Gold is King.

[ZenOps]

http://www.google.com/hostednews/afp...8fc63ac880.311

"SINGAPORE — World Bank president Robert Zoellick has called on bickering G20 nations to bring gold back into the global monetary system as an anchor to guide currency movements.

Ahead of a G20 summit this week in Seoul, Zoellick wrote in Monday's Financial Times that an updated gold standard could contribute to retooling the world economy at a time of tensions over currencies and US monetary policy."

About damn time someone said it out loud. Without a global standard, nations are free to just print up their own money with impunity.

Go back to the 1933 US dollar which was gold backed. It worked for thousands of years, we really need to go back to it for paper notes.

[Scuderia]

Yo, ZenOps, Imma let you finish but, we get it, gold is expensive and you like wierd shit.

[broken_legs]

deep down inside im starting to like ZenOps.

I was just reading this headline somewhere else and hes already posting it up here.

His commentary is pretty F'd up, but no doubt he's on the right issues.

[Scuderia]

I think he's one of the best members here, he always posts up new issues that are actually interesting. It's different from the usual Iraq/terrorism/debt/more terrorism threads. The shit he says afterwards is just wierd and it's amazing how he just throws in Rob Anders in every comment. If he's like that in real life, then he would be one cool motherfucker to talk politics with.

[Toma]

I dont think Gold should be any sort of standard. Certain groups can manipulate prices of gold much easier than some countries can manipulate currency.

Big deal.

I'm starting to think this push for a one world currency is a good thing... look what is happening.. US Canadian at parity, Euro at 1.4, Pounds at 1.6.... all coming closer and closer together...

I dont think we need a Gold standard, or platinum standard, or any other commodity whos price can fluctuate.

All we need is to ditch the federal reserve type monetary system.

[broken_legs]

Originally posted by Toma
I dont think Gold should be any sort of standard. Certain groups can manipulate prices of gold much easier than some countries can manipulate currency.

Big deal.

I'm starting to think this push for a one world currency is a good thing... look what is happening.. US Canadian at parity, Euro at 1.4, Pounds at 1.6.... all coming closer and closer together...

I dont think we need a Gold standard, or platinum standard, or any other commodity whos price can fluctuate.

All we need is to ditch the federal reserve type monetary system.

Ditch fiat based paper money system and peg the value of money to what if not gold?

[Toma]

Originally posted by broken_legs



Ditch fiat based paper money system and peg the value of money to what if not gold?

Who cares? It's all relative, and can be completely arbitrary.

The real culprit is lending money.... or gold.

You lend it out at interest, and presto, you get inflation. Where once a loaf of bread was x $ or x gold, it will now be worth 2x of either...

Makes no difference that paper money is a symbol with arbitrary value, or equivalent to gold.

The minute you introduce easy credit, that is when the problems start.

[broken_legs]

Originally posted by Toma


Who cares? It's all relative, and can be completely arbitrary.

The real culprit is lending money.... or gold.

You lend it out at interest, and presto, you get inflation. Where once a loaf of bread was x $ or x gold, it will now be worth 2x of either...

Makes no difference that paper money is a symbol with arbitrary value, or equivalent to gold.

The minute you introduce easy credit, that is when the problems start.

Agreed. but I don't understand how you think that gold would be a bad peg.

[Toma]

Originally posted by broken_legs


Agreed. but I don't understand how you think that gold would be a bad peg.

It's value can be manipulated by various groups, and governments....

So it takes control of your currency away from your particular Country's government, and gives it to the Russians or Chinese lol.

The US likes what it going on with it's currency. It has turned the cash flow around. Instead of leaving the US to purchase foreign goods, it is bringing dollars INTO the US to buy US goods.

It's all by design to "save" the US economy.

[BigMass]

It’s not gold that gets manipulated it’s the system in place that uses it. This can already be seen by the constant controversies surrounding the COMEX paper price VS the physical price that central banks are dealing with. Every system will be manipulated by the people in power. Your best bet is to know what’s going on and protect yourself. Gold standard or not, the big central banks settle debts in gold. The ultra rich and powerful hold gold to protect their wealth and as a tool of influence and stature. The average individual can do the same to a smaller extent. The fact that gold is money makes it a totally different beast from other industrial commodities like oil. The supply / demand fundamentals are completely different. I got my entire family into gold before the collapse in 2008. In regards to inflation and the price of gold, every other asset class has underperformed since. Not to mention I don’t see this artificial market bull run to continue for much longer. Well I suppose the Fed can PAY you to borrow money right?

[broken_legs]

Originally posted by Toma


It's value can be manipulated by various groups, and governments....

So it takes control of your currency away from your particular Country's government, and gives it to the Russians or Chinese lol.

The US likes what it going on with it's currency. It has turned the cash flow around. Instead of leaving the US to purchase foreign goods, it is bringing dollars INTO the US to buy US goods.

It's all by design to "save" the US economy.

ya i get all that, just don't get how you think anyone can control gold more easily than they can control a currency. Money (M3) is created by banks as fast as people walk into the bank and ask for it. Monetization of the debt happens by billions per day with the click of a mouse. Gold is Gold. you can't create more gold or cause a shortage of gold without some serious intervention. Ben Bernanke controls the value of the USD. He has full control of that market as he controls the supply. No one controls the supply of gold.

if the price of gold changes (or is manipulated) it's only changing in that one currency. How can someone manipulate the value of gold in all currencies at once?

[ZenOps]

Exactly.

It seems that the US is printing about $600 to $700 Billion dollars more each year than they are "supposed" to. What debt? Just print up more money to cover the interest payments every year right? Hah!

What would the US dollar be pegged at though?

In 1933 it would have been $100US to one ounce of $35 gold.

Today in 2010 - I would assume it would be somewhere between $100US to 1/100th ounce $14 gold all the way to $100US to 1/20th ounce $70 gold.

If they went with 3/100ths to 1/20th, its basically the same ratio as declaring bankruptcy. But with gold backed dollars at least there will be a bottom and the blatant money printing by all nations can stop.

Canada has a much smaller paper per capita and could probably get away with $100CDn to 1/10th ounce. Does that mean our dollar is actually double what the US dollar is worth? Don't let the US find out, lol.

[89coupe]

A lot of good a stack of gold will do for you in the end.

They should put more value on food, cause in the end you can't survive without it.

[calgary403]

Originally posted by 89coupe
A lot of good a stack of gold will do for you in the end.

They should put more value on food, cause in the end you can't survive without it.

Or what about watches and trips to Vegas?

[HiTempguy1]

Originally posted by 89coupe

They should put more value on food

Did anyone else find this as funny as I did (considering 89coupe's famous lunch price)?

[ZenOps]

Originally posted by 89coupe
A lot of good a stack of gold will do for you in the end.

They should put more value on food, cause in the end you can't survive without it.

Too hard to hoard food, it only lasts a day to a half year or so. As an investment purpose for a prolonged economic downturn, food will only get you so far.

Like Homer Simpson and his pumpkin futures.

Land to grow food is a bad value too - as all governments still tax land. One of the lessons of the 30's. A loaf of bread can still cost $100 billion Zimbabwean dollars and I'd still rather have the loaf, but I'd much rather have a ounce of gold and leave the country with it...

Liquidity means you can run if you have to and re-establish roots wherever you want. And you don't want to be carrying a pound of bread, you want to ideally be carrying - well to be honest - a pound of marijuana would be best (if you don't get caught that is)

Legally: A 400oz gold bar (definitely carryable) would be worth $560,000 today.

Moving to an ultra low density population country is usually what elites do when things turn really, really bad.

[broken_legs]

Originally posted by ZenOps


Too hard to hoard food, it only lasts a day to a half year or so. As an investment purpose for a prolonged economic downturn, food will only get you so far.

Exactly. You can buy food with gold, but you can't buy shit with rotten food.


EDIT:

Gold is at an all time high right now...

over 1400 USD, 1411 CAD / oz

fuck me.


FYI: for those thinking of buying gold or silver. You can only buy $3000 per day without having to provide picture ID and having your details recorded for the government to track you down and tax you later.

[googe]

Bottlecaps


Also, gold is a bubble. A pump and dump scam, actually.

[broken_legs]

Originally posted by googe
Bottlecaps


Also, gold is a bubble. A pump and dump scam, actually.

To what end? Do you have something to back up your claims?


I believe gold is 10 years into a multi-decade bull market and will remain so until the world calms down, interest rates rise and currencies stabilize.

[ZenOps]

Originally posted by googe
Bottlecaps


Also, gold is a bubble. A pump and dump scam, actually.

US Dollars are the dump and pump scam. They aren't even going to try and hide it if they electronically print up $600 billion dollars worth of US notes to wipe out interest payments.

If anyone other than the government did it, it would be a counterfeit scam.

Canada could print up $600 billion today, and buy 2437 F-35 Jet fighters. Why dont we? Because its a scam, and everyone knows it.

Gold (and silver) are the only thing that are real.

I am a realist.