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'Gold Bullion or Cash' Shows Buffett, Roubini, Krugman Mistaken; Faber, Rogers, Bass, Einhorn, Gross Correct

Tyler Durden's picture





 

Submitted by Gold Core

'Gold Bullion or Cash' Shows Buffett, Roubini, Krugman Mistaken; Faber, Rogers, Bass, Einhorn, Gross Correct

Gold’s London AM fix this morning was 1,778.50 USD, 1,328.230 EUR, and 1,125.419 GBP per ounce.

Yesterday's AM fix was USD 1,754.75, EUR 1,325.04, and GBP 1,116.32 per ounce. 

Spot gold hit a 3 month high of $1,787.55/oz yesterday rising gradually for the fourth day in a row. Gold closes in New York at $1,778/oz and has consolidated in Asia and early European trading.

Silver surged over $1.20 yesterday to over $35.50 – up over 3.55% on the day and convincingly breaching recent resistance at the $34.50 level. Next level for resistance is $40/oz and then the record nominal, repeat nominal, high of 1980 at $50/oz.

'Gold Bullion Or Cash' was released for public viewing on Wednesday. The video is educating the public internationally about gold bullion and why gold is safer than cash in the long term and in certain circumstances gold will be safer than cash in the short term as well.

GoldCore Gold Bullion

http://www.youtube.com/watch?v=ja0EeLCraXI

Gold's importance in the uncertain world of today, gold's extreme rarity, liquidity and safe haven currency status is illustrated.

The ‘gold bubble’ and the many gold myths and misconceptions are looked at and the video uses music, images, facts and quotations to show how gold is a proven store of value throughout history and an important diversification today.

Currency debasement of all major currencies is happening today on a scale never before seen in history.

Yet there continues to be a complete lack of awareness amongst the majority in the western world as to the risks posed by our currency monetary and financial system.

There continues to be a lack of knowledge and indeed often wilful ignorance regarding gold.

Indeed, some comments on gold are so ignorant of the historical and academic record that they have all the hallmarks of crude anti-gold propaganda – and will be seen as such in time.

Gold is a proven safe haven asset and currency. Despite much recent academic evidence and the historical record showing this and despite voluminous articles, research and evidence, (evidence succinctly summarised in the video 'Gold Bullion or Cash'), there continue to be frequent anti gold outbursts by some of the most respected and trusted people in the western financial and economic world.

Such attacks on gold have come from men such as Paul Krugman, Nouriel Roubini and more recently Warren Buffett.

Alan Greenspan correctly wrote in 1966 that "an almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions”.

Today, an almost hysterical antagonism towards gold bullion as a diversification and as a store of wealth alternative to fiat currencies unites beneficiaries of the current status quo – both intellectual beneficiaries and material beneficiaries.

That status quo is a massively leveraged and insolvent monetary, financial and economic system. 

The masses are slowly realising the fundamental unsoundness of our global monetary system and are beginning to ask questions. But they are continually lulled into a false sense of security by the “experts”.

Experts incidentally who failed to warn them about the stock, property and global debt bubbles before it was too late.

Many Greeks today lament that they were not aware of gold as a safe haven and wish they had diversified into gold. These lamentations will be experienced in other debt-laden industrial nations in the coming months and years.

A minority in the western world are seeing through the anti-gold bias and beginning to take action and buy physical bullion as insurance and as protection from significant monetary, systemic, geopolitical and macroeconomic risk.

Crude anti-gold propaganda that is based on sophistry, silly straw man arguments, ad hominem and personal attacks, poor research, inaccuracies and actual fallacies is the stock in trade of what we could be termed the expert "paper bugs".

We would prefer not to have to engage in name calling but unfortunately the likes of Roubini, Krugman and Buffett have tended to engage in ad hominem attacks (accusing those who buy gold or sell gold bullion of being driven by fear or even of creating fear) rather than engage in rational debate regarding the merits of gold as diversification or as financial insurance for one’s and one’s family’s portfolio or life savings.

This shows the intellectual weakness at the heart of the anti-gold proponents' very poor arguments and faulty logic which ignores thousands of years of history and recent excellent academic research.

A few probing questions from a knowledgeable interviewer about simplistic anti-gold opinions would quickly show the weakness of their pronouncements regarding gold.

A hosted TV debate would similarly help enlighten people but we would be surprised if the expert paper bugs would engage in such a debate.

Meanwhile, many of the people and investors who correctly predicted the current crisis - and protected themselves, their families and their clients in the process – continue to advocate a diversification into gold.

Faber, Rogers, Einhorn, Gross and many others have all articulately laid out why they believe gold is an essential diversification in these times.

The video 'Gold Bullion or Cash' clearly shows who is mistaken and who is correct.

NEWS

Yahoo Finance
Gold comes off 3-mth peak; heads for weekly gain‎

The Wall Street Journal
Gold, Silver Hit 2012 Highs As Dollar Slips

Bloomberg Business Week
Gold Rises to Three-Month High as Dollar Drops; Silver Gains

The Australian
Gold, silver at year high on Iran jitters

RT
Tsunami of debt: Japan faces costs of credit

COMMENTARY

MISH's Global Economic Trend Analysis
Price of Oil Hits Record High in Euros and British Pounds; Oil Shock Coming

Reuters
Video: Jim Rogers: Greece Deal Is A Sham

The Economic Collapse Blog
Video: Even Robert Kiyosaki Is Warning That An Economic Collapse Is Coming

Barron's
Hendry: Gold at $5,000/oz? As "Hyperdeflation Happens Before Hyperinflation"?

BBC
Audio: Jim Rickards on Currency Wars and Gold

Mineweb
Western central banks - more debt, Asian central banks - more gold

 


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Fri, 02/24/2012 - 08:35 | Link to Comment Squishi
Squishi's picture

Bluff it and the E con o mists are getting it good and hard! 

Fri, 02/24/2012 - 08:54 | Link to Comment Colombian Gringo
Colombian Gringo's picture

Gold is a major threat to the fiat money beneficiaries such as Buffet and other wall street insiders.  Besides Buffet is overrated, the product of an excellent PR machine.  If I could get  easy access to billions and inside deals, I would also be in favor of fiat and against gold.

Fri, 02/24/2012 - 09:20 | Link to Comment Squishi
Squishi's picture

let me clarify: these people are con men, they spread propaganda for washington a.k.a the FED! 

Fri, 02/24/2012 - 09:28 | Link to Comment HoofHearted
HoofHearted's picture

Wonder why it is Roubini, Krugman, and Buffett? Just look at the Greenspan quote about statists. Then think about these three...

I had a colleague tell me that "PMs are an illegitimate investment vehicle." Another colleague stated, "Yeah, but hasn't he tripled or quadrupled over the last three years?" The discussion ended there. Sure, there are sometimes good businesses to invest in. My idea now is to preserve wealth so that later I ca make it grow...in the right environment. We're not there in the current economic state of the world.

Fri, 02/24/2012 - 10:47 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I pine for the days when propaganda wasn't a bad word.

 

 

Fri, 02/24/2012 - 14:38 | Link to Comment SAT 800
SAT 800's picture

Propaganda has always been a "bad word"; so your time period doesn't exist. In the modern world, the PR flacks prefer to talk about "Manufacturing Consensus", it sounds so much nicer.

Fri, 02/24/2012 - 10:58 | Link to Comment trav7777
trav7777's picture

gold is a currency that is accepted pretty much everywhere.   And it has none of the negatives that come with whichever sovereign would print the cash you wanted to hold.  There's nobody gonna QE gold, nobody gonna CHF/EUR peg on you in the middle of the night.

This is why sovereigns hold it and why they "hate" it...it exists independent of their ability to control.

Fri, 02/24/2012 - 11:02 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

The treatments seem to be working Trav......that almost makes sense. :)

Fri, 02/24/2012 - 12:59 | Link to Comment Ghordius
Ghordius's picture

I thought this was always Trav's position. I understood him this way about gold and less so about silver?

Notice that he does not go mystical about gold, as others do. ;-)

Fri, 02/24/2012 - 14:40 | Link to Comment SAT 800
SAT 800's picture

Gee, you posted something without hating on anyone and getting 113 thumbs down; are you feeling alright?

Fri, 02/24/2012 - 11:28 | Link to Comment Bastiat
Bastiat's picture

Well said.

Fri, 02/24/2012 - 12:53 | Link to Comment Roi
Roi's picture

http://fofoa.blogspot.com/2012/02/yo-warren-b-you-are-so-og.html

 

...On the difference between saving and investing... mostly...

Fri, 02/24/2012 - 09:27 | Link to Comment bigkahuna
bigkahuna's picture

He has his share of gold laying around somewhere. There is no shortage of bold liars in the USA and he is one of the big ones. He got his railroad deal from the white house though, I give him sith lord status for that-right along with cheney and soetoro.

Fri, 02/24/2012 - 09:35 | Link to Comment disabledvet
disabledvet's picture

"there's no such thing as a gold billionaire because there's not enough gold." I agree with that! How about a "copper billionaire" then since "if we debase one we debase all....

Fri, 02/24/2012 - 09:51 | Link to Comment wandstrasse
wandstrasse's picture

In the future everyone will be a billionaire for 15 minutes...
Andy Warhol statement adopted to Weimarer Republik conditions.

Fri, 02/24/2012 - 14:47 | Link to Comment SAT 800
SAT 800's picture

A metric tonne goes for $56.1 Million; so 200 Tonnes is a little over a Billion $US. I'm willing to bet there is a small, family oriented, investment group in Europe that has perfect title to a 200 Tonne Chunk. It's in a railroad tunnel driven part way into the swiss Alps; it's a blind tunnel and it has a nuclear blast door at the opening. Some people are extremely well prepared.

Fri, 02/24/2012 - 09:22 | Link to Comment Stoploss
Stoploss's picture

His father, Howard Buffet, had a very different view of gold. I wonder what father would say to son were he still alive today?

Fri, 02/24/2012 - 09:37 | Link to Comment disabledvet
disabledvet's picture

"WOW!" and "Holy shit!" come to mind.

Fri, 02/24/2012 - 12:05 | Link to Comment AetosAeros
AetosAeros's picture

I was thinking more along the lines of Smokey and the Bandit with Jackie Gleason Playing Sheriff Buford T. Justice:

"There's no way, nooo way, YOU sprang from my loins.

Remind me when I get home to slap your Momma in the mouth!"

Fri, 02/24/2012 - 10:37 | Link to Comment Stuck on Zero
Stuck on Zero's picture

The same modern statists who hate gold also hate families, global warming deniers, churches, morals, the Constitution, the rule of law, and anyone who honors ethics more than power. 

Fri, 02/24/2012 - 12:51 | Link to Comment Tsunami Wave
Tsunami Wave's picture

F the modern statists

Fri, 02/24/2012 - 11:20 | Link to Comment Baptiste Say
Baptiste Say's picture

"I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money. You must be prepared to meet their opposition intelligently and vigorously. They have had 15 years of unbroken victory.

But, unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money." - Hon Congressman Howard Buffett .*1

I think it's clear Howard Buffett favoured gold due to a steadfast respect for humankind and freedom. Chances are he'd disgraced with Warren.

Warren Buffet, once a value investment hero who made billions through shrewd investment sold his soul at least a decade ago in the pursuit of making tens of billions more, in 2002 he visited Jacob Rothschild's manor along with Arnold Schwarzenegger so it's clear he stopped being a good old boy from Omaha years ago and is a long time insider by now, I'm leaning towards concluding Warren Buffet is one evil man and I think his principled, old right, libertarian father would be ashamed.

*1 - from the The Commercial and Financial Chronicle on 5/6/48 via LewRockwell.com

Fri, 02/24/2012 - 11:26 | Link to Comment Badabing
Badabing's picture

In Fortune magazine Warren B. has article that states his strategy is identifying under and over valued stocks. If so, what the fuck happened with gold so far this decade?

Also he gives no credit where credit is due, to the tax payer, that’s us!  If his investments weren’t bailed out he would have lost all the inheritance from his father.


He also states that gold earns no interest while ignoring the gold leasing by the big boys.

He must clarify his statement and say gold earns no interest for the little people that have to pay taxes!

Fri, 02/24/2012 - 08:36 | Link to Comment bullionbaron
bullionbaron's picture

It continuously susprises me how long it's taking for the general public to 'get' precious metals.

http://www.bullionbaron.com/

Fri, 02/24/2012 - 08:57 | Link to Comment French Frog
French Frog's picture

In a strange way, it could be because a lot of people know or have at least heard of the term 'bubble' and many of them believe that Gold is in its own bubble now and "they're not going to get suckered in right at the top".

This is not my view, but to a lot of people, the corelation between the eroding value of fiat currencies and the rise in the price of gold is not really understood: after all, if you were to ask 100 person what they think of inflation (even moderate), most would tell you that it is a good thing, despite the continual erosion that it creates in their purchasing power.

Fri, 02/24/2012 - 09:22 | Link to Comment chubbar
chubbar's picture

Agreed, but the "bubble" mantra is part and parcel of the disinformation program designed to keep the general public out of PMs, IMO. Also, most of the general public are not well versed on financial or economic matters and trust what the "experts" are telling them. When they sense a disagreement between experts the default position is to do nothing instead of proactively seeking out answers.

I don't have a lot of hope that americans will come around to PMs until it is too late. The gov't knows that a large movement into PMs will not be possible given the constraints on physical availability and a large upward price movement reveals that the king has no clothes.

Fri, 02/24/2012 - 10:05 | Link to Comment bigkahuna
bigkahuna's picture

Once people understand the scope of the contemporary BS and disinformation that has been continuously flowing for at least ten years, they will warm up to PMs as well and that right quickly. See: unauthorized wars / false flag attacks / TARP / and so on. Outside of that, most people are effectively "asleep at the wheel". The shiznit will have to hit the fan and fly right into their face to wake up the herd. 

Fri, 02/24/2012 - 15:02 | Link to Comment SAT 800
SAT 800's picture

Ten Years? More like 90 years.

Fri, 02/24/2012 - 23:30 | Link to Comment bigkahuna
bigkahuna's picture

Agreed. I am only addressing the conteporary post Clinton stuff for now. There are many layers to peel back on this nasty onion.

Fri, 02/24/2012 - 10:30 | Link to Comment Acet
Acet's picture

Another reason why most people don't buy gold is because they either have no savings at all or the few savings they do have are held for short term objectives (a new car, vacations) rather than long-term "saving for a rainy day".

This dawned on me when I saw a documentary here in the UK on BBC about how did we got into the crisis in the UK. At some point they interviewed people on the street in China and in the UK and asked them how much did they roughly save as a percentage of their income - most Chinese were saying "50%", "40%" while almost all the British where saying "nothing" (there was one out of the 5 interviewed that said "10%").

I've been probing around my friends and aquaintances here in the UK (most of them professional, middle class types) and the vast majority don't save much if anything at all, which confirms the picture I got from that documentary.

It seems to me that in developed nations naked, almost irrational consumerism is the mainstream and being cautious and saving for the future is rare and old-fashioned.

This is slowly changing: as people get hit by problems (mostly unemployment) or see others hit by them, they first start paying up their debts (which is already happening) and then start saving for a rainy day. Only when they have enough rainy-day savings will they start worrying about their savings being eaten away by inflation and only then will gold used more by individuals as a safer store of value.

 

Fri, 02/24/2012 - 10:37 | Link to Comment Chump
Chump's picture

Excellent comment.  By the time a majority of Westerners get around to buying gold to protect themselves it will be far more cost prohibitive.

Fri, 02/24/2012 - 10:54 | Link to Comment purplefrog
purplefrog's picture

Indeed.  Even now, for most, silver is their only option.  IMHO, it's not a bad option at all right now.

Fri, 02/24/2012 - 11:31 | Link to Comment bigkahuna
bigkahuna's picture

yessssssssssssssssssssssssssssssssssss........

Fri, 02/24/2012 - 19:56 | Link to Comment Chump
Chump's picture

I can attest to that personally.  I'm a member of the crowd that can only afford silver, and so I'm heavily weighted in it.  I have, however, taken the hit on premiums and bought several fractional amounts of gold.  I also believe that before we really spin away into a destroyed currency the price of PMs will crash along with everything else, so I hope to be able to pick up a large amount of both when the time comes.  It's a risky play though, because there is a good chance they simply won't be available for purchase at that point.

It is what it is; we've all had 4 years and counting to get ready.

Fri, 02/24/2012 - 13:05 | Link to Comment Ghordius
Ghordius's picture

excellent comment - and you should add how many are already strongly leveraged.

I had some discussions with some wealth managers and one client was flabbergasted to hear that this particular billionaire (not a client of them and not coming from them) was completely over-leveraged, he had mortgages on all houses, toys, planes and yachts.

to this the WMs muttered that "it's often the case that they look more than what they are" and "some of them live and die on the margin". perhaps some cosmic justice around the corner?

Fri, 02/24/2012 - 13:11 | Link to Comment EmileLargo
EmileLargo's picture

I saw that Robert Peston documentary as well. When you watch stuff like that you realise how totally screwed the West is. The vast majority of people wouldn't last a month without a paycheque.

Fri, 02/24/2012 - 14:54 | Link to Comment blunderdog
blunderdog's picture

  because they either have no savings at all or the few savings they do have are held for short term objectives (a new car, vacations) rather than long-term "saving for a rainy day".

In the USA, we've been mercilessly propagandized for decades NOT TO SAVE.  The financial industry has always pushed the concept of investment over saving, and the "put your money to work for you" message has long emphasized the value of leverage.

If you "educate" people with bullshit for long enough, it can't come as any surprise that they're badly misinformed.  The financial bubble in the USA has been all my generation has ever known, and I'm sidling up to middle age at this point.

30 YEARS of lowering interest rates.  OF COURSE there's no saving.

Fri, 02/24/2012 - 15:01 | Link to Comment SAT 800
SAT 800's picture

Bullionvault.com; based in London. Look it up on Google and read the business prospectus. You can start your savings right now.

Fri, 02/24/2012 - 16:03 | Link to Comment Seer
Seer's picture

"Another reason why most people don't buy gold is because they either have no savings at all or the few savings they do have are held for short term objectives (a new car, vacations) rather than long-term "saving for a rainy day"."

Though I doubt that many could fall in this category, I save little* as well BUT... rather than sticking shit in a couch cushion I look to obtain assets that will leverage my situation (pushing toward an income-generating farm).  Burn FRNs before inflation shoots up.  * Thus stated in regards to NEW savings (I still have my "old" savings).

Fri, 02/24/2012 - 09:42 | Link to Comment disabledvet
disabledvet's picture

How about this simple view (and leaving aside the obvious fact that the Tylers' Durden want you to buy their gold at a higher price than they did): "there are other things that have much more appreciation potential and since cash money is limited for you and me we choose something else." for example "I choose to buy platinum instead."

Fri, 02/24/2012 - 11:19 | Link to Comment Seer
Seer's picture

"In a strange way, it could be because a lot of people know or have at least heard of the term 'bubble' and many of them believe that Gold is in its own bubble"

No, no STRANGE way.  This is PURE propaganda.  Soon, I'm afraid, those advocating for PMs will be labeled "terrorists."  This is how you keep sheeple in line so that you can continue to use them.

Fri, 02/24/2012 - 14:15 | Link to Comment Iwanttoknow
Iwanttoknow's picture

I thought they are.

Fri, 02/24/2012 - 09:40 | Link to Comment LawsofPhysics
LawsofPhysics's picture

The "general public" are idiots who can't turn off "dancing with the stars", why are you surprised?

Fri, 02/24/2012 - 11:21 | Link to Comment Seer
Seer's picture

It's the System, it's the Programming.  I don't believe that people are fundamentally stupid, just that they've been programmed to be that way.  Keeps the oligarchs' rein of power going...

Fri, 02/24/2012 - 14:36 | Link to Comment ManOfBliss
ManOfBliss's picture

Possibly.

But I do actually think the majority of the species is genuinely stupid. I refuse to put them into a passive "victim" position by saying "Oh, they've been programmed" to be that way.

It's contradictory. You say they are not stupid, but yet they are programmed? Wouldn't only a stupid person be "programmed" by an outside influence? Hence the error.

They are stupid, and thus BELIEVE the lies. It's their own fault, due to their mental decicienies.

Fri, 02/24/2012 - 14:53 | Link to Comment SAT 800
SAT 800's picture

Your supposition that only the stupid are programmed; dramatically and significantly effected by propaganda, is completely false. It has been disproven over and over again. When HItler pronounced as his operating principle, "Tell a big lie and tell it often"; He did not propose to only influence the stupid; which would have been ineffectual.

Fri, 02/24/2012 - 16:15 | Link to Comment Seer
Seer's picture

Well, careful about getting all high and mighty, as I could probably paint you into a corned of "the stupid" as well.

"They are stupid, and thus BELIEVE the lies. It's their own fault, due to their mental decicienies."

Ugh!  Thus stated by someone who cannot use spell-check?

Sometimes it's a matter of blending in in order to not be a target of the wolves.  Unless YOU are in someone's shoes you have NO idea what options and knowledge/wisdom/awareness that he/she has available.

And, really... YOU were born knowing all this stuff?  I'd state that it's circumstance that has more to do with it: I was just another of the rats running the wheel until I took (was afforded) the time to really look around and assess things.  When I became aware of the likes of Edward Bernays (and, to counter- Dr. Albert Bartlett and John Jevons) I was able to escape from the "stupid pool."  However, now out of this pool I am a target by HS and other elements looking to keep us contained in said pool: if I manage to live longer out of the pool then maybe I can say I was less "stupid"...

Fri, 02/24/2012 - 14:58 | Link to Comment SAT 800
SAT 800's picture

Mao said that the revolutionary swims in the sea of the people, as a fish swims in the water. All human beings exist in cultures; those items that make up the foundation beliefs of the culture in which the human exists, are virtually never challenged; and then only by a tiny minority of educated intellectuals. At least fifty percent of everything you, personally, believe is simply false. The "programming" which you don't see and don't detect, consists in the un-challenged assertion made from the day you could first understand your native language to date. You don't detect it as programming because its the assumed verity of the time; you've never heard anything else.

Fri, 02/24/2012 - 16:51 | Link to Comment Seer
Seer's picture

Well said.  I should have read your post before I emptied my chambers... (pretty much saying the same)

Fri, 02/24/2012 - 14:50 | Link to Comment SAT 800
SAT 800's picture

Silver owners; the "other one percenters". Just wait till two percent of the population catches on, then you'll see some price action. Meanwhile, the Chinese just buy and buy and buy.

Fri, 02/24/2012 - 08:37 | Link to Comment disabledvet
disabledvet's picture

"Wag the Dog" money. I agree. This can only be sustained for so long however. The bigger news is the implosion of Muni ETF. Move along Tylers' Durden. Move along.

Fri, 02/24/2012 - 08:42 | Link to Comment bernorange
bernorange's picture

I don't think the HFT algos are watching youtube videos yet.

Fri, 02/24/2012 - 08:43 | Link to Comment bdc63
bdc63's picture

Trying to convince the gold haters to buy gold with a youtube video is like trying to turn a democrat into a republican at a dinner party.

People are too married to their positions.  Everyone has placed their bets and its time to just sit back and wait for the wheel to stop spinning.

Fri, 02/24/2012 - 10:29 | Link to Comment prole
prole's picture

I disagree. Spread the good word is the key to winning.

 

Fri, 02/24/2012 - 10:42 | Link to Comment Chump
Chump's picture

In some ways, yes absolutely.  With regard to gold I disagree.  Continue to preach to close friends and family, but we're to the point that anything more is putting a target on your back when we finish circling the drain and are fully in the shit.

Fri, 02/24/2012 - 08:44 | Link to Comment ArkansasAngie
ArkansasAngie's picture

Keeping the price of gold down is job number 1.

 

Fri, 02/24/2012 - 08:49 | Link to Comment fonzannoon
fonzannoon's picture

Throw Shiff in there too

Fri, 02/24/2012 - 08:57 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Background: During the wars against Napoleon paper notes were made unconvertible to the Gold coins it was called the Bank restriction, Gold coins were trading at discount, paper at a large discount to Gold coins and further to bullion.

 

Page 114 "History of Prices "Thomas Tooke 1838

[…]

At the time when the paper system was at its height, when there was the greatest difference between paper and gold,it was confidently maintained by the advocates of that system (and these then included not only the government, but the great majority of persons, and more especially of the mercantile class, who took part in the discussions on the subject), that it was not the paper that was depreciated by abundance, but the gold that had become scarce, and consequently that no part of the advance of the price of commodities was attributable to the Bank restriction*. That doctrine seems now to be generally abandoned,and to have been replaced by one of an exactly opposite description.

[…]

 

My comment:

PLUS ÇA CHANGE ET PLUS C´EST LA MEME CHOSE ! (An old French say which goes like: the more it changes the more it is the same. The British non convertible system lasted for 22 years. Ours is 39 years old, time to go old fart USD based monetary system!

Fri, 02/24/2012 - 09:48 | Link to Comment disabledvet
disabledvet's picture

There is a point where it is blood money and nothing more. Clearly anyone with faith in a Christian God and would wish to turn away from such a system would be seen as an enemy.

Fri, 02/24/2012 - 14:08 | Link to Comment Likstane
Likstane's picture

Explain yourself. This comment makes no sense to me.

Fri, 02/24/2012 - 14:28 | Link to Comment DosZap
DosZap's picture

Likstane

Explain yourself. This comment makes no sense to me.

Who are you addressing, might help them reply.

Fri, 02/24/2012 - 16:48 | Link to Comment Likstane
Likstane's picture

Good call.  I was addressing whiteknight.  His referenced article/book included a statement regarding the discount of gold or paper.  To what?  Gold cannot be discounted to anything.  It is the ultimate value reserve.  My point should have been that any percieved shortage of gold is just that, a perception.  There is always enough gold.  The problem is with the perception of the value of the paper.  Thanks for the ass kick.

Fri, 02/24/2012 - 15:12 | Link to Comment SAT 800
SAT 800's picture

Exactly. The operation, the cover story, and the delusion are always the same.

Fri, 02/24/2012 - 08:55 | Link to Comment falak pema
falak pema's picture

If gold goes to 2000 Roubini will get hemoroides. He has said the opposite so many times.

Fri, 02/24/2012 - 16:57 | Link to Comment Seer
Seer's picture

I turned him off permanently when he made the clear assertion/proclamation that Gold would NEVER -N E V E R- reach $1,300/oz (I believe that this was his magic, impenetrable price).

Reggie Middleton seems to like the guy, so maybe we should cut him some slack?

Fri, 02/24/2012 - 18:48 | Link to Comment StychoKiller
StychoKiller's picture

Never is a really long time, situations change -- eliminate the word from yer vocabulary.

Sat, 02/25/2012 - 05:59 | Link to Comment prole
prole's picture

When gold was around 1100 Rubini said talk of 1500 or 2000 gold was ridiculous.  So basically every day gold is above 1500 he is a walking idiot, or at least his call was really really wrong.

At the same time Rubini was talking his nonsense, Jim Rogers declaring gold would double, and it almost did going above 1900 for a short time before correcting. Jim Rogers = Sage.

Fri, 02/24/2012 - 09:02 | Link to Comment youngman
youngman's picture

I would bet that Buffet has gold......he just won´t tell you because it belies his beliefs....

Fri, 02/24/2012 - 09:42 | Link to Comment LawsofPhysics
LawsofPhysics's picture

He won't tell you simply because he is a successful business person.  think about it, does a successful poker player tell you what he is holding?

Fri, 02/24/2012 - 11:44 | Link to Comment Baptiste Say
Baptiste Say's picture

Wrong.

He won't tell you because when the sheeple investors learn Warren Buffett holds gold they'll perhaps finally realise shit has hit the fan, back up the truck, explode paper markets, send physical sky high and give the fiat ponzi a hasty death.

His buddies at the Fed and White House have probably promised him a lifetime of bailouts and sweetheart deals in exchange for bad mouthing PMs, why do you think Warren, a man who professes to never buy an investment he doesn't plan on holding forever sold his 130 million oz of silver in 2006 (25% of global supply which he bought it in 97) at bargain prices and miss the run up to $40?

Probably because someone at the Fed knew shit was about to blow up and Uncle Warren holding a billion in silver was not a good look.

Fri, 02/24/2012 - 17:35 | Link to Comment Seer
Seer's picture

Nature's best survival feature is "deception."  Humans ARE of nature...

Fri, 02/24/2012 - 15:17 | Link to Comment SAT 800
SAT 800's picture

You are aware of the fact that Buffet bought about one-third of the available above ground warehouse supply of Silver Bullion at one time, are you not? Clearly, what he had in mind was profit. He later sold off this position at a loss. The clue to the reason is in an un-authorized biography; a comment from his daughter that what he really always wanted was a corner on a market. Also, a further comment from her, that he sold out because he didn't want the bad image and opprobrium that went to the Hunt Bros., for instance. He doesn't have any beliefs; or rather the only thing he believes in is profit.

Fri, 02/24/2012 - 09:04 | Link to Comment EmileLargo
EmileLargo's picture

Sometimes I get the feeling that too many commenters on Zero Hedge are emotionally invested in "being right". I think that, as an investor, it is important to remember two things: (1) the only thing that matters is the rate of return, adjusted for risk; and (2) being right means you make money which is a reward in itself. Fools like Roubini or Krugman do of course harm a lot of innocent people but in the end they will also end up harming themselves quite badly (in Krugman's case, if his personal asset allocation matches his public statements on the economy, he will be financially ruined. That would be justice in itself).

I gave up trying to prove that I am "right". Let the world think I am a fool while I continue to make 30 percent year on year across the portfolio.

One last point: we are much closer to hyperinflation than even the staunchest gold bugs will think we are. Have a look at the Fed's own M1 stats. M1 has never grown year on year by anything like the rate it has done in the last 12 months. Even at the height of double digit inflation in the 1970s, M1 never grew by double digits. Between January 2011 and January 2012, it has grown by 19.2 percent (this is not a typo). If M1 grows at 19.2 percent (and in December-January, the growth rate was almost 30 percent annualised), where will inflation be in a year? We can only guess.

Let the fools who scoff at gold and silver continue to scoff at it. We we will see who scoffs at whom in a year's time.

Fri, 02/24/2012 - 09:53 | Link to Comment disabledvet
disabledvet's picture

The Germans call them Landers and they do indeed scoff at your gold. In the American West they call it "having a spread." As the guy I hunted with as a kid in Kansas said to me "this is my 5000 acre spread. My 15,000 acre spread is in Oklahoma." even today I go..."wow."

Fri, 02/24/2012 - 11:51 | Link to Comment EmileLargo
EmileLargo's picture

Krugman and Roubini don't have that kind of money. Bufett does but we aren't counting government agents (Krugman think he's one but he's a low level lapdog rather than a real agent).

The thing you should remember is that in times of severe economic distress, fortunes are made and lost in no time. Anyone who thinks he's going to be immune because he has too much money compared to the next guy may be in for a rude shock. There were people with vast paper wealth who were ruined in Weimar and those with little who positioned themselves well and end up making a killing at the same time. Hyperinflation turns life into a casino in no time.

Fri, 02/24/2012 - 15:21 | Link to Comment SAT 800
SAT 800's picture

Correct.

Fri, 02/24/2012 - 11:41 | Link to Comment Provocateur
Provocateur's picture

Inflation is, by definition, inflation of the money supply, so yes, by that standard, inflation is high, and has been for the last two decades. However, this inflation is largely unseen by the public, who only consider price inflation, and have short memories, as well as trusting government figures such as CPI.

There is a big difference between M1 inflation and price inflation. Price inflation is driven by Things like M2/3, the money multiplier, and velocity, all which are lower now than 2007. You can see all of this for yourself here:

http://m.research.stlouisfed.org/fred/category.php?cid=24

However, M2/3 have M1 as their foundation. The pig (M1) has just started it's journey through the snake (economy), and will eventually cause gas and bloating 3-7 x as big as the pig itself. In other words, the pump is primed, the flooding will soon be here. You aint seen nuttin yet.

Fri, 02/24/2012 - 13:52 | Link to Comment DosZap
DosZap's picture

EmileLargo

 we are much closer to hyperinflation than even the staunchest gold bugs will think we are

Not this member, I have been saying hyperinflation here for MONTHS,nothing will kill a country, and bring its peoples into absolute poverty/destitution faster..........nothing.

 

Fri, 02/24/2012 - 14:20 | Link to Comment Likstane
Likstane's picture

I gave up trying to get ROI any way I could.  By getting out of bonds and into hard metals, not only did I ease my conscience regarding the practice of usury, the value of my stack continued to rise year after year.   My take is that I wanted to be "right" and it has proved to be profitable also. (at least until the rogue wave hit my Coleman)

Fri, 02/24/2012 - 15:20 | Link to Comment SAT 800
SAT 800's picture

Agree.

Fri, 02/24/2012 - 17:48 | Link to Comment Seer
Seer's picture

It's still all the direct consequence of our economic premise of infinite growth on a finite planet.  Every "failing" here can be traced to this root premise.  And because people (in sufficient numbers of) are unwilling to fold their hands and walk away from this table, those who command their power because of this system will hold humanity hostage, right up to the brink- let's hope not over it (nukes and all).

Collapse WILL happen.  And this means MORE than currency collapse.  "Returns" an whatnot, unless measured in the "fundamentals," are sure to be meaningless.

Fri, 02/24/2012 - 09:10 | Link to Comment Doug
Doug's picture

Where were these articles 10-years ago?  Just askin'...

Fri, 02/24/2012 - 11:52 | Link to Comment Provocateur
Provocateur's picture

Where were you?

http://www.professorfekete.com/articles/AEFWhitherGold.pdf

http://www.usagold.com/goldtrail/archives/another1.html

http://www.constitution.org/mon/greenspan_gold.htm

No worries. I was aware of and read some of this stuff long ago myself, but am only a recent convert, long preferring the view with wool over my eyes. Better late than never. Welcome to the club.

Fri, 02/24/2012 - 15:28 | Link to Comment SAT 800
SAT 800's picture

A very foolish statement. It isn't the responsibility of the blog, or of the internet, to educate you. It's your responsibility to educate yourself. All the information you needed was available ten years ago in the form of Books. I went a hundred percent into Silver Bullion in 1999; my timing was bad. At an average price of $6.55, I had to sit out the two year double bottom at $4.35, in 2001 and 2002, but it didn't seriously bother me because I knew they weren't going to start giving away silver on the street corner, and I researched the inflationary policies resulting from the .com crash, which alarmed the always sleepy FED and caused them to open the money valve; facts are facts, and realty is realty and chickens do come home to roost. Don't blame the internet for your lack of knowledge about the world you live in. It's your fault.

Fri, 02/24/2012 - 09:18 | Link to Comment proLiberty
proLiberty's picture

When combined with a tax on incomes that governments define to include the nominal rise in the price of capital assets like stock and real estate because they debased their own currencies, and when combined with unrestrained creation of money in the form of sovereign debt, this system works to totally destroy financial liberty on the part of the citizen.  It makes him an indentured servant to government and those who government serve, the crony corps. 

Governments have found they can enslave a people far more completely through fiat money and pervasive compliance fo financial transactions than they ever could be force of arms.  Twice Europe went to war to repel a militaristic Germany.  Today, they beg the Germans to bail them out.  And the Germans are happy to do so under their terms.

Government hates and will work to destroy the concept of gold as a monetary system because it strikes at the very heart of this scam.  It destroys big and ever Bigger government.  It destroys the crony corps. 

Humanity is well down the road to being enslaved by their closely-cooperating Leviathan States while giving people the appearance of liberty.   Let us call this FIAT LIBERTY: like in China, where you can do anything you want as long as you don't call your government into question, and as long as you supinely comply with every detail of ever-expanding tax and regulatory impositions.

FIAT LIBERTY gives the appearance of liberty, like fiat money gives the appearance of prosperity.  That is up until the moment when reality imposes itself and the scam is revealed.

 

Fri, 02/24/2012 - 09:16 | Link to Comment MFL8240
MFL8240's picture

Believe nothing from the con man from Omaha.  We are watching the biggest fraud in history unfold in the US markets and everyone knows it except Bernanke.

Fri, 02/24/2012 - 12:00 | Link to Comment xela2200
xela2200's picture

Except Bernanke? That is how little you know.

Fri, 02/24/2012 - 09:16 | Link to Comment tarsubil
tarsubil's picture

If you don't get gold now, will you ever?

Fri, 02/24/2012 - 09:21 | Link to Comment Melin
Melin's picture

The video says currency devaluation + debasement = currency wars.  What's the distinction between devaluation and debasement in fiat?

Fri, 02/24/2012 - 09:47 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I am not an eCONomist but it has been my impression that debasement is an increase in the money supply while devaluation is the loss of purchasing power as a result of any one of a number of events.  For example, people simply don't want dollars and therefore you have to change the dollar into something else before you can spend it.  The government could also directly devalue or "re-value" currency at any time (see what happened in Brazil) in other words, the simply declare that a $100 bill is now worth $10 (Russia also did this with the ruble post collapse).

Fri, 02/24/2012 - 09:25 | Link to Comment Fundemental Pri...
Fundemental Principles's picture

A bug that eats paper is called a TERMITE!

A termite is a pest that needs to be eradicated.

'nuff said

Fri, 02/24/2012 - 09:27 | Link to Comment TheSpiritOfTheTimes
TheSpiritOfTheTimes's picture

This whole Gold thing seems to be pretty pointless.

Why?

Simple:

1) You buy gold. Hyperinflation hits. How much do you think will bread, butter etc. cost? 1 gramm of gold? 1 oz? A whole bullion? How much choice will you have in case hyperinflation hits and the black markets start? If there is one coin in your pocket there sure might be another...

2) Something most people don't like to be remembered of: The criminal governements around the world can make gold posession illegal whenever they want (happened in the US, remember?). So, where's that getting you? Cash is already illegal to some extend in Europe. Think about it.
Ah right, you're one of the smart arses saying that when they start taking our gold, we fight? Well let me tell you so much folks: There is much, much worse happening in the world today than governments taking some gold. They HAVE taken our liberties. Anyone waving any guns? In the US... anyone? NOPE. Not gonna happen.

3) If you really believe SHTF at some point, go with a smarter strategie that will also cost you a lot less money and WILL save you money in the NEAR future, no matter what happens:
Start a pantry. It's something our grandparents did and they did it for good reasons.
Food is cheaper at the moment than it will be in the near future (cost of petrol to get to the super market + price of food + inflation etc.)
I am NOT advocating any of that stuff that's good for 10 years or whatever. Use common sense. You can actually put food in containers YOURSELF. It will still keep for a long time. I remember in the old days of the cold war, people in Switzerland for example had the obligation to have supplies for at least one month or so, in case a nuclear war started. (It was pretty funny to see that they had their little bunkers too. Imagine sitting in a hole for weeks and when you get out the radiation will slowly kill you anyway.)

Gold is far too expensive to be bought in reasonable amounts today. (Who has THAT MUCH money anyway?)

Food is not - YET.

Anyway,  happy chewing on your gold bullions, if things should really get scary.

To be honest: I think nothing will happen at all. Hyperinflation has been here already and our great grand parents survived it. Well at least those who weren't stupid enough to fight any wars but that's another story... or is it?

Fri, 02/24/2012 - 09:57 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Some common sense ideas, but personally I have found that even in a hyperinflationary environment gold still has the same purchasing power.  In other words if you have some gold, it is very easy to turn it into a shitload of fiat, regardless of whatever the "fiat du jour" is.  

I visited Russia many times post collapse in the 90's.  You are a fucking idiot if you actually think that any government has successfully enforced making the use of PMs illegal.  All this does is make the black market boom.  And guess what?  Gold retains it's purchasing power there too.  What a fucking tool.  When there is clearly no rule of law anymore, possession is the law.  This applies not only to gold, but anything of physical value that you can put your hands on and protect.  Gold, guns, and trustworth, like-minded neighbors moving forward.

Regarding your comment "Who has THAT MUCH money anyway?"

Gold is only $1,800 an ounce.  There are thousands of people making more than $100,000,000.00 per year.  this is NOTHING to them.  Wake the fuck up.

Fri, 02/24/2012 - 12:13 | Link to Comment TheSpiritOfTheTimes
TheSpiritOfTheTimes's picture

Well, I am quite awake.

As you could have understood from my pragmatic view, I am not part of those "thousands of people". Neither are most people around me. Maybe many ZH readers are, I don't care. To be honest I don't give a bulls fart about people making millions. The comment was more of the "get back down on earth type".

Interesting aspect concerning Russia. But if too many people are actually prep'd like that (meaning have "the right" amount of gold as advocated by the goldbugs), wouldn't that create some sort of - pardon me, lacking the proper vocabulary - "inflation"? So if all these goldsellers were really believing this prep'in thing, wouldn't they rather shut up? Why would they share something that could be so much of an advantage and cost them a coin more if SHTF. Just doesn't make sense to me. Smells too much like marketing.

What I tried to express was the following concern: what if a currency collapses and you can't "show" your gold for the next 10 years, because the government tries to seize it? Wouldn't you be better off with something that you can use and that will 100% sustain you in "the now". People who have too much money can't understand that... I think...

"if you have some gold, it is very easy to turn it into a shitload of fiat, regardless of whatever the "fiat du jour" is. "
I disagree, simply because after all it is your Lord and savior, your government which in the end decides how much you are allowed to get for your money. As much as today the $ has lost so much value that 1 oz. of gold is almost 2000$. You get a lot of paper that buys less and less. So how long can you wait until you convert it?

Anyway, let's hope March brings some good Greek edutainment! It's popcorn time!

 

Fri, 02/24/2012 - 12:30 | Link to Comment rickadoh
rickadoh's picture

yeah i know quite a bit of ppl making 100mil.

Fri, 02/24/2012 - 10:10 | Link to Comment The Old Man
The Old Man's picture

Avoiding the Midas Syndrome isn't such a bad idea. Balancing SHTF stock is also a good idea with food and water being first on the list. The question of how much will what cost during a SHTF scenario can't be reasonably answered. When such occurs even toilet paper will have obvious value. Anybody out there stocking up on TP????? 

I did not like your comment:  "Well at least those who weren't stupid enough to fight any wars but that's another story." 

I'd like you to qualify that statement. 

Fri, 02/24/2012 - 12:21 | Link to Comment TheSpiritOfTheTimes
TheSpiritOfTheTimes's picture

Well, any educated person knows that wars are given. Like a ball, a party.

If you fight because your country is under attack - fine. But wait, then you are a terrorist. One's freedom fighter is the other one's terrorist.

Hmmm...

 

I say: Stay out of the shit and let the sheeple kill each other!

Fri, 02/24/2012 - 13:19 | Link to Comment WhiteNight123129
WhiteNight123129's picture

All countries which were facing possibility of hyperinflation but had something to back hte currency always used it in last resort in order to stop the hyperinflation before getting to the cliff. The remedy is simple, just stop the printing and make the currency convertible into something. Do you think that the US would go into all out revolution and hyperinflation when the Fed has tons of Gold? I think the Fed and the political class will try to save this corrupt system at all cost hoping for pulling a Volcker at some point (which sounds very difficult given the large amount of debt in the beginning of teh belly and given the fact that it is held by foreigners). So they hope for runing inflation quite high and then in the end pull a Volker move to try to save fiat irresponsible spending tool for Gov. But then what if it does not work, what if those guys are on the brink of being removed from power, what can they do? They will print the USD into oblivion and then once the US is about to implode, go for a peg on the Gold meaning the Fed is selling Gold at a given price and buying Gold at a given price and whoever sell pays hefty taxes to Uncle Sam. Inflation is killed instantly in a single day. Everytime you make currency redeemable into something of physical fixed quantity, you stop inflation. Argentina did that by pegging to USD (Good currency at the time), Brasil did the same. Unless USD wants to get pegged to the Yuan and the DOllar is actually pegged the other way around, that is that the Yuan is supporting the USD, that is the Yuan is the reference point and the US is attached to the Yuan and not the other way around. So Yuan and Gold are really in teh basket for the next monetary system. I guess we could see a Yuan Gold Silver Basket as new world reserve currency that would be fun. But worse come to worse the US can stop hyperinflation in a singel day, first the debt needs to be wiped off with massive printing. The US Gov needs to default (through printing) like consumers do, and then start fresh with a new currency. There might be a fight between Yuan and PM. Typically the largest creditor is always involved in the new monetary standard.

 

Fri, 02/24/2012 - 15:36 | Link to Comment SAT 800
SAT 800's picture

And guess what? Both Gold and Silver will be readily exchangable for the currency de jour, at very favorable rates. This also we know from the historical examples.

Fri, 02/24/2012 - 15:31 | Link to Comment SAT 800
SAT 800's picture

How much will it cost? A whole bullion? I think we can safely ignore the rest of this post. An intelligent eight year old could avoid a stupidity like this; a whole bullion indeed.

Fri, 02/24/2012 - 21:59 | Link to Comment akak
akak's picture

Maybe he was confused, and thinking in terms of bouillon --- as in bouillon cubes, like beef and chicken flavored.

Stay thirsty for bouillon (or bullion, as the case may be) my friends.

Fri, 02/24/2012 - 09:27 | Link to Comment Cinfultreat
Cinfultreat's picture

The wonderful state of IL has a lottery going on right now, winner get to choose $4m cash or $4m in Gold.......think I'll buy some tickets

Fri, 02/24/2012 - 09:32 | Link to Comment azzhatter
azzhatter's picture

Mistaken? Please Tyler, the word is corrupt 

Fri, 02/24/2012 - 09:40 | Link to Comment s2man
s2man's picture

Well put, Gold Core.  Much more than just a daily stat's report

Fri, 02/24/2012 - 09:44 | Link to Comment nathan1234
nathan1234's picture

For Buffet- he can get as much of paper currency as he needs as loan for his investments. So also his companies.

He cant get gold

That's why he is against gold

 

Fri, 02/24/2012 - 09:49 | Link to Comment Acidtest Dummy
Acidtest Dummy's picture

Gold symbolizes success, felicity and perseverance. Perhaps some people are secure enough that they don't desire precious metal. Is there a better reason own heavy metals than the possibility that strategic uses will be discovered and acquisition after such discovery would cost prohibitive.
Actually, gold (Au) has an affinty for itself. It wants to be in ever bigger lumps -- a 'Katamari' nature; Au gloms Au. (Carbon and oxygen, people and oil are only assisting Au's will. That is why people mine it from the earth at great labor only to hide it vaults.)
No. Really, It is an act of nobility for a person to accept gold as reward or payment for any efforts or endevors. (Demanding gold as reward or payment cannot be looked upon favorably.)
Now maybe I'll watch the video.

Sat, 02/25/2012 - 06:17 | Link to Comment prole
prole's picture

A just comment, my liege.

Fri, 02/24/2012 - 09:51 | Link to Comment Hulk
Hulk's picture

Robo must be puking up blood about now, with gas and gold to the moon ...

Fri, 02/24/2012 - 10:00 | Link to Comment disabledvet
disabledvet's picture

He said he was long both gold and equities. If that's the case he just bought some fancy new gizmo. Here's what I ask myself: if I put 10 ounces of gold into the engineering of the engine of a Class A tractor trailer would that double the price of what it in actuality would sell for? (I expect your answer to be double spaced, properly foot noted and with an extensive bibliography. BEGIN!)

Fri, 02/24/2012 - 10:20 | Link to Comment flyonmywall
flyonmywall's picture

I'm stocking up on toilet paper. It will be worth more than fiat money someday. You don't want your ass dyed green.

Fri, 02/24/2012 - 10:30 | Link to Comment sudzee
sudzee's picture

New official price of an ounce of gold - $42,000 no cost digitized fiats.

Greek 122 tons of AU exchanged for $170,000,0000,0000 absolutely free digitized fiat.

Ain't free "money " wonderful.

 

Fri, 02/24/2012 - 11:10 | Link to Comment MrPoopypants
MrPoopypants's picture

Gold may be good for investors and prepping individuals, but it's not a cure all for the system at large. Gold is favored by global elites (supported by CFR for example) and its value is easily manipulated. Gold can be used as a weapon against the people just as easily now as it was in the late 19th century when WJ Bryan and the Populists fought the gold standard.

Fiat money is not merely a tool used by irresponsible governments trying to preserve the status quo. It is also being used to accomplish a coordinated takedown of the current iteration of the global financial system. Fiat money is the explosive charge of the world system's controlled demolition, and a phoenix will rise from the ashes.

Fri, 02/24/2012 - 11:16 | Link to Comment Seer
Seer's picture

Quit picking on Roubini!  Reggie Middleton says Roubini's a "smart guy."

</sarc>

Charlatans.

Fri, 02/24/2012 - 11:24 | Link to Comment CuriousPasserby
CuriousPasserby's picture

My question is, if we are right, and gold goes to $5000, $10,000 and ounce, maybe $100,000 an ounce if hyper inflation kicks in, what are we going to do if they make gold illegal to own like in 1933. Sure, you say Congress wouldn't let that happen again, but in a national crisis, with most people unable to buy food, police and firemen's pensions worthless, social secuirty able to buy nothing, no one will feel sorry for the 1% or 2% of us smart enough to have the gold and silver.

Yeah, I know buy lead (bullets), but if you can't sell your gold, and if your friends and neighbors and shopkeepers will be offered a 50% reward for turning you in if you offer them gold for food, what can we do?

Damn airport screeners are already x-raying us, so you can't sneak it out of the country. Any ideas???

Fri, 02/24/2012 - 12:03 | Link to Comment Provocateur
Provocateur's picture

Yes. Keep your gold...and a low profile. Fuck the authorities. What, you're gonna roll over and turn it in? Who cares if it's banned. Hasn't stopped drugs, prostitution, immigration, etc., ad nauseum, and it can't stop humanity's basic need for wealth and trade.

Fri, 02/24/2012 - 12:34 | Link to Comment dumpster
dumpster's picture

curious passerby

a sad argument for not buying gold or silver ..

if if if .. what if lol

 

 

Fri, 02/24/2012 - 17:26 | Link to Comment CuriousPasserby
CuriousPasserby's picture

It's not an argument for not buying, you idiot. I have most of my savings in gold, silver and platinum. It's a request for suggestions. One might be to buy gold proof sets rather than bullion since they were made for artistic/historic/numismatic value and are less likely to be called in by the government. I'm looking for other ideas to protect against possible seizure.

Sat, 02/25/2012 - 06:24 | Link to Comment prole
prole's picture

So you're a gold bug and you have "most of my savings" in pm... OK, SO you throw an anti-pm post up which casts doubt on the strategy of holding pm. Then you call a PM supporter an "idiot."

I'll just say I'm more worried about you coming around making the seizures.

Instead of a seizure maybe we'll make a trade?

Fri, 02/24/2012 - 16:13 | Link to Comment blunderdog
blunderdog's picture

Start developing friendly contacts in the black market now.

Fri, 02/24/2012 - 12:41 | Link to Comment newengland
newengland's picture

Re: the gold video.

It needs a voiceover. The visuals, including graphics, quotes and stats, are impressive. But it's a dizzy array for the viewer, any newcomer to the subject.

The visuals will make more sense if emphasised by a human voice. Most people are slow readers, particularly with a new subject. Also, the edit points are too close together; again, too fast for the viewer to grasp the information, let alone retain it.  Just my professional opinion...

Well done, though. It's about time that the new media polished up its act.

Fri, 02/24/2012 - 13:08 | Link to Comment GottaBKiddn
GottaBKiddn's picture

 

Let's see, that's the Mainstream Liars vs. the Truthful Extremists.

Fri, 02/24/2012 - 13:23 | Link to Comment zerotohero
zerotohero's picture

Chavez gets it - China gets it - India gets it - GET REAL - GET GOLD.

Fri, 02/24/2012 - 14:36 | Link to Comment SAT 800
SAT 800's picture

The thesis is correct and well stated. It only remains to add; don't forget Silver, the other White Metal. Desperate governments will make Gold transactions illegal and require it to be turned in, long, long before they do anything about Silver. Silver is a monetary metal, no serious student of the subject denies this.

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