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Foreign Invaders crisis cost $150B in 2023, forcing some areas to cut police and fire services: report Israel kills head of Hezbollah Intelligence. Status: Not Logged In; Sign In International News See other International News Articles Title: IS GOLD MONEY? Source: [None] URL Source: [None] Published: Jul 14, 2011 Author: Ron Paul Post Date: 2011-07-14 13:07:59 by socalv8 Keywords: Paul, Ben, Good Question Views: 75354 Comments: 131 Big Ben's hesitation was telling. What say you? Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 34. #2. To: socalv8 (#0) Money serves two purposes -- a medium of exchange and a store of value. Gold evolved as the most widely acceptable form of money over history because of it's characteristics -- it's scarce and durable. The pieces of paper that we pass around today are a lousy store of value because the government purposefully inflates the money supply to hand out to special interests. The only reason that they are accepted as a medium of exchange is because the government has decreed them to be so. jwpegler  posted on  2011-07-14   13:45:06 ET  Reply   Untrace   Trace   Private Reply   #4. To: jwpegler, mininggold (#2) (Edited) The pieces of paper that we pass around today are a lousy store of value because the government purposefully inflates the money supply to hand out to special interests. The same thing happened with gold and silver based money. We saw deflation and inflationary periods with gold. In fact, just finding new gold mines would lower the value of your purse. We have had gold and silver bubbles before. As soon as people start to 'cash' in their gold holdings the price of gold will start to fall. That's what happened to the stock market and real estate bubbles. People bought the things and as more people bought the more the price went up but as soon as the tipping point was reached for people selling the stuff back the values collapsed. Godwinson  posted on  2011-07-14   15:34:13 ET  Reply   Untrace   Trace   Private Reply   #16. To: Godwinson (#4) As soon as people start to 'cash' in their gold holdings the price of gold will start to fall. The flaw in this statement, is that a LOT of people were too lazy to buy physical gold, and instead "invested" in gold or silver exchange-traded funds (ETFs), IRAs or "graded" gold coins. Most estimates place the number of ETFs outstanding as ~7 times MORE than physical gold in existence. From http://pacificcoins.wordpress.com/1-gold-silver-scams/: This is what world renown economist Bob Chapman recently had to say about the COMEX and other ETFs, in the August 12th issue of his newsletter The International Forecaster: “Speaking of COMEX gold and silver futures, it appears that the Illuminati have solved their physical gold and silver inventory shortage which was causing them great headaches as massive demands for physical delivery were received. At first, they just lied about their inventory. The inventories did not change even as hundreds of requests for physical bullion were settled month after month, often with the help of central banks like the ECB and other outsiders like the Canadian mint. Now, instead of using physical bullion, they can hand you an ETF contract instead. So they are trading paper for, well, more paper! Pretty slick, eh? They want to give investors the convenience of having an interest in a publicly traded security so they will just hang onto it and not demand physical delivery. But therein lies the trap. These ETF’s have leased large portions of their bullion out to the bullion banks for purposes of gold and silver suppression. They do not have what they say they have any more than the COMEX does, and if you hold on to your ETF contract, you may well become the next victim of a Madoff-like Ponzi scheme. Banksters and precious-metal "traders" sold pieces of paper obligating their company to produce the gold or silver on demand. And then they kept selling more and more, even after their stock of precious-metals was already sold off. You assume that the investors all hold physical metals. When those investors finally get around to trying to take delivery, the ensuing scandal will rock the financial world, and cause the prices of gold and silver to catapult (easily) five times current prices. I'm a buyer of precious metals, but only physical metals. No "paper gold" for me! Capitalist Eric  posted on  2011-07-14   17:30:57 ET  Reply   Untrace   Trace   Private Reply   #28. To: Capitalist Eric (#16) When those investors finally get around to trying to take delivery, the ensuing scandal will rock the financial world, and cause the prices of gold and silver to catapult (easily) five times current prices. Therefore, to avoid this they'll need to see the price drop by half in the near future? socalv8  posted on  2011-07-15   0:16:03 ET  Reply   Untrace   Trace   Private Reply   #34. To: socalv8 (#28) Therefore, to avoid this they'll need to see the price drop by half in the near future? Yup. But with Helicopter Ben creating digital fiat money like crazy, there's absolutely NO chance of that happening. I read somewhere, that if you divide all the fiat money around the world by the amount of gold in the world, it works out to some crazy number like $12000/ounce. With there being 7X the amount of gold ETFs as there is physical gold in all existence, it would seem that gold will increase potentially 7X it's current price... which works out to $1500x7=$10,500/ounce. If it only gets halfway there, it's still $5000/ounce. My silver investments should do better. Silver links to gold at ~30:1-40:1. If I call it 35:1, with current gold at ~$1500, gold should be at $42. When gold goes ballistic (maybe $5k/ounce), that means silver would be ~$142. I can live with that. :) Capitalist Eric  posted on  2011-07-15   10:56:02 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 34. #35. To: Capitalist Eric (#34) IS GOLD MONEY? No, gold is not money but a commodity. Economics 101 Godwinson  posted on  2011-07-15 11:21:09 ET  Reply   Untrace   Trace   Private Reply   #40. To: Capitalist Eric (#34) Any chance of gold and silver going in different directions? socalv8  posted on  2011-07-15 11:55:01 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 34. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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