PE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> Gold & Silver News

AuthorTopic: Gold & Silver News  (Read 429569 times)

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Gold & Silver News
« on: May 01, 2012, 08:54:29 AM »
Missouri politicians aim to simplify use of gold as money
http://www.goldmoney.com/gold-research/roman-baudzus/missouri-politicians-aim-to-simplify-use-of-gold-as-money.html

Gold coins Missouri is the latest US state that is trying to follow Utah's example by allowing physical gold and silver to be used as legal tender. According to the Constitution, gold and silver coins – such as the American Gold and Silver Eagle – should be accepted as legal tender in all of the US, but of course this has long since ceased to apply in practice. But now some members of the Missouri House of Representatives are working on simplifying the payment process with precious metals, and are hoping to introduce special gold and silver accounts for all monetary transactions done in the state.

This plan is similar to a law passed in Utah, which allows citizens to use a bank card “backed” by physical gold and silver. Such moves could presage similar moves in other states, given the increasing opposition to the Federal Reserve’s easy money policies.

In contrast to the Missouri Republican representatives – most of which support these moves – Missouri Democrats are sceptical and even opposed to simplifying the payment process with physical gold and silver. According to recent statements by the Democrats, the legislature currently has more important issues to deal with.

These are small moves at the moment, which are happening in state legislatures as opposed to Congress in Washington. Nevertheless, this could all be the harbinger of something bigger as far as American sound money is concerned.
GoldBarStack
GoldBarStack
 

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #1 on: May 01, 2012, 09:25:40 AM »
Thanks Golden Oxen, very interesting to see this movement gaining momentum. Virginia was working on this too last year.

So the question that popped into my mind is, if several states adopt PMs as legal tender and form a block, can the President get away with EO 6102.1?

Seems to me the backlash for confiscating gold a second time, when it's currently NOT used by the Feds as legal tender, would be interesting to watch. I make the distinction because confiscating gold now would be confiscating your home or other property. This gets to my only concern about holding Eagles vs. Kuggerands.

Your thoughts?

Jb

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News
« Reply #2 on: May 01, 2012, 10:31:42 PM »
Thanks Golden Oxen, very interesting to see this movement gaining momentum. Virginia was working on this too last year.

So the question that popped into my mind is, if several states adopt PMs as legal tender and form a block, can the President get away with EO 6102.1?

Seems to me the backlash for confiscating gold a second time, when it's currently NOT used by the Feds as legal tender, would be interesting to watch. I make the distinction because confiscating gold now would be confiscating your home or other property. This gets to my only concern about holding Eagles vs. Kuggerands.

Your thoughts?

Jb
                                                                                                                       Jb. I would assume in war time or under a state of martial law the president could just about do anything. It is most unlikely in my opinion that he could pull that stunt in the absence of them. The right to own gold was just won back through the US legal system a few decades ago by the gold community; and it would be difficult to make it illegal again by an EO since FDR's order has been thrown out as illegal, although it took decades to regain the right to own gold legally. There is also the phrase in the Constitution that makes clear only gold and silver are legal money. I would also like to point out that the US Treasury sells gold and silver American Eagle coins to any member of the citizenry that wishes to buy them on a daily basis. How you tell everyone to give it back under our legal system would be a tall order. Even FDR had to exempt numismatic coins from his EO. As to your point that seizure could not be accomplished because it is not legal tender, that is a myth that is no longer true. The legal system and even the IRS have stated that Us American Eagles are the only coins that can be placed in retirement plans, such as IRA'S and 401K'S. For that reason alone i would urge you to buy American Eagles over Krugerrands or Maple Leafs. A block of states guaranteeing your legal right to make gold and silver transactions would add another impediment to federal interference that would be extremely difficult to overcome. I believe you are correct when you state it would be the same as taking your home or paintings hanging on your wall. It is my personal opinion that confiscation is a non issue, constantly brought up by gold haters and promoters of fiat to keep people away from the real money. It may also be worth noting that the amount of gold in the public's  hand is chump change to these fiat printing digital money mad men, they are dealing in the trillions now. Grabbing the little gold the public has would not be worth the effort. Are you aware that the market cap of just one stock like an Apple or Google is worth more or as much as all the gold in Fort Knox? 
Gold Eagle Coin 1997
Gold Eagle Coin 1997

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #3 on: May 02, 2012, 06:28:21 AM »
Thanks GO.

I agree with you on all counts but I wonder if this logic depends on whether or not there really is 8k tons of gold in Ft. Knox.

If we're headed for a much deeper Depression, then I expect to see people liquidate their gold as Foss et al suggest. In fact, people might gladly sell their Eagles to the Fed under some 'buy back' program. Why let a crisis go to waste, eh? At least that way it won't end up going to China.

Jb

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News
« Reply #4 on: May 02, 2012, 07:21:29 AM »
Thanks GO.

I agree with you on all counts but I wonder if this logic depends on whether or not there really is 8k tons of gold in Ft. Knox.

If we're headed for a much deeper Depression, then I expect to see people liquidate their gold as Foss et al suggest. In fact, people might gladly sell their Eagles to the Fed under some 'buy back' program. Why let a crisis go to waste, eh? At least that way it won't end up going to China.

Jb
                                                                                                                                  I doubt very much if all the gold is still there at Fort Knox. Why is the fed refusing a congressman the stature of Ron Paul permission to audit it? What a disgrace. As to Nicole Foss and her theory of people dumping gold and buying dollars in a depression, my personal belief is that it is a fairy tale. My opinion on deflation is that it could only happen if a sudden unforeseen accident were to happen. Inflation, lots and lots of it, is the path TPTB have chosen, it is difficult to imagine citizens trading gold for their dollars in that most likely of scenarios, most likely the other way around.       
shapeimage 22
shapeimage 22
                                                             

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #5 on: May 02, 2012, 11:02:39 AM »
Golden Oxen:

I have a personal friend who had to sell the gold coins his grandfather gave him several years ago before the price went above 1k. He deeply regrets it but they needed the cash. I did the same with savings bonds when I was in college. As a parent, I don't doubt that I will sell anything I have to feed my son.

Maybe this is on a different scale than what N. Foss is talking about. Preppers exchanging FRNs for PMs and vice versa is probably a very small percentage of the global market.

Jb

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News
« Reply #6 on: May 03, 2012, 07:14:14 AM »
Golden Oxen:

I have a personal friend who had to sell the gold coins his grandfather gave him several years ago before the price went above 1k. He deeply regrets it but they needed the cash. I did the same with savings bonds when I was in college. As a parent, I don't doubt that I will sell anything I have to feed my son.

Maybe this is on a different scale than what N. Foss is talking about. Preppers exchanging FRNs for PMs and vice versa is probably a very small percentage of the global market.

Jb
   Nothing wrong with selling some gold for fiat you need to pay for a necessity or unforeseen need. That is why the gold is there.  Money has two purposes, to act as a medium of exchange and as a store of value.  Paper and digital money are still working quite well as a medium of exchange, but to use them as a store of value would imply you have brain damage. So things get tough and people sell some gold to make ends meet, isn't that true of all financial assets? Stocks, bonds, real estate, farmland, life insurance policies? Should we all sell all our assets and hoard bankster fiat because some people see a collapse somewhere ahead? What if it is five or ten years from now, and what if it is a hyperinflationary collapse rather than a deflationary one. and then of course there is the question of what comes after the collapse. Remember the last deflationary collapse in the 1930's. Would it have been wise to to sell all your gold to FDR at 20 dollars, or hide it in the back yard in a hole. Kindly note he almost doubled the official price of it shortly after grabbing what he could to rev up the great inflation machine we are still operating in.   

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News China Gold Imports Up Sharply
« Reply #7 on: May 09, 2012, 06:27:31 AM »
Mainland China’s gold imports from Hong Kong surged more than sixfold in the first quarter, adding to signs that the country may displace India as the world’s largest consumer of the precious metal on an annual basis.

Imports from Hong Kong were 135,529 kilograms (135.53 metric tons) between January and March, from 19,729 kilograms in the year-earlier period, according to data from the Census and Statistics Department of the  Hong Kong government Global Commodities Ltd., talks about the outlook for commodity markets and his investment strategy. He speaks with John Dawson on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
www.bloomberg.com/news/2012-05-08/china-s-gold-imports-advance-as-country-may-become-biggest-user.html   S&I will set them straight on their Asian tour    ::)

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #8 on: May 09, 2012, 08:44:44 AM »
Demand for physical surging in China as money looks for somewhere to go. Silver approaching my target; feels like it has momentum to get there. I expect metals to return to a longer term tread line; repeat of 2008. Thoughts?

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News
« Reply #9 on: May 09, 2012, 08:56:54 AM »
Same thoughts as before on your purchases Jb. Tip toe in and dollar cost average, the markets open every day; You wont miss anything that way, let the hedge funds that play with other peoples money, OPM, be the heroes. Heads they win tails the backers loose, you know the game.   :icon_mrgreen:

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #10 on: May 10, 2012, 05:46:56 AM »
Interesting link from an article on ZeroHedge: http://www.japantimes.co.jp/text/nn20120508f4.html

The Japanese are selling their gold.

Offline Surly1

  • Administrator
  • Master Chef
  • *****
  • Posts: 16679
    • View Profile
    • Doomstead Diner
Re: Gold & Silver News
« Reply #11 on: May 10, 2012, 08:14:52 AM »
Saw this as well. Wondering just how long that can go on. Probably until they are out of gold...
“The old world is dying, and the New World struggles to be born: now is the time of monsters.”

Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #12 on: May 15, 2012, 01:20:20 PM »
One last check today: silver at $27.62 US and still falling!

I'm gonna have to revise my target of $25.50....


Offline Jb

  • Bussing Staff
  • **
  • Posts: 206
    • View Profile
Re: Gold & Silver News
« Reply #13 on: May 18, 2012, 01:45:22 PM »
Davies says the bottom is in.  ::)

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/18_Ben_Davies_-_The_Gold_%26_Silver_Liquidation_is_Over.html


Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Gold & Silver News
« Reply #14 on: May 20, 2012, 03:56:09 AM »
From one of the best and unusually quiet master investors, Ray Dalio

    Saturday, May 19, 8:31 AM Ray Dalio explains the concept of a beautiful deleveraging and why the U.S. is in one, but the EU, not so much. He expects the ECB will ultimately print money and produce another big rally, "but this is a tougher time to be very confident about that scenario." An "uncivilized" man, Dalio remains a fan of gold, recommending most have 10% of their assets in the metal.It's hard to imagine anyone navigating the rough seas of the past decade more ably than Ray Dalio, master and commander of money-management firm Bridgewater Associates, which oversees $120 billion for a roster of global clients that include foreign governments, pension funds and endowments.

The Westport, Conn.-based company is the world's largest hedge-fund firm and one of just a handful of players to place more than one fund on Barron's annual Top 100 Hedge Funds ranking. This year Bridgewater's flagship Pure Alpha II and its All Weather @12% global macro funds both make the list.  :icon_study:

   

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
1478 Views
Last post June 06, 2015, 08:05:44 AM
by Eddie
11 Replies
3675 Views
Last post November 06, 2015, 04:18:12 PM
by Palloy
2 Replies
1268 Views
Last post January 15, 2016, 06:40:32 PM
by Eddie