wren
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Posts posted by wren
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Max Keiser thinks that China, Russia and Iran are waging financial warfare against the USA to prevent an attack on Iran.
callmejoe started a thread. Her first post has the links to the 3 YouTube videos.
http://www.greenenergyinvestors.com/index....ic=7901&hl=
The interview is from yesterday (7th Oct).
Gold bulls or bears might take a look.
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Why do you think silver will hold up? Being more of a "commodity currency" don't you think it is more liekly to drop in sympathy with stcoks and commodities?
Gold on the other hand should remain relatively strong.
As a hedger, I am looking to buy silver cheaply on the correction with cash reserves.
Yes, silver is much more vulnerable. But I don't want to jump in and out this year partly to keep my tax simpler. If silver drops back to €10 I will buy some more.
Otherwise I'm just going to sit back and watch for the next few months.
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How are gold stocks faring?
A resumption of the stock market crash seems to be in the offing.
Will gold stocks be dragged down with the rest of the stock market?
Will gold and silver hold up and even continue to rise in the face of a severe stockmarket correction?
I'm hoping that gold stocks will drop a lot while gold and silver hold up or even increase a lot.
Then I could sell some metal next year and buy stocks cheaply.
No chance?
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On 7 Oct last year the failure of RBS almost caused a meltdown in the UK.
I thought it interesting to look at the gold thread around then.
The thread was worrying about gold going down even more. Then later rockets were flying.
Steve posted an audio file (now a dead link) with Jim Willie:
I got word in the last 24 hours, that the Europeans, Russians, Chinese and Arabs have agreed to a new world currency.Quite a good thread. Page 17 with Steve's quote at the top:
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Whatever happened to the Judean Popular People's Front?
From: http://www.youtube.com/watch?v=gb_qHP7VaZE
And what have the Romans ever done for us?
Romanes eunt dumus.
From:
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This is what Jim Willie thinks of GLD and SLV:
As always, avoid the Exchange Traded Funds of StreetTracks Gold (GLD) which is a near complete fraud with grossly inadequate physical metal. They are involved in COMEX fraud to cover paper futures gold contracts. Much the same fraud is committed by the Barclays ETFund for Silver (SLV), with wholly inadequate silver metal. Neither fund submits to independent audits. My personal preference is to invest in silver, but to use gold as the signal. The rise in silver price will be 3x to 5x that of the gold rise, which itself will be significant. Central banks sell no silver, and industry has almost no gold demand. Let gold fight the political battles, to clear the path for precious metals to rise in price to the heavens. Inquiring minds should take this cue on how to buy silver. "The Great Credit Contraction" e-book by Trace Mayer will serve as a classic someday, where this legal scholar claims the system will not collapse, but rather will evaporate. My term is disintegrate, very similar.He thinks a systemic banking failure is approaching.
http://www.gold-eagle.com/editorials_08/willie100109.html
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COMEX gold or ECG?
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hey GF,
RB makes me laugh over at hpc with his total deflationary stance:
I stuck my ore into that thread pointing out that historically gold has done well during deflation.
It might cause some cognitive dissonance.
Many seem not to know the history of gold prior to 1970.
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He's a lawyer - what can you expect?
I didn't know that. Really?
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Any comments on this:-
FRANKFURT, Sept 29 (Reuters) - Gold and gold receivables held by euro zone central banks fell by 58 million euros to 231.9 billion euros in the week ending September 25, the European Central Bank said on Tuesday.
€58 million at €680 per ounce is about 85 300 ounces or about 2.65 metric tonnes.
It isn't very much in global terms.
BullionVault alone has 18 tonnes.
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Putting charts aside why do you feel that there is going to be a sharp correction in price downwards romans please provide me with something of substance not a chart whith an opinion.
I get the feeling that many expect a repeat of last autumn.
With the precious metals I'm prepared for anything, although I think upwards more likely than downwards, except maybe for a limited period of weeks or a few months.
Somehow I do not think there will be an action-replay of last autumn with stock markets and gold down severely.
I reckon there will be an unexpected twist to wrong-foot the many who expect that.
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hey GF,
RB makes me laugh over at hpc with his total deflationary stance:
Old RB never gives up.
He's mentioned several times that he owned some sovereigns and sold in 1980 at $800.
As far as I know he never said which country he was in and which currency he was paid.
I have a suspicion that he actually bought into the 79-80 price blowoff and has never got over it.
His argument against gold is always hopeless saying that holding gold from 1980 to 1999 was bad. Anybody with a rudimentary ability to read a graph can see that.
He never mentions the cycles or why what happened happened.
I think he has not studied gold carefully and he does not understand gold.
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I just feel it would be great to see something "special" nestling amongst the usual stuff in my stash.
I bought one 1-kilo Koala just to be able to hold one. A member here posted a pic of a 1-kilo Libertad and I couldn't resist getting a 1-kilo Koala.
Reminds of Crocodile Dundee when a guy pulls out a knife: "You call that a knife?"
With a 1-kilo you can say "You call that a coin? Now this is a coin!"
Those Alderney coins you linked are seriously nice looking. Even with a younger Queen's head!
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http://www.gold-eagle.com/editorials_05/zurbuchen120405.html
Assuming that these figures are correct, one obtains in ounces per month (22 working days = month):
Average wage paid building craftsmen 1850-1899=24 grams silver/day=17.0 oz silver/month
Average wage paid to laborers 1850-1899=13.8 grams silver/day=9.8 oz silver/month
Average wage paid Building craftsmen 1900-1913=63.9 grams silver/day= 45.2 oz silver/month
Average wage paid to laborers 1900-1913=39.5 grams silver/day=27.9 oz silver/month
A weighted average of these wages results in a monthly wage of approx. 18.4 oz silver/month.
That's 184 pounds per month at the time of writing.
I suspect that they did a 6-day week or even 7-day. In Victorian England I think a lot of people did a 7-day week and only had Christmas Day as a holiday and maybe Sunday mornings to go to Church.
Taking 26 days a month (about a 6-day working week):
(26/22)*184 = £217 (about).
And there's less silver per capita today plus lots of industrial demand which did not exist back then. In historical terms silver looks very cheap.
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If you are looking for a store of wealth... come what may... spend half on gold.
With the other half keep in "fiat" and then only buy silver on the dip.
Fiat is not quite toilet paper yet, amazingly, it looks likely to have the ability to buy more silver tomorrow than it can today.
What about people who bought on the dip last October to December? At some stage the fiat will get used up presumably.
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So is a Guinea the same as a Sovereign?
A guinea is one pound and one shilling. 21 shillings.
A guinea was considered a more gentlemanly amount than £1. You paid tradesmen, such as a carpenter, in pounds but gentlemen, such as an artist, in guineas.A third of a guinea equalled exactly seven shillings.
http://www.woodlands-junior.kent.sch.uk/cu...ns/moneyold.htm
Have they stopped using guineas completely in the UK? Several years ago I believe that some auction houses still quoted guineas and maybe in horse-racing?
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I am a little confused about the 35g being 1.5 oz. 35g = 1.1254 oz according to my calculator.
I noticed that he got that wrong. Maybe he was thinking about one and half US dollars which would be closer.
It was numbers like these that helped convince me that silver would be a great investment. That article has a lot of links to others about the history of silver and prices in silver and wages.
Fascinating stuff.
That and the present-day situation also with silver industrial demand tells me that silver is cheap.
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How many ounce of silver did a worker earn a week in the early 20th century?My own summary of the data:
Average wage paid building craftsmen 1850-1899=24 grams silver
Average wage paid to laborers 1850-1899=13.8 grams silver
Average wage paid Building craftsmen 1900-1913=63.9 grams silver
Average wage paid to laborers 1900-1913=39.5 grams silver
The calculations above are based upon the wage rates (in grams of silver/day) of the following cities in the years between 1850-1913: Antwerp, London, Milan, Naples, Venice, Amsterdam, Florence, Valencia, Madrid, Paris, Vienna, Warsaw, Leipzig, Stockholm, Hamburg, and several others.
The combined average equals 35.3 grams of silver/day which is equivalent to about 1.5 troy ounces, or about 1.5 silver dollars. Though this is certainly greater than 1 silver dime, it is a mean, not an absolute measurement. Many of the workers in certain cities of the world made much less than 39.5 grams of silver a day, just take a look at the data if you are curious.
http://www.gold-eagle.com/editorials_05/zurbuchen120405.html
About an ounce or two per day.
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Are the old British silver coins free of capital gains tax?
I hadn't seen silver 3d coins. I remember the old 3d coins with was it 7 sides?
I'm just old enough to remember when they changed to the decimal system (I was 6, I think). When my dad came home from work I asked him if he had any of the new money (we each already had a set of them in a presentation case which were sold before the changeover).
He looked in his pocket and gave me a 50 pence piece (10 bob!). You could buy a lot of sweets with ten bob back then.
Are the sixpenny bits of that time 50% silver?
Slang I remember:
tanner - sixpenny bit
bob - shilling (5p today)
10 bob note - half a pound (50p today)
Shortenings:
ha'penny (1/2 d)
tuppence (2d)
thruppence (3d)
thruppenny bit
Not sure of the spelling of those.
The old LSD system: £ /- d
(pounds, shillings, pence)
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This clearly shows how silver gets exhausted when it spikes up above gold relatively.
Notably at present it is still a bit below gold.
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I can understand you being disturbed by a white van man doing it, badly it seems but independant jewellers have done this for years. Many buy and store bullion, jewellery and art for their clients, some will even loan against what is stored and essentially how banks started. Its the way a big chunk of the non-western world still does business.
Do they lend to the owner of the item only, in effect keeping it as collateral?
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It remminds of the same consumer programs encouraging people to buy stock before the dot com bubble burst or the wonders of BTL investment in 2006 / 2007.
A bubble in fiat currency or just an anti-gold bubble.
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I feel safe, I have something I can see & touch, that'll do me.......
As they say, a bird in the hand is worth two in the bush.
And I should know.
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As I have said elsewhere I am starting to genuinely think we will look back at all these articles and posts saying "time to take profits" and book them in some fiat currency and laugh.
A typical anti-gold article like we've seen so many times over the years.
Gold has gone up, what?, little more than 20 dollars in the last fortnight and they call it a "buying frenzy".
The recent rise in gold has been mostly dollar weakness not so much gold strength.
The euro price hasn't moved much.
GOLD
in Gold, FX, Stocks / Diaries & Blogs
Posted
The original title of many previous months "Gold Investment and Trading " was inclusive and on the whole worked well.
Wasn't there a discussion about this a year ago when some went off and made trading only threads. Ker's gold and silver trading thread is still running.