Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
PSA
Member Login

Site Notices
Arrow Left Previous Page
Page / 2
Posted: 12/4/2009 6:49:36 PM EDT
If the dollar melts down, it's pretty obvious that a bunch of other currencies will go with it.  Which currencies may be the least affected?

I thought I heard Charlie Rangel had money in Fiji.

Thanks in advance.

TC
Link Posted: 12/4/2009 6:52:46 PM EDT
Shekel
Link Posted: 12/4/2009 7:05:14 PM EDT
My guess is that gold will be standing when if  the smoke clears
Link Posted: 12/4/2009 7:25:38 PM EDT
[Last Edit: 12/4/2009 7:25:58 PM EDT by max229]





Originally Posted By troy808:



My guess is that gold will be standing when if  the smoke clears



Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.



ETA: I'm sticking with the Dollar.





 
Link Posted: 12/4/2009 7:26:16 PM EDT


Precious metals.





Link Posted: 12/4/2009 7:58:32 PM EDT
Originally Posted By echo_5:
Precious metals.





Brass. Copper. Lead
Link Posted: 12/5/2009 7:59:54 AM EDT
Swiss Francs, food, medicine, etc.
Link Posted: 12/5/2009 8:04:58 AM EDT
[Last Edit: 12/5/2009 8:06:08 AM EDT by cobra-ak]
Canned foods, water, beer, coats, ammo, guns, explosives, socks, cigarettes, liquor even sex will be commodities in a collapse of the dollar. Those that have a water source and a food source along with other commodities will need to be protected by ammo and guns. So protection may be a commoditiy also.
Link Posted: 12/5/2009 8:21:56 AM EDT
You question should be: What do I barter with until gold becomes the currency source again?
Link Posted: 12/5/2009 9:54:55 AM EDT
Thanks.  I guess I should have been a little more specific: I was thinking less of a full meltdown SHTF than a hyper inflation/Dollar isn't worth squat situation.  Although, I doubt there's going to be a stopping point if the dollar crashes.  The .gov will issue new currency and it's not like I can spend shekels or CHF's at Wal Mart.

Thanks all!

TC
Link Posted: 12/5/2009 5:32:16 PM EDT
GOLD and SILVER

Anyone who says otherwise doesn't know history very well.
Link Posted: 12/6/2009 2:12:28 PM EDT




Originally Posted By max229:





Originally Posted By troy808:

My guess is that gold will be standing when if the smoke clears


Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.



ETA: I'm sticking with the Dollar.



Care to elaborate?



Link Posted: 12/7/2009 3:49:02 PM EDT
Currency, in it's popularly recognized form of INK on PAPER will  revert to its intrinsic value of ZERO.
Link Posted: 12/7/2009 3:59:04 PM EDT



Originally Posted By echo_5:


Originally Posted By max229:


Originally Posted By troy808:

My guess is that gold will be standing when if the smoke clears
Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.



ETA: I'm sticking with the Dollar.

Care to elaborate?



Just like any commodity the "value" of gold fluctuates with demand.



 
Link Posted: 12/8/2009 9:57:30 PM EDT
Originally Posted By FooDog:
GOLD and SILVER

Anyone who says otherwise doesn't know history very well.


We got a winner folks....
Link Posted: 12/9/2009 5:29:33 AM EDT




Originally Posted By max229:





Originally Posted By echo_5:



Originally Posted By max229:



Originally Posted By troy808:

My guess is that gold will be standing when if the smoke clears
Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.



ETA: I'm sticking with the Dollar.

Care to elaborate?



Just like any commodity the "value" of gold fluctuates with demand.





The value of gold is fairly stable. The prices fluctuates to the relevant strength of currency.

Expensive gold = weak currency.
Link Posted: 12/9/2009 5:38:07 PM EDT
Originally Posted By ramy98:
Originally Posted By FooDog:
GOLD and SILVER

Anyone who says otherwise doesn't know history very well.


We got a winner folks....


I know this isn't a shooting forum, but, I suspect that lead, copper, and brass will be runners up.
Link Posted: 12/9/2009 5:57:13 PM EDT
Originally Posted By AlvinYork:
Originally Posted By ramy98:
Originally Posted By FooDog:
GOLD and SILVER

Anyone who says otherwise doesn't know history very well.


We got a winner folks....


I know this isn't a shooting forum, but, I suspect that lead, copper, and brass will be runners up.


As will canned food of any kind.

Link Posted: 12/9/2009 6:07:05 PM EDT
[Last Edit: 12/9/2009 6:08:15 PM EDT by ksmedman]
Originally Posted By AA717driver:
Thanks.  I guess I should have been a little more specific: I was thinking less of a full meltdown SHTF than a hyper inflation/Dollar isn't worth squat situation.  Although, I doubt there's going to be a stopping point if the dollar crashes.  The .gov will issue new currency and it's not like I can spend shekels or CHF's at Wal Mart.

Thanks all!

TC


In the above case gold will probably NOT be as safe as people think. It'll still be tied to currency, therefore commonly redeemable at the levels openly traded. Hyper inflation will make most gold too expensive.

Example:
If gold is worth $1000/oz today when the dollar = $1.00, and then after hyper inflation it becomes worth $10,000/oz when the dollar has purchasing power of $0.10. How are you going to make change for $10,000 at the grocery store?

It works better if there is no standing currency, but remember that gold, silver, gems, etc... are just stand-ins for currency. The paradigm shifted when the dollar became fiat currency. Right now if you are in Zimbabwe, gold is great because it is still tradeable for X number dollars and the Z$ value is meaningless. In the US, as the US$ is the standard, when it falls apart all the rules go out the window sans a viable and universally accepted replacement.

That's where barter becomes king. You could barter for gold or with gold, but in reality, consumer goods, 'sin' merchandise (tobacco, alcohol, etc...), and usables (ammo, food, tools, etc...) will be more commonly accepted.
If there is a standing government, gold will have little useful value to the average person. It and precious metals/gems are investment tools. The hyper-inflation model will mean most people are not investing, but trying to get by.
Just MHO, but I think food stuffs, guns, ammo are surer bets for hyper inflationary times. At the end of the day, your stash of gold won't feed the kids...
Link Posted: 12/9/2009 8:34:16 PM EDT
Originally Posted By ksmedman:
Originally Posted By AA717driver:
Thanks.  I guess I should have been a little more specific: I was thinking less of a full meltdown SHTF than a hyper inflation/Dollar isn't worth squat situation.  Although, I doubt there's going to be a stopping point if the dollar crashes.  The .gov will issue new currency and it's not like I can spend shekels or CHF's at Wal Mart.

Thanks all!

TC


In the above case gold will probably NOT be as safe as people think. It'll still be tied to currency, therefore commonly redeemable at the levels openly traded. Hyper inflation will make most gold too expensive.

Example:
If gold is worth $1000/oz today when the dollar = $1.00, and then after hyper inflation it becomes worth $10,000/oz when the dollar has purchasing power of $0.10. How are you going to make change for $10,000 at the grocery store?

That is why I think that it is wise to have a stash of fractionals among your stash. Gold is not the only answer, that is why silver is a must also. You keep the big pieces for buying a BMW, weapons, or for safe passage.


It works better if there is no standing currency, but remember that gold, silver, gems, etc... are just stand-ins for currency. The paradigm shifted when the dollar became fiat currency. Right now if you are in Zimbabwe, gold is great because it is still tradeable for X number dollars and the Z$ value is meaningless. In the US, as the US$ is the standard, when it falls apart all the rules go out the window sans a viable and universally accepted replacement.

With the collapse of Zimbabwe, "gold is great because it is still tradable for X" because their monetary system is worthless. Some might add that it could very well be possible that the United States may soon be bankrupt, and the Dollar worthless, hence Central Banks redeeming their reserves of Dollars for gold.


That's where barter becomes king. You could barter for gold or with gold, but in reality, consumer goods, 'sin' merchandise (tobacco, alcohol, etc...), and usables (ammo, food, tools, etc...) will be more commonly accepted.
If there is a standing government, gold will have little useful value to the average person. It and precious metals/gems are investment tools. The hyper-inflation model will mean most people are not investing, but trying to get by.
Just MHO, but I think food stuffs, guns, ammo are surer bets for hyper inflationary times. At the end of the day, your stash of gold won't feed the kids...

In a SHTF scenario, these assets should definitely be on everyone's list of must haves.  In the event that one must bug-out, the basement full of wheat may have to stay. At least I can be assured that some silver and gold will be traveling with me. The wife is carrying the water and ammo. One must contemplate every scenario. Please don't discount the metals.

Not that I believe  Hollywood, but Remember the movie Titanic? When the ship was going down, even money couldn't buy a seat on a lifeboat.

Gold is not the answer to everything, but it could save your life. I have heard that jewelry was used to buy refugees freedom  from Viet Nam. I think that everyone should posses metals. Don't the advisors recommend some PMs?

If none of this happens and everything is love and kisses, then I'll just pass everything down to my heirs.
(I will eat the food though)

What currency will be safe? If we keep on the same track, not the Dollar
Link Posted: 12/9/2009 8:46:34 PM EDT
Originally Posted By troy808:
Originally Posted By ksmedman:
Originally Posted By AA717driver:
Thanks.  I guess I should have been a little more specific: I was thinking less of a full meltdown SHTF than a hyper inflation/Dollar isn't worth squat situation.  Although, I doubt there's going to be a stopping point if the dollar crashes.  The .gov will issue new currency and it's not like I can spend shekels or CHF's at Wal Mart.

Thanks all!

TC


In the above case gold will probably NOT be as safe as people think. It'll still be tied to currency, therefore commonly redeemable at the levels openly traded. Hyper inflation will make most gold too expensive.

Example:
If gold is worth $1000/oz today when the dollar = $1.00, and then after hyper inflation it becomes worth $10,000/oz when the dollar has purchasing power of $0.10. How are you going to make change for $10,000 at the grocery store?

That is why I think that it is wise to have a stash of fractionals among your stash. Gold is not the only answer, that is why silver is a must also. You keep the big pieces for buying a BMW, weapons, or for safe passage.


It works better if there is no standing currency, but remember that gold, silver, gems, etc... are just stand-ins for currency. The paradigm shifted when the dollar became fiat currency. Right now if you are in Zimbabwe, gold is great because it is still tradeable for X number dollars and the Z$ value is meaningless. In the US, as the US$ is the standard, when it falls apart all the rules go out the window sans a viable and universally accepted replacement.

With the collapse of Zimbabwe, "gold is great because it is still tradable for X" because their monetary system is worthless. Some might add that it could very well be possible that the United States may soon be bankrupt, and the Dollar worthless, hence Central Banks redeeming their reserves of Dollars for gold.


That's where barter becomes king. You could barter for gold or with gold, but in reality, consumer goods, 'sin' merchandise (tobacco, alcohol, etc...), and usables (ammo, food, tools, etc...) will be more commonly accepted.
If there is a standing government, gold will have little useful value to the average person. It and precious metals/gems are investment tools. The hyper-inflation model will mean most people are not investing, but trying to get by.
Just MHO, but I think food stuffs, guns, ammo are surer bets for hyper inflationary times. At the end of the day, your stash of gold won't feed the kids...

In a SHTF scenario, these assets should definitely be on everyone's list of must haves.  In the event that one must bug-out, the basement full of wheat may have to stay. At least I can be assured that some silver and gold will be traveling with me. The wife is carrying the water and ammo. One must contemplate every scenario. Please don't discount the metals.

Not that I believe  Hollywood, but Remember the movie Titanic? When the ship was going down, even money couldn't buy a seat on a lifeboat.

Gold is not the answer to everything, but it could save your life. I have heard that jewelry was used to buy refugees freedom  from Viet Nam. I think that everyone should posses metals. Don't the advisors recommend some PMs?

If none of this happens and everything is love and kisses, then I'll just pass everything down to my heirs.
(I will eat the food though)

What currency will be safe? If we keep on the same track, not the Dollar


Agreed 100%. Was trying to point out that any precious metal is not life blood in the event of a financial meltdown.
There was a good post here a while back about a guy in Argentina when they hit the fan. The thing about the gold was having it in usable chunks.
I'm also very worried that if it happens here, how will the basic values of things be determined? In the example of Zimbabwe, or anywhere else so far, the U.S. dollar has always been a constant.
What happens when the dollar is TP?? That's the unknown. And as you said, best bet is to vary your investments.
Gold, as anything, ultimately will have the value the purchaser puts on it.
Link Posted: 12/9/2009 10:12:32 PM EDT
Originally Posted By ksmedman:
Originally Posted By troy808:
Originally Posted By ksmedman:
Originally Posted By AA717driver:
Thanks.  I guess I should have been a little more specific: I was thinking less of a full meltdown SHTF than a hyper inflation/Dollar isn't worth squat situation.  Although, I doubt there's going to be a stopping point if the dollar crashes.  The .gov will issue new currency and it's not like I can spend shekels or CHF's at Wal Mart.

Thanks all!

TC


In the above case gold will probably NOT be as safe as people think. It'll still be tied to currency, therefore commonly redeemable at the levels openly traded. Hyper inflation will make most gold too expensive.

Example:
If gold is worth $1000/oz today when the dollar = $1.00, and then after hyper inflation it becomes worth $10,000/oz when the dollar has purchasing power of $0.10. How are you going to make change for $10,000 at the grocery store?

That is why I think that it is wise to have a stash of fractionals among your stash. Gold is not the only answer, that is why silver is a must also. You keep the big pieces for buying a BMW, weapons, or for safe passage.


It works better if there is no standing currency, but remember that gold, silver, gems, etc... are just stand-ins for currency. The paradigm shifted when the dollar became fiat currency. Right now if you are in Zimbabwe, gold is great because it is still tradeable for X number dollars and the Z$ value is meaningless. In the US, as the US$ is the standard, when it falls apart all the rules go out the window sans a viable and universally accepted replacement.

With the collapse of Zimbabwe, "gold is great because it is still tradable for X" because their monetary system is worthless. Some might add that it could very well be possible that the United States may soon be bankrupt, and the Dollar worthless, hence Central Banks redeeming their reserves of Dollars for gold.


That's where barter becomes king. You could barter for gold or with gold, but in reality, consumer goods, 'sin' merchandise (tobacco, alcohol, etc...), and usables (ammo, food, tools, etc...) will be more commonly accepted.
If there is a standing government, gold will have little useful value to the average person. It and precious metals/gems are investment tools. The hyper-inflation model will mean most people are not investing, but trying to get by.
Just MHO, but I think food stuffs, guns, ammo are surer bets for hyper inflationary times. At the end of the day, your stash of gold won't feed the kids...

In a SHTF scenario, these assets should definitely be on everyone's list of must haves.  In the event that one must bug-out, the basement full of wheat may have to stay. At least I can be assured that some silver and gold will be traveling with me. The wife is carrying the water and ammo. One must contemplate every scenario. Please don't discount the metals.

Not that I believe  Hollywood, but Remember the movie Titanic? When the ship was going down, even money couldn't buy a seat on a lifeboat.

Gold is not the answer to everything, but it could save your life. I have heard that jewelry was used to buy refugees freedom  from Viet Nam. I think that everyone should posses metals. Don't the advisors recommend some PMs?

If none of this happens and everything is love and kisses, then I'll just pass everything down to my heirs.
(I will eat the food though)

What currency will be safe? If we keep on the same track, not the Dollar


Agreed 100%. Was trying to point out that any precious metal is not life blood in the event of a financial meltdown.
There was a good post here a while back about a guy in Argentina when they hit the fan. The thing about the gold was having it in usable chunks.
I'm also very worried that if it happens here, how will the basic values of things be determined? In the example of Zimbabwe, or anywhere else so far, the U.S. dollar has always been a constant.
What happens when the dollar is TP?? That's the unknown. And as you said, best bet is to vary your investments.
Gold, as anything, ultimately will have the value the purchaser puts on it.


I gotta agree with you here.  Gold is not the answer to everything, but I do feel that it has a much overlooked place in a good portfolio.  Right now it is expensive, but I've read some feel it will reach $2300/oz.  It is not the best "investment".  There are other investments out there that will make you more money AND are not as volatile.  But, Gold does hold its purchasing power.  A $20 gold coin 100y ago could buy you a nice taylored suit.  Today that same coin will still buy you a nice taylored suit.  You may not be able to buy MORE with it, but it should at least buy the SAME goods, no matter what inflation does.

I also agree that the fractional gold coins are the way to go.  Yes, you pay more premium and you don't get as much gold for your dollar.  But you will be able to use them more easily if and when the time comes.

Just my opinion.
Link Posted: 12/9/2009 10:18:13 PM EDT



Originally Posted By AA717driver:


If the dollar melts down, it's pretty obvious that a bunch of other currencies will go with it.  Which currencies may be the least affected?



I thought I heard Charlie Rangel had money in Fiji.



Thanks in advance.



TC


None.



All money, everywhere in the world, is based on confidence in the issuing economy.



All of the economies big/strong enough to inspire confidence are irreparably linked to the USA.



 
Link Posted: 12/9/2009 10:19:12 PM EDT



Originally Posted By WildApple:


You question should be: What do I barter with until gold becomes the currency source again?


Gold will never, ever again become 'the currency source'. Period.



This is mathematically provable.



 
Link Posted: 12/9/2009 10:20:16 PM EDT



Originally Posted By echo_5:





Originally Posted By max229:




Originally Posted By echo_5:


Originally Posted By max229:


Originally Posted By troy808:

My guess is that gold will be standing when if the smoke clears
Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.



ETA: I'm sticking with the Dollar.

Care to elaborate?



Just like any commodity the "value" of gold fluctuates with demand.





The value of gold is fairly stable. The prices fluctuates to the relevant strength of currency.

Expensive gold = weak currency.


Demonstrably false.



The value of gold has acted essentially independant of the value of money, given the relationship between world gold demand and world gold production over the past 200+ years.



 
Link Posted: 12/10/2009 1:13:42 AM EDT
Bob Chapman says if u have to be in dollars go Swiss Francs & Canadian Dollars....

He highly suggests people load up on Gold & Silver related assets...
Link Posted: 12/10/2009 1:15:03 AM EDT
Originally Posted By AlvinYork:
Originally Posted By ramy98:
Originally Posted By FooDog:
GOLD and SILVER

Anyone who says otherwise doesn't know history very well.


We got a winner folks....


I know this isn't a shooting forum, but, I suspect that lead, copper, and brass will be runners up.


We got another winner folks
Link Posted: 12/10/2009 11:34:17 AM EDT
Hey guys,

Consider this:

If something happens to the dollar, yes, it will adversely affect many other countries and their currencies....but business will go on. Countries and companies will still buy oil, food, equipment, raw materials, etc. The only question is, which currency will they use? The Euro? The RMB?

They will use something. So what will/would it be?

I have money in two Merk currency funds. Guys out there might want to do their own research and reach their own conclusions....but the world will not stop if the dollar fails.
Link Posted: 12/10/2009 11:43:04 AM EDT
Yes, the world economies are linked to the US.

Why do you think that the Chicoms, Pravda, and the uber liberal EU does not want the United States to print and spend all of this money? They are begging us not to follow this path that we are on. Throughout history, these entities have always relished in the thought of defeating America, but not this way.

If the United States goes down, we will drag the rest of the world down with us. For decades, the United States bailed-out everybody else. There will be no bailing us out!

I'd hate to think who will come onto our soil to clean up the mess
Link Posted: 12/10/2009 2:22:14 PM EDT
Originally Posted By troy808:
Yes, the world economies are linked to the US.

Why do you think that the Chicoms, Pravda, and the uber liberal EU does not want the United States to print and spend all of this money? They are begging us not to follow this path that we are on. Throughout history, these entities have always relished in the thought of defeating America, but not this way.

If the United States goes down, we will drag the rest of the world down with us. For decades, the United States bailed-out everybody else. There will be no bailing us out!

I'd hate to think who will come onto our soil to clean up the mess


What the hell, if it comes to cleaning house and then take care of the intruders so be it.
Link Posted: 12/10/2009 2:24:07 PM EDT
Originally Posted By AlvinYork:
Originally Posted By troy808:
Yes, the world economies are linked to the US.

Why do you think that the Chicoms, Pravda, and the uber liberal EU does not want the United States to print and spend all of this money? They are begging us not to follow this path that we are on. Throughout history, these entities have always relished in the thought of defeating America, but not this way.

If the United States goes down, we will drag the rest of the world down with us. For decades, the United States bailed-out everybody else. There will be no bailing us out!

I'd hate to think who will come onto our soil to clean up the mess


What the hell, if it comes to cleaning house and then take care of the intruders so be it.


But yikes......that's the plot of the Red Dawn remake.

"We're here to help"
Link Posted: 12/11/2009 4:27:54 PM EDT
Agreed

Originally Posted By WildApple:
You question should be: What do I barter with until gold becomes the currency source again?


Link Posted: 12/12/2009 3:47:00 AM EDT
Not sure about the accuracy but someone once told me that our gov made it illegal to own gold in the early part of last century.  Also was told that during the depression the gov passed a law that required all safety deposit boxes to be opened in the presence of a IRS officer in an effort to collect tax on undeclared assets.  Not sure if those are facts but if so it would definetly have a play on the value of gold in a worst case senario if the gov repeated itself.
Link Posted: 12/12/2009 4:21:58 AM EDT
Originally Posted By cobra-ak:
Canned foods, water, beer, coats, ammo, guns, explosives, socks, cigarettes, liquor even sex will be commodities in a collapse of the dollar. Those that have a water source and a food source along with other commodities will need to be protected by ammo and guns. So protection may be a commoditiy also.


Yup... the barter system never fails.
Link Posted: 12/12/2009 9:09:51 AM EDT
Originally Posted By Tmain:
Not sure about the accuracy but someone once told me that our gov made it illegal to own gold in the early part of last century.  Also was told that during the depression the gov passed a law that required all safety deposit boxes to be opened in the presence of a IRS officer in an effort to collect tax on undeclared assets.  Not sure if those are facts but if so it would definetly have a play on the value of gold in a worst case senario if the gov repeated itself.


Something like that, who know what can happen

Safety deposit boxes:
Banks could suddenly close their doors, or the Gman could be there to help you out.....

Guns and ammo could also be outlawed.
When guns are outlawed, only outlaws will have guns.

The black market will definitely step it up a notch or two.....
Link Posted: 12/12/2009 10:28:20 AM EDT
Originally Posted By Tmain:
Not sure about the accuracy but someone once told me that our gov made it illegal to own gold in the early part of last century.  Also was told that during the depression the gov passed a law that required all safety deposit boxes to be opened in the presence of a IRS officer in an effort to collect tax on undeclared assets.  Not sure if those are facts but if so it would definetly have a play on the value of gold in a worst case senario if the gov repeated itself.


This did happen. But only about 15% of all the gold held by Americans was turned in.

I wouldn't worry about confiscation now, although technically it could happen again –– it's very unlikely because it would be the final nail in the coffin for the US dollar.

The biggest concern should be the confiscation of the US dollar via inflation.

If you hold gold and silver, you're shielded from inflation.

Link Posted: 12/12/2009 10:36:13 AM EDT
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).
Link Posted: 12/12/2009 10:50:47 AM EDT
Originally Posted By valheru21:
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).


I'm not sure why this keeps coming up. Not a single gold bug I've ever talked to or read about thinks that they're going to go to the food store with their gold coins/bars.

Buying gold is simply a hedge. It is a way to freeze your wealth. It's not an investment in my opinion, and it's not a bartering tool.
Link Posted: 12/12/2009 10:51:19 AM EDT
Originally Posted By valheru21:
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).


someone will know what to do.
just make sure to take your wheelbarrow full of worthless paper dollars.
if we keep the pace that we are on, that's all it will be - paper.
Link Posted: 12/12/2009 11:02:12 AM EDT
Originally Posted By Veracity:
Originally Posted By valheru21:
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).


I'm not sure why this keeps coming up. Not a single gold bug I've ever talked to or read about thinks that they're going to go to the food store with their gold coins/bars.

Buying gold is simply a hedge. It is a way to freeze your wealth. It's not an investment in my opinion, and it's not a bartering tool.


You're obviously not reading the same thread I am.
Link Posted: 12/12/2009 11:07:28 AM EDT
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).


someone will know what to do.
just make sure to take your wheelbarrow full of worthless paper dollars.
if we keep the pace that we are on, that's all it will be - paper.


I think you need to look up the term, "petrodollar."  Our currency is tied to a commodity - oil.  That commodity is FAR more valuable than gold.
Link Posted: 12/12/2009 11:09:15 AM EDT




Originally Posted By FooDog:



Originally Posted By Tmain:

Not sure about the accuracy but someone once told me that our gov made it illegal to own gold in the early part of last century. Also was told that during the depression the gov passed a law that required all safety deposit boxes to be opened in the presence of a IRS officer in an effort to collect tax on undeclared assets. Not sure if those are facts but if so it would definetly have a play on the value of gold in a worst case senario if the gov repeated itself.




This did happen. But only about 15% of all the gold held by Americans was turned in.



I wouldn't worry about confiscation now, although technically it could happen again –– it's very unlikely because it would be the final nail in the coffin for the US dollar.



The biggest concern should be the confiscation of the US dollar via inflation.



If you hold gold and silver, you're shielded from inflation.





Gold and silver did zilch from 1980 to 2000, while we had inflation every year.

Link Posted: 12/12/2009 11:41:04 AM EDT
Originally Posted By Steve_in_Washington:

Originally Posted By FooDog:
Originally Posted By Tmain:
Not sure about the accuracy but someone once told me that our gov made it illegal to own gold in the early part of last century. Also was told that during the depression the gov passed a law that required all safety deposit boxes to be opened in the presence of a IRS officer in an effort to collect tax on undeclared assets. Not sure if those are facts but if so it would definetly have a play on the value of gold in a worst case senario if the gov repeated itself.


This did happen. But only about 15% of all the gold held by Americans was turned in.

I wouldn't worry about confiscation now, although technically it could happen again –– it's very unlikely because it would be the final nail in the coffin for the US dollar.

The biggest concern should be the confiscation of the US dollar via inflation.

If you hold gold and silver, you're shielded from inflation.


Gold and silver did zilch from 1980 to 2000, while we had inflation every year.


Um hum.

This might explain why.

http://www.silverbearcafe.com/private/12.09/manipulated.html


Link Posted: 12/12/2009 1:31:43 PM EDT
Originally Posted By valheru21:
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By echo_5:

Originally Posted By max229:

Originally Posted By troy808:
My guess is that gold will be standing when if the smoke clears

Gold is not a currency and is not recognized to hold any real value, its usefulness in certain manufacturing applications notwithstanding.

ETA: I'm sticking with the Dollar.

Care to elaborate?



When you walk into your local grocery store with your shiny gold coin, the cashier isn't going to know if that gold coin is supposed to buy a loaf of bread or the whole bread aisle.  I'm sticking with the dollar, too.  Also consider that numbers in the ether of the internet don't mean nearly as much as real cash when your credit cards no worky so well (because the credit card companies have fallen apart).


someone will know what to do.
just make sure to take your wheelbarrow full of worthless paper dollars.
if we keep the pace that we are on, that's all it will be - paper.


I think you need to look up the term, "petrodollar."  Our currency is tied to a commodity - oil.  That commodity is FAR more valuable than gold.


Oil is important, that's why we need to use our own resources than give our money to our enemies.
Why go to the store and by roses when you have them growing it in your own yard? Keep the money at home.

Haw many barrels of oil do you have?
Sure would like to see people wheeling their barrels to the store.
I definitely don't want to see the wheelbarrows


Now, do you really know why oil is linked to the dollar????
Link Posted: 12/12/2009 1:34:33 PM EDT
Originally Posted By troy808:

Now, do you really know why oil is linked to the dollar????


Ok, I'll bite... do tell.  I can't wait to hear this.
Link Posted: 12/12/2009 1:38:18 PM EDT
Originally Posted By valheru21:
Originally Posted By troy808:

Now, do you really know why oil is linked to the dollar????


Ok, I'll bite... do tell.  I can't wait to hear this.


any ideas??
Link Posted: 12/12/2009 1:39:30 PM EDT
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By troy808:

Now, do you really know why oil is linked to the dollar????


Ok, I'll bite... do tell.  I can't wait to hear this.


any ideas??


Oh no, you're the guy with all the answers... so, let's hear it.
Link Posted: 12/12/2009 1:50:25 PM EDT
[Last Edit: 12/12/2009 1:54:06 PM EDT by troy808]
Originally Posted By valheru21:
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By troy808:

Now, do you really know why oil is linked to the dollar????


Ok, I'll bite... do tell.  I can't wait to hear this.


any ideas??


Oh no, you're the guy with all the answers... so, let's hear it.


I am not pretending to know all the answers, but I'll help if I can.
Not sure on the minute details, but it kinda goes like this:

IIRC, America went to the camel-jockeys and told them that they could become rich if they traded in dollars. We helped them get the oil.

Under an OPEC agreement, all oil has been traded in US dollars since 1971 (after the dropping of the gold standard) which makes the US dollar the de facto major international trading currency.

If other nations have to hoard dollars to buy oil, then they want to use that hoard for other trading too. This fact gives America a huge trading advantage and helps make it the dominant economy in the world.

[ETA} What currency will be safe? I don't know, but I don't think that the dollar will be if we stay the course.
Link Posted: 12/12/2009 1:55:41 PM EDT
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By troy808:
Originally Posted By valheru21:
Originally Posted By troy808:

Now, do you really know why oil is linked to the dollar????


Ok, I'll bite... do tell.  I can't wait to hear this.


any ideas??


Oh no, you're the guy with all the answers... so, let's hear it.


I am not pretending to know all the answers, but I'll help if I can.
Not sure on the minute details, but it kinda goes like this:

IIRC, America went to the camel-jockeys and told them that they could become rich if they traded in dollars. We helped them get the oil.

Under an OPEC agreement, all oil has been traded in US dollars since 1971 (after the dropping of the gold standard) which makes the US dollar the de facto major international trading currency.

If other nations have to hoard dollars to buy oil, then they want to use that hoard for other trading too. This fact gives America a huge trading advantage and helps make it the dominant economy in the world.


Yes... that was the point of my reference to the "petrodollar."    We effectively tied our currency to the ONE commodity that the entire world REQUIRED for their economies - unlike gold... which is not really REQUIRED for anything.  Since modern agriculture essentially turns oil into food, there is guaranteed demand for oil for quite some time.  The dollar will not crash - it can't without crashing almost every other world economy.  It might "adjust," but it won't crash.  

Dollars are worth holding onto long term.  There is no safer currency in the world.
Link Posted: 12/12/2009 2:00:08 PM EDT
Ammo.
Link Posted: 12/12/2009 2:07:05 PM EDT
Originally Posted By valheru21:

Yes... that was the point of my reference to the "petrodollar."    We effectively tied our currency to the ONE commodity that the entire world REQUIRED for their economies - unlike gold... which is not really REQUIRED for anything.  Since modern agriculture essentially turns oil into food, there is guaranteed demand for oil for quite some time.  The dollar will not crash - it can't without crashing almost every other world economy.  It might "adjust," but it won't crash.  

Dollars are worth holding onto long term.  There is no safer currency in the world.


Man I pray that you are right and I am wrong. As stated earlier, we all have too much to lose.
I will stick w/ the dollar as long as I can, but under Amerika's present course, I think that the dollar is doomed. I will still continue to store nuts
Why are other central banks quietly getting rid of dollars?

Paraphrasing an interview w/ Glen Beck, he was asked how he would like to be remembered in 10 years?
GB replied, "Wrong"
Arrow Left Previous Page
Page / 2
Top Top