patrick.net

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

indigenous says

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

Yup.

Case in point - though I take it with a grain of salt, guess what the price of Euromaiden was?
http://www.zerohedge.com/news/2014-11-18/ukraine-admits-its-gold-gone

I'm not a gold currency guy, but I definitely would say that gold is the primary "alternative currency of last resort", and central bank holdings of it are a sign of strength/confidence in the respective currency.

indigenous says

spydah_hh says

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

How do you avoid paying a premium?

I don't. But I don't over pay for them either or at least try not too.

Call it Crazy says

The Professor says

but I do believe gold is, though I own none but a ring. My wife, however, has quite a little stash of gold jewelry.

Ha Ha, mine does too... I keep telling her if she doesn't wear it, it might just be reincarnated as a real nice motorcycle or race car for me!

I keep telling my wife Walmart has jewelry that shines better. She still wants the real stuff. If I buy her a $5.00 necklace and claim its worth $5,000, will she be able to tell the difference? I sure can't.

indigenous says

spydah_hh says

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

How do you avoid paying a premium?

Sometimes the premiums you pay on silver coins is worth it as the resale recoups the premium and then some.

Bars have little or no mark up and get re purchased at or below spot price.

Here is some food for thought on face value and limited issued silver coins
https://smaulgld.com/american-silver-eagles-vs-canadian-silver-eagle-coins/

Graybox says

-preforming investment

Is that front running?

Call it Crazy says

mell says

but it does have quite a few useful qualities,

It certainly does!

*

Where does a teen get money for gold teeth?

Call it Crazy says

Strategist says

Where does a teen get money for gold teeth?

Working at Walmart?

You mean selling drugs outside of Walmart.

#1 Use for Gold? Jewelry

https://smaulgld.com/gold-supply-and-demand/

Call it Crazy says

Outside Walmart, in Chicago.

Such a quaint market place in Chicago, selling drugs and government "services" on the street corner. Raul Emanuel fits right in with tradition, why I bet he is even qualified to be governor and I will lay you odds he will fit right in with tradition there as well with his fine campaign manager David Axelrod.

smaulgld says

-preforming investment

Is that front running?

I like that, the miss quote and all that is some funny s#% I don't care what anyone says. I have to say the concept is amusing. lol You could be right regardless of the odds in your favor, which are heavily weighted against. I like the metals business which I have a modest physical holding.