Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Fri Aug 22, 2008 9:06 am Post subject: Re: For those of you on the metals sideline...best jump onbo
pedalling_faster wrote:
Jotapay wrote:
BlueGhostNo2 wrote:
I still have not heard a totally convincing argument of why people are 100% certain we will see PM price go up through hyper-inflation rather than tank through deflation, personally I think there is the possibility of it going either way.
This is just me, but I've never thought that. I just think I can trust PMs to hold value relatively well, more than fiat currencies at this present time. That's it.
5000 years of recorded history, vs. the consideration of who's in charge of the US economy ( Bush, Bernanke, a whole bunch of ultra-greedy business leaders, and some most cowardly elected representatitves.)
But I'm not in the US... guess all these omg buy PM rofl bbq!!!!111 advice is implicitly assuming that the person listening is inside the Agetean empires great wall afterall everyone knows only invisible bloodsucking ghost vampires live outside. Le Sigh.
Further, the past is not guaranteed to look like the future. True Bush Bernanke etc are in charge at the moment they will not be in charge forever and there are still some checks and balances in the US system. SO, how can you be sure that system will end up on the path of deflation or indeed hyper-inflation (bear in mind they will be aiming for neither)
Jotapay: by holding PM you are making that bet even if you don't consciously intend to, if PM tanks through deflation and you have to liquidate your holdings (through being laid off whatever) you lose money... Given there is the chance of a great depression style deflation (in which you are likely to lose your job) or a Zimbabwe style hyper-inflation (in which you are likely to lose your job) I think PM does make sense, BUT it shouldn't be your only investment.
Posted: Fri Aug 22, 2008 9:49 am Post subject: Re: For those of you on the metals sideline...best jump onbo
You guys who don't like PMs are making way too many assumptions and are not listening to what I do say. I never said I only have PMs. I also never mentioned anything about hyper-inflation myself.
This is what I did say:
Quote:
Skills > food/ammo >= land > PMs/cash > paper investments
Joined: Dec 07, 2005 Posts: 2019 Location: Australia
Posted: Mon Aug 25, 2008 12:09 am Post subject: Re: For those of you on the metals sideline...best jump onbo
Glad to see not everyone has the official view that gold is a barbareous relic.
Gold reserves more important than before-Bundesbank
Quote:
Germany's Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before.
"Gold sales are not a suitable way to sustainably consolidate the public accounts," the Bundesbank said after a query about trade union proposals that it sell gold to fund some of a 25 billion euro ($37 billion) economic stimulus package.
"National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments."
The Bundesbank is the world's second-largest holder of gold after the U.S. Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years.
Ted Butlers article on a couple of banks massively shorting was very good. (HERE in case you didn't read it already earlier.)
The fact that there is no investigation into this by regulators is just another slap in the face. It's like them publicly saying, yes we are crminals and nobody's going to do anything about it.
We'll we shall she.
My gut feeling is however that these sales may have been by banks in serious trouble, so there is always the chance they may go belly up and default on any contracts. (That would teach everyone to go for physical only.)
Finally, the Silver bomb that was discussed on some sites seems to have been rescheduled to 2nd of September as it collides with labourday in US. That sounds OK with me, as I couldn't go in the 1st anyway. 2nd will probably see a visit to the local wholeseller for a kilo bar. _________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
Joined: Dec 07, 2005 Posts: 2019 Location: Australia
Posted: Tue Aug 26, 2008 11:58 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
A new "sharia-compliant" commodity platform has opened in London as a response from the muslim population..
It operates similarly to ETF's and allow investing metals like Gold, Silver, Platinum, Palladium or in baskets of these.
At first glance what makes this interesting to anyone (not just muslims) is the fact that it is fully backed by allocated physical metal. A concern with many other ETF's is that they might not be fully backed with metal and/or metail is being leased out and then used for shorting (this also increases counterparty risk if leasee defaults.)
Article _________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
Posted: Thu Aug 28, 2008 10:10 am Post subject: Re: For those of you on the metals sideline...best jump onbo
I think it might be time to buy again. I have been holding off for a while because the price was stagnant. Now it might just move again, and the price is down! Time to buy a few more peace dollars! _________________ Deep in the mud and slime of things, even there, something sings.
Posted: Thu Aug 28, 2008 12:46 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
nobodypanic wrote:
speaking for myself... it sure would be nice for silver, gold, etc. to actually live up to the hype, cause right now, argghh, just awful performance.
Silver/gold isn't a get rich quick scheme. I hope you weren't thinking that when you got into it. It's meant to be another repository to store wealth. There are better ways to get rich, if that's what you wanted.
Anyway, PMs have been in a loooong growth cycle for several years now. No one would buy far into a long run of appreciation expecting to make a ton of money. It's like buying internet stocks in 1999 or something. You buy PMs to have some insurance against disaster after you have already bought all the land, food and ammo that you already need.
Posted: Thu Aug 28, 2008 1:00 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
Jotapay wrote:
nobodypanic wrote:
speaking for myself... it sure would be nice for silver, gold, etc. to actually live up to the hype, cause right now, argghh, just awful performance.
Silver/gold isn't a get rich quick scheme. I hope you weren't thinking that when you got into it. It's meant to be another repository to store wealth. There are better ways to get rich, if that's what you wanted.
Anyway, PMs have been in a loooong growth cycle for several years now. No one would buy far into a long run of appreciation expecting to make a ton of money. It's like buying internet stocks in 1999 or something. You buy PMs to have some insurance against disaster after you have already bought all the land, food and ammo that you already need.
your, excuse me, our repository just dumped it's store of wealth by double digits over the past couple of months. i could have done better by simply holding cash as a store of wealth over the same time frame.
i think it should be understandable why i am a bit miffed and venting.
Posted: Thu Aug 28, 2008 1:08 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
I understand, but it still sounds like you had inaccurate expectations to me. People normally keep PMs for when cash is worth less (worthless) for whatever reason. Insurance. It isn't a short term investment scheme.
Posted: Thu Aug 28, 2008 2:26 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
Christ in a sidecar, Man! Of course metals are getting slammed! This is a pre-election set up. Did anyone seriously expect anything else? Read some GATA will you, NPanic!
Joined: Dec 07, 2005 Posts: 2019 Location: Australia
Posted: Thu Aug 28, 2008 9:16 pm Post subject: Re: For those of you on the metals sideline...best jump onbo
Mr Vaseline may have stumbeled over something very important here. Based on my back of the envelope calc it completely vindicates GATA in their suggestion gold has secretly been sold, swapped away or leased out. (According to new rules coming from IMF leased out gold is not supposed to be counted as held in reserves any longer as it in that case is double counted with those who lease it.)
Wooooow, took a second for the coin to drop.
This includes GOLD.
OFFICIALLY US is supposed to have AT LEAST 8000 metric tonnes on gold in reserves (which got reclassified to custodial gold and the again to deep storage gold).
This equates to round 282Million ounces which at a POG of $850/oz would be 240billion.
So either this gold isn't counted in the reserves or it simply doesn't exist.
The latter would mean tax payers gold has been secretly squandered.
PLEASE tell me I did something wrong in my calc or this is admittal that tax payers are once again being robbed blind.
_________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
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guess all these omg buy PM rofl bbq!!!!111 advice is implicitly assuming that the person listening is inside the Agetean empires great wall afterall everyone knows only invisible bloodsucking ghost vampires live outside. Le Sigh.
yah yah
