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 Replies: 32 / Views: 3,123 |
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Pillar of the Community
United States
1026 Posts |
Me thinks I am right and Gold will hit $1700.00 this week who knows maybe higher.
Know one thing I am sick I did not buy more of it and stuck to mainly silver.
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Valued Member
United States
56 Posts |
Sigh. Ok, I'll do it.
Gold will crash back to 58 cents a pound and silver will be handed out for free and you will all be paupers! Paupers!
Ok, Back to regularly scheduled programming.
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Pillar of the Community
United States
4008 Posts |
Quote:
Gold will crash back to 58 cents a pound and silver will be handed out for free and you will all be paupers! Paupers! Uh, yeah. Whatever it is that you are smoking, find the guy who sold it to you and get your money back. Being high is one thing but being delusional is just pathetic. X-p |
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Pillar of the Community
United States
3670 Posts |
Now Jim317 is that you postin under a new name in Studio? Sorry, that one never gets old, he he he....
That must be a joke post as no one could possibly believe that....
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Valued Member
175 Posts |
Thats why I listen to Peter Schiff he usually seems pretty spot on with his predictions.
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Valued Member
United States
56 Posts |
Hawk,
It was an attempt to riff off of junior_e's "where's Jim?" post and provide the suitable foil but, alas, I fail.
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Pillar of the Community
United States
1590 Posts |
I hate to be the contrarian, but ya'll do realize that Gold has an inverse relationship to the dollar? If the gold bugs truly get their way and we hit $5000 gold; then the dollar will be almost worthless, and your $5000 will get you a loaf of bread.
Seriously; rooting for Gold to climb to lofty heights is akin to rooting for the collapse of the Economy. You know; old folks on fixed incomes whose buying power will be close to Nill, massive unemployment that makes the current climate look positively fantastic, Massive Civil unrest, Rioting, looting.
And yes, I'm being serious. Right now we have 45 million Americans that can not afford food and rely on food stamps to feed their families. Do you really think when that aid becomes worthless that those people will quietly sit at home? And before I hear it, most of them would get a job if they could find it.
Is this really what we want? $5000 Gold? I hope not.
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Pillar of the Community
 United States
830 Posts |
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Is this really what we want? $5000 Gold? I hope not. Tell that to Uncle Ben, he and the rest of the Fed are the ones doing the devaluing. Of course the only other option is default on the debt, but then we are back to that debt ceiling debate again. Its a bad situation, but that doesn't mean we can't try to prepare for it happening as best we can. Quote:
but ya'll do realize that Gold has an inverse relationship to the dollar? Generally that is true, but we have been seeing days that the inverse breaks down. We've had a couple threads on here this year about that and this morning is another example, both the dollar and gold are looking strong today. Ok I'll try to stop the  and do more of this  when my investments do good.  Edited by GoThunder
08/04/2011 09:14 am
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Pillar of the Community
United States
1450 Posts |
I know I am not rooting for an economic collapse,I am just PREPARING for it. I saw all of this developing 5 years ago and started buying gold because I knew I was near retirement and I needed to protect the wealth I had generated. I hope things get better because I have 3 kids in their 20's un or minimally employed,2 of them have children. I just think we are too far down the road to escape without major pain and I hope I have been astute enough to make it less painful for us. I have never looked at my PMs as an investment,just as a protection from economic disaster and they have worked well so far.My mother is 85 living alone on a very small fixed income and I worry about her every day. I tried to get her into PMs early on and she wouldn't do it. Can't make people do what they don't want to so I have to take care of my own situation. So,as you can see,I am an elderly person on a fixed income and I bought PMs so I would not have to live on cat food and water under a bridge in a major American city,but I can't help those who won't help themselves!
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Pillar of the Community
United States
830 Posts |
Yeah I've tried to get my family more into PMs with little interest from them (except for my wife who listened and grudgingly invested and is now up over $5000 in her accounts). One was doing it already I just didn't know it at the time. He used to work in the banking business and keeps pointing out that we can NEVER pay that 14T debt. Now its been raised to 16T, and we have now a 100% debt to GDP ratio. This is definitely not payable now. One cousin said a few months ago when I mentioned it "well I'm not getting in it now at $1450/oz!" Edited by GoThunder
08/04/2011 11:45 am
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Pillar of the Community
United States
830 Posts |
Just saw the Kitco price chart today, I don't remember seeing such a big move up in both the USD and gold: Quote:
Gold price Change due to Strengthening of USD -21.60
Gold price Change due to Predominant Buyers +37.90
Gold Price: Total Change +16.30
Dennis Gartman's strategy of only buying gold in non-US dollar terms is really paying off today, his gains on gold must be much closer to that +37.90 or maybe even higher. Please don't ask me how to buy gold in non-USD terms in the US because I haven't figured that one out yet. If I had a bank account in Europe I guess I'd understand how. Edited by GoThunder
08/04/2011 11:37 am
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Pillar of the Community
United States
4008 Posts |
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Right now we have 45 million Americans that can not afford food and rely on food stamps to feed their families. Do we? Or do we have 10 million Americans who can't afford food and 35 million slackers who have jumped onto the government gravy train? I would agree that even 10 million would be too many but have to question how many would be on these dole programs if they actually had to WORK for what they got. I suspect that FAR fewer would sign up. Quote:
I know I am not rooting for an economic collapse,I am just PREPARING for it. Very well stated, Hock. I am in the same boat as you on this only I didn't buy any gold 5 years ago. Big props to you for doing that! OK, I am late to the PM party but... late is still better than never.  |
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Pillar of the Community
United States
860 Posts |
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Do we? Or do we have 10 million Americans who can't afford food and 35 million slackers who have jumped onto the government gravy train? Rather bold comment considering the lack of jobs available in the US. If one has plenty of food available, congratulations, but one should not minimize the financial situation of others. Many of the "slackers" are those who stand back and only criticize and not step forward with a helping hand in one way or another.IMO. Jim |
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Pillar of the Community
United States
3670 Posts |
Oops sorry Studio he he, and welcome to the site....
Jim, we have talked often before about wanting a better econ, but like the wise above said, we are not the ones who got the country in this mess to begin with. It is just simple Spock logic to try an counter it the best of your ability, which most would tell you is, water, food ammo, land, and Pm's....
Edited by Silverhawk74
08/04/2011 10:30 pm
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Rest in Peace
United States
9104 Posts |
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I would agree that even 10 million would be too many but have to question how many would be on these dole programs if they actually had to WORK for what they got. I suspect that FAR fewer would sign up.
A couple decades ago, in order to tighten up the money being handed out, Cook County (OBamaville) decided that all able-bodied welfare recipients would need to work off their income at $5 an hour (minimum wage was around $3.50). Thus, someone getting $400 a month would need to work two 40-hour weeks, or four 20s. Those incapable of working would continue to get their regular benefits. 80% of the people didn't show up! The media ran with the idea that 80% of the welfare recipients were just lazy, perfectly willing to take money as long as it didn't require work. I had a different angle. I'll bet most of those no-shows prolly worked full-time under the table for cash, plus got welfare. They had two options: Keep the job paying $700 a month and give up the $400 welfare/workfare, or earn the $400, and lose the off the books job. |
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Posted 08/03/2011 12:23 pm
