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 Replies: 21 / Views: 3,058 |
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Pillar of the Community
United States
1554 Posts |
Very impressive drop! WOW!
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Pillar of the Community
United States
1126 Posts |
This is cause and effect; Bernanke started speaking on Capitol Hill, and as he did, Gold began to drop.
Any questions?No Questions, Watched it happen in real time on two screens Ben on the left and Metals on the right. I now have to clean the left screen  He said that he would not engage in QE3 for the U.S. (Massive Money Printing) at this time. Then the metals began to tank. And this was after the announcement by the Federal Reserve that they would FULLY SUPPORT ALL LIQUIDITY NECESSARY FOR WORLD CENTRAL BANKS. in plain English, MASSIVE MONEY PRINTING WORLD WIDE He was sitting there flat out lying to the Senators today. And the weaker hands in the market took him at his word and got scared and began to dump I went out and bought more today Thank You Ben and the weak hands in the market that actually believed him
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Pillar of the Community
United States
1450 Posts |
Better buy while you can because this opportunity will probably be short-lived. March 20 is just 3 weeks away and if the Greeks decide to default,things could unravel quickly. Bottom line,nothing in the world financial system has really changed.
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Pillar of the Community
United States
2764 Posts |
I've found something interesting: "Adding to gold's decline: in afternoon dealings, gold was also hit "by a large sell order on Comex, said to have been 1 million ounces (or 31 tonnes) prompted by the Bernanke testimony," said Ross Norman, chief executive officer at London-based bullion broker Sharps Pixley. "That's the 4th paragraph from the bottom of the first page of this article: http://www.marketwatch.com/story/go...pagenumber=1 |
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Pillar of the Community
United States
1150 Posts |
Again, the catalyst is one man; Ben "helicopter" Bernanke.
At least some of us are smart enough to see the writing on the wall. But more while ye still can!
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Rest in Peace
United States
9104 Posts |
Quote:
Those cash injections can only go so far on the push down effect as no doubt it is all over printed/inflated currency from some where just adding a bit more steam to the economic pressure cooker, lol.... It's like the old days when the US kept dumping their gold to keep the price down. Aside from the fact that it didn't work, they woke up one morning to find France holding all the marbles. |
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Pillar of the Community
United States
3670 Posts |
Lol BF, they kept dumping it hoping it would drop the price, which did not happen you say, and France said thank you very much....
Master mainpulators the French are, always in the right place in the right time, lol. Minus their dealing with Big Ben Franklin of course, as their aiding us during the rev war did not play out in the favor in the long run. In fact, it was the key that later brought on Frances own revolution, and the end of Loui an miss "let them eat cake", lol....
Edited by Silverhawk74
03/01/2012 3:15 pm
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Pillar of the Community
United States
4008 Posts |
Right on, Stewart. I agree with you on all counts!  |
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Pillar of the Community
 United States
1026 Posts |
Well what is crazy is the world has to much debt so how is the world trying to fix it with more debt?
More sooner than later all is going to come crumbling down big time and then Gold will be going up big time yet again.
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Pillar of the Community
United States
4008 Posts |
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Well what is crazy is the world has to much debt so how is the world trying to fix it with more debt? Yes, the world is absolutely bonkers these days. We are still trying Keynesian economics and socialism as viable efforts, even though they have failed miserably every place they have been tried. This is like hitting our thumbs with hammers 100 times and hoping that each succeeding WHAP! will somehow be better than the last one. Well, guess what? It isn't! The only thing that this does is confirm the definition of insanity as "doing the same thing over and over while expecting a different result".  |
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Pillar of the Community
United States
667 Posts |
I'm not ready to say Keynesian economics is a failed idea. The main problems we are having is the over interaction of government. Today is not a well balanced plan as was suggested. The public sector which is a part of the theory has been trumped and even to the point industry is treat as threats or criminals.
Look it is not easy but certainly what we have today is heavily and what I feel is way too much government involvement in the original theory.
Come on look at the headlines today. It went something like this $111 BILLION in additional cost for the planned health care. I find it offensive that most politicians can look at this number and not drop over dead.
Now you wonder why some people are staring to not sleep and turning to PM's.
I do have an answer but it is not easy. The next time a politician brings money back to your district tell him/her NO. When they are stopped from spending then just maybe things can settle done.
Granted there is more to it but it would take far more space than this thread has to go through it all.
When you grant you leaders to control all the purse strings you are asking for problems. They know how to get elected and really don't care how they spend to get it done.
Edited by mkfarm
03/02/2012 5:46 pm
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Pillar of the Community
United States
4008 Posts |
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I'm not ready to say Keynesian economics is a failed idea. Which is exactly why stuff like this perpetuates itself.  Quote:
Look it is not easy but certainly what we have today is heavily and what I feel is way too much government involvement in the original theory.
I would agree with that and would even suggest that we simply have too much government period! We certainly have more than we can afford. Quote:
I do have an answer but it is not easy. The next time a politician brings money back to your district tell him/her NO. When they are stopped from spending then just maybe things can settle done. That would be great, MK, but we both recognize that this is probably not going to happen before the system collapses. Too many people want FREE money. Some of us know that nothing is free. Someone has paid for it but if it isn't Mr. A, it's OK with him that the government stole it from Mr. B and Mr. C. As long as it is provided to Mr. A., he is happy. Unfortunately, this is not a system can can endure. As has been said, "Sooner or later, you run out of other people's money to spend". Looks a whole lot like "later" has arrived. Quote:
When you grant you leaders to control all the purse strings you are asking for problems. Indeed so. Since political power is based upon spending other people's money, we won't be seeing any interest from the politicians in not spending the money that gives them power, prestige, bribes, etc. We need citizen elected officials and not career elected officials. May or may not happen but the election of 2010 seemed to make a small move in that direction. If we see more of that in 2012, perhaps real positive changes will come after all. |
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Pillar of the Community
United States
1126 Posts |
The argument boils down to one indisputable fact:
In the entire history of mankind there has never been a purely fiat currency that has survived.
Every single one without exception has failed.
It is Always just a matter of when.
Give a group of people of any political persuasion known throughout history the ability to print paper currency without the backing of precious metal. Or the ability to mint coinage made of readily available base metals. And they Always end up exactly where we are today. With MASSIVE money printing that devalues the money supply until it is worthless. And the entire financial system implodes on itself. Always to the severe detriment of those that not in the top end of the given society. Because they are led to believe by what ever means are necessary by their leaders that everything is just fine. While the leaders and others that know what is coming quietly move their wealth into things that are of real value, Gold, Silver, Land, Live Stock, and in the last century, Oil and other commodities that are of real actual use to the population.
While the general population that was told everything was fine suffers devastating loss.
History does not always repeat itself exactly, but it darn sure rhymes
Just my humble opinion
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Pillar of the Community
United States
4008 Posts |
 , Stewart. Your facts are correct. I suspect that a fiat currency could work IF if was pegged directly to the productivity of the nation issuing it. In this case, the currency would be backed by national productivity. Those doing the issuing would have to resist the urge to play games with the currency and that seems pretty close to impossible for human beings. So... in theory my idea could work but probably not in practice. We do know from history, however, that a gold / silver / copper standard for money has worked very well and for long periods of time. Whether that is relevant in today's world could be debated. I would like to see the issue revisited at some point and, hopefully, prior to the very messy collapse of the world's major fiat money systems. That too seems unlikely, however. :-/ |
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Rest in Peace
United States
9104 Posts |
Quote:
Come on look at the headlines today. It went something like this $111 BILLION in additional cost for the planned health care. I find it offensive that most politicians can look at this number and not drop over dead. That's $1 a day per person. |
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Posted 02/29/2012 4:23 pm
