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#21
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Beck and Goldline International
Frank Galikanokus wrote:
"Mr. Jaggers" wrote: Frank Galikanokus wrote: "Mr. Jaggers" wrote: oly wrote: On May 18, 2:59 pm, Ken Barr wrote: In article , Frank Galikanokus wrote: Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.). Read mohttp://www.politico.com/news/stories/0510/37413.html Wow ... a politician accusing a coin deeler and a talk radio host of unethical behavior ... It looks like I'm going to have to trot on down to Target for a new irony meter ... mint just exploded! -- Ken Barr Numismatics email: P. O. Box 32541 website: http://www.kenbarr.com San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc. 408-272-3247 NEXT SHOW: Vallejo Numismatic Society 5/2 (no table) The proof of the pudding is in the eating, and if the sellers' wares weren't too overpriced, presumably those "scared-out of-their-shorts" gold buyers have done well recently. Only if they bought at X and sold at Y, where Y X. How many people buy gold for the short term? Likely not the scared/shorts types. If you're NOT worried about the future value of all the fiat government paper and all the shabby government promises, that would be a sign that something's quite wrong with your mental faculties. Being worried and doing something pro-actively about it are two usually-mutually-exclusive activities. How many times over the past two to three years have you suddenly clammed up when I pointedly asked what actions should be taken to protect oneself against those evil things, mon vieux? Just sayin' James The old adage is to buy low and sell high. The sad truth is that the vast majority of "investors" buy high and sell low. Now is not the time to buy, it's time to sell. O Great Wise and Wonderful Prophet, whither the market? James the Ob'd Servant When prices are at historic levels, when the buy, buy, buy messages reaches hysterical levels, it's time to sell. That seems to be exactly what happened, what was it, about 2 1/2 years ago? Get enough computers with price points set to similar levels, and the whole thing cascades down like a house of cards. James the Bear Marketeer |
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#22
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Beck and Goldline International
Frank Galikanokus wrote:
"Mr. Jaggers" wrote: oly wrote: On May 19, 7:21 am, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: oly wrote: On May 18, 9:32 pm, "Bruce Remick" wrote: "Peter" wrote in message ... On May 18, 7:56 pm, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: Bruce Remick wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... oly wrote: On May 18, 2:59 pm, Ken Barr wrote: In article , Frank Galikanokus wrote: Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.). Read mohttp://www.politico.com/news/stories/0510/37413.html Wow ... a politician accusing a coin deeler and a talk radio host of unethical behavior ... It looks like I'm going to have to trot on down to Target for a new irony meter ... mint just exploded! -- Ken Barr Numismatics email: P. O. Box 32541 website:http://www.kenbarr.com San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc. 408-272-3247 NEXT SHOW: Vallejo Numismatic Society 5/2 (no table) The proof of the pudding is in the eating, and if the sellers' wares weren't too overpriced, presumably those "scared-out of-their-shorts" gold buyers have done well recently. Only if they bought at X and sold at Y, where Y X. How many people buy gold for the short term? Likely not the scared/shorts types. If you're NOT worried about the future value of all the fiat government paper and all the shabby government promises, that would be a sign that something's quite wrong with your mental faculties. Being worried and doing something pro-actively about it are two usually-mutually-exclusive activities. How many times over the past two to three years have you suddenly clammed up when I pointedly asked what actions should be taken to protect oneself against those evil things, mon vieux? Just sayin' James Seems to me that we've had federal fiat paper since the Civil War with no tragic collapse in value so far, and we've gone through some tough times and weak administrations over those 150 years. These current times undoubtedly are among the most challenging for us, but I see no reason to panic about the future value of our dollar. But then I'm not a pessimist by nature. History records numerous panics, recessions, and depressions, all while we were on the esteemed "gold standard." Even gold could be considered "fiat" money, since its value depends on what someone other than I says it is. Don't get me wrong, I like gold, I like its looks, but I have yet to see a well-crafted scenario of what would happen when push came to shove. If somebody decides his loaf of bread is worth a St. Gaudens twenty, very few indeed will eat. The rest will attempt to kill him who eats, and steal his gold AND his bread. James- Hide quoted text - - Show quoted text - I think that pushing and shoving (and especially killing) is a bit over the top. In that situation on hopes there are still police. If not, things are very bad, indeed and exactly which form of money would be best seems too hypothetical to make accurate predictions. The observation that we have a form of social democracy, that our leaders have populist inclinations and have expressed them in concrete terms is enough for the question of stability of prices and a store of value to be discussed. The longer term trend for the price of gold has been clear enough (from $20/Oz to $1200/Oz). Inconveniently for an argument that we should depend primarily on gold, it has occurred over a time frame that exceeds a normal lifetime. The case that it is a hedge against a weakening currency is a case that much of the world understands. Admittedly, the US dollar has behaved better than some other currencies and folks who lived in Indonesia, Turkey or Zimbabwe tend to scoff at our fretfulness; even so, perhaps in milder amounts, inflation can happen here. My eclectic choices of items to purchase does not seem to resemble those chosen for the CPI since my expenses do seem to go up a lot and the CPI does not. Gold has done a somewhat better job of tracking my expenses than the dollar has (e.g., in about 1960 a Piper PA-18-150, new, cost about $5000; today a usable but thoroughly used one costs about $80,000). As for whether the advocates of one position or another have been bribed, ask yourself whether the politicians are themselves pure. My personal interest in gold as a commodity is as a hedge. I have sufficient cash for my needs. My theory is that a small part needs to be in something that will hold its value (or at least vary in value in a different way than paper money). Personally I prefer to keep some coins and some Goerz Dagors. They certainly won't ward off bullets, but they might be useful in case doubts arise about the value of the various forms of colored paper I have. My broad theory about the correct proportion in other things is to have enough that it be useful in buying immediate needs and not be a significant (e.g., less that 5%) part of my savings. ============ In any extreme crisis scenario where the dollar actually becomes worthless, one might be better off with a bunker of MRE's, bottled water, and an AK-47 w/ammo.....plus of course any particular Starbucks blend one just can't live without. That stock of gold kept as an inflation hedge will be of little practical use unless you really need a nostalgia fix. The process of "buying things" will be a fond memory. Fortunately, there's a happy ending to this movie. ;)- Hide quoted text - - Show quoted text - Sorry Mr. Remick, but Peter's reply beats yours' by a country mile. You asked "where's the tragic collapse of the dollar?" and he correctly replied that it's already happened, but it has been managed over longer than one person's lifetime. It is also much more difficult to see the decline when there are no alternative foreign currencies that are based on/ convertible in fixed ratios to precious metals. It's easier to be a drunk when the whole world is the Bowery - you don't stand out nearly as distinctly. Of course, we could still see the remaining 4% or 5% of the dollar's pre-1913 value slip away in one fell swoop. You really won't be able to use gold DURING a collapse or revolution. Gold is the time machine that takes you from one side of a period of anarchy to the other side when normality returns. Silver would be a better tool during the bad times, but yes, actually having stored goods for personal use or barter would be valuable too. Have you noticed that the ammunition shortages aren't getting any better??? The ammunition shortages are being caused by irrational fears that somehow the gummint is going to confiscate private firearms in the near future (actually, shouldn't we wonder why it hasn't happened already, since these fears were first expressed back in '07?), these fears, of course, being trumped up by the radio talkers. There's just nothing quite like stoking the fires of fear and hate via several hours a day output from the likes of Beck and Limbaugh, and I know plenty of otherwise decent folks right here in North Lugburz who have fallen under their sickening spell. That said, your statement about not being able to use gold during a collapse or revolution has merit. You really cannot predict the course of such an event (viz. the French Revolution, one of history's greatest and most ironic failures), so a resort to survivalism might get you through. How many rolls of papier h will it take to trade for your pound of jerky, mon bon voisin? And don't get any funny ideas, 'cause I know karate. James the Barterer- Hide quoted text - - Show quoted text - Indeed, the French Revolution is probably THE guide for what could happen in a "modern" "civilized" nation gone beserk. Flashing gold during the French Revolution was a quick way to get a free shave by the "National Razor". They say that vendors sold "programs" of the names of those scheduled to be guillotined each day to the crowd gathered to watch. I'll bet the vendors didn't insist on anything other than assignats. Nevertheless, I tend to think that silver dimes, quarters and half dollars will function for the beef jerkey trade. My studies of the German Hyperinflation 1919-1923 make me think that those who had silver coins (and foreign notes and coins) didn't fare badly at all during that period. I balk at suggesting to you (or anyone), mon vieux, exactly what to do because so many business/investment situations that I thought were solid have bellied-up in the last three years. Things that I thought were good also have done a great job of losing five-sixths of their value with amazing consistency. Of course, most of the ones I thought were crappy did not make it either, but my ability to identify the good ones hasn't been stellar. Also, I strongly think that we will do a "double-dip" recession in 2010-11. I harbor no illusions that the current "recovery" is anything other than a fool's rally. There are still way too many people who stand to gain handsomely from another market drop. They have the wherewithal to bring it about, and they won't wait until the Dow is anywhere near 14k, methinks. James Cannes: How the bankers fleeced the world Director Charles Ferguson on his smash Cannes doc, which indicts the financial sector as a "criminal industry" http://www.salon.com/entertainment/m...son/index.html Wow. While I'm not in a position to independently verify all Ferguson says in that interview, it has a major ring of truth and reality about it. I'd be interested in what other rcc people have to say about it. James |
#23
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Beck and Goldline International
"Mr. Jaggers" wrote:
Frank Galikanokus wrote: "Mr. Jaggers" wrote: oly wrote: On May 19, 7:21 am, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: oly wrote: On May 18, 9:32 pm, "Bruce Remick" wrote: "Peter" wrote in message ... On May 18, 7:56 pm, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: Bruce Remick wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... oly wrote: On May 18, 2:59 pm, Ken Barr wrote: In article , Frank Galikanokus wrote: Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.). Read mohttp://www.politico.com/news/stories/0510/37413.html Wow ... a politician accusing a coin deeler and a talk radio host of unethical behavior ... It looks like I'm going to have to trot on down to Target for a new irony meter ... mint just exploded! -- Ken Barr Numismatics email: P. O. Box 32541 website:http://www.kenbarr.com San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc. 408-272-3247 NEXT SHOW: Vallejo Numismatic Society 5/2 (no table) The proof of the pudding is in the eating, and if the sellers' wares weren't too overpriced, presumably those "scared-out of-their-shorts" gold buyers have done well recently. Only if they bought at X and sold at Y, where Y X. How many people buy gold for the short term? Likely not the scared/shorts types. If you're NOT worried about the future value of all the fiat government paper and all the shabby government promises, that would be a sign that something's quite wrong with your mental faculties. Being worried and doing something pro-actively about it are two usually-mutually-exclusive activities. How many times over the past two to three years have you suddenly clammed up when I pointedly asked what actions should be taken to protect oneself against those evil things, mon vieux? Just sayin' James Seems to me that we've had federal fiat paper since the Civil War with no tragic collapse in value so far, and we've gone through some tough times and weak administrations over those 150 years. These current times undoubtedly are among the most challenging for us, but I see no reason to panic about the future value of our dollar. But then I'm not a pessimist by nature. History records numerous panics, recessions, and depressions, all while we were on the esteemed "gold standard." Even gold could be considered "fiat" money, since its value depends on what someone other than I says it is. Don't get me wrong, I like gold, I like its looks, but I have yet to see a well-crafted scenario of what would happen when push came to shove. If somebody decides his loaf of bread is worth a St. Gaudens twenty, very few indeed will eat. The rest will attempt to kill him who eats, and steal his gold AND his bread. James- Hide quoted text - - Show quoted text - I think that pushing and shoving (and especially killing) is a bit over the top. In that situation on hopes there are still police. If not, things are very bad, indeed and exactly which form of money would be best seems too hypothetical to make accurate predictions. The observation that we have a form of social democracy, that our leaders have populist inclinations and have expressed them in concrete terms is enough for the question of stability of prices and a store of value to be discussed. The longer term trend for the price of gold has been clear enough (from $20/Oz to $1200/Oz). Inconveniently for an argument that we should depend primarily on gold, it has occurred over a time frame that exceeds a normal lifetime. The case that it is a hedge against a weakening currency is a case that much of the world understands. Admittedly, the US dollar has behaved better than some other currencies and folks who lived in Indonesia, Turkey or Zimbabwe tend to scoff at our fretfulness; even so, perhaps in milder amounts, inflation can happen here. My eclectic choices of items to purchase does not seem to resemble those chosen for the CPI since my expenses do seem to go up a lot and the CPI does not. Gold has done a somewhat better job of tracking my expenses than the dollar has (e.g., in about 1960 a Piper PA-18-150, new, cost about $5000; today a usable but thoroughly used one costs about $80,000). As for whether the advocates of one position or another have been bribed, ask yourself whether the politicians are themselves pure. My personal interest in gold as a commodity is as a hedge. I have sufficient cash for my needs. My theory is that a small part needs to be in something that will hold its value (or at least vary in value in a different way than paper money). Personally I prefer to keep some coins and some Goerz Dagors. They certainly won't ward off bullets, but they might be useful in case doubts arise about the value of the various forms of colored paper I have. My broad theory about the correct proportion in other things is to have enough that it be useful in buying immediate needs and not be a significant (e.g., less that 5%) part of my savings. ============ In any extreme crisis scenario where the dollar actually becomes worthless, one might be better off with a bunker of MRE's, bottled water, and an AK-47 w/ammo.....plus of course any particular Starbucks blend one just can't live without. That stock of gold kept as an inflation hedge will be of little practical use unless you really need a nostalgia fix. The process of "buying things" will be a fond memory. Fortunately, there's a happy ending to this movie. ;)- Hide quoted text - - Show quoted text - Sorry Mr. Remick, but Peter's reply beats yours' by a country mile. You asked "where's the tragic collapse of the dollar?" and he correctly replied that it's already happened, but it has been managed over longer than one person's lifetime. It is also much more difficult to see the decline when there are no alternative foreign currencies that are based on/ convertible in fixed ratios to precious metals. It's easier to be a drunk when the whole world is the Bowery - you don't stand out nearly as distinctly. Of course, we could still see the remaining 4% or 5% of the dollar's pre-1913 value slip away in one fell swoop. You really won't be able to use gold DURING a collapse or revolution. Gold is the time machine that takes you from one side of a period of anarchy to the other side when normality returns. Silver would be a better tool during the bad times, but yes, actually having stored goods for personal use or barter would be valuable too. Have you noticed that the ammunition shortages aren't getting any better??? The ammunition shortages are being caused by irrational fears that somehow the gummint is going to confiscate private firearms in the near future (actually, shouldn't we wonder why it hasn't happened already, since these fears were first expressed back in '07?), these fears, of course, being trumped up by the radio talkers. There's just nothing quite like stoking the fires of fear and hate via several hours a day output from the likes of Beck and Limbaugh, and I know plenty of otherwise decent folks right here in North Lugburz who have fallen under their sickening spell. That said, your statement about not being able to use gold during a collapse or revolution has merit. You really cannot predict the course of such an event (viz. the French Revolution, one of history's greatest and most ironic failures), so a resort to survivalism might get you through. How many rolls of papier h will it take to trade for your pound of jerky, mon bon voisin? And don't get any funny ideas, 'cause I know karate. James the Barterer- Hide quoted text - - Show quoted text - Indeed, the French Revolution is probably THE guide for what could happen in a "modern" "civilized" nation gone beserk. Flashing gold during the French Revolution was a quick way to get a free shave by the "National Razor". They say that vendors sold "programs" of the names of those scheduled to be guillotined each day to the crowd gathered to watch. I'll bet the vendors didn't insist on anything other than assignats. Nevertheless, I tend to think that silver dimes, quarters and half dollars will function for the beef jerkey trade. My studies of the German Hyperinflation 1919-1923 make me think that those who had silver coins (and foreign notes and coins) didn't fare badly at all during that period. I balk at suggesting to you (or anyone), mon vieux, exactly what to do because so many business/investment situations that I thought were solid have bellied-up in the last three years. Things that I thought were good also have done a great job of losing five-sixths of their value with amazing consistency. Of course, most of the ones I thought were crappy did not make it either, but my ability to identify the good ones hasn't been stellar. Also, I strongly think that we will do a "double-dip" recession in 2010-11. I harbor no illusions that the current "recovery" is anything other than a fool's rally. There are still way too many people who stand to gain handsomely from another market drop. They have the wherewithal to bring it about, and they won't wait until the Dow is anywhere near 14k, methinks. James Cannes: How the bankers fleeced the world Director Charles Ferguson on his smash Cannes doc, which indicts the financial sector as a "criminal industry" http://www.salon.com/entertainment/m...son/index.html Wow. While I'm not in a position to independently verify all Ferguson says in that interview, it has a major ring of truth and reality about it. I'd be interested in what other rcc people have to say about it. James Look up these links for a deeper understanding of how "deregulation" has lead to economic ruin. http://en.wikipedia.org/wiki/Glass–Steagall_Act http://en.wikipedia.org/wiki/Garn_–_...stitutions_Act http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act http://en.wikipedia.org/wiki/Commodi...on_Act_of_2000 JAM |
#24
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Beck and Goldline International
"Mr. Jaggers" wrote:
Frank Galikanokus wrote: "Mr. Jaggers" wrote: Frank Galikanokus wrote: "Mr. Jaggers" wrote: oly wrote: On May 18, 2:59 pm, Ken Barr wrote: In article , Frank Galikanokus wrote: Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.). Read mohttp://www.politico.com/news/stories/0510/37413.html Wow ... a politician accusing a coin deeler and a talk radio host of unethical behavior ... It looks like I'm going to have to trot on down to Target for a new irony meter ... mint just exploded! -- Ken Barr Numismatics email: P. O. Box 32541 website: http://www.kenbarr.com San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc. 408-272-3247 NEXT SHOW: Vallejo Numismatic Society 5/2 (no table) The proof of the pudding is in the eating, and if the sellers' wares weren't too overpriced, presumably those "scared-out of-their-shorts" gold buyers have done well recently. Only if they bought at X and sold at Y, where Y X. How many people buy gold for the short term? Likely not the scared/shorts types. If you're NOT worried about the future value of all the fiat government paper and all the shabby government promises, that would be a sign that something's quite wrong with your mental faculties. Being worried and doing something pro-actively about it are two usually-mutually-exclusive activities. How many times over the past two to three years have you suddenly clammed up when I pointedly asked what actions should be taken to protect oneself against those evil things, mon vieux? Just sayin' James The old adage is to buy low and sell high. The sad truth is that the vast majority of "investors" buy high and sell low. Now is not the time to buy, it's time to sell. O Great Wise and Wonderful Prophet, whither the market? James the Ob'd Servant When prices are at historic levels, when the buy, buy, buy messages reaches hysterical levels, it's time to sell. That seems to be exactly what happened, what was it, about 2 1/2 years ago? Get enough computers with price points set to similar levels, and the whole thing cascades down like a house of cards. James the Bear Marketeer It happened with the .com bubble and then real estate bubble and then... JAM |
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Beck and Goldline International
On May 19, 10:19*am, Frank Galikanokus
wrote: The only people pushing for a return to the gold standard are those that are heavily invested in gold, like Ron Paul. JAM- Hide quoted text - - Show quoted text - I'm not sure I remember correctly, but I think Reagan asked Ron Paul for a concrete proposal to return the USA to a gold standard and he was unable to provide one. I don't think it would be a simple matter. |
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Beck and Goldline International
On May 19, 5:27*pm, Frank Galikanokus
wrote: When prices are at historic levels, when the buy, buy, buy messages reaches hysterical levels, it's time to sell. It happened with the .com bubble and then real estate bubble and then... JAM- Hide quoted text - - Show quoted text - I remember the 1970's pretty well. The level of hype as we approached 1980 was quite a bit more hysterical than just now. Robert Prechter is quite sure it is time to sell gold, but my impression is that he has been a gold skept since around 2002 or so. I suspect he just doesn't like the stuff. Some other sensible folks differ. |
#27
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Beck and Goldline International
Peter wrote:
On May 19, 5:27 pm, Frank Galikanokus wrote: When prices are at historic levels, when the buy, buy, buy messages reaches hysterical levels, it's time to sell. It happened with the .com bubble and then real estate bubble and then... JAM- Hide quoted text - - Show quoted text - I remember the 1970's pretty well. The level of hype as we approached 1980 was quite a bit more hysterical than just now. Unlike the late 1970s, we now have media talkers and cable tv news that carry the term "hysterical" to a height we have not seen and could not see previously. The hysteria has found fertile ground in private email and Facebook, just to name two additional outlets that weren't around back then. James |
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Beck and Goldline International
Peter wrote:
On May 19, 10:19 am, Frank Galikanokus wrote: The only people pushing for a return to the gold standard are those that are heavily invested in gold, like Ron Paul. JAM- Hide quoted text - - Show quoted text - I'm not sure I remember correctly, but I think Reagan asked Ron Paul for a concrete proposal to return the USA to a gold standard and he was unable to provide one. I don't think it would be a simple matter. Exactly - not a simple matter. But, considering the intellect of the man on the street, politicians know they have to reduce everything to a sound bite or risk losing the next election. Simple solutions always play well in Peoria, because they almost always zap the other guy. Complex solutions zap you and me. James |
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Beck and Goldline International
Frank Galikanokus wrote:
"Mr. Jaggers" wrote: Frank Galikanokus wrote: "Mr. Jaggers" wrote: oly wrote: On May 19, 7:21 am, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: oly wrote: On May 18, 9:32 pm, "Bruce Remick" wrote: "Peter" wrote in message ... On May 18, 7:56 pm, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: Bruce Remick wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... oly wrote: On May 18, 2:59 pm, Ken Barr wrote: In article , Frank Galikanokus wrote: Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.). Read mohttp://www.politico.com/news/stories/0510/37413.html Wow ... a politician accusing a coin deeler and a talk radio host of unethical behavior ... It looks like I'm going to have to trot on down to Target for a new irony meter ... mint just exploded! -- Ken Barr Numismatics email: P. O. Box 32541 website:http://www.kenbarr.com San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc. 408-272-3247 NEXT SHOW: Vallejo Numismatic Society 5/2 (no table) The proof of the pudding is in the eating, and if the sellers' wares weren't too overpriced, presumably those "scared-out of-their-shorts" gold buyers have done well recently. Only if they bought at X and sold at Y, where Y X. How many people buy gold for the short term? Likely not the scared/shorts types. If you're NOT worried about the future value of all the fiat government paper and all the shabby government promises, that would be a sign that something's quite wrong with your mental faculties. Being worried and doing something pro-actively about it are two usually-mutually-exclusive activities. How many times over the past two to three years have you suddenly clammed up when I pointedly asked what actions should be taken to protect oneself against those evil things, mon vieux? Just sayin' James Seems to me that we've had federal fiat paper since the Civil War with no tragic collapse in value so far, and we've gone through some tough times and weak administrations over those 150 years. These current times undoubtedly are among the most challenging for us, but I see no reason to panic about the future value of our dollar. But then I'm not a pessimist by nature. History records numerous panics, recessions, and depressions, all while we were on the esteemed "gold standard." Even gold could be considered "fiat" money, since its value depends on what someone other than I says it is. Don't get me wrong, I like gold, I like its looks, but I have yet to see a well-crafted scenario of what would happen when push came to shove. If somebody decides his loaf of bread is worth a St. Gaudens twenty, very few indeed will eat. The rest will attempt to kill him who eats, and steal his gold AND his bread. James- Hide quoted text - - Show quoted text - I think that pushing and shoving (and especially killing) is a bit over the top. In that situation on hopes there are still police. If not, things are very bad, indeed and exactly which form of money would be best seems too hypothetical to make accurate predictions. The observation that we have a form of social democracy, that our leaders have populist inclinations and have expressed them in concrete terms is enough for the question of stability of prices and a store of value to be discussed. The longer term trend for the price of gold has been clear enough (from $20/Oz to $1200/Oz). Inconveniently for an argument that we should depend primarily on gold, it has occurred over a time frame that exceeds a normal lifetime. The case that it is a hedge against a weakening currency is a case that much of the world understands. Admittedly, the US dollar has behaved better than some other currencies and folks who lived in Indonesia, Turkey or Zimbabwe tend to scoff at our fretfulness; even so, perhaps in milder amounts, inflation can happen here. My eclectic choices of items to purchase does not seem to resemble those chosen for the CPI since my expenses do seem to go up a lot and the CPI does not. Gold has done a somewhat better job of tracking my expenses than the dollar has (e.g., in about 1960 a Piper PA-18-150, new, cost about $5000; today a usable but thoroughly used one costs about $80,000). As for whether the advocates of one position or another have been bribed, ask yourself whether the politicians are themselves pure. My personal interest in gold as a commodity is as a hedge. I have sufficient cash for my needs. My theory is that a small part needs to be in something that will hold its value (or at least vary in value in a different way than paper money). Personally I prefer to keep some coins and some Goerz Dagors. They certainly won't ward off bullets, but they might be useful in case doubts arise about the value of the various forms of colored paper I have. My broad theory about the correct proportion in other things is to have enough that it be useful in buying immediate needs and not be a significant (e.g., less that 5%) part of my savings. ============ In any extreme crisis scenario where the dollar actually becomes worthless, one might be better off with a bunker of MRE's, bottled water, and an AK-47 w/ammo.....plus of course any particular Starbucks blend one just can't live without. That stock of gold kept as an inflation hedge will be of little practical use unless you really need a nostalgia fix. The process of "buying things" will be a fond memory. Fortunately, there's a happy ending to this movie. ;)- Hide quoted text - - Show quoted text - Sorry Mr. Remick, but Peter's reply beats yours' by a country mile. You asked "where's the tragic collapse of the dollar?" and he correctly replied that it's already happened, but it has been managed over longer than one person's lifetime. It is also much more difficult to see the decline when there are no alternative foreign currencies that are based on/ convertible in fixed ratios to precious metals. It's easier to be a drunk when the whole world is the Bowery - you don't stand out nearly as distinctly. Of course, we could still see the remaining 4% or 5% of the dollar's pre-1913 value slip away in one fell swoop. You really won't be able to use gold DURING a collapse or revolution. Gold is the time machine that takes you from one side of a period of anarchy to the other side when normality returns. Silver would be a better tool during the bad times, but yes, actually having stored goods for personal use or barter would be valuable too. Have you noticed that the ammunition shortages aren't getting any better??? The ammunition shortages are being caused by irrational fears that somehow the gummint is going to confiscate private firearms in the near future (actually, shouldn't we wonder why it hasn't happened already, since these fears were first expressed back in '07?), these fears, of course, being trumped up by the radio talkers. There's just nothing quite like stoking the fires of fear and hate via several hours a day output from the likes of Beck and Limbaugh, and I know plenty of otherwise decent folks right here in North Lugburz who have fallen under their sickening spell. That said, your statement about not being able to use gold during a collapse or revolution has merit. You really cannot predict the course of such an event (viz. the French Revolution, one of history's greatest and most ironic failures), so a resort to survivalism might get you through. How many rolls of papier h will it take to trade for your pound of jerky, mon bon voisin? And don't get any funny ideas, 'cause I know karate. James the Barterer- Hide quoted text - - Show quoted text - Indeed, the French Revolution is probably THE guide for what could happen in a "modern" "civilized" nation gone beserk. Flashing gold during the French Revolution was a quick way to get a free shave by the "National Razor". They say that vendors sold "programs" of the names of those scheduled to be guillotined each day to the crowd gathered to watch. I'll bet the vendors didn't insist on anything other than assignats. Nevertheless, I tend to think that silver dimes, quarters and half dollars will function for the beef jerkey trade. My studies of the German Hyperinflation 1919-1923 make me think that those who had silver coins (and foreign notes and coins) didn't fare badly at all during that period. I balk at suggesting to you (or anyone), mon vieux, exactly what to do because so many business/investment situations that I thought were solid have bellied-up in the last three years. Things that I thought were good also have done a great job of losing five-sixths of their value with amazing consistency. Of course, most of the ones I thought were crappy did not make it either, but my ability to identify the good ones hasn't been stellar. Also, I strongly think that we will do a "double-dip" recession in 2010-11. I harbor no illusions that the current "recovery" is anything other than a fool's rally. There are still way too many people who stand to gain handsomely from another market drop. They have the wherewithal to bring it about, and they won't wait until the Dow is anywhere near 14k, methinks. James Cannes: How the bankers fleeced the world Director Charles Ferguson on his smash Cannes doc, which indicts the financial sector as a "criminal industry" http://www.salon.com/entertainment/m...son/index.html Wow. While I'm not in a position to independently verify all Ferguson says in that interview, it has a major ring of truth and reality about it. I'd be interested in what other rcc people have to say about it. James Look up these links for a deeper understanding of how "deregulation" has lead to economic ruin. http://en.wikipedia.org/wiki/Glass-Steagall_Act http://en.wikipedia.org/wiki/Garn_-_...stitutions_Act http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act http://en.wikipedia.org/wiki/Commodi...on_Act_of_2000 The question that must be asked, and then answered, by anyone who plans to speak to the topic of the American economy is, "Should capitalism be completely unfettered, no matter who may be hurt, or how badly, or should restrictions be placed on the economy to protect us all?" There. I asked the question. Now I will answer it. I propose that restrictions be placed on the economy to protect us all, lest we revert to a medieval, feudalistic way of life. Now I will speak to the topic. Only a very few people benefit from a completely unfettered economy. The vast majority lose, in direct proportion to the level of deregulation. Safeguarding the economy is a prime activity that an individual cannot possibly undertake on his own, and thus is in the legitimate purview of government. James |
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Beck and Goldline International
Mr. Jaggers wrote:
Peter wrote: On May 19, 10:19 am, Frank Galikanokus wrote: The only people pushing for a return to the gold standard are those that are heavily invested in gold, like Ron Paul. JAM- Hide quoted text - - Show quoted text - I'm not sure I remember correctly, but I think Reagan asked Ron Paul for a concrete proposal to return the USA to a gold standard and he was unable to provide one. I don't think it would be a simple matter. Exactly - not a simple matter. But, considering the intellect of the man on the street, politicians know they have to reduce everything to a sound bite or risk losing the next election. Simple solutions always play well in Peoria, because they almost always zap the other guy. Complex solutions zap you and me. Rep. Ron Paul expresses his ideas the gold standard and the Fed quite eloquently in his book entitled The Revolution. Two things we can be absolutely sure of: 1) It will take a Revolution, not an Evolution, to get us back on the gold standard, and 2) history teaches us that revolutions never progress according to the blueprints of their perpetrators. James |
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