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G0ldfinger's GOLD Thread: Longer Term Aspects

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The original Ghetto - that would make you a Venetian Holiday, if you know what I mean. :unsure:

Errr, I think so...those pesky people that peddled in sinful usury? :huh:

 

Wouldn't want to live in your city state! :P

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This article (by Peter Degraaf) claims that gold scrap is beginning to run low.

Featured is the chart of a gold recycler. The downtrend in the stock price indicates that the supply of scrap gold is dwindling. This is bullish for the rising gold price.

My sources in the jewelry business confirm that scrap gold is slowing down drastically. Of concern is the fact that 10K gold scrap is almost finished, and much of the gold coming across the counter now is 18K or higher. This indicates that people with low incomes have exhausted their meager ‘treasure chest’, and middle class people are now beginning to hurt to the point of having to cash in their jewelry. While Wall Street led by Goldman-Sachs is knee-deep in bonuses, Main Street is suffering ‘big-time.’

The implication for gold is that the recession is deepening, and government will do what it has always done in the past, print money to try to solve the problem. This will be ‘gold-bullish.’

http://www.kingworldnews.com/kingworldnews...er_Degraaf.html

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Question for those holding gold at the moment...

 

What is your modus operandi if trading in gold becomes a criminal offence and surrender of all gold held is mandatory at a price fixed by the state?

 

I think this is a real risk. Gold is the signal that the system doesn't work and the powers that be will stop at nothing to admit the system is not fit for purpose. We have already witnessed the most staggering moral hazard created etc

 

I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

 

 

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I don't like wading in here but feel it necessary to say a few words in support of rh. I don't think we should persecute those whose strategies are different to our own. After all, they may be right-we have no way of knowing. For all we know Prechter could be right and gold could fall to xxxdollars in 2010/11/12 and the right place to have waited may have been in fresh wads of cash. Ditto for silver. I think lots of people may be waiting for a PM collapse a la Prechter/Neely and they might be right or they might be wrong. Time will tell. For my own part I, like rh and some others, have a core holding and looking to add to it big time should prices disintegrate and even steadily now, despite high prices...after all the more bullish are equally persuasive and I think it wise to be hedged both ways. Surely this is fairly sound advice?

To be 'all in' in anything is difficult to swallow for the more cautious amongst us. I'd imagine that if one is 'all in' then it would make you more vehement against any other advice, perhaps? This caution may be costly or it may be wise.

I don't recall rh lecturing newbies to follow his Tao, just simply present his position. We should be glad to hear of all strategies IMO, that is what makes this place so interesting and vital. If CDSwamp had toned it down a bit I'm sure he would still be here but offensive posts are a bit of an affront and people do react. I wish too he was here as the humour was necessary every now and again. However the righteousness was not.

 

I think for all here we expect our roads to lead to Rome (unfortunate analogy) our routes may well be different and have ups and downs along the way, and I am sure there would have been short cuts and pit stops to make for all of us. That is the learning experience. I for one would have loved to have been 'all in' back in 04. Maybe I'd have the Capitol in my sights now. As it is I sometimes feel I need my binoculars to see Dow/Gold 1:1 or houses in UK at 100oz:1. Still, I/we/all of us are closer to our goals and that has to be a good thing. I dont think we should chase each other away like what happened at HPC.

 

Sorry to be off topic, just thought it needed to be said.

 

For rh..I see many stories about Yen decline all of a sudden btw. So watch out on the yen/silver trades. Some places have run out of silver and platinum is rarely available. Is the Yen about to be hammered next, I wonder? Strength looks almost over. Anyone fancy going 'all in'?

 

Good Luck everyone.

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Question for those holding gold at the moment...

 

What is your modus operandi if trading in gold becomes a criminal offence and surrender of all gold held is mandatory at a price fixed by the state?

 

I think this is a real risk. Gold is the signal that the system doesn't work and the powers that be will stop at nothing to admit the system is not fit for purpose. We have already witnessed the most staggering moral hazard created etc

 

I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

It already is on this thread. :lol:

 

Ok, I'll get my coat.

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Question for those holding gold at the moment...

 

What is your modus operandi if trading in gold becomes a criminal offence and surrender of all gold held is mandatory at a price fixed by the state?

 

I think this is a real risk. Gold is the signal that the system doesn't work and the powers that be will stop at nothing to admit the system is not fit for purpose. We have already witnessed the most staggering moral hazard created etc

 

I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

 

Have to say this is a paranoia of mine of late and why I have just sold the lot to a non local fisherman. Never seen the guy before but he made me an offer I couldnt refuse. ;)

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Question for those holding gold at the moment...

 

What is your modus operandi if trading in gold becomes a criminal offence and surrender of all gold held is mandatory at a price fixed by the state?

 

I think this is a real risk. Gold is the signal that the system doesn't work and the powers that be will stop at nothing to admit the system is not fit for purpose. We have already witnessed the most staggering moral hazard created etc

 

I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

I wonder what would happen with offshore accounts like GoldMoney if that was the case.

 

 

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For rh..I see many stories about Yen decline all of a sudden btw. So watch out on the yen/silver trades. Some places have run out of silver and platinum is rarely available. Is the Yen about to be hammered next, I wonder? Strength looks almost over. Anyone fancy going 'all in'?

 

Good Luck everyone.

Thanks for the warning. I am not too concerned about the Yen. Though I have a significant position in Yen it is not a "central piece" in my master plan to dominate my small corner of the planet. If investing can be compared to chess, and the art of war, my Yen position is akin to a rook, or bishop and is certainly not as valuable as the King and Queen. It goes without saying that they represent the metals.

 

The Yen position is not a trade, but a hedge, which I may keep for some time, or swap for metal soon if market conditions are favorable.

 

The Yen is now nearing 92 [against the dollar] having weakened a bit from around 90. I bought it at around 96 if I remember correctly. These markets are so unstable that these kind of currency moves might become commonplace. I look forward to the really big moves...... in either direction.

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Question for those holding gold at the moment...

 

What is your modus operandi if trading in gold becomes a criminal offence and surrender of all gold held is mandatory at a price fixed by the state?

 

I think this is a real risk. Gold is the signal that the system doesn't work and the powers that be will stop at nothing to admit the system is not fit for purpose. We have already witnessed the most staggering moral hazard created etc

 

I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

 

 

This would be excellent news for those holding gold as it would presage an abandonment of price suppression and re-valuation. Doubt it will happen as has been pointed out - it is easier to print paper and 'buy' it.

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...

Sorry to be off topic, just thought it needed to be said.

...

Good Luck everyone.

Well said, Jake.

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Have to say this is a paranoia of mine of late and why I have just sold the lot to a non local fisherman. Never seen the guy before but he made me an offer I couldnt refuse. ;)

I guess I would do what the lawman says and sell.

 

I still miss those coins which fell to the bottom of the lake (there are a lot of lakes here in Finland).

 

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I guess I would do what the lawman says and sell.

 

I still miss those coins which fell to the bottom of the lake (there are a lot of lakes here in Finland).

 

 

That was careless of you - can you remember which lake it was :lol:

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I can't say I would be too comfortable holding on to my gold if in the eyes of the law it became contraband equivalent to Classe A drugs...

Could always forge a pair of giant wedding rings (if you're married).

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That was careless of you - can you remember which lake it was :lol:

There are over 100 000 lakes apparently in Finland.

 

It was out in Eastern Finland (the Lake District) and I think the name was something järvi (järvi = lake) but I don't quite remember. :D

 

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QUOTE (Jake @ Oct 23 2009, 05:34 PM)

...

Sorry to be off topic, just thought it needed to be said.

...

Good Luck everyone.

 

Well said, Jake.

Well said, Jake.

 

Hear, hear. I am surprised at the intolerance about Roman's position. As if an investment stance is a moral issue.

 

It takes all kinds and I think it is important to be tolerant. While we may agree gold is going up and the dollar down, none of us can foretell the future to know which tweak here and there will yeild the greatest reward.

 

And besides, at the end of the day, it's only money. :P

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INTERESTING QUESTION AND ANSWER FROM G.EDWARD GRIFFIN NEWSLETTER/FORUM

GEG CERTAINLY UNDERSTANDS GOLD DO YOU??

 

 

READER SAYS MONEY-BACKED BY GOLD IS A HOAX

 

2009 Oct 21 from Brian McDermott, Governor, Central Queensland Free State (Australia.)

Dear Mr. Griffin,

Please, when you’re doing your crash course on money, whatever else you do, DO NOT suggest that America go back on the “Gold Standard.” I understand that you are a supporter of going back on to the “gold standard.” This is very dangerous, as I will show you.

 

There are many people in various parts of the world who mean well, but many of them can’t see the perils of “The Gold Standard.” This is EXCACTLY what Rothschild wants, BECAUSE ROTHSCHILDS OWN ALL THE GOLD! Hope this makes sense, but “money” should be based on real value of productivity. Nothing to do with gold. All the gold in the world could sink below the waves tomorrow, and it would make no difference to our economic situation, or our productivity. It’s just a useless, pretty metal, with a “man-made” value. The “gold standard” is a clever hoax. Please wake up, and wake up others.

 

Did you know that Rothschild sets the price of gold every day, on the world markets? IT’S A RACKET! He’s laughing all the way to (his own) bank, at the stupidity of the goyim!

 

May I suggest that you do a crash course on Social Credit (C.H. Douglas.) It’s all there. Please stay in touch.

 

 

GEG'S REPLY:

Hello Brian.

Sorry I can’t agree with you, but I do appreciate your taking the time to express your view.

 

The Rothschilds do not own all the gold or even close to it. Most of it is still in the ground, in the ocean, and in private hoards. Even if they did own all of it that presently is in the form of bars, that would just drive up the price and stimulate gold mining so that new supplies would quickly come into production – as now is happening around the world.

 

Bankers may hoard gold (because they understand its value more than most people) but they have always done everything they can to prevent a gold-backed currency. If they wanted it, they could have had it long ago, but they have always worked against it. Why is that? It’s because they can acquire far more wealth by expanding the money supply at will and collecting interest on money created out of nothing than they can by having limits on their money supply and collecting interest on gold-backed loans. Bankers love to possess gold but they hate a gold-backed currency because that limits their money supply and, thereby, limits the volume of loans.

 

Any system other than precious metals is dependent on human decree and manipulation. It must inevitably end up no different than any other fiat money. I am familiar with the social-credit scheme and find it totally lacking in merit. It is a social engineer’s fantasy. It does not line up with human nature.

 

Gold has always worked well as a monetary base throughout history. It can’t be improved upon. We must not fall for the line about gold being just a pretty metal, etc. It has intrinsic value even if not used for money, it does not deteriorate, it can be divided into small units, it is scarce so it has great value in a small space, and, best of all, it can be precisely measured for purity and weight, which allows for units that are beyond human judgment and human manipulation. It is the perfect money.

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Gold has always worked well as a monetary base throughout history. It can’t be improved upon. We must not fall for the line about gold being just a pretty metal, etc. It has intrinsic value even if not used for money, it does not deteriorate, it can be divided into small units, it is scarce so it has great value in a small space, and, best of all, it can be precisely measured for purity and weight, which allows for units that are beyond human judgment and human manipulation. It is the perfect money.

 

IMO gold & silver is a perfect form of money. It requires hard work that costs hundreds of dollars to mine it, so it then becomes an exchange of labour. Its worked well for thousands of years and the current fiat system is on the brink of collapse in comparison.

 

Paper notes are just "pretty" with no real value and digital money has no value except a "man made" value.

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Thanks for the warning. I am not too concerned about the Yen. Though I have a significant position in Yen it is not a "central piece" in my master plan to dominate my small corner of the planet. If investing can be compared to chess, and the art of war, my Yen position is akin to a rook, or bishop and is certainly not as valuable as the King and Queen. It goes without saying that they represent the metals.

 

The Yen position is not a trade, but a hedge, which I may keep for some time, or swap for metal soon if market conditions are favorable.

 

The Yen is now nearing 92 [against the dollar] having weakened a bit from around 90. I bought it at around 96 if I remember correctly. These markets are so unstable that these kind of currency moves might become commonplace. I look forward to the really big moves...... in either direction.

 

 

Nice analogy with the game of chess. My pieces are all queens. Fancy a game with your rooks and bishops? :P

 

I think your views are well thought out and balanced although I dont understand them sometimes. Also you kept your peace when others got confrontational with you. Good for you.

 

I prefer the simple more relaxed approach of buy and hold as fundamentally gold is going up long term. Had I of traded then I could have been better off but I dont think I could deal with the stress.

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http://www.businessinsider.com/roubini-i-d...in-gold-2009-10

 

From the hpc newsblog.

 

He was right on the crash, but has he now become a mouthpiece for the us gov, in relation to gold?

 

from that article, 11 ways to cash in on gold, one of which is "send your gold to Cash4gold". Highly suspisious.

 

How do I get spell checker to work on firefox? I need it badly!

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As everyone knows, if $ rises then comms will be smoked, including G.

 

Well, with a 0.5% rise in $ yesterday and many technicals indicating strength, there is an increasing probability of a significant move up in $. Granted G ought to be less affected than other comms, particularly S.

 

However, 850 is still on the cards

 

Gold chart

 

US$ chart

 

I am NOT saying it will happen however we must be cognisant of the real possibility. Thus, we've lightened our load in case $ strengthens.

 

If $ falls through the floor, say below 74 and closes below, then we will simply rebuy and increase exposure.

 

From the low, last October, our favourite G fund, Ruffer Baker Steel, is up c 120%. Though it fell massively in the rout.

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