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History Always Repeats ... Gold Protects From Capital Controls and Devaluations

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History Always Repeats  ... Gold Protects From Capital Controls and Devaluations

  • Simplistic gold analysis speculates solely on price
  • Forgets vital importance of diversification
  • Lorcan Roche Kelly’s analysis lacks all context
  • Ignores huge physical demand for gold coins and bars  
  • Today’s world is very different to the world of the 1980s and 1990s
  • Alas, financial crisis has been postponed not averted
  • Physical gold will have value when paper and digital wealth is devalued, confiscated or inaccessible ...

07-08-2015

An article on Bloomberg comparing the gold market in the late 1970s - dramatically peaking in 1980 - to that of recent years has suggested that “gold could soon get very boring” and a “repeat of that trend would leave gold at around $1,000 an ounce in 2035.”

We have long noted the importance of focussing on gold as a diversification and therefore not focussing solely on gold’s price. Price predictions are foolhardy at the best of times and when we occasionally venture into that space, we are always cautious and give caveats.

What is odd about this call for gold to fall nearly 10% in dollar terms in the next 20 years is that it is completely devoid of any kind of all important historical, geopolitical, macroeconomic or indeed monetary context.

So too it completely ignores the supply demand fundamentals in the physical gold market and the huge demand for gold coins and bars today that is leading to bottlenecks, delays and rising premiums.

The article on gold by Lorcan Roche Kelly says that “the 2011 gold price spike looks a lot like its 1980 spike” and provides charts that indicate the same. Price spikes in many assets can frequently look remarkably similar when overlaid in a chart.

07-08-2015_2

Especially if you are selective in the time periods shown. If you only select a certain time period, it can be used to support a hypothesis. But given the very limited set of data and singular comparison, such comparisons are simplistic, may not be representative and may be liable to mislead.

If such analysis regarding the stock market was done, it would be roundly laughed at and dismissed out of hand.

Following the 1980 parabolic price move - when gold rose 24 times in 9 years - prices fell sharply and then remained fairly static for the next twenty years. On this basis, Kelly concludes that another prolonged and “boring” period may be ahead for gold prices.

He argues that the price stabilised in the 1980’s because the inflation “panic” of the 1970s had subsided.
The actual significant bout of inflation and indeed stagflation did indeed subside but only after Fed Chairman, Paul Volcker had increased interest rates to over 15%.

Similarly, he argues that the “panic” of the financial crisis caused the 2011 spike and that those fears are now subsiding and so gold prices have fallen and are now stabilising at lower levels.

While those fears may indeed be subsiding - and we are not convinced that they are given the incredible demand for physical gold and silver coins and bars across the world in recent weeks - we doubt that they will remain subdued for long.

The issues which led to the crisis - i.e. excessive debt at every level of society - have not been dealt with. Ultra-easy monetary policy and QE have, in fact, caused global debt levels to balloon since 2011. Central banks are now stuck in a debt-trap.

Leveraged speculation has led to massive inflation in financial assets and yet the real economy globally remains stagnant - as demonstrated by collapsing commodity prices. The companies that use these commodities are cutting back due to lack of demand and deflation once again looms on the horizon.

Western central banks continue to postpone raising interest rates because if and when they do it may pop the last vestiges of the economy which give the illusion of health - the stock and bond markets.

Incidentally, many commentators erroneously suggest that rising interest rates are automatically negative for gold but not, somehow, for the other financial assets which are utterly dependent at this stage on low interest rates - particularly property.

Historical data does not back this up and shows that in periods of rising nominal rates - when rates are chasing inflation - gold also rises.

The period to which Kelly refers, the 1980s and 1990s followed a period of severe monetary discipline and came about at the end of a long period of interest rate tightening.

The metaphorical chaff had been separated from the wheat and it was followed by a period of strong economic activity. We are now in a twilight zone period following a bout of unprecedented monetary profligacy and experimentation the consequences of which are yet to manifest.

The 1980s was a period of stabilising geopolitical tensions. The enmity between the global superpowers, the U.S. and U.S.S.R. were being resolved peacefully. With the end of the Cold War, for a time it seemed like peace might prevail globally.

Unfortunately we are now in a period of increasing destabilisation across the Middle East and North Africa and rising tensions between the U.S. and Europe on one side and Russia and China on the other.

We are in a period of historic indebtedness which will have a devastating effect on the currencies of the U.S. (debt to GDP, 101%), Japan (debt to GDP 230%), and the Eurozone when rates rise and debt can no longer be serviced.

Indeed, the 1980s and 1990s could not be more different than the present period.

We would like to believe that a period of peace and prosperity lies ahead of us. Unfortunately, the facts do not support this panglossian assertion.

If history truly repeats it is more likely that we see hyperinflation and the sharp devaluation of paper and digital currencies in the coming years, given that no experiment with money printing has ever had a positive outcome.

The macroeconomic, geopolitical and monetary conditions today or more akin to the challenging 1970s than the more benign, declining interest rate environment of the 1980s and 1990s.

Therefore, seeking historical parallels the 1970s may be a better guide to future gold prices:

07-08-2015_3

Gold 1970-1980

The recent price falls were not a surprise. We said in an interview on Bloomberg when gold was near $1,900 that there was going to be a correction and that in a worst case scenario gold could replicate the 1970s bull market when gold fell nearly 50%.

In the 1970s, gold rose from $35/oz in 1971 to over $197/oz by January 1975. In the next 21 months, gold fell in value by nearly 50% to $103/oz by late August 1976.

This led to many pronouncements that gold’s bull market was over and the bubble had burst.In the next 40 months from August 1976 to January 1980, gold rose 8 fold from nearly $100/oz to $850/oz.

We see think there is a real possibility of the same pattern playing out in the coming months.

Roche Kelly’s piece makes a historical price comparison which lack any sense of all important historical context. Indeed, it does not even look at gold’s last bull market and the clear precedent of a 50% correction.

As an Irishman, Roche Kelly should also understand the importance of considering assets including gold in local currency terms. In Ireland, people who owned gold during the property and stock market crash protected and grew their wealth.

Similarly, people in Greece who owned gold during the property and stock market crash protected and grew their wealth.  Indeed, gold was one of the few forms of physical savings and money that Greeks could access during the draconian capital controls and deposit withdrawal restrictions which continue to this today.

In euro terms, the currency used by some 337 million Europeans on a daily basis, gold rose 12% in 2014 and is another 2% higher in 2015. People in Ireland, in Greece, in Germany and throughout Europe invest in physical gold in euros, not dollars. This underlines once again gold’s importance as a way to hedge currency risk.

07-08-2015_4

We would remind readers of the words of Ray Dalio, founder of one of the most massive hedge fund companies in the world, Bridgewater, and regarded by Bloomberg Markets as one of the “50 Most Influential People”.

In May, when addressing the Council on Foreign Relations he said, “it’s not sensible not to own gold.”

He added

“there is no sensible reason other than you don’t know history and you don’t know the economics of it”.

Owning physical gold is a historically - and academically - proven safe haven asset. This means that it preserves wealth and protects people in times of crisis. When one buys physical gold it is as a form of insurance rather than as a speculative means to make a profit. Profit is a secondary motivation.

We do not buy house insurance with the expectation of a dividend or interest payment. Nor should we expect such from gold. It can and has made many people very wealthy indeed but this should not be the primary reason for owning gold.

To conclude, Lorcan Roche Kelly may be right and gold prices may be at $1,000 per ounce in 2035. This in itself is the value of gold - it will always have a value. There is no guarantee that the government bonds, nor the fiat and digital currencies throughout the world today will have a value or indeed will be accessible.

Diversification and holding some of your investments, savings and pension in gold outside of the current fragile financial system remains prudent.

MARKET UPDATE 
Today’s AM LBMA Gold Prices were USD 1,091.35, EUR 998.99 and GBP 703.01 per ounce.
Yesterday’s AM LBMA Gold Prices were 1,085.00, EUR 996.05 and GBP 694.56 per ounce.

Gold and silver on the COMEX were nearly unchanged yesterday - up $4.30 and up 5 cents respectively - to $1,089.30/oz and $14.65/oz.

07-08-2015_5
Gold in USD - 5 Years

Gold futures for December delivery rose 0.2 percent to $1,092.50 an ounce on the Comex in New York. Silver for immediate delivery gained 0.5 percent to $14.83 an ounce.

Platinum rose 0.4 percent to $958.46 an ounce, while palladium gained 1 percent to $608 an ounce.

Both PGM metals reached multi year lows on Tuesday, with platinum sinking to a six-year low of $945.24 and palladium to $589.10, the lowest price since October 2012.

Breaking News and Research Here

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Sat, 08/08/2015 - 15:23 | 6405335 e1618978
e1618978's picture

http://www.reuters.com/article/2012/06/18/us-italy-gold-idUSBRE85H1Q9201...

Yeah, gold is amazingly easy to transport across borders without anybody noticing.  How could capital controls even apply to gold at all?  [/sarcasm]

Meanwhile, you can email bitcoins to yourself and go across the border empty handed. 

Sat, 08/08/2015 - 09:43 | 6404467 messymerry
messymerry's picture

This is how cryptocurrencies will play out:  They will be largely ignored until they get big enough to be a threat to the Mammonites hegemony...at which time they will either be coopted or destroyed by the Mammonites puppet governments... 

What are Mammonites you might ask, well, consider my B-BAD philosophy:  Bwankers - Brokers, Agents, and Dealers.  These are the Mammonites.

Gold will reassert itself...

;-D

Fri, 08/07/2015 - 23:27 | 6403693 FIAT CON
FIAT CON's picture

1.) most people will not need to travel thousands of miles and require to take there gold with them.

2.) If people wanted to do so they could purchase Bitcon  < (haha) with gold and then travel with the Bitcon.

3.) gold is tangable money not a 1 or a 0 in a computer without power.

4.) try trading a bitcon to a farmer or a non bitcoiner (as is most of the population) for anything, not going to happen.

5.) who's to say that the .gov does not put a stop to the bitcoin system.

6.) A computer hacker can steal your bitcon ie Mt. Gox I believe it was!

7.) If you don't hold it you don't own it.

I own a few "Bitcon " 1oz silver coins. real silver not a phantom coin in cyberspace.

Sat, 08/08/2015 - 10:45 | 6404578 Benjamin123
Benjamin123's picture

Fact is boats travel both ways, back and forth from port A to port B.

If merchandise can travel one way, gold can travel the other.

It isnt far fetched to imagine private banks allowing you to deposit gold in an account and letting you withdrawal it at a different branch in another country.

Fri, 08/07/2015 - 19:35 | 6402894 ramgold2206
ramgold2206's picture

people you are at it again.. arguing with each other about which is better; gold, bitcoin; fiat etc etc.... ITS not a competition, they are all simply tools i.e. methods of holding wealth and/or mediums of exchange... use whatever tool is required to best serve your needs at a given time. me personally im stacking physical gold at the minute.. 10 years ago it was property... 5 years ago fiat cash... it may be stocks in 5 years time.. if they hit the floor....

 

www.teamramgold.com

Fri, 08/07/2015 - 19:25 | 6402864 bitterwolf
bitterwolf's picture

Here is the idealized goldbug scenario for buying gold at a constantly diminishing price......http://latino.foxnews.com/latino/money/2015/08/07/hyperinflation-looming...

 

Except: NO ONE IS USING GOLD

Fri, 08/07/2015 - 18:39 | 6402734 bitterwolf
bitterwolf's picture

The only thing repeating here is that same tired, archaic DNA memory based appeal to GOLD, GOOOOLD, THERE'S GOLD IN THEM HILLS.LOFL say good bye to ALL your fiat currency you bought the gold with.

Fri, 08/07/2015 - 17:10 | 6402498 Conax
Conax's picture

Gold minted in 1790 found in the muck at the bottom of the sea gleams like new with a rinse and a wipe. Those coins have more than kept up with stawks an bunds in real value. They are, each and every one, a treasure now.

Let's see, treasure or a financial receipt..  hmm that's a toughy.

 

 

Sat, 08/08/2015 - 01:02 | 6403893 Kprime
Kprime's picture

Imagine the stunning treasure they would have had if they had brought up a watertight box of 1792 Spanish T-Bills.  WOW.

I can't even begin to calculate the payoff with the vig.

Sat, 08/08/2015 - 05:02 | 6404167 OldPhart
OldPhart's picture

Imagine the discovery of 1792 bitcoins, stored on a flashdrive, at the bottom of the Atlantic.  Holy shit!!  The non-wealth would be un imaginable.

I'm sceptical of anything that relies on a commodity (electricity) that can be cut off at any moment.  I may be a Luddite, but there is nothing like holding an actual coin in your hand.  One ounce doesn't seem like a lot, until you hold a 'silver dollar' with a Silver Dollar.

And, being old school, I like shiney things over dull things.  Bitcoins, to me, are even less than dull, they don't exist, they're a fantasy.

Fri, 08/07/2015 - 16:32 | 6402409 FinalEvent
FinalEvent's picture

History doesn't repeat, it rhymes.

Analog became digital

Gold became .......

Fill in the dots
My avatar

Fri, 08/07/2015 - 17:04 | 6402481 Bunghole
Bunghole's picture

Is that why people currently pay $500-$1000 for a used analog turntable and over $20 for a used LP because analog is dead?  Last time I checked, my Linn deck was valued well over it's $500 1988 purchase price.

Same holds true for my Conrad Johnson tube amps and preamp.

Enjoy your digital iPod moron.  It will be in the trash heap within 5 years, just like BTC.

Now go back to posting on CNBC like a good little FED stooge.

 

 

Fri, 08/07/2015 - 19:18 | 6402845 crazytechnician
crazytechnician's picture

Millions of shitty plastic turntables have been relegated to the trash heap... Do they have value ? Nope , they were obsolete. Some fine examples may hold value , just like the very first iPod's are now gaining in value.. To make that comparson is dumb-a$$ , Bitcoin will supercede fiat , there is more chance of going back to rare sea shells than a gold standard...

Fri, 08/07/2015 - 23:06 | 6403467 bardot63
bardot63's picture

Quadtrillions of dollars have been relegated to the trash heap--thru planned inflation.  Turntables were never obsolete, no more than the 65 Mustang or the 57 Chevy.  They were needed to play very valuable 33 1/3 and 45 rpm record collections, and if you notice, vinyl is back, and back big time. I have about 1,000 vinyl records, and four or five turntables, from Gerard to SoundDesign and others, and every one of them is worth big bucks today.  When I put on a stack of records, I don't get advertising, and no one hacks my music player, and no one tracks my life thru my music player, and I don't get spammed thru my music player. 

As for a gold standard, you might be interested in knowing that every government on Earth is on a gold standard, by holding gold, and trading gold, and using gold for portfolio insurance against crap like over-printing and wars.  Gold standards don't have to be "official" to be in place and working.  The U-S wasn't on an official 'gold standard' until the 1870s, even though gold and silver were this nation's main currency for 100 years before that.  And that included all foreign gold and silver.  Didn't matter what language was stamped into the coins. 

You might want to do some reading..........

From documents discovered by Ronan Manly via GATA dispatch 7Aug15: 

"The six London bullion clearing members each maintain confidential secure vaulting facilities within central London locations, using either their own premises or those of a secure storage agent, which are used to process and store precious metals (mostly gold and silver), for both the member and those clients who require custodial storage, (including some central banks). ...

"[T]hese vaulting facilities enable the depositories to process large physical transactions with a high degree of confidentiality (essential given the sensitivity many governments and central banks place on gold transactions); also, these vaults provide the potential of some modest income from client storage requirements.

"There are close ties between the vault operations and the precious metal trading and sales team on physical movements, particularly when scheduling consignment stock deliveries, but also where key government or central bank physical transactions are being undertaken, which require sensitive and confidential handling, and often involve taking high-security precautions."

Fri, 08/07/2015 - 19:40 | 6402917 Jonas Parker
Jonas Parker's picture

Phone(y)star lives!

Fri, 08/07/2015 - 16:53 | 6402447 Anton LaVey
Anton LaVey's picture

You are cute "FinalEvent".

Bitcoin is nothing more than a bunch of zeros and ones on a computer. What happens when this computer fail? Do you have a backup? What happens when that backup fails?

A Gold coin in your hand is a real thing, something solid, that you can put in a safe place and be reasonably confident it will still be there tomorrow morning.

Jim Rickard said it best: owning Gold is safe even in the event of an attack on the global digital infrastructure. Bitcoin... Not so much.

When I was  getting started in computers I spoke with an old grizzled IBM engineer, and I always remembered what he told me: "Kid, when you want something to be secret and safe, you don't put it on a computer. ESPECIALLY a computer connected to any kind of network".

I'll let you think long and hard about that - especially given that they are already documented cases of Bitcoin wallet hacking and Bitcoin stealing.

Read it and weep: http://www.palkeo.com/code/stealing-bitcoin.html

 

Fri, 08/07/2015 - 19:22 | 6402851 crazytechnician
crazytechnician's picture

Cash and metals are far easier to steal than bitcoin , which is stored not just on one or two backups , but thousands and thousands of servers spread out across the planet. My advice to Flat Earthers: Stick to what you know best: Ignorance.

Sat, 08/08/2015 - 12:55 | 6404913 Pliskin
Pliskin's picture

"Cash and metals are far easier to steal than bitcoin "

Really?  I'd like to see one of those nerdy little hacker types try and break into my appartment and steal my stash...good luck with that (Whether I'm there or not...What, you think I leave it sat out on my coffee table?)

Sat, 08/08/2015 - 01:06 | 6403904 Kprime
Kprime's picture

It wasn't very hard for the US gov to steal some Bitcoin.

Fri, 08/07/2015 - 23:34 | 6403712 wendigo
wendigo's picture

I've said it before and I'll say it again: if someone digs up my stash 1,000 years from now it will be worth something. I can't say how much, but something.

In 1,000 years no one will know bitcoin even existed.

Sat, 08/08/2015 - 06:41 | 6404241 The Shodge
The Shodge's picture

You must be thinking big, I only need a stash for my lifetime. But what the heck, you can't think big enough when it comes to stashing gold. You mind if I dig yours up a little sooner?

Fri, 08/07/2015 - 19:37 | 6402902 Latitude25
Latitude25's picture

I like some of these alternatives to bitcoin.  They're better

http://www.bankrate.com/finance/investing/cryptocurrency-alternatives-to...

Fri, 08/07/2015 - 19:41 | 6402920 crazytechnician
crazytechnician's picture

bitcoin has the largest market capaitasation , hash rate (security) and of course Network Effect...  The Alt's are just clones , the majority die within a couple of months , none of them have brought anything new to the table...

Fri, 08/07/2015 - 19:46 | 6402938 Latitude25
Latitude25's picture

That's a fucking lie!

Fri, 08/07/2015 - 20:03 | 6402994 crazytechnician
crazytechnician's picture

Explain or go fuck yourself...

Fri, 08/07/2015 - 16:24 | 6402384 Prober
Prober's picture

"History Always Repeats ... Gold Protects From Capital Controls and Devaluations"

ABSOLUTELY WRONG - JUST MORE GOLD-PEDDLER PROPAGANDA.

THE ****ONLY**** THING THAT "Protects From Capital Controls and Devaluations" IS FORCE OF ARMS, IE WEAPONS.

GOLD PEDDLERS ARE JUST ANOTHER SPECIES OF FINANCIAL INDUSTRY SCHEMERS, DECEIVERS, MANIPULATORS, AND EXPLOITERS.

GOLD = EXPENSIVE SHINY LEAD.

Fri, 08/07/2015 - 19:38 | 6402906 Jonas Parker
Jonas Parker's picture

Let me guess Prober... we should all sell our gold and invest in bitcoin?

Fri, 08/07/2015 - 19:12 | 6402835 crazytechnician
crazytechnician's picture

History Rhymes. Try taking a kilo of gold out of Greece , or even just 5 ounces through an airport or security checkpoint. You will quickly see that Capital Controls do affect PM's. Try memorising your bitcoin wallet address and quickly you will learn that bitcoin is borderless and immune to capital controls and currency debasement.

What if you gold nuts are wrong ? And digital currencies come along as the next wave of money ?

Yeah sure gold is a store of value , but does it make good money in a globalised world where payments need to be made 12,000 miles away in the blink of an eye ? Gold is useless for that.

Hedge accordingly , Bitcoin , BTChezzzzz

Fri, 08/07/2015 - 20:34 | 6403085 Latitude25
Latitude25's picture

This will soon make your beloved bitcoin worthless

https://www.bitgold.com/

Sat, 08/08/2015 - 03:20 | 6404090 crazytechnician
crazytechnician's picture

You Flat Earthers crack me up. Bitgold is an unworkable scam to rip off you gold nuts .. Good luck down there wallowing in your own ignorance. I hope you manage to climb out some day ....

Sat, 08/08/2015 - 04:27 | 6404112 Latitude25
Latitude25's picture

I had some bitcoin once and lost it in the Mt Gox scam.  At one point recently the FBI was the single largest owner of bitcoin.

http://www.wired.com/2013/12/fbi_wallet/

And finally if the queen of fraud and manipulation, Blythe Masters, is in bitcoin, I certainly will not be:

http://www.coindesk.com/former-jp-morgan-exec-blythe-masters-swaps-wall-...

Now go cry to your mommy cause you crapped in your underwear.

Sat, 08/08/2015 - 06:09 | 6404214 crazytechnician
crazytechnician's picture

"I had some bitcoin once and lost it in the Mt Gox scam."

Hilarious you got Corzined , didn't anybody tell you to hold it in your own wallet ? But you are lying anyway , your way too ignorant to know anything about bitcoin ..

By the way , 2500% bitcoin gains in 3 years ..... Hmmn , I'm now laughing my head off at your last sentence , just goes to show the true level of your ignorance.

BTW - Please tell me how has that PM investment done over the same 3 years again ....

Sat, 08/08/2015 - 07:30 | 6404276 Latitude25
Latitude25's picture

Avoiding discussion of the security problems with bitcoin and picking and choosing time frames for supposed gains and losses just makes you look more stupid than you already are.   LOL

Sat, 08/08/2015 - 07:48 | 6404282 crazytechnician
crazytechnician's picture

bitcoin does not have any security problems. You are talking about the security of some dodgy web sites , bogus exchanges and 3rd party wallet providers. bitcoin security is rock solid. So let's pick another timeframe , 6 years for bitcoin - that would equate to millions of percent gains compared to gold....

Sat, 08/08/2015 - 09:01 | 6404382 Latitude25
Latitude25's picture

WE appear to now be entering a worldwide depression where many digital and paper promises will go to ZERO.  Bitcoin has the potential to go to ZERO as in worth absolutely nothing.  Gold and silver will NEVER go to zero as long as humans exist.

You're avoiding the issue.  If the FBI and Blythe Masters are in bitcoin there is a serious security issue.  I hope you bought some gold and /or silver for the shitstorm that is coming.  Bitcoin MAY help but gold and silver WILL help FOR SURE.

By the way bitcoin appears to be following stocks.  It dropped nearly 3% on Friday.

Sat, 08/08/2015 - 13:02 | 6404929 Pliskin
Pliskin's picture

Latitude25    1

Bitcoin Bitch  0

 

Fri, 08/07/2015 - 16:47 | 6402442 Baa baa
Baa baa's picture

Methinks you are angry as your larder contains no gold.

Fri, 08/07/2015 - 16:41 | 6402426 Anton LaVey
Anton LaVey's picture

Whoa! No need to scream IN ALL CAPS!

Unless you have a small army to back you up "Prober", I think the US military still has more guns than you. Not to mention the different SWAT teams in the US.

 

Sat, 08/08/2015 - 01:14 | 6403920 Kprime
Kprime's picture

US military has more guns than anyone in the world and they haven't won a fuckin war in 80 years.  they can't beat a bunch of rag heads in Toyota pickups.

Sat, 08/08/2015 - 04:48 | 6404161 OldPhart
OldPhart's picture

1983 had a friend that owned a drug store (pharmacist).  Was at his house and we were arraning a day cruise for us and our wives.  I'm pretty much in poverty, have a job but it didn't (yet) pay much (though it did a year later), it's a gambling ship and I ask how much he plans to take with him to play with.

He tells me to follow and we go back to a bedroom.  He bends down and pulls a wooden box out from under the ged.  Opens the lid and he's got hundreds and hundreds of Kugerrands,  Grabbed a handful and said "I'm good."

I scraped together $75 for the cruise.  At the time, I recognized the value of buying gold, but pretty much every dollar I made was used to feed my kids.  That $75 was 3/4 of my mortgage and it was going to be a tough month.  I had to call Victoria, the lady I owed, and tell her that I'd be two weeks late.  Not a thing you want to tell a lady that depended on your payment for her retirement.  She was understanding and even gave me another week.  (I'd been early on payments previously, so was really nice about giving me a night out.)  My $75 lasted about twenty minutes into the five hour cruise.

Sat, 08/08/2015 - 13:05 | 6404938 Pliskin
Pliskin's picture

Mmm, nice story!

Anymore?

Fri, 08/07/2015 - 19:59 | 6402983 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

Yeah good luck with the Bushmaster when the Apache tops the horizon. 

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