The Dollar Is Dumped, As Gold And Yen Break Out To Brand New Highs

The Business Insider ^ | 9-7-2010 | Joe Weisenthal

[blam]

The Dollar Is Dumped, As Gold And Yen Break Out To Brand New Highs

Joe Weisenthal
Sep. 7, 2010, 9:36 AM

Hello risk aversion.

We start with gold, which is perking straight up, and would be at a record high if it closed here.

The other big one is dollar yen. The yen has hit a 15-year high.

[snip]

[screaminsunshine]

Silver hit 20 bucks..whoa!

[Gadsden1st]

Oh no...Oh no! Its all a sham. Don’t buy gold and silver! Bullets and food instead. Gold is a useless lump of metal. (Don’t run the price up yet, I’m still buying ;>})

[Southack]

Oil is down 2% today.

[blam]

Crude Oil Futures Slump On European Concerns

NEW YORK (MarketWatch) -- Crude oil futures fell in synch with stocks on Tuesday, as U.S. traders returned from a long holiday weekend to be met by concerns over European banks and economic growth.

The DJIA is down 76 as I post. See here.

[Orange1998]

Irish banks rocky.

[BornToBeAmerican]

You nailed it FRiend. What the heck is gold going to buy?????

Gold is only worth something because the dollar isn't. Simple economics

[bunkerhill7]

Wait! I got silver bullets here. LR

[an amused spectator]

"Hey look, that national chain called "Space Available" just opened *another* new store!"

I just had to post that...

[TexasRepublic]

“Gold is only worth something because the dollar isn’t. Simple economics”

You just go right ahead and clutch those declining dollars. Gold will still be useful for barter when those dollars become as inflated as Weimar Republic Reichsmarks. Some themes in history do repeat themselves, over and over. Oh, it can’t happen here? Yeah, right.

[BornToBeAmerican]

You must be joking. RIght. If the dollar is worth nothing, then what is gold worth?

Oh I get it. 1 oz will buy a beer. Great returns, $1,200 for a beer.

Trust me, the haves and the have not’s will take on a whole new meaning. Bartering works on the principle of having something that someone wants in exchange for something else. Goods and services will be more valuable than Gold in the short term

[TexasRepublic]

“Oh I get it. 1 oz will buy a beer. Great returns, $1,200 for a beer.”

Now you must be joking. Bartering requires common sense and a relative sense of values. A silver dime might be appropriate for a beer. Go ahead, laugh it off and good luck.

[BornToBeAmerican]

Yep I should have used /Sarc

I have nothing against Gold. but really believe stocking up on food and other goods now while one can will be worth tens of thousands later.

Here's the big question though. There is still a lot of money about. Just more debt. Will we really see the col laps of the $ here in the USA?

My thoughts on this is we need to remove all the needless bureaucracy (read most of Washington) Return to VERY limited Government and FREE MARKETS and build some faith back into the system. Something that is sadly lacking in our commies proposed system today

[blam]

"Goods and services will be more valuable than Gold in the short term"

Come see me. I'll trade you some food for your gold.

[TexasRepublic]

I’m relieved to know that you were being sarcastic. Gold alone is not the answer, but just one more item in a diverse portfolio of survival options, including food, ammo and much more. It may all come to naught, but you have to try.

I marvel that the dollar has not collapsed already, but I pray it won’t. Assume the worst will happen and then prepare for it.

It is the height of arrogance for commies that have never owned a business to dictate to people who do. They are deliberately working against us. The government needs massive downsizing.

[goat granny]

I think anyone that buys gold at these prices is asking to lose a lot of money...it will go down, it always does...bought a couple of Kugerrands /sp. in the early 80's (I think) when gold was at 400 dollars. Then the gold market dropped bad. It took over 20 years for gold to go back up so as to be able to sell, without a loss. Finally sold them a few years back when gold was at 800 dollars. The time to buy gold was when it was at 7 hundred dollars..or cheaper....now I think it is a losing proposition except in the short run. Not something to hold.

But I am not a player in the commodities so don't really know jack squat..

If things get really bad in this country, lead will be worth more than gold..

[blam]

"Now you must be joking. Bartering requires common sense and a relative sense of values. A silver dime might be appropriate for a beer. Go ahead, laugh it off and good luck."

I've read one guy's estimation that at some point in the future that one 90% silver US dime will feed you for a week.

[TexasRepublic]

“I’ve read one guy’s estimation that at some point in the future that one 90% silver US dime will feed you for a week.”

I was first going to say that by that reckoning I wouldn’t starve. However, if things get that dire, food may not be for sale at any price. Again, the key is to diversify your survival options.

[VideoDoctor]

I'll buy gold if they deliver the actual gold I bought into my possession.

"Owning" GOLD and actually having it in your hands are TWO different realities.

[DuncanWaring]

I've read one guy's estimation that at some point in the future that one 90% silver US dime will feed you for a week.

I wouldn't count on that, absent some numismatic boost to the value of said dime.

Fifty years ago, a 90% silver US quarter would buy you a gallon of gasoline; work the transaction properly and it still will.

I don't believe there was ever a time a 90% silver US dime would have fed you for a week.