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Gold getting KILLED!


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2022 Jul 20, 6:54pm   27,412 views  197 comments

by stereotomy   ➕follow (0)   💰tip   ignore  

Now that iTulip is officially defunct, I thought I'd resurrect MEGA's (Malcolm) thread over there and transplant it here. Apologies in advance to @Patrick.

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99   Patrick   2023 Apr 12, 10:12pm  

stereotomy says

Gold is NOT and investment. It is an insurance policy against the failure of Bretten Woods -> Petrodolar system.


I agree with you @stereotomy

Gold and silver are great for maintaining value more or less over very long time periods. I still have some silver dollars my grandfather gave me, and they are still worth about the same.

My dream is for silver coins to return, but without the bogus "dollar" deception printed on them. They are just silver by weight. Let's call a pound of silver a pound once again.
100   AD   2023 Apr 12, 11:15pm  

Patrick says

maintaining value


yep, it stores values

1 silver quarter (25 cents piece) should continue to buy 1 gallon of gasoline or whatever its equivalent replacement would be

1 ounce gold piece can buy a 3 to 4 very stylish and high quality 3 - piece suits, and it should also do the same in the future

.
101   RayAmerica   2023 Apr 13, 7:35am  

Interesting site:

U.S. SILVER COIN MELT VALUES
https://www.ngccoin.com/price-guide/coin-melt-values.aspx

One that surprised me was the Kennedy Half Dollar (1965-1970) coins which consist of 60% copper, 40% silver. Current melt value is $3.84.

Also, Eisenhower Dollar (1971-1976), same 60/40 ratio is now worth $8.21 melt value.
102   NuttBoxer   2023 Apr 13, 8:51am  

stereotomy says

Gold is NOT and investment. It is an insurance policy against the failure of Bretten Woods -> Petrodolar system. How many Patnetters have fire insurance, or flood insurance? That's all it is. It earns no interest, and there are continuing storage costs. We have been reminded again and again about the consequences of not being prepared for the next fiat currency collapse.


This is partially correct. Specie cannot be inflated, and thus it's greatest value is a hedge against inflation(theft). It has use in free economies, but as I've mentioned many times, Griffin tells us bad money drives out good, so it's not widely used. It is a long term investment. It can increase through swaps, but you hold, don't sell unless you really need to use it.

We all know the system is rigged(see Gamestonk). And we all know you can't predict a top. And if you've paid attention to real money, you also know it can be harder to get now days, and value has not been at spot for years(decoupled from fake paper market). If you stay un-diversified, you will lose everything at some point, and you won't be able to find any specie you can buy at any reasonable price, and take immediate ownership of.

This is the scenario, protect your wealth, or lose it all. You can also invest in your own business, land, crops, livestock, and guns and ammo. Will need the last regardless to protect what you have, but at least no one will instantly drain with the flick of a switch. You will have a chance to keep it. And in that case, gold silver is most transportable form of wealth.

I've never paid storage fees in my life, nor would I trust anyone else to protect my asset and not steal it when shit hits the fan.
103   NuttBoxer   2023 Apr 13, 8:58am  

ad says

yes, silver eagles are a safe play as well as silver ETF (ticker SLV)


Keeping in mind the comment above, ETF's are paper, so will lose all value with everything else that isn't real. Eagles command a high premium, and premiums always disappear over time. Rounds are a better bet, or WHATEVER you can get the most most ounces for.
104   NuttBoxer   2023 Apr 13, 9:00am  

ad says

Patrick says


maintaining value


yep, it stores values

1 silver quarter (25 cents piece) should continue to buy 1 gallon of gasoline or whatever its equivalent replacement would be

1 ounce gold piece can buy a 3 to 4 very stylish and high quality 3 - piece suits, and it should also do the same in the future

.


This is more relevant when you also state the inverse. Fiat paper always loses value over time.
105   NuttBoxer   2023 May 1, 6:00pm  

"IF GOLD IS GOOD FOR CENTRAL BANKS, WHY NOT FOR US, TOO? “A [recent] annual poll of 83 central banks with a combined $7 trillion in foreign exchange assets, found that more than two-thirds of respondents thought their peers would increase their gold holdings in 2023.”

In fact, since 2015 they’ve bought three times as much gold as treasury securities, and in 2022 central banks bought more gold than any other year since data began in 1950. "Gold is now up 20% in six months and the heavy buyers are central banks, who are sharply reducing dollar holdings in favor of a safe alternative. Presently they account for 33% of monthly gold demand.” See Financial Times article
"

https://www.ft.com/content/e9c78b99-8a29-47e2-b5bf-9f7542608cf6
106   NuttBoxer   2023 May 1, 6:01pm  

"LOCAL MONETARY NETWORKS. When folks ask me about the dollar crashing or how will you use silver and gold as money after CBDC is installed, I am always a bit frustrated. For me, of course, dealing with metals all these years it’s no problem but not so for most folks. This morning my son Justin gave me the answer: create local monetary networks that use gold and silver right now. Create social media groups whose members offer their goods and services for payment in silver or gold. Accustom yourselves and others to using gold and silver. Stop waiting for somebody on a white horse to save you and begin to save yourselves, and others.

Here’s a way to get started: familiarize your self with the website Catherine Austin Fitts and I put up, https://silverandgoldaremoney.com./ You can punch in any paper money amount and it will tell you ho you can pay it in silver or gold. It even has a way you can enter the premium on the item.

Wait! How do you know what the premium is? Simple, the prices I send y’all daily are wholesale prices and if you’ll look at the price table you’ll find the premium on the far right hand side in both percentage and dollar terms. Use the percentage in the silver and gold calculator.

Finally, remember that a price is what a willing buyer and willing seller agree on. If you agree one it, it’s the “right” price.

Also, your state doesn’t need any special law for you to use gold and silver as money. That’s a private contract between buyer and seller, and you can use any money the two of you agree on. You are free to choose!! “Legal tender” only apple when no particular money is specified.
"

- Franklin Sanders
107   clambo   2023 May 1, 6:29pm  

Silver has been dead for a long time.
108   SunnyvaleCA   2023 May 1, 6:31pm  

ad says

silver eagles are a safe play as well as silver ETF (ticker SLV)

SLV and GLD are fine investments for your non-taxable IRA account, but do yourself a favor and don't hold them in a taxable account. Those funds sell a tiny bit of their metal holdings each month to fund their daily activities. As an owner of the instrument, you need to make a complicated entry on your taxes for each month or part of a month that you own them. For those who have already made this mistake, here's a website that can help you: https://www.costbasistools.com/silver/SLV.php
109   NuttBoxer   2023 May 2, 8:15am  

SunnyvaleCA says

SLV and GLD are fine investments for your non-taxable IRA account, but do yourself a favor and don't hold them in a taxable account. Those funds sell a tiny bit of their metal holdings each month to fund their daily activities. As an owner of the instrument, you need to make a complicated entry on your taxes for each month or part of a month that you own them. For those who have already made this mistake, here's a website that can help you: https://www.costbasistools.com/silver/SLV.php


Don't buy any silver or gold unless you have physical possession. Otherwise, you're just trading more paper. There are IRA's that allow this.
110   NuttBoxer   2023 May 2, 8:16am  

clambo says

Silver has been dead for a long time.


Silver is more important than gold for money, always has been. And the two are very closely linked, so you're statement would have to apply to both. And in the end, silver will make the bigger gains, not gold.
111   stereotomy   2023 May 2, 2:16pm  

Nothing like a series of bank failures to buoy gold. Currently above $2010.
112   just_passing_through   2023 May 4, 5:46am  

Someone on Patnet once posted the amount of gold or silver (or both?) one could buy without raising suspicion. It seemed to be a nice dump of info but I can't find it anymore.

Was that you @NuttBoxer? I'm pretty sure it was you.
113   NuttBoxer   2023 May 4, 10:49am  

How does anyone know how much specie you are buying to start with? I don't believe the dealer has any reporting requirements. But they should be someone you can trust regardless. Now with the reporting changes from the IRS, I think they want banks to tell them about ANY cash withdrawals at $600 or more, which I think a lot of the smaller banks are against doing. But if you're paying by check, again, not sure anyone is reporting anything.

I can tell you I certainly don't disclose my buying habits to anyone outside my dealer and my family. The less people know, the better.
114   AmericanKulak   2023 May 4, 12:40pm  

Buy simple chain jewelry. Jewelers, esp the ones that sell chains, aren't banks.

Also, if you're late for a gift selection: Dual Use!
115   EBGuy   2023 May 4, 1:11pm  

NuttBoxer says

How does anyone know how much specie you are buying to start with? I don't believe the dealer has any reporting requirements.


The dealer has reporting requirements for cash transactions over $10k. There is a pretty nuanced list of scenarios at:
https://www.pacificpreciousmetals.com/reporting-requirements-buying
Note: The dealer will not consider a cashiers check over $10k to be CASH (doesn't have to report), but the bank will have to report.
https://www.irs.gov/pub/irs-pdf/p1544.pdf

Here is the size of transactions that trigger a 1099-B being issued by the dealer when selling your precious metals to them.


116   EBGuy   2023 May 4, 1:54pm  

clambo says

Silver has been dead for a long time.

Silver has been on a tear since March 8th when the gold/silver ratio hit 90. Silver is up over thirty percent and the ratio is now below 80. Pretty convinced any time the ratio hits the high eighties (on the upslope), it's pretty close to sure thing (for at least a 10 percent boost). YMMV.
117   Onvacation   2023 May 4, 2:00pm  

AmericanKulak says

Buy simple chain jewelry. Jewelers, esp the ones that sell chains, aren't banks.

Government issued coins (constitutional or bullion) are easier to verify and trade.
118   EBGuy   2023 May 4, 2:33pm  

Onvacation says

Government issued coins (constitutional or bullion) are easier to verify and trade.

Current premiums are 50% over spot for Silver Eagles and 30% for Silver Maple Leafs. Yikes. Gold is a bit more reasonable and available (4% over spot for Gold Eagles).
119   NuttBoxer   2023 May 4, 5:41pm  

Buy any well known coins that give you the most ounces. And always remember to take the ratio into consideration. Right now it's high, so only buy silver. Rounds carry some of the lowest premiums.
120   NuttBoxer   2023 May 4, 5:42pm  

EBGuy says

The dealer has reporting requirements for cash transactions over $10k. There is a pretty nuanced list of scenarios at:
https://www.pacificpreciousmetals.com/reporting-requirements-buying
Note: The dealer will not consider a cashiers check over $10k to be CASH (doesn't have to report), but the bank will have to report.
https://www.irs.gov/pub/irs-pdf/p1544.pdf

Here is the size of transactions that trigger a 1099-B being issued by the dealer when selling your precious metals to them.


My guy won't accept cashiers checks. And he's out of state, so no cash. Has to be personal check, or bank wire only. I think he does that to get around some of the reporting you mentioned.

I wouldn't worry about your coin dealer anymore than your gun dealer. Your bank is the one most likely to sell you out.
121   AD   2023 May 4, 5:59pm  

Rather hold 1 ounce silver eagles

They seem to have more liquidity than gold coins
122   NuttBoxer   2023 May 11, 6:25pm  

"GOLD WORKS IN ZIMBABWE, WHY NOT HERE? Plagued by hyperinflation, on 8 May 2023 the Reserve Bank of Zimbabwe (RZ) announced it will start selling gold-backed digital tokens with minimum price of US$10 and denominated in milligrams of gold. These tokens will be convertible though the banking system into physical gold coins. Of course, the International Monetary Fund advised Zimbabwe against this move. Sounds to me as if the IMF is going to hell itself and doesn't want to see anyone else saved."

- Franklin Sanders

https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/
https://www.pindula.co.zw/2023/05/09/imf-advised-zimbabwe-against-adopting-gold-backed-digital-currency-for-economic-stability/
123   Misc   2023 May 11, 10:13pm  

Would anybody trust any currency Zimbabwe makes?????

Sure they have the gold...you can trust 'em this time.
124   richwicks   2023 May 12, 4:22am  

Misc says

Would anybody trust any currency Zimbabwe makes?????

Sure they have the gold...you can trust 'em this time.


As long as you can convert it, you should.

Did you know in the 1920's, there was a propaganda campaign that encouraged people to move to using dollar bills instead of gold coins? Only "hicks" used gold coins. Government always steers you in the wrong direction.

If you live in Zimbabwe, convert to gold, always.
125   stereotomy   2023 May 16, 10:12am  

It's that time again - GOLD GETTING KILLED!


126   NuttBoxer   2023 May 31, 8:46am  

Just the latest of many, many articles I've seen about central banks buying gold. Now if you know a currency is about to collapse, and the new one isn't out yet, and you don't want to get screwed on the conversion...

https://www.zerohedge.com/markets/central-banks-are-buying-gold-record-pace-what-does-mean-inflation
127   Onvacation   2023 May 31, 8:48am  

It goes up. It goes down.

130   NuttBoxer   2023 Aug 4, 8:31pm  

"RECORD HIGH GOLD PRICE. The World Gold Council reports that during 12-2023 the LBMA afternoon gold price averaged US$1,976 per ounce, a record high. According to the CME Group “Central banks bought a staggering $70 billion of gold, the most since 1950.

- Franklin Sanders
131   NuttBoxer   2023 Aug 4, 8:33pm  

Looks to me like central banks are planning for a monetary change, and regardless of how things go, they want to keep their position. If CBDC's go bust, having physical gold in their vaults will keep them in control. Assuming they can hold those vaults when the mob comes...
132   richwicks   2023 Aug 4, 9:05pm  

NuttBoxer says

Assuming they can hold those vaults when the mob comes...


The vaults are empty. They aren't stupid. The gold was pilfered decades ago.
133   NuttBoxer   2023 Aug 5, 7:22pm  

If you read any of the above links, that information is no longer accurate, likely for the reason I stated.
134   NuttBoxer   2023 Sep 8, 6:58am  

The people trying to run the world keep buying gold...
https://www.zerohedge.com/markets/central-bank-gold-buying-continued-hot-july
136   stereotomy   2023 Sep 29, 12:17pm  

Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.
137   AD   2023 Sep 29, 1:23pm  

stereotomy says


Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.


iShares Silver Trust peaked around $47 in 2011. Now it is around $20. Silver and gold are Rigged Rigged. The central bankers do not want to see it becoming a threat to other asset classes like real property and stocks. They already are putting a squeeze on major crypto like bitcoin, etc.

Look at Amazon. Its at $127. Only about 20% above its February 2020 levels, yet overall inflation since then has been about 25%

S&P 500 only up 26% since February 2020 so it has a real return of nearly 0% since then :-/

So Powell and the Fed have cooled down stocks, ETFs, crypto, silver and gold . Dollar Index (DXY) is still relatively strong.

.
138   NuttBoxer   2023 Sep 30, 8:15am  

stereotomy says

Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.


Not sure where you pulled that number from but nobody is selling gold for that price. Remember the market is highly manipulated, and you will never be able to buy for spot until the old economy is dead and buried.


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