Errol

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard. Alan Greenspan, 2003.

At $400 an ounce the physical supply will dry up in no time at all. I'd be buying as much as I could carry.

Gold isn't going to $2,000 an ounce Article from 321gold.

daddybear posts too much to be Cgnao. It's not his style at all.

That's been my strategy for almost 10 years.

Jim Rogers buys gold whatever the price. He has no interest in the month to month (even year to year) movements.

£200 an ounce!!!!!! EXCELLENT!! I can get 3-4 ounces for the price of 1!

I'm holding for 100+ years. Gold is not an investment.

Price is irrelevant. Just buy bit by bit, month by month. I am buying at $900, $800, $700, or anything higher or lower. Gold is gold.

You shouldn't bother about things like aesthetics. Bullion is bullion. Nuismatic collectors have missed the point.

No posts all day? What on earth is going on?

If the IMF sell it will send the price of gold up. It always does.

With what's coming there will be no winners. People need to understand this. There will simply be people who lose less than others.

Hopefully lots of people attempting to trade gold today will have learned a valuable lesson. Some will have been wiped out.

All these arguments about the POG are just irrelevant. I'm sure Cgnao would agree with me.

I bought a bit more gold today. Price has ceased to be relevant. I would buy if it was over $1000 as well.

Vietnam, for a start.

Lots of countries price items in gold. Just because we don't in the West doesn't mean it's not happening.

Gold is not an investment so charts of that kind do not apply.

None. I've never heard anyone mention it.

Didn't he sell all his silver a few months ago? I was under the impression he'd given up.

They can 'try' for anything they want. Even if they surpress if for a year or two they will ultimately fail.

Like the chart. I started buying in 2000. I wish it was still as cheap today.

Hardly a problem. Well, only a problem for those in the ETF. They will lose everything.

People still haven't understood. Price is irrelevant. If you can buy physical, buy it. Keep it in your own hands. Do not sell or trade it. Ignore the day to day, week to week, even month to month price movements.