Peter Schiff was WRONG!!!!

[Zippyjuan]

HAHAHA! keep 'em coming. Comedy gold. Gold is simply the inverse of the dollar. Saying Gold is in a bubble simply means the USD is way way undervalued.

Here's your precious USD chart. Expect a waterfall decline before this decades out.

Housing prices:

http://seekingalpha.com/article/245203-the-truth-about-the-u-s-housing-market

Gold prices:

http://www.kitco.com/charts/livegold.html

Look familiar? One is a bubble and one is not?

 

[helmuth_hubener]

Didn't mean to kill off the conversation! Thanks for all your input, everyone. Keep it coming!

 

[ctiger2]

Look familiar? One is a bubble and one is not?

Comparing Apples and Oranges maybe?

Houses are a commodity.

Gold is money, that's why central banks all over the globe possess/hoard/accumulate it.

You will find out soon enough when the reset occurs.

 

[Zippyjuan]

Gold is a commodity as well. Is gold money? Can you take to the store and buy something?

 

[ctiger2]

Gold is a commodity as well. Is gold money? Can you take to the store and buy something?

You're confusing Money (Store of value) and Currency (Money substitute used in commerce). Sometimes in history you can use Money as both a store of value and in commerce as well. At this point in time, because of Govt laws, we are forced to use a Currency in all commerce. However, that will change soon after the reset.

 

[Zippyjuan]

Money is not a store of value but a medium of exchange. The value of money is free to change over time. It has whatever value people give it. Gold is a commodity. Its value too changes over time relative to other things. While it has been used as money in the past, it is not money today.

 

[devil21]

Money is not a store of value but a medium of exchange. The value of money is free to change over time. It has whatever value people give it. Gold is a commodity. Its value too changes over time relative to other things. While it has been used as money in the past, it is not money today.

"Tradition"

 

[ctiger2]

Money is not a store of value but a medium of exchange. The value of money is free to change over time. It has whatever value people give it. Gold is a commodity. Its value too changes over time relative to other things. While it has been used as money in the past, it is not money today.

Money is a store of value AND a medium of exchange, among other things. Sometimes currency is used as a money substitute as it is today. This argument you try to make over and over is just silly. Silver and Gold have been traditional forms of money for thousands and thousands of years. Umm, they're in the Bible even. Federal Reserve notes unbacked by Gold have been around for 40 years. If we use history as our guide... thousands and thousands of years vs 40 years. You will see it soon with the Global currency reset that's looming.

 

[Zippyjuan]

If gold is money, can you take it to a store and buy stuff with it? If no, then it isn't money. It is a commodity. Yes, it is true that it has been used for money in the past but isn't today. Actually most money today isn't even paper or metals but digital numbers. Only about ten percent is "currency". Seashells have also been used for money as has rice among other things.

 

[dannno]

If gold is money, can you take it to a store and buy stuff with it? If no, then it isn't money. It is a commodity.

That's only true because of legal tender laws, not due to the nature of gold itself.

 

[ctiger2]

If gold is money, can you take it to a store and buy stuff with it? If no, then it isn't money. It is a commodity. Yes, it is true that it has been used for money in the past but isn't today. Actually most money today isn't even paper or metals but digital numbers. Only about ten percent is "currency". Seashells have also been used for money as has rice among other things.

If the Govt suddenly passed a law stating that humans don't need water anymore. Would humans suddenly not need water?

Government laws are GARBAGE

I actually don't think we'll be using silver/gold as currency themselves at stores in the future. What's more likely to happen is I'll go to the bank and deposit my 100oz of silver and be issued a Silver Debit card. Then I'll go to the grocery store and they'll be 2 prices listed. You can buy this loaf of bread for $50 US Treasury Notes/Dollars OR 1/10 oz of silver. I'll swipe my Silver Debit card and 1/10th oz will be deducted from my 100oz. No one will be the wiser.

Alan Greenspan: 'Intrinsic currencies like Gold and Silver for example, are acceptable without a third party guarantee'

 

[ChristianAnarchist]

Peter Schiff was wrong, you were wrong, I was wrong... Even Ron Paul has been wrong. What's the big deal? Does anyone think that someone can accurately predict the future? I think "prophets" went out with the old testament...

I wish I could get a silver dollar for every time I have been "wrong". I'd have a tidy retirement, that's for sure.

 

[devil21]

If gold is money, can you take it to a store and buy stuff with it? If no, then it isn't money. It is a commodity. Yes, it is true that it has been used for money in the past but isn't today. Actually most money today isn't even paper or metals but digital numbers. Only about ten percent is "currency". Seashells have also been used for money as has rice among other things.

See what I mean about confusing economics so much that it's difficult to understand? Changing definitions of words and forcing the definition adoption at the point of gun (legal tender laws) is the bread and butter of a Keynesian. Next, the digital will no longer be money, it will be "credits". In fact, banks have already determined that money deposits aren't even money any more once the bank takes possession of it. They are now "shares" in that bank, not money. Right Zip?

 

[Bossobass]

If gold is money, can you take it to a store and buy stuff with it? If no, then it isn't money. It is a commodity. Yes, it is true that it has been used for money in the past but isn't today. Actually most money today isn't even paper or metals but digital numbers. Only about ten percent is "currency". Seashells have also been used for money as has rice among other things.

You can take a $100 FRN bill into an establishment and change it for smaller FRN denominations.

You can take an American Gold Eagle coin into an establishment and change it for smaller FRN denominations.

There isn't a country or a currency on earth that this simple analogy doesn't hold true in.

What's the question?

The Gold Bullion Coin Act Of 1985:

The act was passed by Congress pursuant to its exclusive power to coin money and set its value, set forth in Article I, Section 8, Clause 5 of the United States Constitution. It was signed by Ronald Reagan in 1985.

Reads, in part:

“(3) For purposes of section 5132(a)(1) of this title, all coins minted under this subsection shall be considered to be numismatic items”.

Definition of numismatic:

nu·mis·mat·ic
(no͞o′mĭz-măt′ĭk, -mĭs-, nyo͞o′-)
adj.
1. Of or relating to coins or currency.
2. Of or relating to numismatics.

 

[Zippyjuan]

You can take an American Gold Eagle coin into an establishment and change it for smaller FRN denominations.

So I can give you ten $5 bills in exchange for your $50 gold piece? Where can we meet and how many do you have?

 

[TheTexan]

Peter Schiff was also right about something, probably

 

[Bossobass]

You wouldn't know what to do with a $50 gold piece, otherwise, I'd just give you one.

You'd probably scurry it off to your bosses at the FED to hold in their vaults to keep tradition alive.

Bullshit aside, gold is money and always has been and always will be, seashells and digital credits notwithstanding.

 

[helmuth_hubener]

Ya, I'm one of those people. I never expected the ponzi schemes to last this long. I was WRONG (about how long until the collapse). I'm NOT WRONG about the collapse coming. Eventually the confidence will be gone from this confidence game and the house of cards will come down. The world will still turn and people will still live (most of them). Some people who have made no preparations will struggle to feed their families and some will even die. It's not that any of us WANT this or even hope that we are right. I'm tickled to death that my "predictions" have so far been premature. I even hope that I'm COMPLETELY wrong and there will never be a collapse and the goons in D.C. will find "religion" and get their budgets in order and stop taxing everyone to death... I think we all know that's not very likely...

Peter Schiff was wrong, you were wrong, I was wrong... Even Ron Paul has been wrong. What's the big deal? Does anyone think that someone can accurately predict the future? I think "prophets" went out with the old testament...

I wish I could get a silver dollar for every time I have been "wrong". I'd have a tidy retirement, that's for sure.

The point is not to "pile on" and rub salt on Peter Schiff and other true-believing gold bugs. Nor -- emphatically! -- to crow about somehow being right. "I was right, you were wrong, nyah-nyah-nyah-nyah-nyah-nyah." No! My point is to try to expose more people to a different way of thinking about investing that will hopefully help them keep more of their hard-earned money.

We are good liberty people here. The more resources and wealth libertarians have, the better, in my view. So, let's get good returns. Let's not fritter away hard-won life savings following fortune-tellers and broken methodologies.

This stuff is likely really relevant to you, ChristianAnarchist. You probably have an investment strategy right now. You have something to lose, and something to gain, real money on the table. I'd encourage you to look into the Permanent Portfolio concept. Post-It Note version:

There's four possible conditions the economy can be in:

1. Inflation
2. Deflation
3. Prosperity
4. Recession

There's four assets to hold which will carry you through and and all four of these conditions:

1. Gold (for inflation)
2. Bonds (for deflation)
3. Stocks (for prosperity)
4. Cash (for recession)

It's a strategy that's proven its mettle for over 40 years now. Good, steady returns. Low volatility. Ready for anything.

 

[ChristianAnarchist]

The point is not to "pile on" and rub salt on Peter Schiff and other true-believing gold bugs. Nor -- emphatically! -- to crow about somehow being right. "I was right, you were wrong, nyah-nyah-nyah-nyah-nyah-nyah." No! My point is to try to expose more people to a different way of thinking about investing that will hopefully help them keep more of their hard-earned money.

We are good liberty people here. The more resources and wealth libertarians have, the better, in my view. So, let's get good returns. Let's not fritter away hard-won life savings following fortune-tellers and broken methodologies.

This stuff is likely really relevant to you, ChristianAnarchist. You probably have an investment strategy right now. You have something to lose, and something to gain, real money on the table. I'd encourage you to look into the Permanent Portfolio concept. Post-It Note version:

There's four possible conditions the economy can be in:

1. Inflation
2. Deflation
3. Prosperity
4. Recession

There's four assets to hold which will carry you through and and all four of these conditions:

1. Gold (for inflation)
2. Bonds (for deflation)
3. Stocks (for prosperity)
4. Cash (for recession)

It's a strategy that's proven its mettle for over 40 years now. Good, steady returns. Low volatility. Ready for anything.

I think that looks pretty good. You did leave out one even more valuable asset and that is talent or skill. The best thing someone can carry is in their mind. They need to have some marketable trade with them so in any community or situation they will have something of value to "trade".

 

[helmuth_hubener]

I think that looks pretty good. You did leave out one even more valuable asset and that is talent or skill.

That is a thousand times more valuable than the rest.