RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:11:27 AM

pahunkboy

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quote:

ORIGINAL: Jeffff

What's your silver worth today?

What will you do when the price drops to what you paid for it, or below that?

Buy more. Just as I do every month. Not that I can afford alot of it. Most people would have no idea even where to buy any. (for now)

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:13:48 AM

mnottertail

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LOL, you are going to be in for surprises when you sell it.

I hold silver in the pounds range and gold in the ounces range. Hogs get slaughtered, I buy and or sell every day, make my money from the unsoundness of the financially inept.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:16:57 AM

pahunkboy

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quote:

ORIGINAL: Musicmystery

quote:

few computer entries can not make my stack of silver weight now

Not at all the point. But you're wrong--they will weigh the same, but if large investors were interested in silver, a few computer entries could dramatically change that silver's value. It's been $48/oz, it's been $3.81/oz.

The current market is artificially high.

http://www.silver-coin-investor.com/silver-price-history.html

Each month there are more FRNS.    Fractional reserve banking... there are trillions $ more now then before TARP... so your productivity theory goes out the window-   since we are no more productive today then pre-TARP.

I am not sure I am totally of with a gold standard- as it should be a bimetal standard.   The demonetization of silver was a big deal.   It lead to banks calling in loans and farms and buying them for pennies on the dollar.

People in the US actually love fiat money.   Have no awareness of precious metals as compared to India or China...   who incidentally did not participate much in the 1980 run up.

BTW- where it the gas price drop? I dont see it. Nor do I see any silver price drop in ebay.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:25:03 AM

pahunkboy

Posts: 33061
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From: Central Pennsylvania
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quote:

ORIGINAL: mnottertail

LOL, you are going to be in for surprises when you sell it.

I hold silver in the pounds range and gold in the ounces range. Hogs get slaughtered, I buy and or sell every day, make my money from the unsoundness of the financially inept.

Cool. I am glad you benefit from this. :-)

My goal is to be able to pay my house off- a place in the country, tho it could be a matter of just eating. Which is fine.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:26:05 AM

mnottertail

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You are further from your goal than you expect. You can quote me.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:35:56 AM

CoyoteMan

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For investors that's true. Forbes magazine writes for the rich who sit around all day trying to figure out how to make their money make more money.
For the average person Forbes magazine is worthless.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 8:49:30 AM

pahunkboy

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quote:

ORIGINAL: mnottertail

You are further from your goal than you expect. You can quote me.

Compare to what? Half the country who is under water?

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:05:47 AM

willbeurdaddy

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quote:

ORIGINAL: pahunkboy

Actually they could return to the gold standard right now without a problem, just fix it's value at something real, I'd say somewhere in the ballpark of $60,000 per ounce. And you know what ? The result will be exaclty the same, only the timeline will change slightly. There is really not much difference between defaulting and devaluing./snip

60k would be close to the value bases on how many dollars now exist. and you are correct on default/devalue.

In one breath you claim that gold isnt as "fiat" as paper, in the other you say "fix its value". Stunning.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:07:33 AM

pahunkboy

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The correct answer is $56,000 an ounce.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:32:38 AM

mnottertail

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you better swap all that silver in for gold, if that is going to be the standard. How much you got? I buy good bullion bulk for about 70% of spot, but you gotta have some weight.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:37:32 AM

pahunkboy

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quote:

ORIGINAL: mnottertail

you better swap all that silver in for gold, if that is going to be the standard. How much you got? I buy good bullion bulk for about 70% of spot, but you gotta have some weight.

the day to swap it in is closer to the 16-1 historical average. Not now- which is 30-40 to 1. Some guys are switching over now. Unless one has to be mobile and light weight- I would not.

Do you get sellers at the 70%? If you do- you are doing well at scoring at a good price.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:41:07 AM

mnottertail

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Thats bulk, if you bring in some pissant couple ounces, maybe 40% or less.

I just bought a 86 centennial lavin for $20. a 2008 or so, (not looking right at it) walkie for $24.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:58:07 AM

rulemylife

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quote:

ORIGINAL: pahunkboy

I dont have to hold my breath- a gold standard was policy in the US for 180 years. (per the link)

Investor's Business Daily is predicting the country will go to an aluminum standard.

Hoard aluminum.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 10:59:43 AM

mnottertail

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even at gold he's fucked, he chose silver, a reasonably ready resource. not as common as water, but about as common as aluminum.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:14:03 AM

Fellow

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A mistake people usually make when discussing major economic decisions is forgetting or ignoring the political part of the equation. The current federal government obviously is incapable for major reforms. The only possibility something this radical to happen would be if it can be forced from outside (China, Europe adopting gold standard) or Ron Paul would win presidency 2012.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:25:14 AM

Musicmystery

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Joined: 3/14/2005
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quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: Musicmystery

quote:

few computer entries can not make my stack of silver weight now

Not at all the point. But you're wrong--they will weigh the same, but if large investors were interested in silver, a few computer entries could dramatically change that silver's value. It's been $48/oz, it's been $3.81/oz.

The current market is artificially high.

http://www.silver-coin-investor.com/silver-price-history.html

Each month there are more FRNS.    Fractional reserve banking... there are trillions $ more now then before TARP... so your productivity theory goes out the window-   since we are no more productive today then pre-TARP.

I am not sure I am totally of with a gold standard- as it should be a bimetal standard.   The demonetization of silver was a big deal.   It lead to banks calling in loans and farms and buying them for pennies on the dollar.

People in the US actually love fiat money.   Have no awareness of precious metals as compared to India or China...   who incidentally did not participate much in the 1980 run up.

BTW- where it the gas price drop? I dont see it. Nor do I see any silver price drop in ebay.

You so completely misunderstand the matter that it's hard to discuss it even.

Pegging a gold price would ALSO be fiat money, and the creation of money would happen even without paper money or the Fed. In fact, fractional banking goes back to goldsmiths, who would loan against their stores, and issue certificates in lieu of people carrying around the gold on their person (i.e., leaving it safely locked up with the goldsmith). It's centuries old.

Bi-metal backing solves nothing. In fact, it exacerbates the problem. The proposal, going back to the late 1890s, was a populist movement precisely because the free coinage of silver would inflate the currency, eating into the nests of those with savings. And short term, deliberate inflation has been used by nations for short term solutions, but with disastrous long term consequences. Congress rejected the measure, going with the Gold Standard Act in 1901. The proposal popped up again. So did inflation.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:33:18 AM

pahunkboy

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How would it be fiat- if the dollar is convertible to gold? Your granny had $20 gold pieces in her pocket. A dollar is supposed to be 1/20 of an ounce of gold, not 1/1500th of an ounce of gold. The silver $ reflects the 16-1 ratio.

And yeah- what happens when some other county does this? Do you think people will rush to the dollar? After all we are so productive we owe 14 trillion $... and our legal debt limit is hit with in hours of this post.

Contracts should be able to be made in silver/gold. but our government wont allow it- as the final word on all contracts in the US is federal reserve notes. isnt that convenient?

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:43:29 AM

Musicmystery

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Your very question points to the problem--you completely misunderstand what constitutes fiat money. You also ignore supply and demand in commodities, pretending God created precious metals and dollars in some divine unalterable ratio--by fiat.

Other countries used to do this. They stopped for the same reason we did, as I explained earlier. Yes, people rush to the dollar, even in this economy, from around the globe. And yes, we are productive. We've carried higher debt as a percentage of GDP in the past. We have a $15 trillion economy, 1/5 of the global economy, twice the size of China's. The legal debt limit is arbitrary, and means little.

If you want to contract for silver or gold, go ahead. You'll need someone to agree to it, and taxes will still be assessed in dollars, but nothing's stopping you except--inconvenience.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:46:28 AM

pahunkboy

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and if another country returns to a gold standard before we do, then what? Not everyone is as brilliant as we are and they might actually like that idea.

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RE: FORBES: RETURN TO GOLD STANDARD WITHIN 5 YEARS - 5/11/2011 11:47:59 AM

Musicmystery

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quote:

A mistake people usually make when discussing major economic decisions is forgetting or ignoring the political part of the equation. The current federal government obviously is incapable for major reforms.

Which, incidentally, is exactly why monetary policy is entrusted to an independent agency, the Fed.

Leaving Congress to fuss around with fiscal policy.

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