Posted on 05/19/2010 6:53:44 AM PDT by SeekAndFind
Private equity firm Blackstone Group [BX 11.60 -0.03 (-0.26%) ] does not expect a mass exodus of investors from Australia's mining sector if a proposed 40 percent tax on the sector is introduced.
Speaking to reporters, Blackstone Advisory Partners Vice Chairman Byron Wien also forecast gold [XAU 175.57 -3.18 (-1.78%) ] would rise to around $1,500 an ounce from around $1,210 currently as more market players seek safe-haven type investments.
(Excerpt) Read more at cnbc.com ...
You can’t eat gold and good luck cashing it in when the SHTF.
Please show me a society in the last 6000 years of history when gold wasn’t a useful asset to have.
brass, copper, lead
Goldbug ping
$1500? Wimps! That said, I think we need to let Cramer’s Monday-evening gold call work its magic for at least another day. $1200 just busted, so look for “them” to run stops +/- $10 for a while.
Mail me to get on or off the Free Republic Goldbug Ping List.
Agreed. Put 10 to 25% of your assets into Gold and protect your wealth.
Too many Freepers assume that the alternative to our current market economy is a stone age existence with Mad Max cars and no concept of legal property.
Hardly. We are headed to a super-PEMEX like event after which the life savings of the middle class will be wiped out - unless they buy physical metals, commodity stocks and get out of fiat currencies.
Survival goods are recommended, because there will be upheaval and unrest in places. But there’s no need to completely bunker-up: a currency crash is not an asteroid.
I’m wondering if I shouldn’t buy tons of cartons of cigarettes...if everything crashes, it might be just as good, in some cases, as barter rather than gold. At least you can split up a pack rather than “chopping” a one ounce bar in half for fractional purchases.
I thought cigarette smoking is on the decline in the USA. Your idea might be very useful in other countries though.
Having "extra" of useful things may come in handy too. IE batteries, hand tools, flashlights, ammo etc.
I’m wondering if I shouldn’t buy tons of cartons of cigarettes...if everything crashes, it might be just as good, in some cases, as barter rather than gold.
Some say to have silver for currency after the SHTF and the dollar collapses. "Junk" silver (pre-1964 coins), Silver Eagles and such aren't worth as much for the same weight as gold and are easier to deal with.
Another FReeper mentioned (I think the idea came from a book) using ammo as change. .22 = a penny 9mm = a dime .45 = a quarter etc
ChocChipCookie has a ping list for preppers; she's included in the "TO" line of my post. She also has a blog for preppers too.
Right now,
Three mercury dimes is equal to a gallon of gas.
“I’d rather own 1/10oz Gold Eagles for that purpose.”
...that’s right!...small denominations of gold/silver in case the SHTF...
Gold and silver are good for two different things.
If you’re looking to preserve wealth, gold is the ticket.
Say you have a couple hundred thousand in an IRA that will be worthless if the SHTF. THAT you would convert to gold bullion or coins to preserve its value.
But, if you’re looking for “trade-able” metals, silver is the way to go. A 1 oz silver round is worth $20 today. That’s “trade-able” and usable in commerce. It’s still a “dense” store of value (value per weight/volume), denser than ammo, smokes, or booze,
but not as “dense” as gold, which you’d have to trade great quantities of barter items for just a little bit of it, making it unwieldy.
you would sell your 1oz gold coin for 40-60 silver coins.
along with picking up gold, it is also recommended to have some silver.
gold or silver... coins move easier than bars
Please show me a society in the last 6000 years of history when gold wasn’t a useful asset to have.>>>>>>>>
Yeah but get silver too for normal buying and transactions during a lawless chaotic breakdown. Silver has always been valued too. Gold is the ultimate but silver has it’s place.
Matter of fact I can see a gold backed currency coming along that is also silver backed. Due to the lack of gold to back a currency that is accepted world wide
You know that we USA had silver coins and also US paper currency that was backed by a US government silver stockpile...that was sold off years ago
Today our only paper currency is the Federal Reserve note which is backed by your trust in the machinations of the Federal Reserve and trust in the US Government securities (Treasuries) that back up (allegedly) today’s paper currency
“Some say to have silver for currency after the SHTF and the dollar collapses. “Junk” silver (pre-1964 coins),..”
...best places to buy “junk silver” listed here:
http://www.silvermonthly.com/246/junk-silver-ratings/
disclosure:...I’ve actually bought rolls of 90% silver quarters on E-Bay and have been pleased...I look for high rated sellers at best price...shipping cost is also a consideration...good luck to all...hard times a-coming I’m afraid.
Blackstone is the ultimate scum of the planet “connected” financial firm...they emerge always on top same as their pond scum cousins at Goldman Sachs
So their advice carries weight to me. Furthermore I’ll bet the real advice they give paying clients is AU going to $3000...double what they say in public
IOW read between the lines!
disclosure:...I’ve actually bought rolls of 90% silver quarters on E-Bay and have been pleased...I look for high rated sellers at best price...shipping cost is also a consideration...good luck to all...hard times a-coming I’m afraid.>>>>>>>>>>>>
Last Christmas Microsoft had a 25% Bing cash back program on ebay. Precious metals sales soared on ebay
See if they have it this year too. Sellers jacked up prices say 5% and posted how to get the 25% cash back.
I’m reading that booze is good barter stuff too.
But of course, I'm not holding gold or silver...... my coins were in the canoe with all of my firearms when it capsized.
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