Where are the gold bugs NOW?

Gold Prices Online ^ | 06/27/2002 | Lazamataz

[Lazamataz]

Well, 'the new spoosman' and many like him have told me for months that the 'fiat' currency is worthless, and gold is the only valuable currency out there. Disregarding for a second the fact that these gold bugs are so ready to part with their gold for those 'worthless fiat notes', I would like to point out that since the height of their caterwalling, Jun 01 2002, gold is down from 326$ an ounce to 314$ an ounce today. That is a 4 percent drop in less than a month.

The 'fiat currency' people are out to lunch. I don't expect gold to do any better than index with inflation in the long run, and today managed to show a savage loss of $5 an ounce.

[dirtboy]

Where can you get a 'really nice suit' for $314? Walmart?

That's what I thought. Guess he hasn't been to Boyd's lately...

[wardaddy]

BUMP that!

[wardaddy]

The Feds will use any excuse to launch operations against right wing armed groups....if history is any indication. I'm not sure if it's because our leaders(current) are so inclined or because the apartchiks underneath them despise the armed right wing so. Probably both.

In all fairness, Tim McVeigh sure gave them all plenty of PR ammo. Damn, I knew the second that happened what type of folks probably did it and at that instant aside from the horror of all the dead innocents, I knew we would all be lumped in the same "to Hell Handbasket". Any outbreaks of vigilante reprisals against the local fatwah gang will provoke the same media/JBT feeding frenzy.....unless the Terrs strike in a very serious fashion and folks are truly scared.
There is nothing scarier to the media, LEOs, or intellectuals than a group of well armed determined white boys. Just ask any State Trooper who you'd rather pull over? ..a caddy full of gangbangers or a couple of serious military looking white boys in a pick-up.


just my dos centavos.

[Gritty]

vigilantism will break out

You can see the beginnings of this already in Brooklyn, where Jews planned to band together with shotguns and patrol their neighborhoods. They were immediately threatened by the City and the Chief of Police, as if they were the real threat.

Powerful government doesn't like armed usurpers taking over their monopolies of power. They will fight harder than any religious jihad. To them, it is a violation of their religion!

When the killing gets nasty, government will crack down hard against those trying to protect themselves against the threat. Decades of trashing the 2nd Amendment has assured that outcome.

[FITZ]

If the stock market collapses, I think we could see some serious problems. Job losses are already high, people seem to be leaving their money in the stock market only because they've already lost so much they figure they might as well gamble the rest on it but if just a few start taking their money out, it could crumble fast. If the economy breaks, if welfare checks and unemployment checks aren't delivered on time, there will be riots.

[#3Fan]

Therefore, as in any potentially unstable market, the smart will first hedge against the unexpected loss and then invest to beat the manipulators. IMHO, the best hedging today is a mix of gold/silver, food, fuel, brass/lead, a safe place to live (a friendly area) or perhaps for those in a position to do so and the skills (like Travis) a boat or other extreme emergency fallback. But, if one is happy with one's situation, stock up on couchs to trade (you can also sleep on them, you know) and put your full faith and credit in the government to keep the printed money sound (an oxymoron, I know). Then hope these manipulators and their banking buddies will ultimately bail you out if/when TSHTF. BTW, I agree also with Bloody Sam Roberts. This is the calm before the storm. We have already set ourselves up for The Fall (thanks, Bubba!). Now there are hordes of fanatical and determined people just itching to do us in in any way possible. Attacking our financial system and related wealth is one of the ways they can do it. But it's hard to attack your personal wealth if some of it is stashed in something that can't be destroyed from afar. If they want it, they'll have to come to your place first and face the brass/lead.

Good post. A measure of gold is a measure of freedom from the government, especially in dire straits. That's why the Texas Constitution loves it and FDR stole it.

[wcbtinman]

"This will be a terrible outcome for us..."

We should all make a point of finding out who, in our own neighborhoods is LE. Then, let them know that we know.

I would consider anyone trying to reduce/eliminate my ability to defend my family or property the same as a terrorist, and deal with them accordingly.

[#3Fan]

You have a rich but delusional fantasy life. Please cite where I said any of the caca you made up above.

You said brass and lead will be better than gold, didn't you. Maybe in some areas.

I merely say that there may come a time (brief or never I hope) when people will trade a Krugerand even up for an old .38 revolver or 30 rounds of 5.56.

I agree.

You can't spend or trade your Maple Leaves if you can't defend them. At that time, lead brass and steel will have greater value than gold.

I'm just saying that physical fights are hard and bodily expensive to win and the first time you lose, you're done. You're right that both will be necessary.

[#3Fan]

As an experiment, try making your purchases with gold for a week.

As an experiment, time travel back to 1930s Germany and try to buy a loaf of bread for about the same amount of marks that it took a few years earlier. I don't own gold to spend at the grocery store, I own it to use when the dollar hyperinflates if it does. Try taking your real estate deed to the grocery store and see if they can use it to buy groceries. If they can't, would you say that your real estate is worthless?

[Roscoe]

[As an experiment, try making your purchases with gold for a week.]

As an experiment, time travel

I figured you wouldn't dare try to put your theory to the test.

[Southack]

"I just wonder how the economic dislocation might play out. MAD worked with the Russians; in the end they loved their kids more than they hated capitalism. Not so with our Insane Death Cult adversaries."

Atomic bombs, plural, went off in Japan during WW2, yet the Yen remained in circulation.

As for our enemies, we are no longer under MAD but RAD, for Rest-Assured Destruction. It is no longer mutual.

Asymetrical attacks can certainly damage America, but they can NOT assure our destruction. In contrast, we already have the nuclear, chemical, biological, and conventional weaponry to assure the destruction of all non-American life on this planet.

The death cults may get what they ask for, but it will merely be their own destruction and no one else's.

Perhaps someone should have told the death cults that asymetrical attacks are lousy at defense...

As for gold, it is accepted in fewer places than is oil or Dollars. I suppose it might make some sense to have a small amount for some unforseen contingency, but clearly having guns, ammo, Dollars, oil, and various modes of transportation are all more important than holding onto an ugly yellow mass of metal that is worth a third of what it sold for 20+ years ago in non-inflation-adjusted Dollars...

[#3Fan]

I figured you wouldn't dare try to put your theory to the test.

I didn't buy it to spend at the grocery store. It's as simple as that. Different items have different purposes. My gold is for trading if the dollar hyperinflates. The green in my pocket is for use until it does.

[#3Fan]

Atomic bombs, plural, went off in Japan during WW2, yet the Yen remained in circulation.

The hyperinflated dollar will still be in circulation also, but that doesn't mean you'll get your money's worth for the amount of work you put in to get those dollars in the first place.

As for gold, it is accepted in fewer places than is oil or Dollars.

Barter items are also accepted in few places. But barter and gold will rule if the dollar hyperinflates due to a disaster.

I suppose it might make some sense to have a small amount for some unforseen contingency, but clearly having guns, ammo, Dollars, oil, and various modes of transportation are all more important than holding onto an ugly yellow mass of metal that is worth a third of what it sold for 20+ years ago in non-inflation-adjusted Dollars...

You're cherry-picking a time frame. Take an average of the last 6000 years and you'll see that it has always bought appoximately the same amount of loaves of bread.

[Southack]

"You're cherry-picking a time frame."

It's not my fault that gold sold once for $800+ per ounce in 1980 Dollars compared to $310 per ounce in devalued modern Dollars...

[Roscoe]

My gold is for trading if the dollar hyperinflates.

Use the cash you don't spend to buy replacement gold. It shouldn't take much cash, probably none at all.

You're afraid to put your proposition to the test for even a week.

[#3Fan]

It's not my fault that gold sold once for $800+ per ounce in 1980 Dollars compared to $310 per ounce in devalued modern Dollars...

The fact that you have to cherry-pick a time frame speaks volumes.

[Roscoe]

1. As an experiment, time travel back to 1930s Germany and try to buy a loaf of bread

2. The fact that you have to cherry-pick a time frame speaks volumes.

Heheheh.

[#3Fan]

Use the cash you don't spend to buy replacement gold. It shouldn't take much cash, probably none at all. You're afraid to put your proposition to the test for even a week.

John Force doesn't drive his funny car to do his daily errands the same that I don't use gold for buying milk, that doesn't mean his funny car is worthless. Force's funny car serves a purpose on special occasions (races) as my gold will on a special occasion (dollar hyperinflation). Your argument is senseless. If you really believe you have a valid point, try taking your land deed to the store to buy groceries.

[Roscoe]

I don't use gold for buying milk

Whatever you would use it for after the "crash", try using it now for a week.

If you dare.

[#3Fan]

Whatever you would use it for after the "crash", try using it now for a week. If you dare.

Try using your hyperinflated dollars after the crash. There may be some old Germans that may be able to tell you what it's like.