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 Replies: 43 / Views: 7,768 |
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Pillar of the Community
United States
4333 Posts |
Good point about selling, and premiums. I never really considered selling except for that time back in '82 when I was a poor tech school student. Today, I'd probably go the no-fee Craigslist route, deal done in a safe space.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
Canada
2019 Posts |
Buy $2000 worth of gold or silver today. Put it in a safe place along with $2000 worth of "Fiat" cash money. Dust them off in 10 years. Come back then and let us know which has more buying power... Fiat / Cash depreciates over time. Easier to use yes , but easier to "Abuse" or over print. A Gold backed dollar is sound money... **Please don't post anything politically-charged. Some of your reply has been removed.**1971, United States President, Richard Nixon, introduced a series of economic measures including canceling the direct convertibility of dollars into gold due to declining gold reserves. "Although fiat money is viewed as a more stable currency that can cushion against recessions, the global financial crisis proved otherwise. Even though the Federal Reserve controls the money supply, it was not able to prevent the crisis from happening. Critics of fiat money argue that the limited supply of gold makes it a more stable currency than fiat money that has an unlimited supply." https://corporatefinanceinstitute.c...ey-currency/ |
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Pillar of the Community
United States
4333 Posts |
Quote:
Buy $2000 worth of gold or silver today. Put it in a safe place along with $2000 worth of "Fiat" cash money. Dust them off in 10 years. Come back then and let us know which has more buying power... The fiat, of course. You will have to look far and wide for a merchant to accept gold or silver for payment of groceries, utilities, rent, transportation...etc. They want fiat. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
314 Posts |
In hindsight it turns out that was a brilliant move for Nixon to close the gold window. When you read about what was happening then with the world money system you can see that it was incredibly complex with a lot of moving parts.
Had he not done this, imagine what things would look like today. All of the US gold hoard gone (like today's Argentina), a super sized fiat currency that no one would want, and most likely a vastly smaller economy, hamstrung by nobody wanting to sell us stuff for fiat USD.
Fast forward to today, the US has by far the world's largest gold reserves, the world's largest economy and it's currency is the world standard.
It was a courageous move in the midst of a ton of uncertainty that paid off.
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Pillar of the Community
Canada
2019 Posts |
Quote:
The fiat, of course. You will have to look far and wide for a merchant to accept gold or silver for payment of groceries, utilities, rent, transportation...etc. They want fiat. Not hard to cash in Gold and sliver for fiat money, atm anyways. 10 years from now who knows...since "they" want a cashless society under a complete control system that they control, facial recognition/tracking and all that great stuff. All the more reason to have real money such as silver and gold stashed away. Not everyone is naive enough to go completely cashless. They might ban fiat cash for some made up reason...cough cough... but silver and gold will always be king even if it is for barter etc, outside their control system. |
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Pillar of the Community
Canada
2019 Posts |
Quote:
n hindsight it turns out that was a brilliant move for Nixon to close the gold window.
It was a courageous move in the midst of a ton of uncertainty that paid off. That was right around the same time manufacturing/factories etc started getting bleed off to places like China... Coincidence? I think not. How do you become a multimillionaire serving the "people" , by selling out your country I suppose... |
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Pillar of the Community
United States
4333 Posts |
@Northern coins you betcha; gotta exchange metals for fiat!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
Canada
2019 Posts |
Quote:
@Northern coins you betcha; gotta exchange metals for fiat! I prefer exchanging fiat for Gold /Sliver...  But ya still need "some" of that funny money /fiat to live in the current system. |
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Pillar of the Community
United States
1840 Posts |
We will certainly see a bump in PM prices, but they have bubbles that burst just like every other commodity. Silver in particular performs very poor when adjusted for inflation.
If recent experience tells us anything, we should be hoarding toilet paper, face masks and meat on the hoof. I didn't see anyone lining up for hours on end for a shot at buying gold or silver. I do keep a small hoard of silver dimes however. I figure that if I cannot use them as money during hard times, they can double as ammunition for my 12 gauge. Squeeze 10 into a shell and you have real buckshot.
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Pillar of the Community
United States
4333 Posts |
@snowman, PM prices don't change. You're measuring their value against fiat. I agree with the rest except for masks. They are detrimental to your health. The CDC says they aren't protection.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
4846 Posts |
Quote:
PM prices don't change. You're measuring their value against fiat.
If you could exchange more material goods for an ounce of gold 3 weeks ago then you can now would you not say that gold has lost value? If you look at gold as being the ultimate frame of reference, then I guess you could say that gold isn't losing value, other things are just gaining value, but it's a meaningless distinction. Either way, I don't know of a single person in the US who would look at an item and think "I wonder how many grams of gold that would cost me". If anything, it would be the USD that would be the reference. Quote:
I agree with the rest except for masks. They are detrimental to your health. The CDC says they aren't protection. Not sure why you would say this, the CDC says they ARE protective ( https://www.cdc.gov/coronavirus/201...verings.html ) Regardless, it seems pretty off topic. Edited by Adam_E
07/08/2020 9:38 pm
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Pillar of the Community
Canada
2019 Posts |
***this is a numismatic forum, not a place to express political views. This is your final warning. **
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Pillar of the Community
United States
3343 Posts |
My rule hasn't changed. Buy when you can afford it, sell when you need the money.
Hopefully you never have to sell and someone inherits it. In my experience, they will liquidate ASAP.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Valued Member
United States
314 Posts |
"If anything, it would be the USD that would be the reference."
There is always a reference point and lucky for us it is the USD. Gold in Canadian dollars is clearly at all time highs (2450 CAD) versus previous high of ~1900 CAD in 2011. The CAD was around $1.05 then, now it is around $.75.
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Bedrock of the Community
 United States
12477 Posts |
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I didn't see anyone lining up for hours on end for a shot at buying gold or silver. Not physically, but there was certainly a run on PMs that was quite noticeable online. It seems to have calmed now, though. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Replies: 43 / Views: 7,768 |
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Posted 07/03/2020 09:41 am
