It's just a reminder that a lot of things we think are basic, really aren't unless we have plenty of the necessities to go aroundIs that a challenge I hear?
Gold
- Thread starter BingBong
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Sorta. In a deflationary environment, currency buys more, and as it's gold backed, gold and silver buy more. The problem with gold backed currency is that it creates situations where panics and depressions can more readily occur, since the money supply can't be adjusted up or down to meet economic conditions. The major reason for uncoupling the dollar from gold was that it made for a more flexible money supply.
The big problem is that humans of one type or another, make the economy and are always trying to game it. We will screw up anything we try to do on a large scale.
Conspiracy theory is that the US supply of gold was already gone, before they were uncoupled. But, yeh... if we still relied on gold, with an increased population, wealth would be much more tied up with fewer people. As it is now, every other person is a millionaire these days.
But, thankfully, no one can put the genie back into the bottle. And, who in the hell would want to?
This is depressing to me. Yeah, there are a ton of problems in our world today.
I'll make just post one on topic, and it'll be a highly controversial statement: Pipe tobacco will be cheaper one day. Of course, that'd be on inflation adjusted measures.
I'll make just post one on topic, and it'll be a highly controversial statement: Pipe tobacco will be cheaper one day. Of course, that'd be on inflation adjusted measures.
Coincidentally, yet another record high for gold today, about $2.720/oz. (about what Penzance is going for), as we head into the weekend. I'm sure it'll follow a version of the same recent pattern though, i.e. a pull back on Sunday, a bigger rally later in the week, and then $2.700 becomes the new "floor."
We must all remember, though...it's not gold going up, it's the value of the dollar relative to it that's going down. And we haven't even seen hyper inflation yet...just wait. It'll be positively Weimarian, though that word would get challenged in Scrabble for sure.
We must all remember, though...it's not gold going up, it's the value of the dollar relative to it that's going down. And we haven't even seen hyper inflation yet...just wait. It'll be positively Weimarian, though that word would get challenged in Scrabble for sure.
Silver went vertical last night before close of play, +6%.However, when silver goes up irrationally, it is smart to slow down investments in bonds (or cash out). This means that banks are transferring a lot of funds at once, because banks use silver to trade amongst themselves. This is a dirty little metals market secret. Ahh, actually, I'm not even sure it's secret anymore.
Brass and lead is where it's at... Just make sure you don't store it all in one place, it can fall through the floor.
It just so happens there was a big story on gold prices today. It suggests that the big reason for this years jump is central banks of a number of countries are buying up gold so they are less dependent on US currency. China is the biggest player. With strained relations they are looking to a different safe haven.
Has anyone noticed that a Confederate States of America $10 is worth far more than a green back and now has the approximate value of an 1864 green back $10 dollar note? Just proves you can have a stupid war, blow up your country, but if you wait long enough the money from the country that no longer exists is worth more than the money from the side that won the war!
Hence the often exorbitant premiums that prospective buyers must contend with. They seem to reduce significantly when the spot price inches upward. It's as though the sole purpose of the premium's existence is to try and defray the effects of price manipulation...I wish I knew more about how that manipulation is done, but the nefarious nature of the answer is probably the main factor in keeping such information clandestine. In other words, not exactly a news flash.
Ive got some gold, but mostly silver that I've collected over the years.
I do not do it for the reasons most do, I just like finding old gold and silver jewelry and such at garage sales and other places.
When my mom died in 2021 she left us 3 kids a fancy ounce of gold she had acquired years ago from a coworkers estate. Other than that, just broken trinkets, jewelry and silverware. At a garage sale a few years ago I found an entire set of Gararrds silverware from the 1870s and a sterling Tiffany Christmas tree ornament. I had no idea what they were worth, either fid the owner. I got it all for $100. Fortunately I did very well, like 40x plus well.
My worries aren't so much our dollar losing some value....my worry is it loses ALL value, in which case gold and silver will be as worthless as paper money.
The off grid lifestyle my wife and I live, along with growing our own food, should allow us a decent chance after an apocalyptic event.
We are not peppers per se, this is just our lifestyle....long before prepping was cool.
I do not do it for the reasons most do, I just like finding old gold and silver jewelry and such at garage sales and other places.
When my mom died in 2021 she left us 3 kids a fancy ounce of gold she had acquired years ago from a coworkers estate. Other than that, just broken trinkets, jewelry and silverware. At a garage sale a few years ago I found an entire set of Gararrds silverware from the 1870s and a sterling Tiffany Christmas tree ornament. I had no idea what they were worth, either fid the owner. I got it all for $100. Fortunately I did very well, like 40x plus well.
My worries aren't so much our dollar losing some value....my worry is it loses ALL value, in which case gold and silver will be as worthless as paper money.
The off grid lifestyle my wife and I live, along with growing our own food, should allow us a decent chance after an apocalyptic event.
We are not peppers per se, this is just our lifestyle....long before prepping was cool.
If the dollar loses all value, the metals will go to infinity - in dollar terms. There would be direct exchange of metals for commodities, 100 ounces of gold for a house or an ounce of silver for 5 cwt potatoes etc. Cumbersome, but until something gets worked out, that's how it might be.Ive got some gold, but mostly silver that I've collected over the years.
I do not do it for the reasons most do, I just like finding old gold and silver jewelry and such at garage sales and other places.
When my mom died in 2021 she left us 3 kids a fancy ounce of gold she had acquired years ago from a coworkers estate. Other than that, just broken trinkets, jewelry and silverware. At a garage sale a few years ago I found an entire set of Gararrds silverware from the 1870s and a sterling Tiffany Christmas tree ornament. I had no idea what they were worth, either fid the owner. I got it all for $100. Fortunately I did very well, like 40x plus well.
My worries aren't so much our dollar losing some value....my worry is it loses ALL value, in which case gold and silver will be as worthless as paper money.
The off grid lifestyle my wife and I live, along with growing our own food, should allow us a decent chance after an apocalyptic event.
We are not peppers per se, this is just our lifestyle....long before prepping was cool.
I have actually spent Confederate money - only once back in 1996 when I was visiting Richmond, Virginia. I had a bunch of Confederate $20 notes that came from a UK bank that had acted back in the day as paying agents for the Confederate Government bonds. When the war ended they were stuck with a whole lot of this stuff in their vaults that had to be audited every year. I asked and was allowed to take some home with me which I used to make up sets of notes for my American friends. In 1996 I paid for a round of drinks in a bar in Richmond with a Confederate $20 bill. It worked once but when I tendered a Confederate $100 bill with Lucy Pickens on my offer was politely declined!
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