Posted on 05/02/2014 3:19:06 PM PDT by Kaslin
Goldbug ping.
Peter Schiff also called both the dot-com and real estate bubbles. They too lasted longer than they should. The bottom line, in hindsight everybody realizes they were bubbles. As such he sure has a lot of credibility.
Yes, gold prices are fixed and often manipulated to make fiat dollar currencies look better. I don’t care as I see gold and other tangible items of value as my parachute for when the inevitable world financial collapse happens.
Buy when the fixed price seems fair and stop buying if too high or when you accumulate what you deem enough.
I have a stash or precious metals [one ounce & smaller weights] for survival, but only about 4% of my total assets as I see it as a way to tide the family over until new stability is established. Other tangibles can be tools, water treatment items, booze, non electric cooking equipment, food with long use by dates, ammo, weapons, building materials, etc. If the fan never hits the #@% - so what, all can be used or sold later, without me losing the original value.
No, you can't. But the day may come when you can pay off your entire home mortgage with a single ounce of the stuff ... and that results in you not living through a modern-day "Grapes of Wrath" experience.
I included an appendix on the buying and selling of metals in my recently-released book "When There is No FEMA", which I recommend to anyone considering investing in metals.
When I made my first purchase of metals I really felt antsy about tying up what was for me a lot of money. That purchase turned out to be the most comforting and wise financial decision I ever made.
Trust me, regarding real bad times, your concern is valid and based in reality.
That's pie in the sky BS...In real bad times he'd have better luck trading tools and a few head of cattle for his deed...In genuine bad times, you won't be able to buy a can of tuna with your rock...
Yes. 2009 dollars.
It's based on numbers from http://www.measuringworth.com. The 1791 gold price was $19.39 and the CPI was 9.1 compared to today's 236.3. So $19.39 / 9.1 X 236.3 = $504.
I did not suggest that buying metals is the only tactic that is necessary to gain some security. Personally I'm covering "all" the bases.
There are disasters, however, that are not *total* disasters. The entire nation of Mexico is a good example.
Read the post again. I said *real genuine bad times*. And in real genuine bad times your gold will have zip value. No offense against you, it’s just that in a big event your colored rocks will have little or zero value for those struggling to survive.
gold on a dive going into the open.
looks like the fed is dumping contracts to drive down the price going into the day. they don’t mind as they print money anyhow.
I guess they expect some seriously bad economic data today that would crush the dollar (like revising the numbers from last week down from +0.1 to -0.1..-0.8) and are trying to drive down gold to offset the effect on the dollar
You can’t eat worthless fiat money.
Preppers need to have gold too. The fact is that in a low or no government scenario people are not just going to go around killing each other like Rambo because you need a pair of shoes. You are going to barter for most everything even shoes. Now in this fictitious scenario there is a shoemaker 50 miles from your bunker. The shoe maker does not accept gold, like you he only wants stuff. A pair of shoes coats 80 pounds of seed corn. You have some penicillin that you can trade for a guy that will give you gold. So you take the gold walk 50 miles with a few ounces of extra weight to the shoe guy. He does not want gold but a corn broker will and he is near the shoe guy. So you buy 80# of seed corn and then trade for shoes. You saved having to hump 80# of corn 50 miles.
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