All Forum Posts by: Account Closed

Gold broke new records today. 1088.00. This was on top of a strong dollar day (relatively speaking).

One reason the gold price has remain suppressed over the years: Concerns that the IMF will follow through on selling 400 tonnes of gold. The IMF has been claiming it was going to sell this amount for a while. The fear is that this sale will cause the gold market to be flooded and crash.

Well, the IMF went through with it. India snapped up 200 tonnes just like that. They got to it before China. 200 tonnes left, and it doesn't seem like it will even touch the open market. Investors noticed and there was a 30.00 spike in price today. Central Bankers are buying the IMF gold up.

There may be a chance that the gold price in fiat dollars may show it's true colors to the public, even before a currency crisis manifests on main street.

Disclaimer: Long Gold

I had a great time meeting everyone today.

Eddie I was surprised by your "End The Fed" tattoo. I think putting a tattoo on your neck like that is risky, but way to make a statement!

See you tomorrow.

Originally posted by MikeOH:

C'mon guys - what's all this talk about an exit strategy (from the country). Where's your loyalty? This is OUR country and we are not going to allow it to be destroyed. If things get bad, how about fighting for your country??? Two hundred years ago, our forefathers put their lives on the line to start this country? Are we not willing to do our part to keep it free?

The founding fathers revolted against central banking. That is something I could fight for/be loyal too, yes. If I actually saw Americans turn off American Idol. If most Americans knew what they were revolting against. Sure, I could get behind that and fight, too.

Today's America is not what our founding fathers stood for, it is exactly what they fought against. I am having trouble feeling loyalty to today's America. Most people still think this is an issue of democrats versus republicans and issues with free market capitalism. I don't blame them completely. It is supposed to be very confusing and the media is supposed to dumb us down.

The job of educating a good percentage of Americans on what it is they should be revolting against seems like a good start. From there, yes, count me in. With all this technology and information, there is hope!

Originally posted by Rich Weese:

Matty- where is gold going?. Rich in FL.

I believe up. I think somewhere between 1100 and 1200 before the end of the year. Against the U.S dollar maybe a much higher than that next year.

I like to hope for the best. I am not a perma gold bug. I'd rather have real estate. For metal I'd rather invest in silver, as it has more utility and is historically undervalued against gold right now.

I believe we're in a currency pickle for at least a couple years. Based on history/cycles it seems gold has nowhere to go but up during a currency crisis (which hasn't really manifest yet, but seems inevitable).

My perception is that China will hold the price floor above 1k for a while. The Chinese Gov is encouraging its citizens to invest in and take physical possession of precious metals. Something the U.S Gov would never encourage here. Seeing four digit gold priced in USDs no longer looks strange to me psychologically. A couple weeks ago 985 looked psychologically strange (low), after holding 1k for most of Sept.

I do believe timing will be super crucial when it is time to exit gold. I believe we may see 5k gold in the next three years. But I have trouble believing we will see 5k gold for more than two to three month period. I don't think the U.S will become Zimbabwe. Perhaps more like the transition to the Euro was in Europe. The Dollar to Ameros. So at the supermarket bread = 35.00 USD or 1.50 Amero.

I believe gold will go high fast in the next year or two. Probably near a 1/3 to 1/1 ratio with the Dow. But also skyrocket back down just as fast if we get Volker-esque 80s economic policy back in place: Which seems very unlikely with helicopter Ben in the mix. But it seems the powers that be will do SOMETHING to take it down, perhaps even confiscation again. I am long gold for a couple years. And it appears much bigger/stronger hands than mine are long gold now.

Silver on the other hand I am probably keeping.

Peter Schiff, Jim Rogers, Ron Paul, and Kiyosaki: Their positions on gold - and commodities in general - make a lot of sense to me. And of course real estate, and everything I've learned from people here.

Eddie I'd love to hear more about your exit strategy...Just in case!

I agree with Eddie. Inflation on many goods - not ironically hidden from the CPI - will be through the roof if the dollar keeps tanking. It's not just about exchange rates/a weak dollar in other countries.

In more exciting news: Gold broke its nominal all time high in USDs today. 1045. Though inflation adjusted it is way below it's all time USD high. Inflation adjusted the high is above 2200.00

I believe within three years the Dollar will have tied the all time record for the longest period of time a fiat currency has survived, until being replaced, or reset back to commodities.

What are your predictions: Will the dollar break records? Be replaced? Be reset back to a commodity basket? Reset to gold?

What is life going to be like if/when it does reset. Two currencies taken at the supermarket: old dollar and new dollar? Will we hear/read the price of gold announced in all media forms, every hour?

Inquiring minds want to know!

Fiat currencies have crashed consistently and repeatedly for thousands of years. It does not mean the world becomes mad max. But what will it look like during the transition?

Congrats Josh -

You are a Web 2.0, niche community building rock star. Thanks for adding tremendous value to the real estate investing space.

Awesome idea Tim -
I had a great time last time. It will be good to see you again and meet some new faces.

http://www.apmex.com

Quality outfit. Fast delivery. Reliable, in my experience. Google 'Apmex Reviews'.

Apmex even buys back at higher prices than most coinshops: So you can use Apmex as a basis to negotiate with coin shops when it comes time to sell (the dollar is worth something again).

As stated, if the SHTF, and the dollar really did collapse, ETFs (GLD)/paper gold is not where you want to be. There is a saying among the gold bugs, If you don't hold it, you don't own it. Most gold bugs believe Comex is going to default and paper (GLD) will be worthless. That would happen today if there was a "run on gold". I am not a gold bug, well I am, but newly, and only for the next couple years.

There are some brand new Canadian silver ETFs hitting the market that are backed by actual bullion, so that may be something to consider.

Good luck!