Venezuela Effect On Price Of Gold - Page 2

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jbuck Moderator United States 187862 Posts	Posted 01/13/2026 3:08 pm Quote: Always much clearer in hindsight that one of main drivers of gold rally was not Venezuela but Iran... True. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
IndianGoldEagle Bedrock of the Community United States 36678 Posts	Posted 01/13/2026 5:48 pm What has a bigger effect on world silver and gold prices are the new banking rules in Basel III. Banks can no longer claim paper silver and gold as assets. Only physical metal. That's why so many sorts are being closed out by the big banks. https://dinarchronicles.com/2026/01...lking-about/ Edited by IndianGoldEagle 01/13/2026 8:00 pm Report this Post to the Staff
thq Pillar of the Community United States 3343 Posts	Posted 01/13/2026 8:17 pm Gold is a portable source of wealth for gypsies and tyrants. IMO the big drivers are Putin and the tariffs. Poland was a major gold buyer last year at 50T. And the tariffs drive countries with export economies to hedge in PM's. There has been a lot of clamoring for a return to the gold standard. Unfortunately gold is too unstable a commodity to use as a base for currency. Last year CPI was up 2.9%, while gold was up 66%. The price of gold (and silver) are not as stable as the price of every other commodity. We'd be better off pegging our currencies to eggs. "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire Report this Post to the Staff
jbuck Moderator United States 187862 Posts	Posted 01/14/2026 09:37 am Quote: There has been a lot of clamoring for a return to the gold standard. Unfortunately gold is too unstable a commodity to use as a base for currency. Then there is the fact that only a fraction of the money supply could be backed with physical gold at its current value. And before you get excited about the value of gold rising to meet the challenge... To fully back the entire U.S. money supply (M2) with the official U.S. gold reserves, the price of gold would need to be revalued to approximately $85,300 per ounce. (via Google Gemini). Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
thq Pillar of the Community United States 3343 Posts	Posted 01/14/2026 09:47 am The US was the last country to leave Bretton Woods. If we hadn't France would have emptied our gold reserves by demanding specie for debt payment. After we did the price of gold rose rapidly to 10x its pre 1970 price. There was no way to put the $35/oz gold genie back in its bottle. I still have a $100 Canadian 1982 gold half ounce coin. At the time it was minted it contained more than $100 in gold. It was made of coin alloy and COULD have circulated at face value, but not for very long before it disappeared into the melt pot. I don't think any of them actually did circulate. Goldbacks have a value which varies with the price of gold, but you can't easily do that with a sovereign coin. The BRICS countries central banks have been major buyers of PM's but have not tried to roll out a gold-backed currency. India came the closest with their gold sovereign bonds. Unfortunately for them they didn't buy the gold to back the bonds, and are now facing redemptions at today's price of gold. The bondholders are getting rich on their mistake. If they had done this with their currency instead of bonds it would be far worse. "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire Edited by thq 01/14/2026 09:59 am Report this Post to the Staff
glenmorenee Valued Member United States 311 Posts	Posted 01/16/2026 11:20 am Don't ever forget what happened after Bretton Woods. Yes, gold went up 200x from $35, peaking in the $600s in Jul 1980. What did the central banks decide then? One, they thought this gold is too darn volatile to use as currency and probably two, I better sell before all these other yahoos decide to sell too. And sell they did. They were selling so much there was a real fear they would drive the market back to $35. So get this, all the big players had to agree to selling caps per year lest they all go down the drain.This was the Central Bank Gold Agreement, CGBA. All this selling created the bottom in the mid $200s in year 2000. The UK and then Treasurer Gordon Brown has the dubious distinction of creating the bottom, known as "Brown's Bottom" at $288 gold. Report this Post to the Staff
Brandmeister Pillar of the Community United States 6473 Posts	Posted 01/16/2026 11:31 am Analogous to diamonds, just with a banking cartel instead of a mining cartel. =) Remember folks, it's only collusion when private citizens do it! =P Report this Post to the Staff
psuman08 Pillar of the Community United States 1763 Posts	Posted 01/16/2026 4:29 pm Quote: Then there is the fact that only a fraction of the money supply could be backed with physical gold at its current value. And before you get excited about the value of gold rising to meet the challenge... To fully back the entire U.S. money supply (M2) with the official U.S. gold reserves, the price of gold would need to be revalued to approximately $85,300 per ounce. (via Google Gemini). And that's if they stop the printers today. Scary! Report this Post to the Staff
jbuck Moderator United States 187862 Posts	Posted 01/18/2026 3:11 pm Quote: Remember folks, it's only collusion when private citizens do it! =P Do as they say, not as they do. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
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