One Ounce Of Religious Non-Money Tradition = $1700
And while the world's reserve currency, better known to various Chairsatans as "money" continues dropping to record lows courtesy of his dollarcidal tendencies, the "tradition" also known as a "barbarous relic" just passed $1,700. We will be sure to point out when it passes $1,800, $1,900 and $2,000 next.
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Seriously surprised it took 6 hours this evening..
$1764 -- the next critical number; marks the transition to the exponential phase
==============
Jim Sinclair interviewed by James Turk
http://www.goldmoney.com/video/sinclair-turk-interview.html
We may get there this week.
We may get there tomorow.
WE may get there tonight.
We may already be there and just don't know it yet.
+1
Congrats, you are the most enlightened ZH'er i've come across.
Somewhere the Bernank is curled in the fetal position, muttering "Damn that Ron Paul."
Who wants to put odds on Ron Paul as president if gold makes it to $2500 by the election?
he'll be able to self finance his campaign!
GOLD BEEEEYOOOOOOOTCH!
You're presuming that we make it to an election at this point.
That's a very bad call.
Ron Paul will never be elected President of the United States. The Establishment will do everything in their power to cast doubt, discredit and smear him. We will hear about his very loose and questionable ties to (insert your own villain of choice here). If that doesn't work, they will go Strauss-Kahn on his ass. And if that doesn't work ... Holy shit! $1,713 as I type!!!
All I want to see is 1776 $. That would be a perfect birthday present.
+1 Enlighten-Mint.
Where did the buttons go?
'Disappoint-MINTS'
http://www.christianpost.com/news/tenn-democrat-takes-offense-to-sales-of-obama-disappoint-mints-53475/
Yea, where did the buttons go?
Inflation.. cost too much to show them. ZH had to downsize.. ;)
I want a WIN button from President Ford's tenure. It was a big red button you put on your lapel and it meant Whip Inflation Now; it was supposed to work by Zen Psychology or something; I am not making this up! I need one of these buttons; it's time to try voodoo again.
I turned my "WIN" button over and it spelled "NIM" = No Immediate Miracles.
Gold margin hike t minus 6 hours?
So they hike it, let them. If May did not knock you out you're prepared for that now.
It will not have any effect at all.
They just hiked it to 11%
with a 40% sales tax double back flip for good measure. For real though, freedom will not come to you because you tucked a few gold coins away. Sorry peeps your going to have to shed blood or that of your close family at some point... but keep rubbing your pretty metal coins between your fingers if it helps. Pretend that you wont have to sacrifice one day... I like to equate "thee reset" like a grenade going off in a circle jerk of fools.. yea a few of you will survive and drag your self's away but the rest, gold coins or no, will bleed out and die like the country wince you came.
I'll bet you don't even have a passport ....
Your right, but how did you guess ?
I stayed in a Holiday Inn Express last night.
But how did you guess? Probably from your inability to legibly fill out the application form, as evidenced by your (possessive pronoun) grammatical and spelling errors. For example, "Your right" is used when you should have used the contraction of "you are", which happens to contract to, "You're". See it in there? Another example:" Your self's" should be "yourselves". The apostrophe is unnecessary as in this case it denotes ownership (i guess, or are you trying to say your self "is").
Wince? I think that you meant to use "whence", the old English term that meant, "where". Oh, and don't (abbreviation) forget, sentences start with Capitals.
I agree with your (possessive pronoun) sentiments though. It will take more than wishful thinking to get this ship of fools to alter course.
Why does that matter? I, for one, believe I am dead or in prison before the end of the year, unless unexpected events occur.
"Wince you came?" What are you, some kind of idiot?
wince...???
lol..., I weep for the the future...
I winced and then I wept for the future.
I wish you were here, cause when your forecast is fulfilled you wouldn't be.
No offense to Sinclair but he also predicted dollar to b at 72 "and staying there or lower" 4 months ago. Nobody can forsee the future exactly, but we can see it ain't gonna b good
A LOT more people would have been more accurate if this shit wasn't manipulated like some beaten housewife..
All the more reason never to be in the HFT "markets".
Tradition, bitchez!
Real money Bitchez!!!
Devil's advocate here.
If gold is money, why is it that its value is always measured in fiat currency? Why is it that when its value measured in fiat currency goes up, various posters here on ZH tend to get excited? Many folks say all fiat is worthless; if that's so, there isn't a reason to be excited unless you are acquiring more of the physical by whatever means.
Because that gold will now pay for more people to mow my fuckin' lawn.
That and I get to say "I told you so".
+1
+1700 per ounce of lawnmowing teenager...
Seeing gold go up in fiat gives some indication of wealth-not-lost by theft of the cartel. It's a small victory that says, "you didn't get as much as you could have if I had trusted you and your fucking paper."
it's relative...the better question is how is fiat currency valued in terms of gold
But that is equally relative and thus meaning-less ne?
We are at the crux of finally re-figuring out the difference between Price and Value!
ORI
http://aadivaahan.wordpress.com/2011/08/04/many-drafts/
No shit. And where is that level? 2K, 5K, 10K?
Price and Value Bitchez...
well hell i guess we're caught in an existentialist stand off...what is and what is not?
That's the ticket.
The best question is, how is everything valued in terms of gold. That's the one that makes Bernanke twitch.
You can choose to measure gold in all other goods, too. Little clumsy. I guess, if you ask a shopkeeper if you could pay him in gold or silver, he will get excited.
He might get excited, but how many shopkeepers even know the price of gold in dollars? Remember that man-on-the-street that was done awhile back where a guy tried to sell a $50 1 oz gold piece for $50 and no one would take him up on the offer? Most shopkeepers I know only accept US dollars, and nothing larger than a $20.
I'm not trying to be argumentative, but I suspect the real excitement comes from folks imagining "hey, when I convert my gold into US dollars, I can buy more stuff!" Isn't that simply supporting the fiat system?
Dollars to gold to CHF, or Canada dollar, yes fiat but not miserable USD - and only convert as needed to buy widgets
I suspect that more than you think do- especially now that there are all sorts of nifty free apps for smartphones that will give you the spot price in seconds.
The real disconnect here is that most "shopkeepers" aren't running the till. They hire minimum-wage employees to do that, and they are the ones who have no idea what to do. If you were to speak to the owner of whichever establishment you are at, I know the deal would be far easier than you think.
The entire system is set up to prevent using gold as currency. Point-of-sale terminals deal with fiat, not gold. The IRS deals with dollars, not gold. Try paying your quarterly estimated taxes as a business owner with gold. It's not going to happen.
Point taken on shopkeepers (or store owners) perhaps being more aware than I think. I guess it is possible with such easy access to information these days.
" Try paying your quarterly estimated taxes as a business owner with gold."
You can do that in Utah for state taxes with Gold. Plus you get out of the capital gains on appreciation by doing so.
All you need to do is cash-in one coin and you have enough for the whole month's food, taxes and entertainment.
The entire system is set up to prevent using gold as currency.
FRNs are "money" in America by law.
There is no law prohibiting gold being used as money. Such a law would be unconstitutional, a direct violation of the Constitution.
Gold's rare use as money is mostly due to habit. People get used to accepting FRNs. The habit is ingrained in childhood. It sticks all through adulthood.
Way back when FRNs first came out some people wouldn't accept them. They were reminded FRNs are legal tender by law. They had to accept FRNs or not be paid.
But most people accepted FRNs without question simply because they look like a US dollar.
After a few years everybody gets accustomed to FRNs. They simply get in the habit of using FRNs.
It's more habit than anything else. There's no law saying FRNs are the only lawful legal tender. There's no law saying gold can't be legal tender.
So it's up to the individual what they accept. Pretty much everybody accepts FRNs by habit. And some people accept only FRNs, like banks, government agencies, etc.
FRNs are legal tender by law, but there's no law setting the value of FRNs. If someone believes FRNs are losing value they may raise prices, requiring more FRNs for their product or service. For example I had a 20% rate increase this year. Half of it was due to higher costs. Half of it was making up for FRNs losing value.
And yes I would accept gold or silver. But I have to accept FRNs or risk not being paid. If I refuse FRNs the customer is released from any obligation to pay. That's the law.
Sad reminder, but everyone knows what real, lawful money is everywhere:
http://www.youtube.com/watch?v=7ubJp6rmUYM
My Barber is smart enough to take a Franklin for my haircuts now.
My dentist accepts silver dollars, too. Took him all of five minutes to come around to the idea when I asked him.
No, it's called retaining your purchasing power you fucking idiot......sorry, not trying to be argumentative.
“Gold has proven to be a superman investment. It can leap over buildings and do things that investments aren’t supposed to do. And it’s laughing at us."
Dennis Gartman agreed: "Ask the average Wall Street wiseguy if they’re bullish on gold. They’ll say, ‘Yeah, you gotta be, we got money problems [with the dollar].’ If you ask them how many hold gold? 'Very few,' " which is where he sees a weakness and potential for an overvalued asset. “It’s a bubble in interest, not in owning," he said, "It’s fascinating: Everybody’s bullish, but very few are long."
(Emphasis added)....... There is a bubble in interest! See? Even Gartman can be right once in a while.
GOLD IS LAUGHING AT US
Gartman is such a douchebag on gold it's hard to put into words.
Gold is the most under held asset in the world, hands down.
Because fiat money is modeled after gold as money and people just forgot that fiat is measured in gold...but they will learn again as they will learn many things they thought to be true are false.
Well I am acquiring more of the physical, regardless of price right now. Silver is more of a day to day transaction money as 1 oz silver still gets you 10 gallons of gas. That value stays relatively stable regardless of what fiat costs are. Thatis the main thing, PMs are inflation proof. The eventual value of all fiat always end up 0 as there has NEVER in history, been a time when that did not happen. Now that being said I look at physical metals as a means to preserve what I have as they inflate fiat into oblivion. I have said this before and say it again, no one buys gold to make money, they buy gold to not get screwed by their non-traditional fiat currency. Maybe I get excited because as gold goes up, it eventually will spell death for the fiat currency. I am excited that the charade will soon be over for fiat and gold's traditional role as money will be restored. Kind of long winded, hope it answers your question.
Try high school one more time..
I watched a CNN clip with a famous investor who said he sees gold just like any other metal. We don't settle accounts with it, etc.
We don't settle accounts with diamonds which are the same carbon as coal. We don't settle accounts with coal, either. I suggest we measure fiat currencies with gold not the other way around. When you get suspicious another Zimbabwe or Weimar Republic currency is about to launch you DO settle accounts with gold and you use other fiats.
Right now the whole world is racing to the bottom value of fiat currencies, Japan, U.S., S. Korea, Brazil...and more competitively devaluing. Gold is real money. If you don't believe it ask yourself what would happen to the any currency in the world even partially backed by gold right now. It would overnight become the strongest currency in the world.
The swiss are introducing a law for a gold franc...talk about beefing up your currency even more than it already is!
http://www.humanaction.co.za/2011/07/swiss-want-to-re-introduce-gold-franc/
Holy moly, Batman! A worldwide gold standard may come back in a meltdown. Here's what i'd like to do at a meeting: Hold up a gold Panda, gold Maple Leaf, Gold Eagle, Krugerrand, etc. and ask what the exchange rate is between all of them. Everyone would look at you like you're an idiot because it's always one to one and never changes. Nobody gives a crap what's stamped on the outside. Now an ounce of gold in China will buy more "stuff" than here but the exchange rate is precise. That is the essence of a gold standard. You cannot get cheated. If someone revalues their currency (as we have) against gold you can institute very precise countermeasures if you like...as in revaluing exchange rates.
Untrue. Buffalo > Gold Eagle > Maple Leaf > Krugerand. People (used to?) value name brand. Check tulving or apmex.
The intrinsic value of gold changes little. As usual you fiat goofs think everything is priced in fiat. The truth is all currencies change as their value rises or falls. The dollar has lost 97% of it's value (purchasing power) since 1971. One oz of gold still buys what it always did and perhaps even more.
Fiat currency is truly a rubber ruler to be sure, but what would you use in it's place? Furlongs per fortnight? Your (possibly) good looks?
Barrels of oil.
Warm fuzzy feeling, Bitchez!!!!!!!
how about them doorstops douchinger?
"Cut the CRAP High Plains!! You are BANNNED for supporting ANAL RAPE!!!!!"
FOFOA freegold is staring us in the face.
+ $55,000
Whether today or tomorrow, I don't know. But, his case becomes ever more compelling...
$1700 is NOTHING, bitchez!
Whew! I need a cig after that!!
BITCHEZ!!
Got a feeling this is gonna be an all-nighter. Keep 'em coming Tyler.
Fuck me. I wanted to buy more.
Same here, those BTFD's get more infrequent over time.
Just a thought; but I wonder what the Silver price chart will do this Friday around lunch time in New York; it's a classic time for them to fuck around; assuming you have a buying mechanism that can lock in a price with a phone call it might be worth watching; it'll either happen, (the waterfall), or it won't. Still good time to wait for the dip. the charts always look like the teeth on a ripsaw; they don't just go in a straight line.
ummm holy shit? Am I allowed to say that here? :$
HOO-ah!
That caps off my night. Tomorrow will be fantastic. $2000/oz by Friday.
Are you excited because you acquired more physical tonight or because the price of gold in fiat currency went up? If the latter, ask yourself what it is you truly value: the gold or the fiat. A better way to look at the "price" of gold is instead to look at the price of currency in gold. Tonight, the number of ounces of gold you could buy for a dollar went down. That's the way to look at it.
I'm excited because I increased my physical silver holdings by 75% this week, and this: http://finviz.com/forex.ashx is telling me that that was just the right move for this evening.
Now I just hope it will stay that way. While I know that the value stays roughly the same in terms of purchasing power, it's still a lot more fun to watch the numbers skyrocket than it is to watch them plunge.
Fair enough. Thanks for the reply. :)
Gold is always denominated in something, otherwise it would not serve as a currency.