patrick.net

Flashback 2008- Citibank Receives Massive Government Bailout

http://www.reuters.com/article/2008/11/24/us-citigroup-idUSTRE4AJ45G20081124

Interesting, one big incestuous family.

indigenous says

Interesting, one big incestuous family.

Thick as Thieves

The regional Fed banks are owned by the banks within their region. The Wall Street TBTF's own the most shares of the NY Fed.

Blurtman says

The regional Fed banks are owned by the banks within their region. The Wall Street TBTF's own the most shares of the NY Fed.

Citibank is one of the Fed directed bullion banks that trades gold and silver

CNBC experts said if this Swiss vote passes it would be a game changer, with gold instantly jumping by $50.00 to a $100.00.

Strategist says

CNBC experts said if this Swiss vote passes it would be a game changer, with gold instantly jumping by $50.00 to a $100.00.

CNBC says Home Prices Always Go Up, So Does the Stock Market- here is a chart and three people that say so

Bloomberg on the Citibank anti gold piece https://www.bloomberg.com/news/2014-11-27/citigroup-seeing-gold-as-bitcoin-says-swiss-vote-makes-no-sense.html

There ya go...

indigenous says

There ya go...

piling on!
The Swiss National Bank was prohibited from campaigning so they held many interviews with the major media out lets and get assists like this Citibank report.

Gold Drops sharply on eve of save our swiss gold referendum
http://www.marketwatch.com/story/gold-prices-drop-sharply-as-swiss-referendum-nears-2014-11-28

Save our Swiss Gold Vote provokes Citibank attack

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/11258240/Swiss-vote-provokes-6000-year-gold-bubble-attack.html

The Professor says

smaulgld says

Gold Drops sharply on eve of save our swiss gold referendum

That's because

"gold has no intrinsic value as a consumption good or a producer good. it is an example of a fiat (physical) commodity...

Gold is very close therefore to the stone money of the island of Yap... This intrinsically useless form of money in the isle of Yap is in all essential respects equivalent to gold in the wider world today."

from the Citibank article.

Gold is just a big rock that only has value because people think it has value. Just like dollars.

What astonishes me is the price of silver which DOES have many uses in electronics, medical devices, solar panels and can serve the same jewelry and monetary function as gold yet is price 75X lower!

Dollars require human stewardship action and restraint
Gold requires nothing it just is

http://news.yahoo.com/swiss-vote-massive-gold-buying-104635667.html;_ylt=A0LEVxuTiXhU1GMANpFXNyoA

AP on Swiss Gold Referendum http://news.yahoo.com/swiss-vote-massive-gold-buying-104635667.html;_ylt=A0LEVxuTiXhU1GMANpFXNyoA

The Professor says

Gold is just a big rock that only has value because people think it has value. Just like dollars.

Exactly.

Blurtman says

The Professor says

Gold is just a big rock that only has value because people think it has value. Just like dollars.

Exactly.

Difference is people have believed in its value for 6,000 years, most printed currencies dont last more than 40 years

smaulgld says

What astonishes me is the price of silver which DOES have many uses in electronics, medical devices, solar panels and can serve the same jewelry and monetary function as gold yet is price 75X lower!

Time to buy silver?

Blurtman says

The Professor says

Gold is just a big rock that only has value because people think it has value. Just like dollars.

Exactly.

Its value may be inflated due to its appeal as jewelry and shiny bling, but it does have quite a few useful qualities, which gives it far more value than fiat money. Sure Silver or Platinum are likely more useful, but anything that has an intrinsic value, useful chemical properties and is difficult to counterfeit is superior to fiat as a lasting store of value.

indigenous says

smaulgld says

What astonishes me is the price of silver which DOES have many uses in electronics, medical devices, solar panels and can serve the same jewelry and monetary function as gold yet is price 75X lower!

Time to buy silver?

It's below mining cost and unlike gold it has ongoing demand in industry and is consumed as it is mined.
Silver investment demand is also strong
The silver supply demand dynamic is in deficit
https://smaulgld.com/silver-supply-demand/

mell says

Blurtman says

The Professor says

Gold is just a big rock that only has value because people think it has value. Just like dollars.

Exactly.

Its value may be inflated due to its appeal as jewelry and shiny bling, but it does have quite a few useful qualities, which gives it far more value than fiat money. Sure Silver or Platinum are likely more useful, but anything that has an intrinsic value, useful chemical properties and is difficult to counterfeit is superior to fiat as a lasting store of value.

But a good part of gold value is because people believe it has value.
Silver gets priced like a base metal not a precious one

Gold is NOT a fiat commodity nor is bitcoin
Fiat mean by force of law, an authoritarian decree- "so be it"

The markets give gold and bitcoin their value not fiat.
The Citibank report was issued solely to assist the Swiss National bank in it time of need

Here is the Silver To Gold Ratio https://smaulgld.com/gold-silver-ratio/

The Professor says

smaulgld says

Gold is NOT a fiat commodity nor is bitcoin

The article defined bitcoin as fiat currency and gold as "fiat commodity". Their argument was that both are valuable only because people believe it to be so.

I don't believe bitcoin is valuable but I do believe gold is, though I own none but a ring. My wife, however, has quite a little stash of gold jewelry.

Citibank's argument that gold and bitcoin have value because people believe them to have value doesn't mean they are fiat currencies. The definition of fiat is by decree. There is no decree giving gold or bitcoin their value.

Citibank just made up a new definition.

Like saying my dog is a cat because I believe it to be a cat.
Doesn't make it so and I don't have a fiat cat.

indigenous says

smaulgld says

What astonishes me is the price of silver which DOES have many uses in electronics, medical devices, solar panels and can serve the same jewelry and monetary function as gold yet is price 75X lower!

Time to buy silver?

Been buying bro, been buying and that stack is now more than I can carry but oh well. I am still stacking.

This is what the vote for gold was an hour before the equity markets closed. Hmm What might that mean?

smaulgld says

Citibank's argument that gold and bitcoin have value because people believe them to have value doesn't mean they are fiat currencies. The definition of fiat is by decree.

It is more than just decree, however. Fiat is an accepted medium of exchange. It is representative of things that do have real or intrinsic value. A surgeon's skill has real value that is represented in units of fiat. Just like gold, fiat has a lot of momentum behind it, and probably more than gold in the USA. I can't imagine the USG issuing a decree decommissioning fiat so it is here to stay.

Black Friday Gold and Silver Specials
Free silver round with order
https://smaulgld.com/black-friday-gold-and-silver-sale/

Blurtman says

smaulgld says

Citibank's argument that gold and bitcoin have value because people believe them to have value doesn't mean they are fiat currencies. The definition of fiat is by decree.

It is more than just decree, however. Fiat is an accepted medium of exchange. It is representative of things that do have real or intrinsic value. A surgeon's skill has real value that is represented in units of fiat. Just like gold, fiat has a lot of momentum behind it, and probably more than gold in the USA. I can't imagine the USG issuing a decree decommissioning fiat so it is here to stay.

Lol, what?

You saying that a doctor's skill is measured in terms of fiat? That's funny, you said it has real value that is represented in units of fiat. Well fiat has no value that's why it's called fiat. You can't even have the words 'value' and 'fiat' together without making a contradiction.

French Opposition Party Makes Gold Repatriation Request
http://patrick.net/?p=1256972

spydah_hh says

You saying that a doctor's skill is measured in terms of fiat? That's funny, you said it has real value that is represented in units of fiat. Well fiat has no value that's why it's called fiat. You can't even have the words 'value' and 'fiat' together without making a contradiction.

In fact, that is how the world really works. A surgeon's skill is represented in units of fiat. He gets paid in units of fiat. He pays units of fiat for tuition at medical school, and takes out loans in units of fiat. He buys a Porsche in units of fiat. Silver has intrinsic value because even if no one would accept it as a medium of exchange, it still has industrial uses. If no one accepted fiat as a medium of exchange, it would have no use, hence it has no intrinsic value, which does not mean that it has no value. If you really think fiat has no value, please send all of yours to me.

It's old news and already priced in. The confused may buy this dip in gold only to have a non-preforming investment.

spydah_hh says

Been buying bro, been buying and that stack is now more than I can carry but oh well. I am still stacking.

What flavor? Bars, Junk, Coins?

All flavors, but most are in investment grade coins though.

Blurtman says

If you really think fiat has no value, please send all of yours to me.

It has no value the only value it has is like what smaguld said, government decree. The value of the dollar goes down each year because it doesn't have a store of value, it's not a currency, it's a fiat. A currency would of been the dollar backed by something OF value like gold, or silver or what not. But it's not backed by anything.

People are forced to use the dollar to pay their taxes, a business cannot pay taxes in gold or silver or even bit coin. They have to be converted into dollars.

I love when Central Banks shit on gold.

If it's so shitty, why do they own it as reserves?

American Silver Eagles sales head towards record while American Gold eagle sales at 7 year low
https://smaulgld.com/silver-gold-sales-ratio-november-2014/

spydah_hh says

All flavors, but most are in investment grade coins though.

How do you avoid paying a premium?

thunderlips11 says

If it's so shitty, why do they own it as reserves?

Because they don't buy their own PR, i.e. they speak with forked tongue