G0ldfinger Posted March 2, 2011 Author Report Share Posted March 2, 2011 When was the last time in history a major country priced bread in gold?? In the west that must be hundreds of years ago 1971? Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 2, 2011 Author Report Share Posted March 2, 2011 Gold is just stuff. It has no magic powers. There is plenty of desirable stuff. As you don't seem to appreciate the special properties of the shiny yellow stuff, you might prefer to first read up on it. I suggest you start at page 1 of this thread. Enjoy & see you in a few months time then! Link to comment Share on other sites More sharing options...
electroweak Posted March 2, 2011 Report Share Posted March 2, 2011 You seem to be mixing things up? When was the last time in history a major country priced bread in gold?? In the west that must be hundreds of years ago Oh, why don't you just look it up yourself? http://en.wikipedia.org/wiki/Gold_standard The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I. Treasury notes replaced the circulation of the gold sovereigns and gold half sovereigns. Link to comment Share on other sites More sharing options...
carbon junkie Posted March 2, 2011 Report Share Posted March 2, 2011 Gold is just stuff. It has no magic powers. There is plenty of desirable stuff. If you think like that why come on a gold thread if it isn't to wind people up? 149 posts on a gold thread Link to comment Share on other sites More sharing options...
aliveandkicking Posted March 2, 2011 Report Share Posted March 2, 2011 Oh, why don't you just look it up yourself? http://en.wikipedia.org/wiki/Gold_standard The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I. Treasury notes replaced the circulation of the gold sovereigns and gold half sovereigns. ?? When i went to school a sovereign was 21 shillings and bread would have been a few pennies a loaf in 1914. Edit: oops. That was a guinea. Bread was priced in pennies and shillings and pounds And further, Bank Reserves have been used by UK banks which were a claim on UK government gold since about 1874 so deposits were essentially only backed by the promise of the british government. Pounds were essentially government promises Link to comment Share on other sites More sharing options...
aliveandkicking Posted March 2, 2011 Report Share Posted March 2, 2011 If you think like that why come on a gold thread if it isn't to wind people up? 149 posts on a gold thread So you actually think gold has magic powers!?? Come on dont be so daft Link to comment Share on other sites More sharing options...
cassini Posted March 2, 2011 Report Share Posted March 2, 2011 ?? When i went to school a sovereign was 21 shillings and bread would have been a few pennies a loaf in 1914. Edit: oops. That was a guinea. Bread was priced in pennies and shillings and pounds And further, Bank Reserves have been used by UK banks which were a claim on UK government gold since about 1874 so deposits were essentially only backed by the promise of the british government. Pounds were essentially government promises No, no typo in that line of mine you questioned as a typo - I was in ironic mode. As to bread being priced in gold, why yes you would have bought it with bronze for the same reason you don't proffer a £500 note to buy a bag of wine gums. Gold takes care of the large value items, silver takes care of the middling price items, bronze takes care of the trivial items like bread, milk, bags of sweets... A gold coin equivalent to say 1pence would be invisible so less precious metals are used to fill in. It doesn't actually need gold coins to circulate to operate some form of gold standard, as long as you can take your gold-backed notes along to a bank and request payment in specie then some form of restraint is placed on the operators of the system. It may even be possible to incorporate gold in notes as a foil strip. With gold at £1000/oz say, a fiver would contain 150mg of gold. Anyone doubting there was real gold in the notes could test it themselves with an acid test set for a few pounds, so they would be found out if they tried to put brass in there. Anyone trying to nick the gold strip would destroy the note. Link to comment Share on other sites More sharing options...
electroweak Posted March 2, 2011 Report Share Posted March 2, 2011 Bread was priced in pennies and shillings and pounds You said it. A sovereign was a pound. A GOLD sovereign. They were issued virtually every year from 1817 until 1917. I am putting you back on ignore now. I find you very troll-like. Link to comment Share on other sites More sharing options...
carbon junkie Posted March 2, 2011 Report Share Posted March 2, 2011 So you actually think gold has magic powers!?? Come on dont be so daft Nope I dont think it has magic powers. But I do believe you come here to wind people up. Go get a life and post on a thread you actually believe in. Link to comment Share on other sites More sharing options...
carbon junkie Posted March 2, 2011 Report Share Posted March 2, 2011 You said it. A sovereign was a pound. A GOLD sovereign. They were issued virtually every year from 1817 until 1917. I am putting you back on ignore now. I find you very troll-like. Yes and yes Link to comment Share on other sites More sharing options...
aliveandkicking Posted March 2, 2011 Report Share Posted March 2, 2011 Nope I dont think it has magic powers. But I do believe you come here to wind people up. Go get a life and post on a thread you actually believe in. Evidently i have been labouring under the illusion this is an investors discussion group rather than something you have to believe in. Do you really want a group where everybody thinks everything you say is totally true as if you know the future and anybody who does not agree is some kind of heretic? I suppose i already know the answer though. Link to comment Share on other sites More sharing options...
Gatesy Posted March 2, 2011 Report Share Posted March 2, 2011 over the past few days 2 people i know and have known for a while (not close friends) have recommended buying gold and wish they bought some sooner. Stage 3... slowly but surely as with all secular Bull Markets in the history of time.. is coming. http://m.youtube.com/#/profile?desktop_uri...sters&gl=GB Episode 10 released this week. Genius and always funny, but somehow i knew he was going use the 'G' word when asked how the entrepreneur asked Alan to identify his most lucrative investment Link to comment Share on other sites More sharing options...
warpig Posted March 3, 2011 Report Share Posted March 3, 2011 We are not group thinkers, quite the opposite, we are `critical thinking` contrarian investors. Gold-[bugs|bulls] have been ridiculed for years, but it doesn't matter we won't be persuaded by nonsensical arguments, whether it's for or against gold. Does anyone here believe everything Jim Willie says, not a chance... Do you really want a group where everybody thinks everything you say is totally true as if you know the future and anybody who does not agree is some kind of heretic? Link to comment Share on other sites More sharing options...
carbon junkie Posted March 3, 2011 Report Share Posted March 3, 2011 We are not group thinkers, quite the opposite, we are `critical thinking` contrarian investors. Gold-[bugs|bulls] have been ridiculed for years, but it doesn't matter we won't be persuaded by nonsensical arguments, whether it's for or against gold. Does anyone here believe everything Jim Willie says, not a chance... Well put. Link to comment Share on other sites More sharing options...
carbon junkie Posted March 3, 2011 Report Share Posted March 3, 2011 The thing with all these internet naysayers and goaders is they are never around when reality bites them on the bum. Either that or mysteriously the deflationistas seem to have had a collective loss of internet service Link to comment Share on other sites More sharing options...
aliveandkicking Posted March 3, 2011 Report Share Posted March 3, 2011 The thing with all these internet naysayers and goaders is they are never around when reality bites them on the bum. Either that or mysteriously the deflationistas seem to have had a collective loss of internet service How about you leave out the baiting and focus on saying something interesting?? This place always goes very quiet when gold even has a small decline and as far as i am aware nobody starts dancing around gloating like you lot do about deflation. Roman holiday might be helping his brother out in NZ. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 3, 2011 Author Report Share Posted March 3, 2011 Is the sell-off caused by Trichet's "strong vigilance"? Mwuahahaha! Link to comment Share on other sites More sharing options...
electroweak Posted March 4, 2011 Report Share Posted March 4, 2011 Is the sell-off caused by Trichet's "strong vigilance"? Mwuahahaha! Portugal's bail out is going to be a bit troublesome. Apparently they will need it before the end of this month. http://noir.bloomberg.com/apps/news?pid=20...voXW0&pos=5 March 2 (Bloomberg) -- Portugal will accept a financial bailout “within the next few weeks” as the cost of issuing debt becomes unsustainable, said Axa Investment Managers, which oversees $714 billion in assets. “The borrowing costs are just too high” for Portugal, Christopher Iggo, London-based chief investment officer for fixed income at Axa, France’s fourth-largest fund manager, said in a telephone interview two days ago. “Ireland and Greece had to go for a bailout once their borrowing costs got that high, so I fully expect Portugal to go within the next few weeks.” Link to comment Share on other sites More sharing options...
electroweak Posted March 4, 2011 Report Share Posted March 4, 2011 My jaw dropped during this interview.... http://www.cnbc.com/id/15840232?video=3000008535&play=1 US GOV has 260m Oz of gold NOT valued at market prices; i.e. $42 Oz -> so we are "sitting on a gold mine". 8000 tonnes... mmm... but.. but... even at current market prices that's peanuts... They finally come to the conclusion that selling all the gold in fort knox would only reduce the deficit of the USA by 1/4, and not actually reduce the debt at all. One of the talking heads actually said "gold is money" at 3m20s. They didn't actually come out with it and say that gold needed to revalue higher in order to make an impact on the deficit *and* the debt itself, but it doesn't take much for those who know what the missing piece looks like to deduce that's logically what might happen. Link to comment Share on other sites More sharing options...
Pluto Posted March 4, 2011 Report Share Posted March 4, 2011 And so it begins.... http://www.foxnews.com/politics/2011/03/04...test=latestnews Utah House Passes Bill Recognizing Gold, Silver as Legal Tender..... If the bill passes, Utah would become the first of 13 states that have proposed similar measures. The others states are Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 5, 2011 Author Report Share Posted March 5, 2011 And so it begins.... Very interesting. Let's see if they get it through. I guess the mining states will have more luck with it. Link to comment Share on other sites More sharing options...
d2thdr Posted March 5, 2011 Report Share Posted March 5, 2011 My jaw dropped during this interview.... http://www.cnbc.com/id/15840232?video=3000008535&play=1 US GOV has 260m Oz of gold NOT valued at market prices; i.e. $42 Oz -> so we are "sitting on a gold mine". 8000 tonnes... mmm... but.. but... even at current market prices that's peanuts... They finally come to the conclusion that selling all the gold in fort knox would only reduce the deficit of the USA by 1/4, and not actually reduce the debt at all. One of the talking heads actually said "gold is money" at 3m20s. They didn't actually come out with it and say that gold needed to revalue higher in order to make an impact on the deficit *and* the debt itself, but it doesn't take much for those who know what the missing piece looks like to deduce that's logically what might happen. Gold will be revalued by the market irrespective of whether the US govt likes it or not. And even if they revalue it, will they sell it to reduce the deficit? Unlikely. There is a physical shortage coming and limited physical gold will be bid by infinite fiat. It will be then when the gold revalues and reached freegold zone. You would be wasting your time putting arbitrary values on it. 55000$/oz might be a bit on the low side. We all are staring down a barrel of a gun. Its almost time up folks. Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2011 Report Share Posted March 5, 2011 My jaw dropped during this interview.... http://www.cnbc.com/id/15840232?video=3000008535&play=1 US GOV has 260m Oz of gold NOT valued at market prices; i.e. $42 Oz -> so we are "sitting on a gold mine". 8000 tonnes... mmm... but.. but... even at current market prices that's peanuts... They finally come to the conclusion that selling all the gold in fort knox would only reduce the deficit of the USA by 1/4, and not actually reduce the debt at all. One of the talking heads actually said "gold is money" at 3m20s. They didn't actually come out with it and say that gold needed to revalue higher in order to make an impact on the deficit *and* the debt itself, but it doesn't take much for those who know what the missing piece looks like to deduce that's logically what might happen. Thought the guy made a great point about Russia and China not having been in the game until now. This interview really made me want more gold, although I'm sure that wasn't their intent. I think I may order an extra couple of ounces this month. Link to comment Share on other sites More sharing options...
Pixel8r Posted March 5, 2011 Report Share Posted March 5, 2011 My jaw dropped during this interview.... http://www.cnbc.com/id/15840232?video=3000008535&play=1 US GOV has 260m Oz of gold NOT valued at market prices; i.e. $42 Oz -> so we are "sitting on a gold mine". 8000 tonnes... mmm... but.. but... even at current market prices that's peanuts... They finally come to the conclusion that selling all the gold in fort knox would only reduce the deficit of the USA by 1/4, and not actually reduce the debt at all. One of the talking heads actually said "gold is money" at 3m20s. They didn't actually come out with it and say that gold needed to revalue higher in order to make an impact on the deficit *and* the debt itself, but it doesn't take much for those who know what the missing piece looks like to deduce that's logically what might happen. It is very debatable wether the US actually still holds 8000 tonnes of unencumbered gold, many believe that what they actually hold these days is worthless paper promises from the bankrupt (mark2market) bullion banks after their years of leasing gold out in the suppression scheme. Link to comment Share on other sites More sharing options...
Errol Posted March 6, 2011 Report Share Posted March 6, 2011 Richard Russell - Gold to $6,000 as Media Ridicules http://kingworldnews.com/kingworldnews/KWN..._Ridicules.html Link to comment Share on other sites More sharing options...
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