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With All The Turmoil We've Been Having !

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Pillar of the Community
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United States
4012 Posts
 Posted 07/04/2020  06:55 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

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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United States
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 Posted 07/05/2020  5:24 pm  Show Profile   Bookmark this reply Add glenmorenee to your friends list Get a Link to this Reply
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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Canada
2001 Posts
 Posted 07/06/2020  09:47 am  Show Profile   Bookmark this reply Add Northerncoins to your friends list Get a Link to this Reply

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.

Pillar of the Community
Canada
2001 Posts
 Posted 07/06/2020  10:12 am  Show Profile   Bookmark this reply Add Northerncoins to your friends list Get a Link to this Reply

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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 Posted 07/06/2020  7:54 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
@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
Pillar of the Community
Canada
2001 Posts
 Posted 07/08/2020  1:09 pm  Show Profile   Bookmark this reply Add Northerncoins to your friends list Get a Link to this Reply

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@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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 Posted 07/08/2020  5:53 pm  Show Profile   Bookmark this reply Add snowman to your friends list Get a Link to this Reply
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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 Posted 07/08/2020  7:55 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
@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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4164 Posts
 Posted 07/08/2020  9:31 pm  Show Profile   Bookmark this reply Add Adam_E to your friends list Get a Link to this Reply

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
Pillar of the Community
Canada
2001 Posts
 Posted 07/08/2020  9:51 pm  Show Profile   Bookmark this reply Add Northerncoins to your friends list Get a Link to this Reply
***this is a numismatic forum, not a place to express political views. This is your final warning. **
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2106 Posts
 Posted 07/08/2020  11:38 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
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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United States
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 Posted 07/09/2020  12:03 am  Show Profile   Bookmark this reply Add glenmorenee to your friends list Get a Link to this Reply
"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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 Posted 07/22/2020  02:17 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
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
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