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Gold hits record high this morning


youngdan

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Red Rose. We probably have different views on this but the fact that the money in people's pockets can lose it's value and nobody has an opinion is amazing.
 

The Red Rose of Cork

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If anything its more significant than the oil price given supply issues, peak oil, cold weather and all the other variables attaching to oil
 

youngdan

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Rose. It is a bad day for trying to concentrate on gold with the caucus on but on the oil thread and I think the Iran threads gold was discussed at lenght. The big question is who bought the gold that Brown sold at 265 dollars an ounce. The gold owners will set the rules when the financial situation gets critical shortly.
 
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Wow how exciting as its now at a higher $ price per oz than it was in 1979.

What a crap investment.
 

constitutionus

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as opposed to the stock market which is 40% down in certain areas? :)

increase in gold reflects decrease in faith in the markets. and with a recession possbily coming who can blame anyone hedging their bets. particularly when theres still billions in bad dept out there no one can pinpoint.
 

Arminius

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youngdan said:
...The big question is who bought the gold that Brown sold at 265 dollars an ounce. The gold owners will set the rules when the financial situation gets critical shortly.
Any idea who did buy it?

Some of the more vulgar conspiracy sites tell us that this is planned, like 1929, except much bigger. When the currencies, starting with the US dollar, collapse they will be replaced with a gold-backed currency - so all the paper money we've been scrambling to accumulate will be even more worthless - will we be pushing a wheelbarrowful of Euros to buy a loaf of bread?
 

youngdan

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Arminius. If we had the answer to that question we would be in a good position to know what the future holds. When Brown sold the gold in a series of auctions which he announced in advance. By telling the market that a huge supply was going to hit the market it drove down the price to a record low. The gold which is supposed to be owned by the public was transferred to private hands at a bargain price. Recently the ECB sold 42 tons which coincided with the citigroup sale to Dubai which bailed out the bank and the entire system for a while. Perhaps the 42 ton is in a tent in the sand now. As far as I can see there is 3 possibilities. 1 The Russians and Chinese could have bought, this is the conventional wisdow. 2 The US treasury could have printed useless dollars to buy gold. If this is the case the Treasury will issue a gold backed dollar at a very high price and they are on top for the future. 3 the more sinister possibility is that the central banking families ordered Brown and the ECB and other banks to sell cheap while they bought. If this is the case then the real reason for the EU will become appatent too late and a fuedal society will return.
 

youngdan

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Seabhcan. Maybe the central banks are deliberately engineering a depression right now for a gigantic transfer of wealth from the middle classes to the select few.
 
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constitutionus said:
as opposed to the stock market which is 40% down in certain areas? :)

increase in gold reflects decrease in faith in the markets. and with a recession possbily coming who can blame anyone hedging their bets. particularly when theres still billions in bad dept out there no one can pinpoint.
But over 28 years even leaving the money in the bank you would have been better off.
 

The Red Rose of Cork

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odie1kanobe said:
constitutionus said:
as opposed to the stock market which is 40% down in certain areas? :)

increase in gold reflects decrease in faith in the markets. and with a recession possbily coming who can blame anyone hedging their bets. particularly when theres still billions in bad dept out there no one can pinpoint.
But over 28 years even leaving the money in the bank you would have been better off.
Maybe the former Minister for Finance responsible for the Celtic Tiger was right to keep it in cash in a safe !
 

Dillinger

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The Red Rose of Cork said:
odie1kanobe said:
constitutionus said:
as opposed to the stock market which is 40% down in certain areas? :)

increase in gold reflects decrease in faith in the markets. and with a recession possbily coming who can blame anyone hedging their bets. particularly when theres still billions in bad dept out there no one can pinpoint.
But over 28 years even leaving the money in the bank you would have been better off.
Maybe the former Minister for Finance responsible for the Celtic Tiger was right to keep it in cash in a safe !
Ray McSharry ? :lol:
 

youngdan

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It was spread out every 2 months over a few years at a price of about 270 dollars. The method of sale gauranteed the lowest price possible and all that is left is poor quality gold which needs to be remelted. It is a complicated market. In the silver market there is a possibility of more silver sold short than exists. The prices when they rise will be straight up.
 

Arminius

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The Roosevelt gold confiscation of 1933 still rankles with many Americans. All gold with certain small exceptions was taken from US citizens under threat of severe penalties. The whole episode has naturally been swept into the Memory Hole long since but it makes for interesting reading. All gold was to be handed over to...the Federal Reserve bank nearest you.

Presidential Executive Order 6102:

"Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins."

Full text of the Order here

http://www.the-privateer.com/1933-gold- ... ation.html

Of course this was only 20 years after the establishment of the Federal Reserve, before which the US dollar had only inflated I think about 15% in 60 years, exact figures escape me. That is to say, a dollar in 1912 could buy almost the same goods as it could in 1870. Anyway makes for very interesting reading in these more enlightened times, when people would no way let themselves be robbed like that by central banks...
 

youngdan

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As Arminius points out the reason for the existance of central banks is to rob the public under a fog of banktalk so they won't realise they are being fleased. The people of Ireland are now going to get cleaned and few will figure it out
 

ballot stuffer

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youngdan said:
As Arminius points out the reason for the existance of central banks is to rob the public under a fog of banktalk so they won't realise they are being fleased. The people of Ireland are now going to get cleaned and few will figure it out
I'm sure this little theory will become popular when the ECB raises interest rates again but it is totally incorrect!
 
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