Posted on 04/07/2011 11:51:29 PM PDT by JerseyHighlander
FYI... gold broke $1470/oz
Excellent post!
Well, good morning to all. I’m off to work. There is a 5Kg ingot of silver bullion waiting on my desk :0)
Actually, I skate to work. But I buy American skates, is that ok? :0)
You have a good day now, CNN. I had better get out the door.
Cherrio then. :)
Hooray! I found a like minded FReeper, virtually acrossed the board. I say No more social security, Period, however. If there is anything we owe to the generation that sold our nation down the river through apathy, and greed, a “reverse mortage” of sorts (they used the equity in America to sell on the world market, wanting to have their own “retirement” without worrying about the rest of us...I’m sorry but they voted in people who financially and politically raped our nation, then want the younger generations to deal with it), then what we owe them is to pay them back a lump sum, with interest on anything they paid in, minus what they’ve taken out. I don’t think government/society owes them anything, they made a bad gamble/investment and lost. Now their families and charity can make up for it, nothing else. Sure the dollar might crash if we had to print out money to pay them back, but the ponzi scheme won’t work, and the millstone around the neck would be gone, and we could start somewhat fresh. And if they have nothing left because the dollar’s toast, GREAT, they’ll be in the same boat as the rest of us.
My parents are both retired, and I talked to my dad for years, telling him social security has to go, for everyone, and now. HE argued a while, until he finally got it. Like Alan Greenspam said “We can absolutely guarantee the payments, we just cannot guarantee buying power.” (paraphrased, but close). The thing is we can either pull out now, and try to salvage what we can, or everything will crash and try to do it then. Social Security is a joke, a sham, and amoral. BTW my parents both have pensions, and IRA’s they put into BESIDES social security, because they prepared. But they will never, ever see the full value of what they paid into if they live to 100, because Social security was NEVER meant to be a retirement plan, it was meant to supplement retirement (well the Politicians, I’m sure wanted it to be the whole shebang, but that’s not how it started to be incrementally foisted upon us). If you pay 1/10th of your income for 40 years, you only have 4 years of income, sorry people never did math. There is no way to sustain someone for 20 years, at even half income, on 1/10th of 40 year income, when there’s inflation (without inflation, and with reasonable growth, sure, it can be ok). That’s the problem, liberal math always requires new ponzi victims whether they be individuals or Nations (See europe), It JUST DOESN’T WORK, EVER.
There, now I’ve said it.
As strictly a market play, Silver Wheaton is interesting. They are a "silver streaming" company. Their value is in their holdings of silver and right to silver. The stock price follows the price of silver like a puppy follows a child.
there is a bit of a difference between the UK and the US.
the US has 5 times the population and about 19 times the land mass. when i say tariffs, it would be like saying all of europe would tariffs items coming from other countries.
of course, i would water down my tariffs more then some on the thread. the intention of my tariffs would be to encourage domestic industries which are being crushed by products produced in 3rd world countries by people living off $0.50/day. those countries will not buy anything from us, expect raw materials... which they ship back to us at much inflated prices to be sold in stores. the net effect is a slow drain on money leaving the US and landing in the foreign company (whose owners are most likely Americans overseas avoiding the taxation while maximizing profits)
drop corporate taxes and companies will have no reason to play shell games with their profits. they would be able to keep them in American banks and feel secure that the money will not be stolen in taxation.
drop barriers to company creation. encourage companies to do foreign business, bringing money from other countries into local banks... shoring up the underpinnings of the local economy.
i could go on... and on.
“I’d start with 100% across the board on (all) imports. Everything, no exception. Even oil, to be consistent. But only on imports.
To offset, eliminate. Yes eliminate ALL other forms of domestic taxation. Income taxes. Corporate taxes. All of it.
Make government operate on revenues from tariffs. If imports fall, then reduce government.”
Hooray! My second “like minded individual” or the night!
Exactly. And while we’re at it, in the name of national security, I’d like to move the capitol, again, to the midwest. It should never be more than about a day away from being decended upon by virtually all peacefully protesting citizens, and less than that same distance from potential foreign invaders.
The fact of the matter is that having learned much about American manufacturing, the problem is that the U.S. had essentially the sole market share of manufacturing for decades after the bombing to oblivion of the rest of the world in WW2. (With the exception of the Japanese, who learned manufacturing processes developed by the U.S. Government, who taught the Japanese, right after the war). Hence the world had to buy what we made, and thus, unions had it easy and made lesser and lesser quality garbage. Eventually the rest of the world found out they could make the same stuff, and cheaper. The “free traitors” (I didn’t make it up, but I’ll use it), decided to make it easier to export our nation’s equity to other countries. No thanks.
We need to band together with the idea that “you reap what you sow” not the “You reap what you sow and then some of what someone else had sewn” mentality. It’s never worked EVER, and it never will nor can.
25 10 oz. bars aren’t unwieldy; in fact they’re fairly portable. For $10K I’d rather have the metal than a paper saying I do.
I bought Morgan & peace dollars plus a little other asst silver coinage on Ebay back before it started this latest run. The problem with most silver is you pay commission in and commission out similar to stocks. Coins are well set as to value and there are usually lots of buyers.
http://coinflation.com/
I have found this website to be a very useful source of information on the economy, gold, and silver.
http://goldismoney.info/forums/
In three weeks the purchasing power of gold went from 41 oz of silver down to 37, at that rate gold's purchasing power should fall by 60% in the coming year.
Then again we PM prices are pretty volatile compared to the "fiat US dollar"
it doesn’t work like that. the relationship between gold and silver isn’t rigid, it’s more like a bungee chord.
i expect silver to slow up around the mid 20s (S:G ratio). traditional ratio is around 16-20:1
if it hits 20:1, i’ll be cashing in my silver for gold :)
as an example of bi-metalism:
let’s assume i bought in when the S:G ratio was 55:1. my choice was buy 1 piece of gold, or 55 pieces of silver.
if i went silver... and held until it drops to 20:1, then i can exchange my 55 silver coins for gold, and get 2.75 pieces of gold (2.5 pieces if you subtract the commission). that would mean an increase of 1.5 gold, or 150% buying power increase.... just for transitioning correctly
A lot of people unfamiliar with monetary metals have an unrealistic idea of the space required for storage. Maybe it was ingrained when the brokers told clients to avoid gold “it’s heavy” and buy stocks or annuities. Well yeah, if you’re Warren Buffet, lugging around gold bars may be an imposition. The truth is most peoples net worth would be represented by a tiny pile og gold coins that could be carried around on the morning jog with no problem. It’s pricey stuff.
10k in silver dimes and quarters would easily fit in a small coffee can.
Once the dollar becomes worthless, we won’t need tariffs.
My prediction: silver will pass 100 before gold passes 2,000, and both will happen in less than a year.
We're heading into mass psychology. With gold at 1500, Joe-six-pack will want to get into PMs, but he'll feel priced out. Premiums on tenth-ounce gold coins are very high, and not many Joe-six-packs will pay nearly $200 for a “gold dime.”
So he will turn his attention to silver in a very big way.
I agree. And I think we will see the ration heading to 20.
Ration? Was that caffeine deprivation, or something Freudian?
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