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GOLD

nutfinnnutfinn Member Posts: 12,808 ✭✭✭
edited May 2015 in General Discussion
Imagine if our Government made it illegal for citizens to own Gold Bullion and Coinage again? Would you turn in your gold to the Banks for paper money as ordered?
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Comments

  • nutfinnnutfinn Member Posts: 12,808 ✭✭✭
    edited November -1
    Was just listening to PRI (public radio interntional) and the IMF (international monetary fund) still holds 200 more metric tons of gold.

    There is speculation that China may just buy that last ounce of gold.

    AU is very under vauled right now. Back in 1980 (or so) adjusted for inflation, AU was over 2K per oz. Right now it is a bargain, so the3 people selling it espouce. If it is such a good deal, why don't they just keep it??? Tom
  • nutfinnnutfinn Member Posts: 12,808 ✭✭✭
    edited November -1
    briefly tops $400 bucks an ounce today. Yee-haw.
  • nutfinnnutfinn Member Posts: 12,808 ✭✭✭
    edited November -1
    is gold going to hit $1000.00 this week?

    http://www.kitco.com/
  • nutfinnnutfinn Member Posts: 12,808 ✭✭✭
    edited November -1
    $1293 today, where do you expect it to go, about 10 years ago, it was $400?

    Interesting facts

    http://www.nma.org/pdf/gold/his_gold_prices.pdf
  • nutfinnnutfinn Member Posts: 12,808 ✭✭✭
    edited November -1
  • KEVD18KEVD18 Member Posts: 15,037
    edited November -1
    In 1873, you could buy a colt single action army for an ounce of gold.

    In 1973, you could buy a single action army for an ounce of gold.

    Today, you can buy a single action army for an ounc of gold.

    I remain fundamentally unconcerned with the day to day price of gold.
  • LaidbackDanLaidbackDan Member Posts: 13,142 ✭✭✭
    edited November -1
    Guy on the radio says I should buy gold, says it will be up over $2000 a ounce within the year, says silver will be over 50, he's so concerned about my future that he will send me his free report and then out of the goodness of his heart he will sell me some.

    He's quite the guy
  • skicatskicat Member Posts: 14,431
    edited November -1
    quote:Originally posted by LaidbackDan
    Guy on the radio says I should buy gold, says it will be up over $2000 a ounce within the year, says silver will be over 50, he's so concerned about my future that he will send me his free report and then out of the goodness of his heart he will sell me some.

    He's quite the guy


    Just a thought.

    It is possible to make money and help someone out at the same time. They aren't mutually exclusive.[:)]
  • retroxler58retroxler58 Member Posts: 32,693 ✭✭✭
    edited November -1
    quote:Originally posted by us55840
    quote:Originally posted by KEVD18
    In 1873, you could buy a colt single action army for an ounce of gold.

    In 1973, you could buy a single action army for an ounce of gold.

    Today, you can buy a single action army for an ounc of gold.

    I remain fundamentally unconcerned with the day to day price of gold.


    Are you at all concerned about the price of a single action army Colt?

    [?]
    I bet a pair would be twice as much... [;)]
  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    quote:Originally posted by KEVD18
    In 1873, you could buy a colt single action army for an ounce of gold.

    In 1973, you could buy a single action army for an ounce of gold.

    Today, you can buy a single action army for an ounc of gold.

    I remain fundamentally unconcerned with the day to day price of gold.




    not really



    http://www.GunBroker.com/All/BI.aspx?Keywords=Colt+single+action+army
  • Don McManusDon McManus Member Posts: 23,695 ✭✭✭✭
    edited November -1
    quote:Originally posted by nutfinn
    $1293 today, where do you expect it to go, about 10 years ago, it was $400?

    Interesting facts

    http://www.nma.org/pdf/gold/his_gold_prices.pdf




    Gold will hit $ 700.00 before it hits $ 2,000.00.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
  • bartman45bartman45 Member Posts: 3,008 ✭✭
    edited November -1
    Gold production:

    50% goes to jewelry
    45% to speculators
    5% manufacturing

    Speculating and investing are two different things. With some radio ads, keep your hand on your wallet, because someone's trying pick your pocket.
  • jwhardingjwharding Member Posts: 2,897 ✭✭
    edited November -1
    quote:Originally posted by nutfinn
    $1293 today, where do you expect it to go, about 10 years ago, it was $400?

    Interesting facts

    http://www.nma.org/pdf/gold/his_gold_prices.pdf



    Trying selling it for 1293.00.
  • USN_AirdaleUSN_Airdale Member Posts: 2,987
    edited November -1
    quote:Originally posted by KEVD18
    In 1873, you could buy a colt single action army for an ounce of gold.

    In 1973, you could buy a single action army for an ounce of gold.

    Today, you can buy a single action army for an ounc of gold.

    I remain fundamentally unconcerned with the day to day price of gold.


    actually in 1972 when i was a member of the USS Kitty Hawk CVA-63 gun club, i paid $140.00 for my Colt SAA 4 3/4" BBL. i still have the receipt. but not the gun, i sold it for $750.00, had to pay off a divorce lawyer...., looking back it was well worth it.

    civilian price was around $275.00
  • WulfmannWulfmann Member Posts: 4,906 ✭✭✭
    edited November -1
    quote:Originally posted by KEVD18
    In 1873, you could buy a colt single action army for an ounce of gold.

    In 1973, you could buy a single action army for an ounce of gold.

    Today, you can buy a single action army for an ounc of gold.

    I remain fundamentally unconcerned with the day to day price of gold.


    Take the US paper bill that could have bought that Colt in 1873 and see if you can buy the powder and ball to shoot it with that same amount of money.

    I don't pretend to know how much gold will rise or fall (but with mining/production cost right at $1200.00 an ounce I have to wonder if it will get much below that)but having some gold and silver around is not a bad thing. Everything in balance.
    Stocks have done well the past couple years but to me it is like Vegas so real estate, metals, ammo etc I feel less stress.

    Whatever you think is right is right for you.
    If you have to trash what makes others feel safe I doubt you are very confident about what you are doing in your finances

    Wulfmann
    3YUCmbB.jpg
    "Fools learn from their own mistakes. I learn from the mistakes of others"
    Otto von Bismarck
  • CDMeadCDMead Member Posts: 2,141 ✭✭
    edited November -1
    quote:Originally posted by skicat
    quote:Originally posted by LaidbackDan
    Guy on the radio says I should buy gold, says it will be up over $2000 a ounce within the year, says silver will be over 50, he's so concerned about my future that he will send me his free report and then out of the goodness of his heart he will sell me some.

    He's quite the guy


    Just a thought.

    It is possible to make money and help someone out at the same time. They aren't mutually exclusive.[:)]


    You don't know the people in this business then.

    There are two sayings that come to mind:

    There is no Santa Claus in numismatics (or bullion).

    If you sit at a poker table and can't tell who the patsy is within thirty minutes, the patsy is you.

    In coins and bullions, you are the patsy.

    Here are some other reports about how precious metals are due for a breakout any minute:

    January 18, 2013
    http://www.silverdoctors.com/is-ted-butlers-silver-panic-imminent-apple-contractor-claims-new-imac-production-delayed-over-silver-shortage/

    December 2012
    http://goldsilverworlds.com/gold-silver-insights/more-signs-of-silver-shortage/

    February 2010
    http://ezinearticles.com/?Is-There-a-Silver-Shortage?&id=3730070

    December 2010 (and my favorite because it has the Chinese boogy man)
    http://endoftheamericandream.com/archives/buying-gold-why-are-the-chinese-gobbling-up-gold-like-there-is-no-tomorrow

    Bon jour!
  • He DogHe Dog Member Posts: 51,593 ✭✭✭✭
    edited November -1
    It is always best to ask the future value of any commodity from someone selling it to get the straight truth.
  • JunkballerJunkballer Member Posts: 9,309 ✭✭✭✭
    edited November -1
    quote:Originally posted by us55840

    Those selling it seem to "KNOW" the price is going up so why in the hell are they selling it so cheap with the price is "SURE" to increase? [:D][:D][:D]

    If they were THAT smart they'd be buying as much as possible [;)] [:D]

    "Never do wrong to make a friend----or to keep one".....Robert E. Lee

  • skicatskicat Member Posts: 14,431
    edited November -1
    I find it ironic that the brainwashing has been so thorough that what has been considered the ultimate in conservative wealth management for over 6000 years is now considered a gamble. I guess it is much safer to store wealth in a big stack of IOU's printed on fancy paper or as ones and zeros in an electronic account. Amazing.
  • WulfmannWulfmann Member Posts: 4,906 ✭✭✭
    edited November -1
    quote:Originally posted by us55840

    When the time comes that the dollar is worthless and probably most of the worlds printed/coined currency is also worthless ~ the items that will have value are those necessary for basic human survival.

    That would be food, water, shelter, clothing and whatever is required to keep it from those who would forcefully take it from you.

    Neither gold nor silver contribute to basic human survival.

    Just my opinion. [:)]

    I understand your point.However:

    If you run short of any of those and need to barter or trade wouldn't it make sense to have some of what has always been throughout human history the means of exchange?
    Paper is a very recent thing and every non backed currency has failed but never has gold/silver.

    i would rather have more of those needed items than gold but at some point I might need to acquire something and gold/silver have been how mankind trades (except for the recent past)in 6,000 years

    I in no way mean sacrifice to acquire gold silver but, it seems after a well balanced stock of essentials some coin good for trade would not be a bad thing.

    I don't see investing in metals as a means of acquiring wealth but it has a constant value (within reason) that no other currency shares

    Just a varied opinion

    Wulfmann
    3YUCmbB.jpg
    "Fools learn from their own mistakes. I learn from the mistakes of others"
    Otto von Bismarck
  • woodshed87woodshed87 Member Posts: 23,478 ✭✭✭
    edited November -1
    Haint worth Jack When SHTF And A loaf of bread is $1293.00
    It is Still Worth ONLY 1293 of those worthless pieces of Green Paperquote:Originally posted by nutfinn
    $1293 today, where do you expect it to go, about 10 years ago, it was $400?

    Interesting facts

    http://www.nma.org/pdf/gold/his_gold_prices.pdf
  • JnRockwallJnRockwall Member Posts: 16,352 ✭✭✭
    edited November -1
    My 2 cents on metals is SELL SELL SELL.
  • MG1890MG1890 Member Posts: 4,460 ✭✭
    edited November -1
    I buy silver.

    I buy it substantially under "spot".

    If you are paying full markey value for ANYTHING, you are a chump.

    Buy silver, gold, lead, copper. Buy it ONLY when you can get it for way under current market. I know it's difficult to find the deals on it, but it can be done.

    As an aside, how many of you guys that are debating the logic of precious metals are making a car or mortgage payment? Credit card payment? If you are bleeding liquid assets then investing is not for you. Stop the bleeding first.
  • odenthevikingodentheviking Member Posts: 523 ✭✭✭
    edited November -1
    quote:Originally posted by Wulfmann
    quote:Originally posted by us55840

    When the time comes that the dollar is worthless and probably most of the worlds printed/coined currency is also worthless ~ the items that will have value are those necessary for basic human survival.

    That would be food, water, shelter, clothing and whatever is required to keep it from those who would forcefully take it from you.

    Neither gold nor silver contribute to basic human survival.

    Just my opinion. [:)]

    I understand your point.However:

    If you run short of any of those and need to barter or trade wouldn't it make sense to have some of what has always been throughout human history the means of exchange?
    Paper is a very recent thing and every non backed currency has failed but never has gold/silver.

    i would rather have more of those needed items than gold but at some point I might need to acquire something and gold/silver have been how mankind trades (except for the recent past)in 6,000 years

    I in no way mean sacrifice to acquire gold silver but, it seems after a well balanced stock of essentials some coin good for trade would not be a bad thing.

    I don't see investing in metals as a means of acquiring wealth but it has a constant value (within reason) that no other currency shares

    Just a varied opinion

    Wulfmann





    Wulfmann has nailed it right on the head!
    If you think that having Gold or Silver is not worth the time/money to learn about it all........ you will be sorry, and you are missing out on a fun and interesting part of life.
    Your grandparents did not bury a jar of gold and silver coins in the back yard because they didn't trust the Bank! They did it because they knew it had value beyond $$$ amount marked on the coin.
    It is also true what others have said here..... Gold has not really gone up in value over the years..... it is just how much green-back you gotta part w/to get some. People in Germany, India, China, Russia, etc... have been stacking Gold/Silver for about 10 years now, but folks here in the USA think it is silly. Why? because all these countries have seen thier Govt. fall and their money with it...... but Gold/Silver still has value!
    I never look at the price, just how it compairs with the other PM's. Back to Roman times Gold/Silver was 1/15. In the USA until 1933 Gold to Silver was 1/20,(Meaning one Oz. $20 Gold piece would get you 20 one Oz. Silver Dollars). Right now Gold to Silver is 1/66!!!!
    That is one Oz of Gold will get you 66 Oz's of Silver. Good time to buy Silver? I say it is a good time to trade Gold for Silver!
    A few months back Copper was almost $4 a lb. Now it is down to well under $3 a pound. Glad I traded my Copper for Silver 6 months ago.
    Funny to me these folks that buy/sell/trade Guns, Tools, old Cars, Motorcycles, etc.... but never see the others things that have value!
  • RocklobsterRocklobster Member Posts: 7,060
    edited November -1
    Next time your in your local gun shop try plunking down a gold ingot and saying "I'd like to pay for that revolver with this."
  • Don McManusDon McManus Member Posts: 23,695 ✭✭✭✭
    edited November -1
    quote:Originally posted by Rocklobster
    Next time your in your local gun shop try plunking down a gold ingot and saying "I'd like to pay for that revolver with this."


    My local gun shop, at least one I use most often, is also a pawn shop. It would probably work out OK.[:)]
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
  • onepopperonepopper Member Posts: 1,825 ✭✭✭✭✭
    edited November -1
    Here in Arkansas, there is a new car dealer that will take gold or silver in payment for a new car. My friend just paid his dental bill with gold. I don't know which but there are states that will take gold for payment of taxes.
  • e3mrke3mrk Member Posts: 1,851 ✭✭✭✭✭
    edited November -1
    Dont think it cant happen again!

    This Act follows FDR's March 5, 1933 chat on the "Banking Crisis", and effectively proves our president to be a liar and a thief. Interesting, too, that the gold is to be turned in to the privately-owned Federal Reserve Banks. James Turk furnishes an excellent analysis including the amount of gold actually surrendered by Americans.

    Currency Depreciation

    The Gold Confiscation Of April 5, 1933


    From: President of the United States Franklin Delano Roosevelt
    To: The United States Congress
    Dated: 5 April, 1933
    Presidential Executive Order 6102
    Gold Confiscation Notice to Public
    Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled

    An Act to provide relief in the existing national emergency in banking, and for other purposes in which amendatory Act Congress declared that a serious emergency exists,

    I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

    Section 1. For the purpose of this regulation, the term 'hoarding" means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term "person" means any individual, partnership, association or corporation.

    Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

    (a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

    (b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.

    (c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.

    (d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.

    Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and gold certificates after April 28, 1933, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon.

    Section 4. Upon receipt of gold coin, gold bullion, or gold certificates delivered to it in accordance with Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.

    Section 5. Member banks shall deliver alt gold coin, gold bullion, and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal reserve banks of there respective districts and receive credit or payment thereof.

    Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks.

    Section 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each applications must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion, and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.

    Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin or bullion to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations.

    Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.

    This order and these regulations may be modified or revoked at any time.
    /s/
    Franklin D. Roosevelt
    President of the United States of America
    April 5, 1933
  • capguncapgun Member Posts: 1,848
    edited November -1
    If you buy gold or silver you best have a scale and measuring devices handy. There has been a tremendous amount of phoney coins and bullion bars coming into the country. Some are so good it is fooling the dealers until a chemical test is done. The local coin shop showed me some, it sure looked good to me. No matter who you bought the bad stuff from, when you returned it they would say it is not the coin/bar you bought from me.
  • WulfmannWulfmann Member Posts: 4,906 ✭✭✭
    edited November -1
    quote:Originally posted by MG1890
    As an aside, how many of you guys that are debating the logic of precious metals are making a car or mortgage payment? Credit card payment? If you are bleeding liquid assets then investing is not for you. Stop the bleeding first.


    Very true, eliminate debt first at least everything but a mortgage.

    Personally I have not a dime of debt. I use CCs because I get a rebate so I make money by using them and pay the balance in full.

    There is a day of reckoning coming. i don't know when or how bad it will be but we can not borrow like we won't have to repay it and pretend there are no consequences.

    Let our grandchildren live in poverty. Why should we be held to account for our reckless finances?

    Wulfmann
    3YUCmbB.jpg
    "Fools learn from their own mistakes. I learn from the mistakes of others"
    Otto von Bismarck
  • bartman45bartman45 Member Posts: 3,008 ✭✭
    edited November -1
    Take any of the companies trying to sell you metals, Google their name with "Complaints" after it, and read on.
  • yoshmysteryoshmyster Member Posts: 22,059 ✭✭✭✭
    edited November -1
    Let's see silver should be at about two hours of minimum wage and gold about 40 (should've read) 80 hours of minimum wage (fuzzy math from being up too long [:D]). The way I see it if they're above those then our dollar is in doo doo.
  • hedgehopper62hedgehopper62 Member Posts: 636 ✭✭
    edited November -1
    the dollar will be doo-doo when china reaches 80 ton more of gold and announce their yuan is backed by gold, about Sept. if their economy holds up.tks hedge[:D]
  • RocklobsterRocklobster Member Posts: 7,060
    edited November -1
    So, in a few months you'll plunk down your ingot and the guy will say "Not enough." You reply "Hey, this is worth 1200 dollars!" He says "What's a dollar? The going rate these days is now two of those." (or whatever number the merchant you're buying from deems the going rate to be).

    THAT's the problem with thinking that you'll be able to use gold as legal tender.
  • Ray BRay B Member Posts: 11,822
    edited November -1
    For investing in "precious metals" I pass on the gold and silver in order to choose REALLY precious metals such as Copper, Brass, and Lead.
  • jltrentjltrent Member Posts: 9,344 ✭✭✭✭
    edited November -1
    I would take the Colt.
  • skicatskicat Member Posts: 14,431
    edited November -1
    quote:Originally posted by Rocklobster
    So, in a few months you'll plunk down your ingot and the guy will say "Not enough." You reply "Hey, this is worth 1200 dollars!" He says "What's a dollar? The going rate these days is now two of those." (or whatever number the merchant you're buying from deems the going rate to be).

    THAT's the problem with thinking that you'll be able to use gold as legal tender.


    Amazing. Do you have any idea why they are called "precious metals"?

    and this in red is just funny.

    "THAT's the problem with thinking that you'll be able to use gold as legal tender."
  • wpagewpage Member Posts: 10,201 ✭✭✭
    edited November -1
    All metals except gold are worth keeping...

    Gold is soo expensive its out of reach for common trading.[8]
  • Mr. PerfectMr. Perfect Member, Moderator Posts: 66,437 ******
    edited November -1
    I have a stool sample that is more interesting than the price of gold.
    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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