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Faber: Own Gold – “Don’t Store It In The U.S., The Fed Will Take It Away From You One Day”
Faber: Own Gold – “Don’t Store It In The U.S., The Fed Will Take It Away From You One Day”
Today’s AM fix was USD 1,767.25, EUR 1,349.36 and GBP 1,089.42 per ounce.
Friday’s AM fix was USD 1,772.50, EUR 1,359.70 and GBP 1,093.53 per ounce.
Silver is trading at $34.52/oz, €26.44/oz and £21.36/oz. Platinum is trading at $1,699.00/oz, palladium at $685.50/oz and rhodium at $1,050/oz.
Gold rose $5.30 or 0.3% in New York and closed at $1,771.60. Silver climbed to $34.91 then dropped before bouncing back higher, and finished with a loss of 0.06%. Gold was up 2.02% for the week and silver another 3% for the week.
Currency Table – (Bloomberg)
Gold is slightly weaker today but hovering near a 7 month high, as the US Fed’s announcement of QE3 has led to some investors diversifying into bullion as a hedge against inflation risk.
The yellow metal rose as high as $1,777.51 on Friday, a high not seen since February 2012 when it hit this year’s peak. Last September 2011, it reached a nominal high of nearly $1,920/oz.
QE3 will allow the Fed to print dollars to buy $40 billion worth of bonds every single month for the foreseeable future. Dollars, euros and pounds are being made to grow on trees – the precious metals do not.
November marks the festival season of Diwali in India, the Hindu festival of lights and demand has picked up as both jewellers and investors scaled up purchases before prices rise any further.
Marc Faber, one of the few analysts, to have predicted the current crisis correctly and to have protected his clients in the process, remains very bullish on gold.
In another excellent Bloomberg interview, Faber said that “the trend for gold prices will be steady but the trend for the dollar and other currencies will be down. So in other words gold in dollar terms will trend higher.”
Gold in Dollars, Euros, Pounds, Norwegian Krone – 1 Year
“How high it will go, you will have to call Mr Bernanke and at the Fed there are other people who actually make Mr Bernanke look like a hawk and so they are going to print money.”
Faber is on record as to the importance of owning physical gold and he again warned about the importance of owning gold but not storing it in the U.S.
Gold in Dollars, Euros, Pounds, Norwegian Krone – 5 Year
“You ought to own some gold but don’t store it in the U.S., the Fed will take it away from you one day,” Faber astutely noted.
He said that Bernanke is a money printer and this could lead to massive inflation and the Dow Jones at 20,000, 50,000 or 10 million.
Faber cheerily predicted that the “the Federal Reserve’s monetary policy will destroy the world” and “eventually we will have a systemic crisis and everything will collapse.”
Faber’s long term historical financial and economic perspective remains astute.
The full interview is a must see and can be seen in our commentary section today.
NEWSWIRE
(Bloomberg) -- Fed’s QE3 Signals Gold Rise to $2,000 by March: Chart of the Day
Gold may surge to a record $2,000 an ounce in the next six months as the Federal Reserve’s third attempt at economic stimulus stokes concern that inflation will accelerate, according to TD Securities Inc.
The CHART OF THE DAY shows that gold prices have moved almost in tandem with inflation expectations, which jumped to the highest in 16 months after the Fed announced a third round of bond buying. Investors may increase purchases of the precious metal to protect against rising consumer prices, said Bart Melek, the Toronto-based head of commodity strategy at TD Securities.
Gold soared 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of bonds in two rounds of so-called quantitative easing.
On Sept. 13, the central bank said it will expand holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month and keep the benchmark interest rate near zero “at least through mid-2015.”
“We are running the risk of inflation because of this highly accommodative monetary policy,” said Melek, the third- most accurate price forecaster for precious metals tracked by Bloomberg during the eight quarters through June 30. “The concern is that even as velocity in the banking system picks up, the Fed may not drain away liquidity fast enough.”
On Sept. 14, inflation expectations as measured by the break-even rate for five-year Treasury Inflation Protected Securities reached the highest since May 4, 2011. Gold futures climbed 1.9 percent last week to $1,772.70 on the Comex in New York. The precious metal surged to an all-time high of $1,923.70 on Sept. 6, 2011.
(Bloomberg) -- Credit Suisse Raises Gold Forecast to $1,850 an Ounce
Credit Suisse Group AG raised its gold forecast to $1,850 an ounce, according to a report from Nannette Hechler-Fayd’herbe, head of global financial markets research.
(Bloomberg) -- Gold Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York gold futures in the week ended Sept. 11, according to U.S. Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 182,016 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 11,552 contracts, or 7 percent, from a week earlier.
Gold futures rose this week, gaining 1.9 percent to $1,772.70 a troy ounce at today's close.
Miners, producers, jewelers and other commercial users were net-short 237,091 contracts, an increase of 17,705 contracts, or 8 percent, from the previous week.
Each Friday the CFTC publishes aggregate numbers for long and short positions for speculators such as hedge funds and institutional investors, as well as commercial companies that buy or sell futures to protect against price moves. Analysts and investors follow changes in speculators' positions because such transactions can reflect an expectation of a change in prices.
(Bloomberg) -- Silver Traders Trim Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators decreased their net-long position in New York silver futures in the week ended Sept. 11, according to U.S. Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 31,482 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions fell by 948 contracts, or 3 percent, from a week earlier.
Silver futures rose this week, gaining 2.9 percent to $34.66 a troy ounce at today's close.
Miners, producers, jewelers and other commercial users were net-short 47,272 contracts, an increase of 2,352 contracts, or 5 percent, from the previous week.
Each Friday the CFTC publishes aggregate numbers for long and short positions for speculators such as hedge funds and institutional investors, as well as commercial companies that buy or sell futures to protect against price moves. Analysts and investors follow changes in speculators' positions because such transactions can reflect an expectation of a change in prices.
(Bloomberg) -- BNP Paribas Says Fed’s Low Rates to 2015 Delays Gold’s Peak
Gold’s peak will be delayed because of the Federal Reserve’s decision to keep interest rates low for longer, BNP Paribas SA said.
BNP Paribas kept its annual gold and palladium price forecasts, Anne-Laure Tremblay of the bank said in an e-mailed report today.
NEWS
Gold hovers near highest in almost seven months after Fed - Reuters
Bullish Wagers at 16-Month High as Citi Sees Gains - Bloomberg
Amplats to resume S.Africa operations on Tuesday - Reuters
Gold, silver rise in electronic trading – Market Watch
COMMENTARY
Video: Gold's Global Outlook: The Drivers of Its Rally - Bloomberg
Video: Don't Store Gold In U.S. - Fed Will Take It From You - Bloomberg
When will these bankers learn: Stock markets have nothing to do with the real economy – The Daily Mail
BofA Sees Fed Assets Surpassing $5 Trillion By End Of 2014... Leading To $3350 Gold And $190 Crude - Zero Hedge
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Correct. When there is no real consequences for bad behavior, possession is the law.
Right. I get to choose between a Panamanian banker or the Fed as to who is going to safeguard my gold better.
Very nice.
You are more than welcome to come and take my gold Mr Government worker bee.
Problem is, you may not leave my property alive is all. Fucking imbeciles. Any government cunt reading ZH this morning or afternoon had better realise one thing, you will not leave with our hard earned currency. I would rather kill a fucking room of you useless cunts.
Hypothetically speaking of course. :-)
Of course it's hypothetical. That's why the DHS and all other non-militarized Federal Agencies have purchased a gazillion rounds of hollow-point ammunition. For just such a hypothetical situation.
Well then mess nonster,
They can come and hypothetically have their colective heads blown off trying to take it then.
They may even make me famous. :-)
Confiscation of gold is nonsense. I addressed it here: http://buygoldandsilversafely.com/gold/is-marc-fabers-fear-of-gold-confiscation-unwarranted/
Synopsis:
The government isn't going to send out census taker types to knock on everyone's door and ask, "hey man....you got any gold?"
Much easier with a stroke of a pen for the government to convert all of that money they had you put away in 401k's and IRA's over the years. They already had their henchmen the IRS take from you an automatic 20% on withdrawals right?
Faber has been saying get your money out to a place like Singapore, because that's where he lives. Of course he's saying that.
They would have to get rid of the 2nd ammendment first before coming for your gold. Most people who own gold, also own guns from my experience (as a gold dealer).
I don;t think it's a question of either /or, but rather one of first this /then that.
When they confiscate my IRA/Pension fund/401k/stocks, etc... I will say, "Oh, but I still have my gold! Welll, I don't have it have it, it's deposited in a bank in Sinagpore. Hmmm, maybe I'll hop on a jet and go get it."
So, at the terminal, the TSA guy says, "You! Secondary! NOW!"
Then, in the windowless room, a smooth little man in a dark suit asks me why I'm going to Singapore.
The scenario gets worse from here. Use your imagination.
Yes, access is obviously important.
On an aside, for those who have gold already who want to take it out of the country, I've spoken with customs and they don't value your one ounce American Eagles at face, $50 (just saying). If you do take gold out in $10,000 increments, Then it's a matter of what duties the new country will charge you in the country you are taking the gold to.
Also, where will you be able to liquidate the gold at a fair price. Countries like the Philippines for example (low cost of living where one with wealth can live like a king/queen), there are no gold dealers, only the Chinatown area and pawn shops where you'll get your 30% to 50% haircut in trying to liquidate it, like the Cash for Gold crowd here.
It's obvious from your two posts mess that you are the "smooth little man in a dark suit" who sits in a windowless room and fraternizes with TSA puppets.
Well, your ability to judge is rather foggy.
I actually wrote a book that Congress was interested in about buying gold and silver that dealt with the confiscation issue which it just so happens Congress was interested in back in September of 2010 when they invited me to testify during Anthony Weiner's gold hearings...that is, until they sent my book to the Energy and Commerce department for review and subsequently took the invitation away (because I wasn't kind to Congress). I wanted to turn the hearings into a lashing out at Congress for a great Youtube intro to my book, but alas...I was thwarted.
But they did send my book to the Santa Monica city attorney who who interviewed me a couple times before settling out of court with a large gold dealer for $4.5 million and instructing them not to allow their gold salesment to use the word "confiscate" any longer.
I didn't reply to you Doug. Unless you are having a conversation with your other pseudonym?
ha....no worries....I don't post here much, just read on a daily basis....so not used to the structure.
But I do wear the denial by Congress as a feather in my cap!
You got a link to that books outline? Sticking it to the man is always fun even if you don't get very far.
The outline is on Amazon.com here: http://www.amazon.com/Buy-Gold-Silver-Safely-Learn/dp/0982586116/ref=sr_1_1?s=books&ie=UTF8&qid=1347896016&sr=1-1&keywords=buy+gold
Yeah...I was even interviewed by the NY Times Peter Goodman (who has since left), but they never ran that story either.
the thing is when US starts confiscating gold it will be hard to trade it in US anyway.
Much easier for the government is to simply set high tax on all gold transactions
Exactly. IRS will simply impose a 90%+ capital gains tax on precious metals and be done with it.
can anybody say "black market" ? ? ?
oops hope i didn't offend anyone with that ;>)
Confiscation of shares in GLD, mining stocks, and 'safety' deposit boxes might happen, but anything you got stashed away in the mattress there is no way the government can collect. It would be like Waco 1,000,000 times over.
* Don't own shares of GLD.
* Don't own shares of mining stocks
* Don't use a safety deposit box at bank, or even a private vault.
Rent a backhoe or buy some cinder blocks & cement. If you can't do those things, then you are probably living in an urban center, and/or an apartment, and in that case, you better have friends that don't or you are totally screwed.
One would say that the gold confiscation in 1933 was certainly perceived an unprecedented criminal act legitimized by government order under the Roosevelt governance, which logically evoked indignation or even covert hatred among people toward the government. Roosevelt did it during his first term as likely the first act ever signed in the office. And what happened after then? He was reelected for three next terms!!! It's similar like saying 'Thank you Mr. President for robbing us. Yeah right, we felt a bit uncomfortable but in fact it doesn't matter that much, we still love you!' I think, Roosevelt must have almost died of laugh when got reelected. Frankly, does anyone believe that people with such an utter negligence on safeguarding their own rights deserve more proper treatment? Seems to me like the US is the first monarchy that can afford full democracy, as it's entirely toothless not capable of endangering feudalistic positions. As long as people are just talking but not acting, nothing can happen to feudalists.
One assumes that government employees will ALWAYS be gainfully employed. That assumption might be questioned. Think Soviet Union...
Who the hell owns gold in America? Us poor citizens are to mentally stunted and backwater to understand the value of a barbarous relic. I find it funny that on one hand the American consumer is viewed as a chimpanzee swinging from a tire swing, watching football, scratching our nutz and drinking watered down fluoride beer, (Look either your GMO's are not cutting the job or you are over paranoid) or, on the other, The Bureaucracy would feel compelled to kick in every numismatists door because they believe we also store food and weaponry. Seems like a lot of work for the cops, when that time could be better expended on their first love. Watching football, scratching their nutz and drinking watered down fluoride beer. I think The Bureaucracy suffers from schizophrenia paranoid tendencies and should seek better mental health professionals. I hear the TSA has a great mental health program and you get a free groping with each visit.
THE GOLD BELONGS TO THE PEOPLE!
Now where's my 20% discount?
I will say again, DHS does not have the resources for a large scale theft of individual homes. You tremendously overestimate their numbers and competency. Also, most citizens do not have enough gold to matter. Yeh, you may get some really heavy hitter with a few tons of the stuff who happens to be bragging about his stash raided. That could happen, but smaller scale theft is very complicated and expensive AND public relations are going to sour pretty quick when armored DHS vehicles start making neighborhood rounds. Urban warefare is very complicated and has huge risks. The entire US military with all its firepower (far exceeding anything in DHS) could not pacify Iraq. In the end, they decided to do the smart thing...pay-off the war lords. So, don't worry about DHS vehicles circling around neighborhoods to get your Silver dollars. When it get down to this, most of your DHS people will be more worried about feeding their families.
I think Marc Faber's other businesses throughout Asia and Europe, have something to do with anonymously storing foreign gold investments for a fee.
/sarc
Gold confiscation will only work on those who willingly give it up out of fear or conditioning. I think most of us feel the same way you do.
Pointing out the obvious:
The Fed has no authority to confiscate anything. They can only buy it.
And the day a private bank is allowed to "confiscate" my stuff for the good of the nation is the day bad stuff will start happening to bad people. They can do what they want with their worthless paper. I shall render unto Ceasar. But if they leave their sandbox, and try to come into the real world, there will be real consquences. They don't understand reality, and I advise them not to enter a world where they are unprepared for the escalation that takes place there.
They do damn well understand the reality. They know what they can afford as long as scared people are spinning around their puppetism like a hamster in a carousel.
Only people who agree to live in that world as their slaves. They remind me of Buffalo Bills fans. Change teams fools!
I understand, but unfortunately, they make the majority.
I lost my guns and ammo in a terrible watercraft mishap and you can have my gold when you pry it from my dead cold fingers.......wait.......shit. I'll try that again. You can pry my boat from the golden ammo that gave my guns cold finger, when they sank. Wow, this shit is epic!
In the gold and silver markets, you have no choice but to spread your wealth around.
It's easy to go to the knee jerk reaction, "buy physical coins and take delivery and bury them in your backyard and guard them with a gun." .
The prudent thing to do is to get involved in the market in different ways. Buy some physical, buy some gold backed funds, store some internationally, buy a few good miners, etc.
Make TPTB shut down the whole gold market for it to affect you. I don't think they can or will do that.
Can anyone give me info on who can administer a self-directed IRA LLC? There's not much info out there. Sprott advised Miles Franklin. I saw a nasty complaint on them.
Nafep. But plan on two months of paper-shuffling before it's ready to go.
Many thanks.
Gold... it is a trap, a mental trap. It is a store of wealth, but one with huge problems. How to store it, how to recover it, how to protect it, how to exchange it for useful items... the list of problems goes on. Gold is a psychological touchstone. It is a recepticle for all sorts of mental energy, and why is it that ZHers don't get this?
You can't eat gold, so let's talk about food. How do you subdue an armed populace? You guessed it, through hunger. You can make others eat bullets, but you can't eat them yourself. Stalin had no means of defeating 30 million kulaks by force. So he just starved them to death. Easy.
Here you are, with your buried gold, and your AK and all your ammo, hiding in the hils somewhere. This is what you have been preping for for years. now it's hapenning. You just ate your last Proteen Bar. Two days ago. The hunting isn't that good. Besides, you can;t really hunt, the rifle shot will give away your position (Oh you didn't think about that did you?). Mostly you're just hiding in the mud. You are the one with the most courage, the strength of your convictions, and a certain amount of genetically gifted willpower. That means everyone else has abandoned you and you're all alone. Being alone sucks, more than you ever imagined. You know what your weak-willed former compatriots are doing right now. They are eating a big meal of GMO food, down at the FEMA center, right now, while you starve to death alone in the mud, with your guns and your gold. You know GMO's are bad for you, but you suspect that nothing is somehow even worse for your health that scorpion genes in the corn.
But hunger has clarified your thoughts. You put all your faith in gold and ammo, and somehow it isn't enough. Joan of Arc had neither. Nor did Bishop Ridley. What did they have that you missed somehow? They sang songs while the flames charred their legs off on the pyre. What is that something? You don't know, and now it's too late for you to discover it. Off you march to the FEMA camp. Because that's how 1984 wirks.
So I assume they dropped defoliant by the truck loads in your delusion? Killed all the animals left on the planet? So all we are left with is either cannibalism or walking in to FEMA camps? You are a nob and will be one of the first assimilated by the Borg collective. If you haven't been already.
Like all Communists, you advocate having no personal wealth or possessions. No thanks. We all know that really just means beinga slave.
What I love about gold is that it's ironic.
It will be best in a non-collapse scenario, one in which the power of the state is squandered in endless spectacle and pissing away the value of the currency while piling up goons and their wannabe Nazi toys like silly action figure dolls in a People's Liberation Army vault.
Never to be used. Just a pat on the head and a shitty little retirement fund full of toilet paper, thanks for your service Ladies and Gents!
Which is, IRONICALLY, the most likely domestic scenario.
So, fantasize all you want ZH brethren...but for God's sake keep stacking!!!
Remember, in a corruption-induced Japanified economy there will be zero real returns to all paper asset classes over time, as Bill Gross and many others have noted.
You will only keep what you save. No compound return any more. Just diversify and wait for the Evil Overlords to take one egg at a time.
Or, don't just wait, take action. Resist. But that is another story and it doesn't impact the gold/collapse meme.
diversify being the key word, disintermediate & decentralize being important corrolaries.
don't forget to save your seeds...plants don't know irony, only survival. any plant that survived this year's drought is one strong parent.
The same thing can be said of the bugs that eat the plants.
very true, but you'll notice that bugs don't touch healthy plants.
I respectfully disagree. I have grown at least 8 different varieties of squash, over the years, and most will be inundated by vine borers as soon as the plant matures enough to flower, if not netted. Depending on the weather, and time of year in my location it can be better or worse. This year has been horrid because we did not have much of a winter, and have had an above average rain fall. Growing companion plants does confuse the bugs for a while but it is still a race to get strong fruit mature enough to withstand bug attacks. Winter squash is more hearty so I tend to grow it, but a nice zucchini would be delicious. I use a baking soda water mixture to keep leaves free of wilt.
If you have a method for growing summer squash organically please let me know.
sorry, just saw your reply, so not sure you'll ever see it...
have you tried spinosads? it's a microbal poison.
also, you may want to try EM-5 early in the season.
a good book to read over the winter : teeming with microbes
Speaking of FEMA camps, they are going to be used as prisons on "them", not on "us"... http://tinyurl.com/cd5cyjo/
Mental energy is extremely important in a society as it fuels motivation, incentives, decisions and eventually acts or even movements. If gold is recepticle for even all sorts of mental energy you couldn't provide us with better definition of gold intrinsic value. Gold and ammo mean individual wealth and safeguard, which is the basic scope within which other human activities can naturally flourish.
Food and water are the most important things, and your little essay does make that clear. One would be smart to make a study of micro-farming.
Obviously boy, you ain't never been bow hunting or trapping.
Arrows, booby traps, snares etc...can be fairly soundless.
Except for the screaming which occurs on occasion.
Diversity your weaponry just like your assets.
Judas Goat mentality aside, you'll last about 5 min. as FEMA Camp volunteer activities director.
Ness Monster, you stupid piece of shit - stick with paper assets as you were told on CNBC. Surely they will protect your savings and would never be Corzined or hyperinflated down to nothing. And you can eat them.
I believe the people would like to to see gold-backed debt-free Treasury Note, the end of the FED, and the MASS ARRESTS of all living persons and politicians who prepetrated monumental monetary and financial fraud for decades... http://tinyurl.com/cd5cyjo/
I don't agree with this statement:
Faber cheerily predicted that the “the Federal Reserve’s monetary policy will destroy the world"...
Actually, this is the first time that I have seen him angry. He lives in Thailand and my guess is that he is seeing how the tentacles of the FED even affects the local villagers with higher inflation (fuel & food), and it pisses him off. It's just a guess.
He lives an area where cannibalism is less frowned upon and more recent.
He lives in an area with an abundance of the most beautiful young single women in the world - who love old white guys. Yes, it is heaven on earth.
It is really beyond stupid to counsel people to put assets in a location that is unreachable in the event of the event one is planning for in locating the assets.
That is all.
Y-y-y-you mean all that gold I bought was FAKE ????
I feel such a fool... here is all my bullion Mr Federal Agent.
http://www.ebay.co.uk/itm/1-oz-ounce-GOLD-CREDIT-SUISSE-BULLION-BAR-100-...
You could at least weigh one of those and find that it is copper, not gold. Gold is more than twice as dense as copper.
Pretty clear that the average gold bug here is not thinking through the eyes of the enemy...tactical mistake.
Let's take a couple of minutes to apply some logic to the situation, just in case somebody out there is truly serious about hangin on to their wealth and liberty...
firstly, yu're dealing with psychopaths...if yu live in Merikanstan and haven't cottoned on to that fact yet, yur already waaay behind where yu need to be at this stage of the game...
psychopaths generally despise competition of any form...most particularly in terms of stuff....if yu have stuff, they gonna want it, not for any better reason than that...if yu think things like 2nd amendment rights are standing in between yu and them, yu haven't been paying attention... yur basic rights as a freeborn citizen have been quietly taken away one by one over the past few years...yu think erosion stops at some line in the sand?
Always amusing to read the lead n brass comments ...antiquarians, might as well dress up in costume, with blunderbus n all ...as someone above has observed, these kooks have had the time and motivation to considerably improve on sequestration techniques over the past 80 odd years...
if yu don't care to get up to speed on their 'pre crime' mind scanning technological "advances" - the entire panoply of mind control devices developed with yur tax $, in addition to the growing array of instrusive hardware that will be employed soon not just in foreign backwaters, but right over yur backyard, along with the numerous wired\wireless snoop stuff already in everyday use...then yu don't really have even a fighting chance of gettin out of the coming shitstorm in one piece...
this is not yur father's IRS, Gmen, Treasury Dept. etc etc, we are talking about...these are the miscreants fronting for the Ayres\Dorhn faction that happily decided 40 years ago that 25% of yu are 'expendable' and the other 75% will be 'reeducated'...the stuff I'm reading on this thread is unbelievably naive.
This is how it happens in real time
(KMAland) -- State Treasurer Don Stenberg announced today his office will auction off some of its unclaimed property on eBay. “Beginning Monday, September 17th, the Treasurer’s Office will host an online auction on eBay of items in 272 lots from safe deposit boxes that were turned over to the state seven or more years ago,” Stenberg announced during a news conference in his office that features some of the items that will be put up for auction. The items include Silver Certificates, silver coins, pocket watches, antique jewelry as well as a set of 1992 USA Men’s Olympic Basketball Team cards, the original Dream Team. Each items has been professionally appraised. The most valuable piece, according to appraisers, is a diamond wedding ring appraised at $950. The money will be kept in the Unclaimed Property Division to be claimed by the rightful owner or their heirs.
I believe Mr. Faber is merely stating that anyone who has physical gold and tries to redeem it for something (such as fiat US currency), in the USA at some point in the future, will possibly have his precious metal holdings taxed at 99% or possibly confiscated. It's happened before...
Regardless, I don't think those with 5 gold eagles or 2 SA krugerands need to go crazy with worry. I believe Mr. Faber is addressing those with substantial gold holdings of several bars and/or hundreds of coins.
Bottom line: Anything of value attempted to be redeemed in the future will be confiscated by some political hack/crony capitalist/bankster overlord, with a smile on his face. And we the people elected these thieves.
When all you have left is your gold, and your stomach is real hungry, you're going to have to relinquish that relic. History tells us the barter system is rigged in this country. You will get "fair" market value for your holdings. Fair determined by some cabal of godless sociopaths that you elected. You are entitled to nothing more, nothing less.
"When all you have left is your gold, and your stomach is real hungry, you're going to have to relinquish that relic....Fair determined by some cabal of godless sociopaths that you elected."
Indeed, it will be a war of attrition which will necessitate a reliance on one's own tradeable skills and to keep one's PMs safely hidden for as long as possible. Only after the air is filled with the stench of the rotting apparachtik and the ruling class no longer has the ability to confiscate, will it be safe to bring your gold from hiding. Good Luck.
DUH.... Before you drive off to your super secret desert or mountain location to bury your stash of PMs, please disable the damn GPS of your vehicle and cell phone. The digital map to your little boodle will be available to everyone and will last forever.
In other comforting news:
Gangs in India are invading homes with metal detectors to find the gold. Inside walls and floors are not safe locations.
I have always been somewhat confused about Gold and the upcoming reset. So we should hold on to physical gold because the fiat system will collapse to be replaced by another fiat system, but this one will be backed by a basket of PMs like Gold, Silver, Platinum, etc. Well, if and when this happens. Won't they say, okay folks, the new "AmeriPeso" sets these PMs at a certain amount, not to be changed ever, therefore the currency stays stable? So if they decide Gold is worth $500 then what choice do we all have when we want to use this new "AmeriPeso" or when those we want to buy goods with only accept Gold's new government sponsored value?
I also don't see how anyone can keep hording Gold if the system collapses. So Gold will be the defacto form of money. But if the shit hits the fan, what is stopping a)rioting mobs b) government mobs from simply overpowering you? As soon as you go to use that gold to buy anything to survive people will know and you will be targeted. I get that there are people that have guns and ammo but realistically, if you need something to survive and need to use gold to buy it, you will never be able to leave your house or gold to go do it. No matter how many guns you own someone will have more i.e. local governments, military.
What is the consensus of how to approach that delicate time between system collapse and reset?
Find like-minded people locally. Have your trading/bartering system in place.
If you have to go outside the system for speciality items or services (medical could be an example) use small denomination gold or silver items easily recognizable by the average dolt...bands, rings, bracelets, necklaces, U.S. silver coins.
Gold bars will be useless. U.S. Gold Eagles could be a problem as well. Non-U.S. gold coins may not even be easily recognized.
For those thinking the zogbots won't find where you have hid your gold & silver, read some history on how the Cheka found all of the foodstuffs hidden away {ingeniously too} by the peasant farmers during the 1920s. The same tactics will be used.
We're in a heap of trouble, folks. Its going to take more than "Gold, Grub and Guns" this time around. Got friends who are on the same page with you? A supportive community that sees "The Great Phase Transition" about to be force fed to us all? People who are not fixated on "Me First"?
Our lives are about to be changing so dramatically over the next few years that we will be looking back at today and thinking to ourselves "Man, if only I would have taking stronger precautionary measures to prepare for the brutal austerity that is now plaguing all of our lives!"
Best to be grounded and centered for what's coming. It's going to get real nasty out there. But there is bright side for those who make the transition in one piece. Denial will no longer be the Norm. Life will be Real, Genuine, Fulfilling, Meaningful. Serving others, just for the simple love of giving assistance, "helping" fellow human beings, will rise up and dominate the landscape. Love will rule, finally! It's just that, between now and then, the majority will be gnashing their teeth.
Is it just me or does the article seem to repeat itself.....?
Funny! Don't trust yr bank down the street, trust an institution outside the country instead!
Foreigners won't steal a rich gringo's property at the drop of a hat, the same gringos who are hated as pillaging neo-liberals ... whose embassies are being torched around the world!
Call me when the Fed and the US Treasury issue US$55trillion in currency, then we can talk inflation.
Right now the Fed has recycled US$3 trillion of old debt into new debt. Actually the loss of worth of private sector assets is greater than US$3 trillion, US real estate losses are more like US$6 trillion. The Fed is underwater!
More debt = inflation only when there is a generalized expansion of credit along with an apparent shortage of goods. Currently, the only sector which sees an increase in credit is finance: Ponzi schemes are more 'productive' than the rest of the economy. There is no increase in credit elsewhere: this is why we are having a crisis! There isn't too much credit, there is too little and what is issued is allocated to the wrong agents.
The amount of currency in circulation in the US is little changed since 2000.
I like Faber and I also like gold/silver but I don't agree with his argument. The Fed and other central banks offer loans just like all the other banks, they do not print money. They cannot cause inflation and indeed haven't. The best that some of them have done is hold off massive deleveraging/deflation such as in Japan and China.
Looking for inflation? Look to Wall Street. Wall Street isn't lending to anyone but itself: it can/will bid up fuel prices and cause a real collapse (and kill the auto industry at the same time). That's the nastiness to look for (look forward to).
Fed isn't going to sequester gold, why would it? If the Fed wants to depreciate the trade-weighted dollar what better way but to have a very high price for private sector gold? (US Treasury owns most of the world's gold, BTW). A sequestration order would simply put the gold trade underground along with the current marijuana trade.
The only hazard to this would be a gold/Treasury rate correlation as there was during the 1979-82 period. Don't forget that fuel price!
:)
I really want to see the 6 o'clock news (if the government doesn't control it by then, and that means more then they do now) the first time they go to someones door to collect their gold.
I figure that will be right after they are sucessful at "dis-arming" everyone (good luck on that).
Actually it will probably show them they weren't that successful at the dis-arming..........
I have read and followed Marc Faber for some time. But in this instance of him suggesting you keep your gold (and/or silver) offshore is laughable. I am afraid that Marc is making the same mistake Graham Summers made in thinking that there are still rational and only marginally evil people ruling this world and the United States.
There are not. They to a person are insane and wholly evil. Once the collpse comes and you think you can just whip out your gold and start using it for purchase...(which assumes there will be an economic system in place which will readily take your gold for purchase...like at Wal Mart) you will find that the Government does not like competition. In true Mafioso fashion they will confiscate your gold and silver while instituting a new system with a new paper currency.
If you have it hidden overseas...no problem....a little hack here...a little hack there....a little political pressure on a Swiss bank....and VIOLA....your gold and silver store is found out and you go to jail and your precious metal currency is gone.
Hey...buy that shit up now all you want....got no problem with it. But just make damn sure you sell it off at the top of the inflation blow up right before the collapse and just hold on to your fiat paper you get in return and pray that the exchange rate on the new toilet paper du jour....leaves you enough to eat and house yourself and your family.
"...pray that the exchange rate on the new toilet paper du jour....leaves you enough to eat and house yourself and your family."
Don't bother. If you have no useful/marketable skills and have only a stack of paper to sustain you and your family, you are totally fucked no matter what happens. Better to take the blue pill right now.
look at me
look at me
I'm Marc Faber !!!!!