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The New York Fed On The "Phenomenal Asset" That Is Gold
The New York Fed has a few words to say about gold:
A PHENOMENAL ASSET
For centuries, gold had a profound impact on history, as a symbol and a storehouse of wealth accepted universally around the world. Gold functions as a medium of exchange, particularly in areas where currencies are distrusted. Yet gold has not been without controversy. The influential economist, John Maynard Keynes, referred to gold as a “barbarous relic.” Later in the 20th century, former Chairman of the Federal Reserve’s Board of Governors, William McChesney Martin, praised gold as "a beautiful and noble metal. What is barbarous," Martin said, "is man’s enslavement to gold for monetary purposes." Clearly, this precious metal has aroused great passion. It undoubtedly will continue to do so long into the future.
Yup. The New York Fed. Which, incidentally, explains why the Fed holds it. All of it. Including Europe's. Here's the reason:
The weight of the gold—just over 27 pounds per bar— makes it difficult to lift or carry and obviates the need to search vault employees and visitors before they leave the vault. Nor do they have to be checked for specks of gold. Gold is relatively soft, but not so soft that particles will stick to clothing or shoes, or can be scraped from the bars. The Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold.
See: it's safe, not rehypothecated infinitely courtesy of the Libor-equivalent manipulated system, GOFO. Which is why nobody wants theirs back. Simple.
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Long Tungsten
Long SPiderman towels. Zippy zappy chappy
This article just convinced me to send all of my gold to the NYFed. It appears they are the most trustworthy people ont he planet. I'm so glad that William Dudley took over Timmay's place. At least we have some of the people who do God's work in place there. So, all of ZH, put your gold into envelopes and send it straight to the Fed. Everybody trusts them, and nobody even wants to have assurance that their gold is still there. Only Commie bastards like Hugo Chavez wouldn't trust the Fed.
Wait. What did those little bears jst say about the William Dudley? Oh crap. Now I'm conflicted. Everyone trusts animated bears, and everyone trusts the Fed. I think my brain will explode.
Trusting, another word for: complacent.
"I am hopeful and expect the silver investigation to conclude in the not-too-distant future, hopefully in September or October," Chilton, a 52-year-old Democrat, said in an e-mail. "It has already taken way too long."
http://www.bloomberg.com/news/2012-07-23/cftc-s-chilton-sees-silver-prob...
WASHINGTON -- A four-year probe of potential price manipulation in the silver market may be completed as early as September, according to Bart Chilton, a member of the U.S. Commodity Futures Trading Commission.
found on http://www.gata.org/
Headline: CFTC Finds No Evidence of Silver Manipulation
They will be found quilty, served up a fine to pay and promise to not do it again..Move along, nothing to see here..
Silver will fix its self when there isnt any to make new tablets and Iphones, solar panels etc.thats when the shit gets real, not until..
"There has never been a drop in housing prices."
"Gold is not money."
"Baphomet will be good to me when I die."
- Ben Bernanke
Oh I get it now...
Gold is used to ENSLAVE...
Fiat paper enables FREEDOM & LIBERTY...
Those assholes...
They know they're on their way out
Bart ''Uncle Tom" Chilton is the yapping mouthpiece of the CFTC's enabling of silver manipulation. He's the good cop, offering you one of his smokes, while JIll Sommers and Jeff Christian chuckle in the other room.
In May it was July, in July it is September. September it'll become November. November will become February, which, in turn, will become May again. You see, Chilton's self-assessment is more important than anything else, and you must also realize that there is a lot of polo to watch, many gimlets to drink, many sailboats to sail, and many blue blazers to sport. Now you understand? The world is complex. Have no fear. What matters is not the result, it's the pursuit!
[sarc]
Longest white wash in the history of mankind. They must have had to paint a whole lot of ass until it was completely covered.
These are not the 'droids you're looking for.....
damn...again?! WTF are they?
Yeah,,,,and the results of the investigation will probably be released on JPM stationery...(sic)
Bart Chilton is always buying time, saying everything is just a few months away. Last year it was position limits, which never happened. Last I heard they were still defining the word swap. It's tiresome, and obviously a stall tactic.
Trusting, another word for: FOOLS!
Trusting, another word for clueless
.
Trusting, another word for " there isn't any, we stole it all"
From one of Bob Stone's novels;
"Trust is good. Not to trust is better."
"Gold is relatively soft, but not so soft that particles will stick to clothing or shoes, or can be scraped from the bars"
This is an outright lie. Any half-assed chemist knows that pure gold is very soft. So soft in fact, that it is the most malleable metal known. These bars could easily be cut or scraped for shavings with a common butterknife (that is, if they are truly pure gold anyway)
http://www.periodic.lanl.gov/79.shtml
This lie gives away the fact that what they want is for you to feel like your gold is safe there. Trust me, it isn't. If there is a problem it will be your problem and you will never see your gold. It has happened many times throughout history.
If some country did ask for their gold back from the Fed (has ths ever happened and did the Fed deliver?)
Would cause a stir to see armed guard hauling heavy stuff out the front door. Bet they have a tunnel or something...
Other interesting gold and other valuables storage links:
http://www.bullionvault.com/help/?vault_zurich.html
http://www.viamat.com/vmi/worldmap/index.php
Not a problem, just a beer truck riding low on the suspension.
Real men prefer lead bullets and a good scotch. Both quite adequate investments as they are irreplaceable in dire times.
Anyone who thinks their necessities in an emergency can be transacted using gold is a complete 19th century fool. This commodity simply isn't going to practically work in today's electronic world.
Nevertheless, I have a deal today for you on assay kits, at only $299 complete, shipping included.
Call 1 800 DUMB ASS
Cipro, Cigarettes, and Coffee.....They will make you the ruler of the post apocalytkc world. Add in some anti-depressants, and you will be in "barter" heaven.
Yep it's going to be bad news for addicts of alchohol, tobacco and caffiene when TSHTF but I'm not among the crowd, I'll stick with food and water, thank you.
Can I ride shotgun in your apocalyptic dune buggy? I have my own hockey mask and leather thong. -thx
You can ride behind me. I need a good backstop.
We have a cage for you at the rear of the caravan labeled "pig slop". You're wife however, may borrow your thong and ride shotgun (so to speak) up front.
rubber, glue, etc.
Two men enter, one man leaves.....
Real men also prefer accuracy.
Keynes said that "the gold standard is a barbarous relic", not gold itself. To miss this distinction is to miss the important point that gold is a wealth reserve asset (i.e., savings).
no no no...you are supposed to hate and misquote Keynes whenever possible.
Well, misquoting him's not fair. Hating him, on the other hand? Well . . . I mean, standing as the symbol of a two step policy guideline which pretentious economists and politicians profess to support yet none of them EVER follow the first of the two steps . . . That's inventing something almost perniciously useless for which you don't exactly deserve affection. Has there ever been a politician or economist who supported the increase of government spending in the bad times half of it who had actually demanded that the government run a surplus in the good times? Everybody wants to eat their dessert but no one wants to eat the broccoli first. And, in the end, Keynes has become the king of dessert.
We all know what kind of "real man" Keynes was by his own diary admissions.
@ Precious.
Fuck Off faggot
try and stay away from the meth, psycho
Gold for monetary purposes?
Let's give them this argument but. Don't take away our argument: GOLD AS WEALTH PRESERVATION.
Give us whatever fiat you want for medium of exchange. But...let us convert any savings to gold.
Give them nothing!
Take everything from them!
Tungsten price now tracks Gold price.
That's even better. All my neighbors have expressed an interest in Tungsten.
Even though it's down today, gold is outperforming everything except the 10-Year bond.
that's because everyone knows the ten year is the true safe haven.
bwahahahahaha
Once the 10-year T note hits 0% we are past the inflection point where a Minsky moment of safe haven flows may move from bonds to gold.
Laundry list:
1) Sell equities, buy pheripheral bonds
2) Sell pheripheral bonds, buy high yield dividend stocks
3) Sell high yield stocks, buy core bonds
4) Sell core bonds, buy gold
Dexters pyramid bishes...
And municipal bonds. Paging Meredith Whitney (eyes roll out of head and onto floor)
http://finance.yahoo.com/q?s=mub&ql=1
Obviously, your definition of "everything" does not include almost my entire portfolio at the moment - VXX, SPXU, FAZ,AGNC - all up much more than bonds today. Gold's not even down enough to buy, it's well above support, though its near the bottom of the most recent trading range.
As of today gold down about 10$ for the year and for 5 years up about 900$ an oz.
Until you print paper gold and sell it on the stock market and COMEX
If ever there were a place for banning short sales, the PM market is it. Especially naked shorts. We need to import some Italians to do this, I suppose.
"Martin said, "is man’s enslavement to gold for monetary purposes."" ?
Government's are enslaved is more accurate, enslaved from stealing wealth from the populace through currency debasement.
How is that enslavement looking for someone who has been holding gold since 1933 ?
Well, I'm holding gold for monetary purposes but I don't feel at all enslaved.
Long Fiat :P
ahem ... MI MI MI LA LA LA LA LA LA... [knock knock knock] ... GOLD, BITCHEZ
Yup even the last skid is getting low.
Mr. FED, in order to restore confidence in the Dollar, logically, you should sell your gold for Dollars. I recommend you mint 1 oz coins and sell to US citizens all of your holdings. This will boost your dollar reserves and support your trust of the Dollar.
No No No, Dr. no. no. As if that was ever the idea. The naievete is shocking! ;-)
But Gold is good in very large concentrations, didn't you know? Spread out, it loses it's Pawah.
ori
I'd rather be "enslaved" by gold that just sits there and leaves me be than be beaten mercilessly and robbed by debt note fiat.
Gold is the ultimate payment, the ultimate extinguisher of debt, the ultimate balancer of international trade flows, the ultimate measure of all currencies, the primary reserve of all central banks, the prime barometer of monetary sanity, without being a claim on anyone's labor and thus the only money compatible with personal freedom and liberty. Plus, it's shiny and chicks like it.
Well now. If you're talking about a gold necklace or a gold bracelet, that's another story. Maybe some reasonable transactional value there, but generally overpriced unless you are a professional jeweler.
Where'd you copy and paste that from, the cash-4-gold.com home page?
Your mother overheard Woody Allen explaining it to her probation officer.
DERRRRRRP
http://www.newscashconverters.com/index.php?preaction=view_nl&nl=117620&id=19056493&idnl=117620
In between, fools are pushed to sell their gold
Gawd what I would give to actually see the gold allegedly in Fort Knox. You know that shit, what's supposed to be ours but nobody has seen in 50 years...
I seriously doubt the gold is there. Guarantee it's been robbed by the Fed. When was the last time it was audited?
The last audit was in 1953, during Dwight Eisenhowers presidency. Many say the gold (or most of it) was removed from Fort Knox 1968-1969 to London.
Would be interesting to see where it actually is.
UK's stash: http://www.dailymail.co.uk/news/article-1079518/The-Big-Picture-This-vast-vault-gold-Bank-England-weather-credit-crunch.html
Ft Knox: http://www.globalsecurity.org/military/facility/fort-knox-depository.htm
Article from 2011 about running out of vault space:
http://www.bloomberg.com/news/2011-09-21/bullion-vaults-running-out-of-space-as-gold-rally-accelerates-commodities.html
Now this I found interesting:
All gold ever mined totaled about 168,300 tons by 2010 and would fit inside a cube measuring about 21 meters (69 feet) in length, according to the World Gold Council. Private investment in the metal reached about 31,100 tons by the end of last year, according to the council.
To put that in perspective, the Kaaba is roughly a 40 foot cube http://en.wikipedia.org/wiki/Kaaba
http://upload.wikimedia.org/wikipedia/commons/e/e2/Kabaa.jpg
So blow that up (sorry, expand the size) about 75%, and you would have a cube of all the gold ever mined.
That might make for a good WB7 'shop, especially with all the Fed, politicians, IMF and other assorted bankers milling around it
So let me get this straight: we have the Fed that is known to have allowed trillions to "go missing" (like that massive crate of cash that just happened to disappear without a trace in Iraq) and we are supposed to trust that the gold is there?
How about this: don't just audit Fort Knox. Take random gold bar samples and TEST them to see if they are even real. You can easily dress up random metals to look like gold for photo ops.
It is my understanding that assay of random bars was part of the proposed audit. The Treasury Dept was objecting that it would cost a couple hundred thousand dollars.
There was a single press tour permitted in 1974, and the gold was present at that time. Now -- who knows.
Ironically, the rare tour was done to dispell rumors that the gold was removed.
It was no longer ours the moment it was stolen by Exectuive order.
Gawd what I would give to actually see the gold allegedly in Fort Knox.
Its not ALL in Ft Knox.
It supposedly in four institutions.West Point,the Fed in NYC, and Ft Knox, and one other place I cannot remember.
So forget the myth of all 8100 tons being in Ft Knox.
It was spread around for safety. In case of a nuclear attack we did not wat ALL our gold irradiated.
Or,so the story goes, I believe it was moved so it could be more easily absconded with, esp that held in NYC.
Rickards has said that a small amount is in the Denver or SF mint (I forget which).
Maybe they're actually waiting for the last people to have ever seen it to die off. That way, they can Corzine the American people.
"I have no idea where that gold went. Was it ever really there to begin with?"
"When people are worried about political instability, war or inflation, they often put their saving into gold."
Comsidering the state of the world, how come the local coin shop even has any inventory?
Most Americans are not worried about anything right now. The check continues to be in the mail.
Comsidering the state of the world, how come the local coin shop even has any inventory?
Becasue people must use paper to live, and the vast majority are clueless that they are in deep caca.
Truthfully most people cannt stand the volitilaty of PM's, and they think it far to risky, as their paper fiat continues to grow smaller in their wallets.
Lets be clear here. An ounce of gold will buy you what it did 100 years ago. A nice Colt with bullets to go with. A couple gold coins will still buy you a decent riding horse or a car. And will also get you a nice room for a month.
What is volatile here folks is the Fiat the man behind the curtain keeps waving FOR that gold, not the value of gold itself relative to other REAL values of measure. People keep getting caught up in this 'FIAT' value question and it's a f'n red herring. FIAT is only worth what some idiot will give you for it. It takes ZERO energy to put a zero on an electronic account and near zero energy to print up the bills compared to the energy it takes to make that bread, pump and FILTER the water, or upkeep the apartment, or MINE that gold etc.
Too many people continually getting fooled by the man with licked balls waving paper at us. See here is the value, here it is, here. Yeah like dogs waiting for treats people follow the 'ball'. Fetch boys and girls, FETCH.
End of Line
LONG TUNGSTEN
"Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold."
Be afraid, very afraid. This just says it all
Who then is the midget in the picture inspecting the pallet of gold?
Is he a depositor? A highly trained Fed auditor*? TSA?
*mythical
If it's a midget, it must be Timmah!
He is a Gnome of Zurich.
gold cost averaging bitcheez
weekly, monthly, quarterly at least...
The "Barbarous Relic" is honesty !
Popcorn........ peanuts.............cracker jack........redhots, get yer red hots.
Step right up folks, the shows about to start!
All this talk about gold is giving me wood. Stop it.
"The Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold."
Yup - the guards can probably be trusted... but what about the officials?
"The weight of the gold—just over 27 pounds per bar— makes it difficult to lift or carry"
27 pounds is a LOT!
Well, for some... http://www.thedailyrash.com/wp-content/uploads/2010/09/600b09201e1.jpg
If the proposed change of gold to a Tier 1 asset goes through making it full 100% collateral (it is now only 50%), there will be no need for banks to sell it in a deleveraging environment. A huge gamechanger not only for the price but also for the asset allocation of all funds. As usual, Kyle Bass and Schiff way ahead of the disinformation specialists.
Muppets singing tribute to Gold (Mahna Mahna)
http://www.youtube.com/watch?v=1bJxYRtGUM4
is it me or has the propaganda changed?
With the rest of the world in various states of pre-panic, the Fed is pimping their* gold as an indication of how strong and safe and trustworthy and reliable they are.
Sort of like a giant SSRI for a panicky world.
*possession is 90% of the law - not in fact law, but just as good, should the rest of the depositors descend into chaos. The Fed wll generously keep their gold for their depositor's own good. lol
Dear Hoi Poli (aka, HP),
We regret to inform you that effective today, you will be getting a Daily Dose of Austerity ('DDA'). As compensation for our efforts in managing these crises, we will be getting a Quarterly Dose of Bonus ('QDB').
Your cooperation is greatly appreciated. Feel free to call us with any questions.
Sincerely,
Your Leader/CEO/Banker
I miss my daily dose of MDB
I miss my daily dose of MDB
Yes he ,she is clever, and even MDB needs time to ponder,mand postulate the next sarc.
These ladies just bought Rockefeller Plaza and are signing the closing documents as soon as the purchase proceeds are confirmed.
What new fresh hell is this?
This is just the second circle. Wait till we get to the 4th!
LOL!!!
"The Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold."
Oh yes, its in the very best of hands.
Picture should read: Remaining gold in Fort Knox.
Is it me or do they look like they are at a funeral?
what is right is wrong
or what is wrong is right.
strawberry fields forever
what is right is the 99 year chart from 1913 on...
still in style
golden spoon and silver plate
that is what is on my menu
nobody said you can't eat with it...
10:30 PPT should be logging on
Right on schedule
I'd vote for Germany to press the "deliver those 8 tonnes to Germany" button. Why not checking whether it's still there... in total! And while we already get it back - why not keeping it within the country where it belongs to?
This would be a nice cash call by the way :-)
When you guys finally come to get it, it'll be 80% tungsten.
"What are you talking about, that's the way you gave it to us to hold for you."
Syria admits it has WMD (the ones Bush couldn't find ?) .... they added they would never use them against their own people .... unless they were invaded .... then "anything goes" ? OFF TOPIC / ON
The New York Fed has the ultimate hedge...
They hold everyone's gold.
Understanding the historical relevance of gold as a form of wealth AND that might have more to do with a practical use for gold that the general public does not comprehend than its scarcity or pretty yellow color, I have to say that it is just as likely (or maybe moreso) that current gold pricing is a set-up (a trap) for those who are holding dollars ... in a way that US real estate was a set-up/trap for the Japanese when Japanese manufacturing was ruling the world and every Japanese manager was a genius (because he had low cost labor).
The scenario under which gold is a trap is where OTHER THINGS become more valuable to people than gold. If one looks at usable commodities, including a basket of food products, the current price of gold has appreciated about double the appreciation of usable products since the inception of the Fed in 1913.
THIS MEANS THAT IN ORDER FOR PEOPLE TO BUY GOLD, THEY CURRENTLY PAY A PREMIUM COMPARED TO OTHER "USEFUL" COMMODITIES. The banks and pumping public have done their best to promote gold as a safehaven and a hedge against runaway inflation, and this inverse risk premium justifies the price? ... but how good is that hedge if gold is already double the price of other commodities, in real terms.
And, if there is runaway inflation, who will be buying the gold and how much of what will they be willing to pay for it? ... since they (absolutely) control the price at which goods are exchanged.
IMO, it is just as likely that a future devaluation of gold will make people's buying power disappear as it is that there will be massive inflation and gold will become the defacto standard. But that makes gold a hedge, not a bad idea. It just makes no sense to me to bet the farm on gold.
It's a PRECIOUS metal. The issue is: "Who decides who has the right to own it?" The Keynesians say that is a monopoly for a select exclusive elite club.
I'd rather have the appearance of being a slave to gold than to be an actual slave to the government and banks.
Interesting...
The Price of Offshore Revisited
If gold is wrong I don't want to be right!
If loving you is wrong...that is what lawyers are for.
The influential economist, John Maynard Keynes, referred to gold as a “barbarous relic.” -- NO! Keynes referred to The Gold Standard as a "barbarous relic". He was not referencing PHYSICAL GOLD!
Gold is so fantastic we have to let the price of paper gold determine the price of that 27-lb bar.
in times of great world conflicts/ war's,... gold is thy "King Master'! he who possesses all the gold, can exchange for any legion, army, limitless mercenaries 'deployment' -- the ultimate winners' circle. never having shown their cowardly opaque hand?
gold is the 'ultimate' currency for world domination!
jmo
The first time I held a half ounce gold coin I was impressed. It felt heavy. My neighbour was selling it to the bank and I happened to be there. His agricultural business has many ups and downs. It's too bad he had to sell that coin. It's even worse that I didn't buy it and avoid the middle man banker.
Edit: I'm not really in favour of gold I just think everyone should have a little bit of it. If only it wasn't so damn expensive.
"The Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold."
That line goes down with other famous lines..The Bughatti is paid for ...... I won't cum in your mouth ... and lastly..It's only a cold sore.
Keep feeding the public all of the safety features our totally corrupt government has set up. I know I feel better knowing things like the DOD computer system can't be hacked, or the drones can't be hijacked by a fifth grader.
Cynic or skeptic? It's a pick'm. When was the last time a complete inventory was taken of our gold reserves in Ft. Knox? Don't concern yourself with such trifles ..... the government has "security arrangements so trusted" ..yadda,yadda
Those arrangements are touted, but useless, so there won't be an inventory taken.
Max Kaiser on silver: this is the currency of a free man
http://www.youtube.com/watch?v=DZb3AZvTZe8&feature=player_detailpage#t=973s
I love this comment from the vid:
I wonder what percentage of Max's 6 MILLION DOLLAR ++ annual salary is exchanged and held in physical silver.
How come silver isn't getting any love?
Gold and Silver are God's money; the only real money there is.
And the only ones allowed by the Constitution. Making fiat currency was expressly STRIPPED as a power of Congress during the Constitutional Convention.
http://avalon.law.yale.edu/18th_century/debates_816.asp
From the minutes:
Ezekiel 7:19 They will throw their silver into the streets, and their gold will be an unclean thing. Their silver and gold will not be able to save them in the day of the LORD's wrath. They will not satisfy their hunger or fill their stomachs with it, for it has made them stumble into sin.
M A B U S
F I A B O
G G R S C
L C I
O L E
B A T
A Y E
L S G
E
R
A
L
E
My Tin Hat Conspiracy Alert!
From the FED has no gold claims to Fulfords (MI5?) stories about Chinese stolen gold from WWII got me thinking. How can you launder what would be the largest gold heist in world history? 7-8,000 tons. Funny you should ask. I guess it would depend on the time frame that you would want to lay claim to it.
The first option on a long time frame would be a remote gold mine discovery and taking it out over a long time period. But then you are expected to sell it for a fiat currency which would defeat the purpose of having alot of gold.
The second option with a slightly shorter time frame would be the discovery of shipwrecks. Obviously you would have to mint coins (maintaining micro impurities), jewelry (need to acquire gems) and need to plant them in international waters. I think you would still have alot of problems with insurance companies, countries suing and it would still take alot of time for the payout.
The third and shortest timeframe option is my favorite. You would need to discover something that does not exist and be able to lay historical claim to it at the same time. It should be done while people actually thought the Central Banks had gold. You would need to find the Gold referenced in the copper scroll or owned by King Solomon! Feather pretty much took care of the copper scroll and King Solomon had 800 wives (like he had any left). All you would need to do is take some prophesy and create reality out of it, easily done with a few forged documents. Kill off the artisans (period specific art of all types) and smelters (needed for time and area specific micro impurities) of silver and gold. Unfortunately, this option will only work if you are Jewish, but there are many stories of great treasure that are waiting to be turned into reality all over the world!
This has been a My Tin Hat Theory for Monday July 23rd, 2012
Don't kill the messenger; please?
"The Jews of our times fall into two main divisions: Sephardim and Ashkenazim.
The Sephardim are descendants of the Jews who since antiquity had lived in Spain (in Hebrew Sepharad) until they were expelled at the end of the fifteenth century and settled in the countries bordering the Mediterranean, the Balkans, and to a lesser extent in Western Europe. They spoke a Spanish-Hebrew dialect, Ladino, and preserved their own traditions and religious rites. In the 1960s, the number of Sephardim was estimated at 500,000.
The Ashkenazim, at the same period, numbered about eleven million. Thus, in common parlance, Jew is practically synonymous with Ashkenazi Jew." ( page 181).
In Mr. Koestler's own words, "The story of the Khazar Empire, as it slowly emerges from the past, begins to look like the most cruel hoax which history has ever perpetrated."
Read all about it here because it is fasinating:
http://198.62.75.1/www2/koestler/
The CFAs are even talking about gold these days. http://blogs.cfainstitute.org/investor/2012/07/23/where-do-you-sit-on-the-gold-spectrum/
Did it ever occur to anyone: The advent of the SLV and GLD ETFs are just a ploy to concentrate all of the gold in one place for future confiscation?
FDR did it in 1934 and, I think, they will do it again.
According to Treasury:
Status Report of U.S. Treasury-Owned Gold OverviewThe Status Report of U.S. Treasury-Owned Gold (Gold Report):
http://www.fms.treas.gov/_images/bullet.gif);">- Reflects gold bullion and gold coins owned by the federal government
- Summarizes the fine troy ounces and the book value of gold held by various facilities
- Identifies the value of gold coins and bullion on display at Federal Reserve banks; coins and bullion in reserve at the Federal Reserve Bank of New York; and gold held by U.S. Mint facilities
The book value of gold is currently $42.2222 per troy ounce. The information used to compile this reporting is received from the U.S. Mint, Federal Reserve banks, and FMS.
Current Report: June 29, 2012
Contacts:If you have questions about this report, please call (202) 874-9866.
http://www.fms.treas.gov/gold/index.html
My Point: When they confiscate your gold they will give you a whopping $42/ounce for it!
That is the reason I don't buy gold and the reason I Spend my money to enjoy myself while I am here. Live for today since they have already stolen tomorrow!
Charlie Munger hates your gold loving guts......paperbugs rule.
"Then, in 1933, President Roosevelt imposed a ban on U.S. citizens’ buying, selling or owning gold. While the U.S. government continued to sell gold to foreign central banks and government institutions, the ban prevented hoarders from profiting after Congress devalued the dollar (in terms of gold) in January 1934. This action raised the official price of gold by more than 65 percent (from $20.67 to $35 per troy ounce)."
--
The audacity of the Fed knows no bounds. We wouldn't want "hoarders" "profiting" from having their savings in an instrument where their capital could not be confiscated from them by the fiat of the government.
It was the government that profited by devaluing the dollars which were claims on the government's gold that people had taken in good faith.
The U.S. government issued those dollars at a fixed exchange rate for their gold, spent it on other things they considered more necessary and important and then renegged on their promises... and now claim they had to do so to keep their creditors from "profiting" while they gave everyone a 65% haircut on their I.O.U.s
How despicable.