InternationalRockSuperstar

Yep, imo we are in a period of wealth destruction now.

the wealth was destroyed years ago.

all that's happening now is that those losses are now finally being realised.

and lots of people are finding out they've been suckered.

It's not even started yet and it's not going to be fun at all, you fool.

chill out, you've posted more than a few rockets in your time.

as we've had our currency collapse in GBP

nah, the fun's just getting started, witness yesterday's gilt auction.

The majority of people do not accept your view that gold is money.

a consensus doesn't make a fact.

the fact that the majority of the population is economically ignorant has allowed many GEI members to load up on sub £300 /t.oz gold.

Try buying a loaf of bread in Tesco with your gold.

http://www.guardian.co.uk/world/video/2009...starvation-food

Gold has no intrinsic value

what's that supposed to mean?

unlike oil or corn or sugar.

it would be impractical to store your life savings in oil, corn and sugar, unless you're really poor.

Gold depends on people's acceptance of it as a store of value. Just like fiat.

fiat is not accepted; it is imposed.

Gold & The Panic Phase by Jim Willie - Gold & The Panic Phase: http://www.financialsense.com/fsu/editoria.../2009/0305.html

he's quite pessimistic about the S&P 500:

Novices might not recognize the pattern below in the S&P500 index, but experienced analysts surely do. It is a long-term DoubleTop Head & Shoulders reversal pattern. It is a Mother of Reversal Patterns. Its base is roughly at 775, its top at 1550, which indicates a target of nearly zero.

Would this ratio chart be perhaps better presented with log y-axis?

it already has a log y-axis.

Silver is being used in deodorants !

 

http://www.nivea.co.uk/products/show/26978

Nivea for men who like men.

"Silver Eagles are still rationed," Cook said of the silver bullion coins available from the U.S. Mint. "We get 20,000 a week and they fly out the door. We can get 10,000 Silver Eagles on a Monday and basically they’re gone in 15 minutes. I have 55 guys on the phone calling out."

then raise your selling price you numpties.

jeez, how do these people stay in business?

Yes, I was wondering if it was something to do with the currency being ****ed rather then some longstanding tradition.

in the case of Vietnam it's a bit of both.

Vietnam, for a start.

yeah, it really p1sses off the Vietnamese gov't that their people won't use their sh1tty fiat currency:

http://www.ft.com/cms/s/0/5541c9a6-4151-11...00779fd2ac.html

Vietnam suspends gold imports

 

By Amy Kazmin in Bangkok and Javier Blas in London

Published: June 23 2008 19:28 | Last updated: June 23 2008 19:28

 

Vietnam’s communist authorities have temporarily suspended all gold imports in a bid to tackle the country’s spiralling trade deficit and help support the depreciating local currency, the dong.

Once the cars are sold it will look much like the top picture pluto.

Forget the monied up middle managers nearly ready to retire. A friend of mine has a similar house, Z4 & 2007 Landrover for the wife, etc. His pensions with three different firms have basically collapsed, his debt is getting to the point of breaking, he can't sell his current house, he's f&^ked and so are too many more

yes, sadly any middle class families that don't own a good chunk of PMs (or other high value density hard assets) won't be middle class for much longer.

And this here is what they did in silver (1,000 oz).

f*** me a house for 1,000oz silver!

it cost me less than £7,000 to aquire my first 1,000 oz

Forget tupperware parties! We have gold parties [though with a twist] now for the suburban housewives!

 

http://www.cnbc.com/id/15840232?video=1047978201&play=1

 

Trust the Americans to put a positive spin on what is in reality wealth destruction. I could imagine, viewers in India being appalled at such scenes.

what's that thing she's using to test the gold content of the jewelry?

Her Majesty's mail.

nothing quite like having your bullion delivered by a balance sheet insolvent postal service

I guess that a good way to judge demand would be the premium being paid over spot for coins.

not sure... Baird are selling Krugs for 769.50 but they're also selling 1oz bullion bars for 722.50 i.e. significantly less.

I would probably guess something along the lines of:

the premium of bullion bars over spot roughly represents the demand for physical gold over paper gold

the premium of national bullion coins over bullion bars roughly represents the demand for a more recognised/tradable form of gold.

The inability of Gold to hold its gains yesterday, could be a warning of what's ahead

I don't really see it as t.oz gold passing above 1000 USD

more like USD falling below 1/1000th t.oz gold

http://www.marketoracle.co.uk/Article9041.html

 

Some guys just don't hold back!

 

I particularly liked:- "Modern economics is, in truth, a monetary pathology akin to a blood disease wherein the body's blood supply has been supplanted by a blood substitute for the purposes of power and profit."

 

Yep, it's a pro gold article

I liked this bit:

Gold has once again broken through the $1,000 price level in US dollars. For some time, gold has broken through pervious highs in other currencies; but the US dollar, the lynchpin of the bankers' fiat money system will be the bankers' final battleground.

What, no-one mentioned £700 an ounce in NY on BV yet?

pah! £803 for a krug on goldline.

996

edit: glad to see there's no "bi-centurion" status on this forum. sounds a bit perverted.

In 1914, people were tricked into exchanging one of their gold pieces into one voucher. They were told they could exchange them back any time but encouraged not to. Gradually over nearly 100 years the vouchers have been devalued so that you now need 170 vouchers for one of the gold pieces.

yeah, it's crazy to think that this time last century a pound would buy you a full sovereign; today it won't even buy you a kilo of basmati.

So do I. I sold all my PMs recently anticipating a very large correction.

so you think people will sell PMs and buy what instead?

CGT

what's that then?

Hey all, Ive got a few questions regarding holding PM's.

 

If there was going to be confiscation of PM's as in the 1930's and you held pm's in the UK.

 

What would be your options ? How would confiscation be administered ?

http://www.fgmr.com/confiscation.htm

 

After the confiscation announcement, only 3.9 million ounces of gold coin - approximately 21.9% of the gold coin then in circulation - were turned in. Subsequently, the government no longer reported this statistic as it assumed, according to Friedman and Schwartz, that these gold coins were "lost, destroyed, exported without record, or…in numismatic collections". After analyzing in some detail each possibility noted in the government's contention that ostensibly explained why all these gold coins remained outstanding after the confiscation, Friedman and Schwartz go on to say: "We therefore concluded that in Jan. 1934 the bulk of the [13.9 million ounces] was retained illegally in private hands."