Trust in Gold Not Bernanke

[Mr. Daystar]

Maybe it is because I work with undergraduates and graduate and spend most of the day on topics like this, but raising a complaint and fear is fine, but doing so without having the curiosity to understand why and start thinking about alternatives is mental laziness. It wouldn't be if I paid to solve these problems for you, but I'm not. (Nor do I seek your vote )

I'm a bit more optimistic than you, so I don't see the need to convert to gold or abolish the Fed. It is actually one of Wilson's best accomplishments and has served us well controlling inflation.

My thought is, to many chuckle heads WITH collage educations fucked it up. To much education, on occasion, tends to dwindle ones common sense. And it's not fear pal, it's down right outrage. I'm far from mentally lazy...but I am nearing my end of patience with these fuckers.; When I bounce a check, I pay a price. I live within a budget. I can't borrow more then my debt to credit ratio will allow. And I'll tell you this, if you wanna buy something from me, I'll take a five dollar gold piece, before a five dollar bill. I can't ever remember the price of gold being this high, and even though I don't pay attention to the market, I can't recall hearing it dropped recently.

My optimism went down the toilet long ago...and if I told you what it would take to get it back, you wouldn't think much of me as a human being.

 

[mikexmoran]

My thought is, to many chuckle heads WITH collage educations fucked it up. To much education, on occasion, tends to dwindle ones common sense. And it's not fear pal, it's down right outrage. I'm far from mentally lazy...but I am nearing my end of patience with these fuckers.; When I bounce a check, I pay a price. I live within a budget. I can't borrow more then my debt to credit ratio will allow. And I'll tell you this, if you wanna buy something from me, I'll take a five dollar gold piece, before a five dollar bill. I can't ever remember the price of gold being this high, and even though I don't pay attention to the market, I can't recall hearing it dropped recently.

My optimism went down the toilet long ago...and if I told you what it would take to get it back, you wouldn't think much of me as a human being.

I was going to let this one just go. It may not matter to you Rev, but I like you, because I like how you express yourself in many of your posts. There is a sincerity to it that I respect.

This posting reminds me of a line from the movie Gettysburg where General Pickett said, "The Yankees got all the smart ones. Look where that got them." Well, the Yankees won that battle and won the war. It wasn't just luck and numbers.

Yes, I think just saying "something sucks for you" is lazy. I think recommending the gold standard and saying you don't know anything about it or how it is tracking in the market is lazy. If you voted on it, it would be negligence (Which is basically saying your laziness hurt someone). I'm an educator by trade, so I consider willful ignorance and apathy to be a waste of the most valuable resource and not forgivable by me. I respect your right to say what your saying, but if you are really ignoring the facts by not even looking at them, I don't respect what you're saying.

I"m not sure if you're proposing limiting the education of government employees to something like a 2 year associates degree, but I would recommend something else. Lets raise the level of political debate in this country. I'm tired of people without an education dismissing it. Show me a PhD who claims education doesn't enlighten.

I'll agree that sometimes people get lost in the theoretical and lose sight of the practical. However, if you can't talk to me about monetary models, stay the hell away from any position where you might have influence on changing them.

I can forgive someone for being wrong or mistaken. That is human and actually admirable (There really is nothing to forgive). Being willfully ignorant and apathetic is a drain on society.

 

[Rey C.]

There was near panic selling in the gold market yesterday. It was down about $125 an ounce in one day and about $230 in two days! And this follows a six month slide in gold prices. It's now at a two year low. So if I'd sold something for $1600 last week and accepted an ounce of gold, not counting what it would cost me to exchange the gold for "real" money, I would have lost about 15% in just two days! When was the last time that the U.S. dollar dropped 15% of its value in less than a week... 10% in just one day???!!! Screw that! If anybody wants to buy my horse, they better bring hundred dollar bills!

Gold is neither safe nor stable - no more than any other asset... and a lot less safe and stable than many. These fly-by-night doom & gloomers, who put infomercials on Fox News to scare people, do what they do for the same reasons that con men and charlatans have always done what they've done: to make money off people who don't know better. The only people who almost always make money in gold, silver, platinum and diamonds are the brokers. I'm pretty stupid. But I'm smart enough to stay away from games that I know are rigged. And that game has been rigged for about 2000 years.

The only thing I'd rather have less than an ounce of gold right now is 50 shares of FaceBook stock - about $1300 at risk/wasted in both cases. Both are over-hyped and neither is (IMO) a good investment. But some people make themselves feel good by buying them anyway. Good luck to them. But I can't spend good feelings.

 

[xfire]

I'm hoping silver drops back down to $5/ounce. I'll pick up another ass-load of it and squirrel it away for another 10-15 years.

 

[Mr. Daystar]

I'm hoping silver drops back down to $5/ounce. I'll pick up another ass-load of it and squirrel it away for another 10-15 years.

I'd make it into bullets for the zombie apocalypse.

 

[xfire]

I'd make it into bullets for the zombie apocalypse.

If you knew how much I made off silver in 2011 you'd shit silver bullets.

 

[Master Roshi]

rare numismatics is the way to go helicopter Ben indeed lol

 

[Mr. Daystar]

If you knew how much I made off silver in 2011 you'd shit silver bullets.

No I wouldn't. I took a $450 gold neck less to a pawn shop, and roughly doubled my money. Gold and silver were a solid investment over the past couple of years, but someone said they're going down in price now...but most people don't think of investments over a 10 or 15 year stretch, they think of immediate gratification.

 

[Master Roshi]

gold and silver have had many dips over the last 12 years but the price is still steadily rising and will continue to do so as long as the private federal reserve of NY continues to accept US treasury bonds and other bonds from around the world in exchange for printed dollars

http://www.kitco.com/charts/popup/au3650nyb.html

 

[xfire]

No I wouldn't. I took a $450 gold neck less to a pawn shop, and roughly doubled my money. Gold and silver were a solid investment over the past couple of years, but someone said they're going down in price now...but most people don't think of investments over a 10 or 15 year stretch, they think of immediate gratification.

I bought 10,000 oz of silver in 1992. I didn't dump it until 2011. I would love the right opportunity to buy about ten times that much.

 

[Sam Fisher]

Gold and Silver are NOT good investments. PERIOD!

 

[mikexmoran]

I'm hoping silver drops back down to $5/ounce. I'll pick up another ass-load of it and squirrel it away for another 10-15 years.

Ass-load - is that Metric or US Customary System?

 

[xfire]

Gold and Silver are NOT good investments. PERIOD!

Except when they are. They are both extremely poor investments right now, but like every other stock, bond, or commodity, you have to know when to sell and when to buy, and you can't expect to get rich overnight. A good broker doesn't hurt, either, and a strong network of trusted colleagues, the sort of connections you make in college, or from your old man's rolodex.

Ass-load - is that Metric or US Customary System?

Standard Republic of Texas oilfield jargon.

 

[Rey C.]

I'm puttin' my money in Alpacas!

 

[lurkingdirk]

^You'll regret it. They're a moody lot.

 

[Mr. Daystar]

A fuckin Emo Alpaca?! I've seen it all now.

 

[lurkingdirk]