Posted on 12/04/2010 9:35:02 PM PST by bruinbirdman
~snip~
Few voice a vision of America's troubled future more forcefully or more controversially than Glenn Beck, a one-time radio disc jockey and now Tea Party champion and influential presenter on the Fox News Channel. His prescription for the country? It's a simple one: "God, gold and guns."
"If you've been watching for any length of time and still haven't looked into buying gold, what's wrong with you?" he asks on his website. Beck's also a spokesman for Goldline, a California-based company that sells bullion and coins, a role that's drawn the ire of his political opponents.
Beck may be far removed from Wall Street but some of America's best-known hedge funds are also buying into gold's rally. John Paulson, who scooped a $3bn (£1.9bn) fortune betting on the collapse of the US housing market, is the biggest investor in the SPDR Gold Trust, a $57bn exchange traded fund backed by bullion, according to a filing last month with the Securities and Exchange Commission.
Soros Fund Management listed two gold miners – Nova Gold Resources and Kinross Gold – as two of the fund's top 10 holdings, a similar filing showed.
"We've got the gold bugs who have always believed that paper currencies will fail," said Richard Sylla, a professor of financial history at New York University, who recently heard Paulson tell an audience that the gold price could double over the next decade. "But you've also got investors like Paulson who are genuinely worried about inflation."
2010 is the first year in three decades that gold demand from investors has outstripped that from the Indian-dominated jewellery trade, according to GFMS, a metals research group.
On Wall Street, most say there's enough fear to go round, at least for 2011, to keep gold on the up. Fear
(Excerpt) Read more at telegraph.co.uk ...
What’s behind the 2010 gold rush?
Because it’s not paper? (linen actually)
Our monetary system is under scrutiny and until it is resolved, gold and silver price increases will continue to prevail.
Buying up gold is fine if you can afford it. I can’t so any extra dime is going to filling the larder. Beans are much easier on the teeth than gold bars and will be more filling when it does hit the fan.
;)
I’d keep the beans.
Yeah, I probably would, too.
Goldbug Ping.
Junk silver, ammo in standard calibers, canned food; these commodities are both more useful and more fungible than gold, IMO.
I do not care for gold bugs who seem to look forward to Weimar-like hyperinflation so they can say I told you so.
Buying gold now is just that, I believe.
I’m no fan of FDR or his New Deal but he did persuade people to move their money from the mattress to reopened banks where deposits were secured. Of course, in those days coins were silver and banknotes were silver certificates (yes, FDR made gold illegal and that was dead wrong).
Hey, silver over gold! Hoodathunkit?
The thing to keep in mind is that, even in a shaky economy, gold can still have its own bubble.
“I’m no fan of FDR or his New Deal but he did persuade people to move their money from the mattress to reopened banks where deposits were secured.”
I disagree. FDR made it illegal to own gold and threatened hard working folks with fines and/or imprisonment if they didn’t sell it to the govt at $20.67 an ounce. The govt. then re-valued it at $35.00.
What a deal, huh? Be forced to sell your gold for 20 bucks and then buy it back for $35.00 a year or so later.
The smart ones kept it in their mattresses.
Only now, at the end, do they understand.
All Indians I know have consistently claimed that their purchase of jewelry is actually an investment. They do not necessarily wear what they buy. They lock it away in a safe.
“To answer the headline : the impending collapse of many of the world’s currencies. “
No, actually, the simultaneous collapse of many of the world’s currencies. We’re already there. The easiest way to tell is to look at the price of oil. Given the size of the recession in most of the advanced world, oil should be, maybe, $30 per barrel. It’s $80+. Gold is simply keeping the same ‘real’ price’ while currencies deflate.
There is no run-up or bubble. There may be one in the future...as people figure out that we have no intention to pay down the debt - but we’re simply not there yet.
I started buying Gold at $440 an ounce. Everyone then, kept saying that I was stupid, would lose everything, that Gold was on a bubble. would crash to $200 any moment.
They said this repeatedly, every time the value doubled. I kept buying.
Now, at $1400 I keep hearing the same thing almost word for word. The economy is far worse and in the deepest trouble that it has ever been in our history. The value of the dollar is about in line with sawdust. I have traded many of my stagnant stocks, bought years ago for more Gold, not using my current cash at these low values. That way, I get much more Gold and I plan on getting much much more of this stuff that you say is so worthless.
Go ahead, call me stupid while you are at it. It is the only thing that I have not recently heard from your type lately.
i.e. the printing of massive quantities of money. When you make more of something its price on the market a. increases? b. decreases?
Inflation is being artificially held down, when the opposite should occur under the circumstances. The longer they postpone this fundamental economic component, the more impending damage they will do to the future outcome.
Eventually, inflation will rear it's ugly head. Burn-yank-me has swept the dirt under the rug to the point that it is bigger than the house. It has reached the point of where it cannot be hidden any more.
Buy Gold. It is the very best thing to have when inflation kicks into overdrive. It will go over $2,000 when that happens and it WILL happen very soon. The World economy will see to it.
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