divide gold and silver into smaller pieces. Yes, you can trade it on the streets. I sold my oceanfront property up in Maine in exchange for gold and silver. 55 gold coins and 33 silver coins. I just use my brain. I don't need a fort knox to protect myself. I hope that answers your questions.
I was just going to say to the OP that I'll use it own your home one day
"I wonder if gold horders even think about these scenarios."
Yes.
Kill fiat.. buy a couple pieces of gold.
I literally don't know anyone that holds gold that hasn't thought about these scenarios.
Anything you find in a safe is meant to be found.
I was wondering something like that...Do Bitcoin owners ever worry about the grid melting down or the Chinese killing US satellites, or a major EMP that wipes out the computers?
Are any holders of Bitcoin members of Ashley Madison?
always keep a couple of machines cold and off-line.
Here's your answer dipshit!
https://www.youtube.com/watch?v=MSYrCoD-8FY
Remember back in 2008 as there were a number of crisis events that pushed capital into the USD and as a result, gold was hammered. I drafted a long comment in the lead ZH article so I won't repeat it here but what we need is for gold/PMs to capitulate with panic selling from weak hands/players, panic selling from greedy shorts, panic messages being delivered by the media, and as many negative comments as possible through all channels to ensure the "gold is dead" message is loud, clear, and final. I don't believe we're there yet as I think they will attempt to drive the price below $1k and then down to $800 as really crush not just this market but potentially, the entire industry.
What really bothers me in this process is the ability for Fed proxies (i.e., Citi, JPM, etc.) to manipulate this market in a can't lose scenario. That is, endless selling of notional paper, backed by the Fed, to drive the paper price down as far as possible. Even if large physical demand occurs that creates a default at the COMEX, the proxies can simply settle in USDs per contracts. So endless selling continues, driving the price lower, to settle at lower future prices, with no intent on every delivering, and no real enforcement (from the CBO, SEC, government, etc.) ever planned.
Of course eventually down the road, when the price of gold has been obliterated with no real production remaining, any uptick in physical demand will be met with huge price swings as TPTB attempt to defeat gold and the physical parties attempt to acquire large gold holdings but can't as it's all accounted for (and production not being able to ramp up quickly with increasing demand given the capital investment cycle).
Whatever your opinion on gold, it would appear that something is not right as these types of large sell orders/dumps are not being undertaken by individuals or small investors. These are coordinated attacts from very large players that are either operating under the orders of TPTB or rouge traders/whales that are manipulating a market that nobody really wants to police. It would be interesting to see what type of activity occured in the put option markets on the indexs or senior miners prior to this activity as if it was unusual, then clearly someone was in the know!
Bankers hate gold because they do not make a commission from it and it limits how much they can print backed by only 'full faith and credit' which is very dubious at best.
and the MSM are all propaganda agents of the banksters
Fuck tard, everything you said is bullshit. Of course bankers make commissions on gold. And obviously there is no limit to their printing. Here's a tip -- dropping acid hurts your brain.
The truth is, since Nixon we HAVE NO IDEA what gold is. All the old relationships to money supply and trade flows have been removed. It's hard to have a store of value that is so volatile. The crooks have turned every market into a sham, so that there is no way to properly value anything.
Personally, I have a stack just in case the system blows sky high. But how well it protects me is anyone's guess.
It is a Nixon type event. The FED and its criminals front line of Banksters have more tools than the Nixon era, but those tools (derivatives, fractional gold, paper gold) do not remove the underlying pressure. The pressures are just not as visible as France's buying the US Gold during the tricky Dick's timeframe....
We can only HOPE that gold gets monkey-hammered back below $1,000, even back to $30. I'll be making purchases. And not of those silly fantasy, paper gold contracts. I'll be buying physical, in my hand, ounces. This includes silver, too. I found that I still have five $4,00 silver ounces and 1/10 ounce at $298/ounce.
As Stacking12321 commented
Money has very specific characteristics, that have been known since the time of aristotle: portability, durability, divisibility, fungibility and scarcity.
Another feature of money is 'Convertability'. You can covert gold and silver into any currency, any time. You can only convert fiat into another currency when certain conditions exist. (Other than a small market of collectors. Try converting Zim Dollar on an even basis with US Fiat.)
Some new monetary scheme will be set up, our War Crimial Government will agree, as will the rest of the world. And, whatever the scheme is my gold/silver will be convertible, at my option, into the new system.
Down to $30 - I wish .... literally back up the truck if you could find some fool to sell (verified) physical at that price!
looks like Schiff has been shafted by a strong Dollar badly for the second time, also Jim Rickards not looking so good either...guess they will be right one day but you're be broke by the time the day arrives traded their thesis...shame both smart men
Recall that for several years Rickards has consistently said that no one should put more than 20% of assets into gold, and that 5-10% should be sufficient.
I suspect that the Chinese citizens and traders will be as emotional and irrational as ever and sell even more gold when the markets open later tonight. Prepare for another drop.
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