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there must be some short covering going on. Gold is currently at $1557 up $26.40 and silver is holding it's own in the mid-48's. I think I heard that it hit $50 inter-day. The dollar is still dropping. How many would put 50% of their savings into PM's at this market level? I'm starting to feel really itchy about the large majority of my savings sitting in US dollars making 1.5%. Sure wish that I had a time machine!
The inflation tax is the worst of all though. - Junior
Yes, a time machine would be good. Failing that, how about a crystal ball that really does show the future?
Inflation is insidious for sure. It creeps up on us in the dead of night and steals away the buying power of any money that we've managed to save. Only good aspect of it is that we can pay off long-term debt with ever-cheaper dollars. Other than that, it doesn't have a lot going for it.
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I know one thing, I don't want paper or promises! - Hockingzig
Absolutely not! Those are the 1st things to disappear in a bad situation.
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If you have food, water, gasoline and PM's I would suggest you stock up on ammunition too. - Muddler
Good idea. Add some jeans, boots, coats, undies, fish hooks and line, needles & thread, matches, and hand-powered tools as well.
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If you're holding plenty of PM's this surge is good. Trouble is, I'm genuinely concerned for big the picture. I'm 52 years old and remember the 70s very well. I do not want to go back to that. But I'm afraid what's coming may be as bad or worse. - TnWalker
Heh... I remember being 52... about 10 years ago. I agree that the 70s were a bad time unless you had money to buy US Treasury bonds. Those 15.5% bonds were SWEET! Especially when sold after bond prices declined under Reagan. Lots of low-tax cap gains got harvested then!
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The US seems to think they are immune to these basic economic laws which crashed each of these country's economy - Silverhawk
Indeed. The USSR thought that too... and look how well that worked out for them.
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Tax us NO MORE reduce spending and the size of all out governments, Federal, State and Local cut them all in half. - Bruce
If you are running for office, I WILL find a way to vote for you!
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For those of you that stockpile gas, make sure you throw a bit of stabilizer in there, like StaBil, if you're going to let it sit; gas can go stale! - JackB
Good idea, Jack. Of course, the primary way to resolve that issue, as with all stock-piling, is to have a supply that lasts for 3-6 months and then USE it and replenish it as it is used up. Same with food supplies. We usually buy about a year's worth of food from Costco and then eat on it for 6 months before buying a fresh 6 months worth. That way it never gets stale or too old to be tasty and nutritious and we always have 6-12 months worth in storage. Also have seeds to plant, if it comes to that.
Posted 04/29/2011 2:18 pm
