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Re: Remobilize Gold To Save The World Economy!
So, allow China to trade in its Treasury holdings for American Eagles. Seems this would only work out well if they let the gold market soar, the dollar tank and, thus extinguish $10 trillion of debt using a higher, market determined price. I think it more likely that the US government sets an artificially high Gold/dollar rate to execute this exchange.The solution is relatively simple. The world’s monetary gold should be remobilized. This can be accomplished by opening the U.S. Mint to the free and unlimited coinage of gold. There should be no attempt to fix, cap, or otherwise control the dollar price of gold. The gold coins of the United States ought to be made available to bondholders in order to provide for an orderly retirement of debt, if that is what the bondholders want. When they become convinced that this avenue is open to them through the unlimited availability of gold coins of the realm, the scrambling for liquidity will peter out and stability return. If other great nations wanted to join opening their Mints to the free and unlimited coinage of gold, so much the better. It should not be beyond the power and the wit of the U.S. government to rein in this crisis and make a decisive move in the direction of full recovery through opening the U.S. Mint to gold, as demanded by the Constitution. -
Re: Remobilize Gold To Save The World Economy!
Didn't Comex meld down last december?
http://www.marketoracle.co.uk/Article7639.htmlComment
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Re: Remobilize Gold To Save The World Economy!
Yes, for a short period of time... and it's now in pretty much permanent backwardation on eBay... gold eagles average price was $1069 a day ago.Originally posted by tacito View PostComment
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Re: Remobilize Gold To Save The World Economy!
Let's see... My usual dealer has eagles at 720.51 EUR -> 1,029.68$ and Austrian 100 Kronen (30.49gr) at 688.90 EUR/piece -> 702.68 EUR/ounce -> 1,004.20$. Both on stock. The last one is about 5% over spot. At least in Spain it was hard for me to buy gold last year, but now it's easier. eBay is always a bit expensive.Originally posted by Charles Mackay View Post
Do you know what Prof. Fekete uses to estimate backwardation? When I read articles of him last year I thought that this was a negative "gofo" like in http://www.lbma.org.uk/?area=stats&page=gofo/2008gofo from 20-29 November, but this is the only occasion last year from this source.
Another question: that Comex "default" from last year, was that story about de ECB selling gold to Deutche Bank to bailout them? Do you think it was for real?Comment
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Re: Remobilize Gold To Save The World Economy!
Does that imply a shortage of gold coins?Originally posted by Charles Mackay View PostComment
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Re: Remobilize Gold To Save The World Economy!
A remote possibility is that things are not as they seem, and that it's the other way around (the dollar being cheap and the RMB expensive) with China suffering severe inflation, when the excess money hit the streets, like in 1994. Tensions are mounting in China.Comment
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Re: Remobilize Gold To Save The World Economy!
Mr. Maloney explains it to us:
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Re: Remobilize Gold To Save The World Economy!
I don't think the gold and silver market's are rigged in any significant way, and the central bank selling I think is to raise cash for governments, or to stabilise the dollar under some extreme events, like a terror attack, or an attempt to stabilize inflation, as in 1980-1981 with Volcker, in that case, selling some gold or silver would just be as a minor part of a larger cocktail to knock out inflation. I see the things that's moving in trend with gold and silver, and had gold and silver been manipulated things would had been out of step, and it's not, if anything gold is slightly overpriced. The US government can't go in and hold down every asset class out there to make their supposed manipulation look credible. I have my own theory that there is something about gold that not only attract people seeking a hedge against inflation but also attract some people that have the paranoid streak in their personality that is needed to make conspiracy theories about gold (Alex Jones is a good example of someone I would define as that kind of person). For some it also helped with the long bear market gold had to develop these theories. It have occurred to me that so many of these bugs are old enough to have experienced the last bull-market, and probably started getting delusional somewhere along the bear-market.Last edited by nero3; August 13, 2009, 03:48 PM.Comment
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Re: Remobilize Gold To Save The World Economy!
History clearly does not support any of your contentions. Only have to look at the London Gold Pool to find manipulation. Gold has been a medium of exchange since biblical times. Only recently have the global central banks erected their insidious floating exchange system that is now running on its last breath. This is the reason why your so-called "bugs" including Paulson are pouring money into the precious metals. Before you get on your high horse, learn your monetary history.Comment
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Re: Remobilize Gold To Save The World Economy!
I don't think so. There was a secular deflationary trend from 1981 to 2000. That's why gold was weak. Not manipulation. The trend have changed, and gold is in a bull-market. That's why guys like Paulson are betting on gold, and guys like Soros are betting on things like PBR and POT. It's not related to the system breaking down, at least not in my opinion. For Paulson I think he fears the inflation as the economy picks up from all the money printing. I would not use is buying as a validation of conspiracy theories.Originally posted by kartius919 View PostComment
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Re: Remobilize Gold To Save The World Economy!
Hey I'm not A conspiracy guy, I don’t believe that the “grassy knoll’ was full of CIA shooters that got Kennedy etc. BUT why the fu6k do the Central Banks sell gold to the tune of 500 tones a year – makes no sense, NONE – other than they want the gold price lower. WHY????? Are they afraid of it going up? Hey I for one don’t know what’s up with that – but I do know it makes no sense - I always look VERY carefully at things that make no sense because someone is behind that. ALWAYS. That is not jmho that is a time proven factOriginally posted by nero3 View Post
I made a good bit of money on Enron and MCI/ World Com just because there financials made no sense so I looked closerLast edited by rabot10; August 13, 2009, 05:09 PM.Comment
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Re: Remobilize Gold To Save The World Economy!
Don't overestimate the intelligence, and thereby the intentions of central banks. My own feel for it, is that the central banks have sold gold during periods when it did not show much luster, and then step down when there is periods like this.Comment
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Re: Remobilize Gold To Save The World Economy!
Chicken/Egg conundrum.Originally posted by nero3 View Post
Some evidence suggests that CB's are actually eager to accumulate...China (Ecuador, Venezuela, Russia net buyers Q-1 09).
Sell low , buy hi ?
I hold the patent on that trade
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Re: Remobilize Gold To Save The World Economy!
Ebay is not an accurate reflection of the market... right now you can get eagles under spot, considering a Bing.com rebate on Buy it Now. Auction bidders are misinformed by the inflated rebate Buy it Now prices, so they bid higher.Originally posted by Charles Mackay View PostComment
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