Fishhead: Food is a great buy because there is a developing shortage around the world. As the worldwide fiat system begins its collapse, people will flee into commodities.
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sell.....
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Gold been dipping lately
I have a long positionComment -
people were saying to sell gold on the dip from 900 to 700 oct 08
and that silver was done on the dip from 20 to 15 last january
metals and other commodities are still ridiculously cheap when you realize the undeniable fact that the u.s. is bankrupt (definition of bankruptcy is the inability to pay future promised payments like debt/social security/medicare)Comment -
When the jjgold's of the world are buying gold, its time to sell.Comment -
Ive been saying sell since about $1415. The factors that drove it higher into a way over valued zone will fade. Just like oil hit $140+ before fading. I think gold will searh for its true value once its clear the world its not falling totally apart.people were saying to sell gold on the dip from 900 to 700 oct 08
and that silver was done on the dip from 20 to 15 last january
metals and other commodities are still ridiculously cheap when you realize the undeniable fact that the u.s. is bankrupt (definition of bankruptcy is the inability to pay future promised payments like debt/social security/medicare)Comment -
My problem with Gold is that it has relatively few uses. Mainly Jewelry , most of it gets recycled ( like 99% + ?) old wedding rings and other jewelry stuff gets melted eventually, little Gold is really consumed in stuff like electronics. The stuff just sits in vaults, primarily !
Silver has some better uses like solar panels and mirrors and I think it is the best conductor of electricity ? It lost Photography as a consumption use with the elimination of film.
Platinum might be better than gold for it's unique catalystic properties.
I do have some issues with Gold ( esp.) being the store of value chosen metal. Sure it's small and tight to move, but will it really be that important in the future ?
I like the means of production argument ( FH's Iowa farmland). Corn is like one of the most important crops in the world, if not #1. Food will become king not some metals when the shit hits the fan. Gold ownership was outlawed by our first Commie POTUS ( FDR) circa 1933.
Corn is awfully useful stuff ! Anything from turning into fuel, food, hog feed. Corn is such a staple in every American food....you eat if you don't realise it.
Just a start...
Most breakfast cereals are corn based and so much more.
Corn is the new Gold, sort of ! runnong with Gold won't get you too far, IMO !Comment -
Yes this would be a great idea data. a ( 1 gram ) bar of gold sells for about $50 so thats equivalent to a $50 wal mart card but I bet you could charge 1500 points for a 1 gram bar of gold. This would be a great idea.Comment -
As always it depends on which point you use as your starting point.
Silver is up 50% since I first posted a "buy silver" thread. In that same period of time, soybeans are up about 15%.
Of course I am sure you can find certain starting points where soybeans have increased at a higher percentage.
The problem is that when the dollar is replaced with another currency, we will most likely be back on some sort of gold/silver standard which will cause gold/silver to skyrocket. We have never been and will never be on a soybean standard.
This sounds like another stupid argument between the two biggest headed posters in forum history and in this one case I will pass.Comment -
since september ( when I posted the silver thread )
silver up 46%
soybeans up 22 %
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Chinese yuan
Attached FilesComment -
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Yeah and our gov't knows it cant even balnace the budget let alone pay anything back.
The recent deficit commission was something that most people thought was about trying to lower the 14 trillion dollar debt. No, it was called the "deficit" commission because all they were trying to do was lower the deficit. Just trying to move the gov't from overspending 1 trillion per year to maybe say just overspending 500 billion per year. What kind of solution is that ?Comment -
SBR john,
It doesnt worry you that our gov't is overspending 1 trillion dollars per year ?
Or that we currently owe 14 trillion + and we are adding 1 million dollars to the debt every 33 seconds. This is money that clearly can never be paid back.
I realize US govt is massive but still adding 1 million dollars to the debt every 33 seconds ( and this has been going on for years ) and this doesnt scare you a little ?
the fact is the world is totally falling apart or at least the worlds fiat curreny systemComment -
All I have to say is look at the last 10 yr...5 yr charts, ect. Commodities have been holding their own. Both silver and gold have been down over the last few days...big time...my sharp customers have been in all day buying. I picked up a few attractive foreign silver coins myself today...sold by customers of mine. I see it all day long...peeps selling and peeps buying. It certainly is incredible times we live in. The negative attitudes about these items from the media are expected...they want you boys to invest/ or spend your money in other places. I don't care much atention to the "news"..haven't for some time..and I really haven't missed much that is IMPORTANT. Alot of peeps have opinions but few of the population have a clue ...and that goes with everything...that's why you see forums like these. That's why most are followers and not leaders/trendsetters. That's why you see the media "bashing"/ not promoting gold over the last 10 yrs, but yet I see peeps coming in and cashing in on gold coins they bought for $300 and now worth almost $1400...so tell me, the public, just like sports gambling, tell me what the rides of the weekend are...because I am sure as hell not going to take any advise on how gold, ect are going to crash when I don't see a motherbleeping reason why they should! Someone give me a reason why this or that team is going to win this weekend ...give me a reason, because the sharp one's fade the public. I really don;t have a clue to what action I want ...but we love the NFL...happy weekend to all and good luck. -dinoComment -
Nobs or Fish, can you elaborate on this. When you are buying precious metals, are you physically buying gold in hand or are you buying it on paper similiar to stocks? Also, if your physically buying gold/silver what are the means to resell it at the going rate. For example, if I go to a jeweler or pawn broker to sell a gold chain, they're not giving me the full going rate per ounce that gold is valued because they need to make a profit on it as well. Just like if I have a baseball card that books for $50, no one is giving me $50, would be lucky to get half of book nowadays. Same with stamps, coins, collectibles, or anything of value. So what are the means to resell precious metals back into the market and get full value? Sorry if these questions are elementary, but any help would be appreciated.Comment -
This may seem to be a small news but going forward it may end up huge. The development in GATA's lawsuit against the Fed over release of the documents with implications of large scale gold prices manipulation: http://www.gata.org/node/9496Comment -
Buy physical precious metals in bullion form...or buy mining stocks/shares. people have been buying silver contracts for example for yrs now...in hopes of gains and/or shorting the market. That's fine and dandy, but as the economy has been getting worse, those contracts are going to matter alot. The "big boys" play with these contracts...alot of metal is involved. With that said, these contracts are exposing themselves for what they are, sort of like naked shorting, there is simply not enough silver to fulfill these contracts if the owners of such demand delivery of said product. This means the mining companies will have to mine harder and longer to fulfiil the demand...and thus the price goes up as the cost of mining goeas up...they weren't mining or processing the crap out of silver when the value was low..no reason to. The mining companies, processors, and holders of the product have done well and place their balls on the future of said product. Now, silver may be gold's "little bro" in the world of "true money", ect...but silver is an industrial consumed metal, where it has been not needed by previous users but has picked up in other areas...surgical, anti-bacterial, conductive..ie solar panels, ect.
When it comes to jewelry scrapping, you are going to see offers across the board...the market for gold on the market is for pure/999 gold...24 k...if you are scrapping you need to realize that 10k is aprox 41% pure...14k 58%..18k 75%, ect...the higher the k, the more it pays out.
Stamps, baseball cards, mint sets with coins, old paper money...as the economy goes, so do they, a buyers market.Comment -
Read the thread......forget GOLD
CORN is the new GOLDComment -
the problem with corn is that it can very easily be regrown in many parts of the world, and of course nobody is going to hold corn as a store of wealth unlike gold
yes it gets consumed so it needs to be replenished, unlike gold, but about the only gold they're finding these days are veins of dust that cost $600/oz+ to mine if you're lucky
simple question for the thread:
the total value of all the gold in the entire world is around $5 trillion, the total value of u.s. residential real estate is $20 trillion.
why should all the gold in the world be worth only 1/4th as much as the housing in the u.s.? this situation simply has to correct itself over the next 50 years (and probably much sooner).
john i respect your opinion that the world might not be coming to an end, but how could the u.s. possibly be in better shape 10 years, 20 years, 30 years, etc down the road? shipping off all the jobs to china, printing ridiculous amounts of money, and blowing up sand is not the path to long-term prosperity.
we went from the world's largest creditor nation to the world's largest debtor nation. think about the ramifications of that.Comment -
It still comes down to this....
no great reason for Gold to be the standard ! It isn't that fvucking useful !
At least FH's Iowa farmland can be used to grow corn. Corn is critical in so many ways....it's in everything !Comment -
Corn, baby !....or the land to produce it....
I can't argue with the logic of farmland....unless you want to pack up your money and run somewhere....then Gold is traditional.
No where to run ( IMO). I'm glad I'm old ( 47) and already lived my life !Comment -
A chemist (Chairman, Chemical Engineering Department, Columbia University) explains "why gold?":
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great post data
that explains why gold is one of the only choices as a store of wealth
corn, on the other hand, can be easily replaced by barley, wheat, hops, or pretty much any other edible plant
corn has a quite limited value, when the shit hits the fan the government (or rogues) can and will steal your land but you can easily transport your gold wealth
don't believe me?
just read the food safety bill, the department of homeland security can essentially steal any of your farm land
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there has to be a limit on corn value, for example if corn was $100/ear it would be quite difficult to protect around here in wisconsin/iowa where there are literally miles of corn fields with nobody in sight
to the contrary, even if gold was $1 million/ounce nobody would see mine right out in the openComment -
Instead of reading charts look at what has driven demand; inflated currencies, debt crisis, banking crisis and potential collapses of the Euro.
These issues are serious but in my judgment it does not justify $1400 gold. There are already solid signs that the world financial crisis is past its peak. If you believe the world financial crisis will deepen from here then hold or even buy. But absent of more news of a domino effect behind Ireland then gold retreats and finds its value at lower prices. This is very much like when oil could not be stopped and went to over $140.Comment -
these things do go in 10 year cycles
from 1980-1989 you wanted bonds
from 1990-1999 you wanted stocks
from 2000-2009 you wanted gold/silver or bonds
from 2010-2019 ???
so far it looks like stocks and/or commodities again but who knowsComment
