Yup, it might fall.
Then again, you could wake up and find the dollar 1/2% lower on any given morning, too.
Then again, you could wake up and find the dollar 1/2% lower on any given morning, too.
Gold gold gold!
- Thread starter jerry11901
- Start date
Hi everybody. I was wondering what kind of gold was sized in 1933 from people. And here is the answer to my question .Just wanted to share it with youâ¦
http://video.google.com/videoplay?d...=58&start=0&num=10&so=0&type=search&plindex=0
http://video.google.com/videoplay?d...=58&start=0&num=10&so=0&type=search&plindex=0
What makes you think the Fed won't inflate away the massive deficit?
The depression could be enormous if they don't.
Buy and hold for 5 years and they will take it from you.
http://www.the-privateer.com/1933-gold-confiscation.html
http://www.the-privateer.com/1933-gold-confiscation.html
In those days the coins used were made of gold, and the paper money was backed by gold, whichh you could go trade the paper money for at a bank. So there was a lot of gold around, and the gold coins were being melted down and/or shipped to europe because of the fear of a dollar crash as the depression progressed.
Today, 99% of people don't own even one gold coin, I'd bet. They melted down most of them in 1933, and what survive are now collector coins. The mint does produce some "bullion coins" and "proof coins", but from what I understand it is a small number of coins. Today, it would be much easier just to buy gold with paper money if they wanted to get the gold from people. Given that it costs 5 cents to produce a $100 bill, it wouldn't be very difficult to buy up a large amount of it while people still trust the dollars.
Today, 99% of people don't own even one gold coin, I'd bet. They melted down most of them in 1933, and what survive are now collector coins. The mint does produce some "bullion coins" and "proof coins", but from what I understand it is a small number of coins. Today, it would be much easier just to buy gold with paper money if they wanted to get the gold from people. Given that it costs 5 cents to produce a $100 bill, it wouldn't be very difficult to buy up a large amount of it while people still trust the dollars.
Quote from jerry11901:
Buy and hold for 5 years and they will take it from you.
http://www.the-privateer.com/1933-gold-confiscation.html
I can never imagine the logic of a democratically deciding that Americans are not allowed to own gold. It belongs to them, not the government.
Alcohol (prohibition), I somewhat understand, given the times. It has somewhat destructive effects.
But what possible harm does gold ownership have?? Like, someone might accidentally be hit on the head by a falling gold bar???
How many more times will you have to see a market do something contrary to the opinion of idiot economists and the crowd to get an inkling that you will NEVER know the correct reason(s) for any significant move in advance?
How many times do you have to hear, "Nobody could have predicted THAT!" after a market has done something unexpected (like change trend) to start thinking that maybe, just maybe, trying to divine future market moves from what you (and everyone else!) reads in newsletters, the media or whatever is not the answer?
I'm with Jayford. I want to be in positions that go against the prevailing wisdom of supposed "experts".
Right now my position trades are long the dollar and short gold. Feel free to explain all the reasons you care to offer why Iâm wrong, but know this - I donât give a flying fart about any of them. What matters to me is virtually no one agrees my current positions are going to end up being correct and make me money.
If you're a government planning to re-index the value of an ounce of gold from $20.67 to $35.00 you want the new valuation to benefit you, not private citizens.
Never underestimate the level of economic force any government will use against its citizens to buy the votes of fools and economic illiterates.
Just like the destructive effects we've seen from the "war on drugs". Desirable items become illegal which creates an underground market with artificially high prices which finances criminal activity and funds the corruption of politicians and public officials. Now throw in the cost of ineffective enforcement and all the prisons.
No one is out there selling booze to kids at playgrounds. Why? Because it's a legal commodity there's no profit to be made!
Quote from Quark:
If you're a government planning to re-index the value of an ounce of gold from $20.67 to $35.00 you want the new valuation to benefit you, not private citizens.
Never underestimate the level of economic force any government will use against its citizens to buy the votes of fools and economic illiterates.
I was under the impression that people turning in their gold got th new rate. If you think differently, please offer a legitimate link that they did not (not an opinion)