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Gold Standard Returns!!!--Indiana State Senator Files Gold Money Bill!

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posted on Jan, 16 2009 @ 07:20 PM
Bringing gold and silver back has soo many benefits for America. Lets just hope that the I.R.S. don't try to get their hands on it.

I'm not an expert or anything but here's a suggestion. Since there seems to be a shortage of gold and silver to back our economy as it is today, why not introduce diamonds into the mix of gold and silver? I mean, we do make those things right(?) by compressing coal or carbon or something like that? I don't know. That's just something for you more intelligent folks out there to consider while we work over our government to take back or economy.

posted on Jan, 16 2009 @ 07:21 PM
SHHHHHHHHHHHHHHH!!!!! Keep it down. We don't want the whole country to know about this. I'm trying to make some money here. They predict Gold to hit $2000 an ounce this year. With the decline of the US dollar gold will be a very attractive investment. Especially for Self Directed IRA's. I just started one. Lost $10,000 this year in my ROth IRA. WHERE'S MY BAILOUT?? I got a wife and 3 kids to put through college. Tuition is going up too. Damn right I'm investing into gold and gold coins. And if it gets too crazy out there, I'll have them ship it to me and I'll put it in my own safe. Soon they'll put my plan into effect. Invade Mexico and push our border way down Salina Cruz to Agua Dulce. That leaves us around 150 miles of border to patrol. We can do that easily. Then we can help the Mexican people to dig for gold and drill for oil, both of which they have a lot of. Which will put us and the Mexicans on top of and in competition with the Arabs. They can keep their oil. But we need to do this before the Drug Cartels or Hugo Chavez does it first.....

posted on Jan, 16 2009 @ 07:24 PM
reply to post by American Jihadist

Purchasing gold is completely different than converting to a "gold standard" surely you realize that, don't you?

posted on Jan, 16 2009 @ 07:33 PM

Originally posted by autowrench
Kennedy tried to ban the FED one time, and actually issued interest free money....

Yeah right...

It wasn't too long after that the he got his head blown off!

Thats what happens when you mess with the power brokers.

posted on Jan, 16 2009 @ 08:28 PM

Originally posted by Alpha_Magnum
Then there is this problem...

The total amount of gold that has ever been mined has been estimated at around 142,000 tonnes. Assuming a gold price of US$1,000 per ounce, or $32,500 per kilogram, the total value of all the gold ever mined would be around $4.5 trillion. This is less than the value of circulating money in the U.S. alone, where more than $7.6 trillion is in circulation or in deposit (although international banking currently practices fractional reserves).

$4.5 Trillion the world over @ $1K per/oz. The USA owes TRILLIONS in national debt now.... Duuuuuuuuuuuuu. That makes this whole thing moot by the way.

They say that those who don't learn from history are condemned to repeat it... and it must be true for those who don't read history.

In the ancient Middle East, the countries had a "gold standard" with gold and silver and bronze and copper coins. I'm most familiar with what happened in Rome and Egypt... the basics are that more money was needed (more people, more goods) and counterfeiters started debasing the coinage by mixing it with tin and even dirt. The government, running out of coins, stepped in, re-valued the coinage several times (Cleopatra issued new money that was much smaller than the old money and insisted that her people treat the smaller coin as though it was the larger one. One of the later Roman emperors, near the time of the collapse of the empire, replaced much of the silver in the silver coins with another metal.

And then there were the Hunt Brothers who tried to corner the silver market in the US within my lifetime. Drove the price of silver up to ungodly heights and many people bought high and folded when the market went right back to $6/ounce.

And, of course, most people can't tell whether they're getting good gold or just an electroplate or gold washed item.

posted on Jan, 16 2009 @ 08:49 PM
reply to post by Byrd

Here is a story on Hunt. Your assessments on him are not exactly true...then again truth is in the eye of the beholder....actually the banks hosed the Hunts not the other way around...

posted on Jan, 16 2009 @ 08:59 PM

Originally posted by tjeffersonsghost
reply to post by Byrd

Here is a story on Hunt. Your assessments on him are not exactly true...then again truth is in the eye of the beholder....actually the banks hosed the Hunts not the other way around...

This is sort of academic if you consider that we are in a depression and will most likely see a large scale draft. In the Great depression 7 million Americans starved to death and gold would not have helped them since they needed food. The government during the build-up to WW2 seized all of the private gold holdings and implemented strict rationing.

We are about to see all of that for ourselves gold or no gold. Sorry

posted on Jan, 16 2009 @ 09:27 PM
Some here speak of the govt. or the Federal Reserve as if they were omnipotent Gods.

This makes me cringe and enraged at what has transpired here in time unto the 'subjects' of such a massive scheme of fraud perpetuated by the very people who wish to view their fellow man as an 'underclass'.

A fiat monetary system always fails in time. History repeats time and again. No paper currency in the past has stood the test of time. Paper currencies not backed by a precious commodity always come to an End with the holder suffering the consequences while those at the printing presses laugh all the way to the bank. It costs them nothing to print the currency at their whim. Any losses are left to the taxpayers. What did they have to lose? Nada. Wow, what a racket! If I lacked a conscience, I might consider the same though by Natural Law, I would suffer their consequence. They will never have peace as by design.

You take from your neighbor, you take from yourself.

YOU, the people elect the govt. ...... in theory anyhow.

They are to serve YOU.

NOT the other way around.

They are few, you are many, the rest is smoke in mirrors.

Get your govt. back to serving YOU, the people, as was by design!!

It seems their media had done a fine job brainwashing the masses.

Money has a way of influencing serfs.

Are you serfs?

You should be 'enraged' at the assumption.

Whether you 'choose' to be subordinate to another or not, the 'choice' is ultimately yours.

Stand in unison to bring back an honest monetary system based on sound money.

Gold and Silver have always had value in and of themselves. Regardless of it's monetary value, it has many uses in many areas of science.

It is a scarce gift of our Creator in many ways other than 'currency' itself.

Diamonds are too difficult to determine whether they are made in a lab or were created by nature. Only professionals can determine the difference, therefor they cannot be relied on as a currency for everyday transactions.

Until the people replace the monetary system and return to a barter system, there will never be sound payment for services rendered. Until money is valued by something tangible, something real, something of which has value in and of itself, there will never be a sound monetary system. The paper currencies backed by 'nothing' will be abused and inflated to pennies on the dollar.

If you hold $100 for 10 years in a bank account, assuming a 'generous' rate of 3% inflation annually, your $100 will be worth less than $70 if you compound the interest. In economics they call this the 'Time Value of Money'.

Sure, the international banksters swindling class own majority share ownership of many of the words largest mines and conceal their ownership with Trusts and funds of which are in place in countries with non-disclosure laws further concealing true shareholdership though one still cannot create the commodity out of thin air.

Gold and Silver will be highly valued once again this year and for many years to come. The govt. this time around will not get away with confiscating the gold from the people. The people are much more educated on the issue this time around and simply won't stand for it.

I have discussed the matter in more depth on my profile if interested.

Yamana Gold (quote symbol or ticker AUY), Goldcorp (quote symbol GG), and Silver Wheaton (ticker SLW) are the best in the business in current price per share. These stocks also have large reserves in the ground and are known to produce the metal most profitably per ounce. They also have a many mines of which produce a high multiple of ounces of precious metal per ton of ore.

Spider Gold Trust (GLD) is another way to invest in the metal and of course holding physical gold and silver in a safe is another preferred option.

Investing in all of the above is the safest way to go in my 'opinion'.

Good fortune.

[edit on 16-1-2009 by Perseus Apex]

posted on Jan, 16 2009 @ 09:37 PM
I walked into my bosses office a few months back and asked him to stop paying me in phantom money. I asked him to stop my direct deposit of others debt and to start paying me in a currency that is worth what service I provide for him and his customers.

He started laughing......I was not.

He said "your serious?" and I said very much so. Of course he declined my request and sent me on my way but I said what I wanted to.

Wouldn't you know it. I was mysteriously selected for a random drug screening the very next day.
(which I passed)

A couple months later my boss asked me what I was talking about, what I was getting at, what was my point with the comment made about phantom money. I just told him that seriously our economy and the US dollar is not what it once was. The working guy is getting the shaft from all sides. The price of everything is up and wages are staying the same so it's like getting a decrease in pay. He said "well what did you have in mind instead of being paid in US dollars". I said cheeseburgers just being my usual smart@%# self but then said gold, silver, diamonds, whatever has "real" value.

As I awaited the call for another drug test, I could tell I got to him. He had been thinking about what I said for weeks.

I'm just sick of being paid with nothing but worthless paper. Yes, I can use that worthless paper to keep the electricity running, pay for food, gas, ect...
but it's all a bunch of crap. Our dollar sucks, and I want my worthless paper to actually mean something, I want it backed by gold or silver. (cheeseburgers would work too)

I'm from Indiana and I know it's just a pipe dream, but just what if..........

Each state had it own currency based off of gold, silver, and other precious metals or gems (or energy as previously mentioned) held by each state. It wouldn't only be good in Indiana but a US currency based off of not the country as a whole, but as the financial strength of each state in the union. This way, we have a little more control as a state to keep our financial houses in order on a local level. We the people and our local resources, holdings, goods and services determine what the value is.

If we put people in charge who devalue our currency, they are held accountable and we kick them to the curb in favor of people who will work to make our dollar as strong or stronger then our neighbors (competition is a good thing)

I don't know what this would do in the grand scheme of things or if it would even work, but it's interesting of where a concept like this could go. example: a Indiana dollar may be worth 2 Ohio dollars but 1/2 of a Texas dollar.....

A failing state or region would not have as much impact on the strength of the nation as a whole imo

But hey, what do I know. I'm just a refrigeration mechanic. And maybe a little nuts.

posted on Jan, 16 2009 @ 09:58 PM
I think that going back to the gold and silver standard would help the US as well as the rest of the world. Paying in gold would be ideal and the Fed will be out. Yes. Lets go for it. NOW>

posted on Jan, 16 2009 @ 10:04 PM
reply to post by autowrench

All I can say is it's about time. Americans have been paying interest on their money, which is created from thin air, for much too long. In many posts I have been fighting against the Federal Reserve for a long time. Kennedy tried to ban the FED one time, and actually issued interest free money....

In 1933, one of the things President Roosevelt did in the First 100 Days was take the country off the gold standard. See Note below. There was simply not enough gold which made the PRICE of money too expensive. The Federal Reserve System was created in 1913 the same year the Income Tax Amendment was adopted.

There were more than 300 banks around the US issuing money before 1913. A counterfeiters paradises! You can imagine the adverse effect on commerce. Say you are a farmer in Indiana who has 10,000 bushels of corn to sell. The going price is $1 a bushel. I’m the buyer for a hog feeding lot in Chicago. I offer to buy your corn at the going price. When I get ready to pay you, I bring out a roll of bills issued by the Commerce Bank and Trust Company of Waycross, Georgia. How do you feel about that? Suppose they had gone belly-up just a few days ago. In other words, if you are smart, you cannot accept that money in payment for the corn until you have personally verified the issuing bank is still alive and well. The success of the new money system adopted in 1913 put all those other issuers of money out of business.

I believe there are $400 billion worth of US currency in circulation outside the US as the world’s basic currency. I also believe there are $250 billion worth of US currency in circulation inside the US. I believe there are 20 million ounces of gold in the US Treasury.

But here is the rule that has to be obeyed by Indiana: From the US Constitution, Article 1, Section 10. Clause 1. “No state shall enter into any treaty, alliance, or confederation; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.”

It won’t work. The US is not going to revert to the gold standard. Fiat money is too good for the government. It gives them the control over the economy that gold and silver would not. I do not have any idea why JFK signed that executive order mentioned here. It certainly is no in effect today, if it ever was.

In 1933, the going price for gold was $20 an ounce. When the US government required citizens to turn in their gold coins and currency, the government paid $35 an ounce and found few if any resistors.

See post following by OBE1 that clarifies the above references to the price and date of gold. DW

[edit on 1/17/2009 by donwhite]

posted on Jan, 16 2009 @ 10:11 PM
Once again...

Gold is an element that is presently mined. The mines are owned by private interests and they control the mineral rights in any given area. If one of these "private interests" is determined to inflate the price of gold he will simply "hold back gold inventory" and wait. The price will rise and rise and rise and at that point he will dump the gold on the market and you can guess what would happen then.

Dragging your "gold around" from place to place will be problematic. Bandits will try to separate you from it and carving off a hunk for some cake will not be easy. Bankers will hold it for you and give you deposit certificates... and I think you know what happens then?

Wampum was one of the greatest forms of money ever!

posted on Jan, 16 2009 @ 10:12 PM
What happens when we default on the TRILLIONS we owe CHINA for buying our debt??? Mmmmmmmmmm

posted on Jan, 16 2009 @ 10:35 PM
reply to post by Alpha_Magnum

Dragging your "gold around" from place to place will be problematic. Bandits will try to separate you from it and carving off a hunk for some cake will not be easy. Bankers will hold it for you and give you deposit certificates... and I think you know what happens then?

While most people would accept a Krugerrand or a Canadian Maple Leaf in payment of a debt, there might be an argument over its value. The largest (or heaviest) method of holding gold in bullion is the 1,000 ounce bar. When offered a couple of those in payment of a multi-million dollar debt, you’d have to pay a assayer to verify the .9999 pure gold content. I have no idea what that service would cost but I’m sure it is not cheap. Plus, you would have to have 2 or 3 armed guards to take the gold bars to and from the assayer. Suppose the fellow with the gold produced an assay two or three years old and by a firm far far away? I don’t think I’d use his assay. I’d want my own.

I think the price of gold is “fixed” in London. Gold closed today at $843.15 per troy ounce. (1 troy ounce = 31 gm where an av. ounce is 28 gm).

During '04 the price of gold was $400. In '05 the price went to 500. In '06 saw the price fluctuate from $720 down to $590. In '08 the price fluctuated from $1,000 down to todays $843.

Q. How much would the $25 m. in gold reward for Osama bin Laden weigh? A. 29,650 troy ounces. I get 1,673 pounds.

Note that although a troy ounce weighs more than an avoirdupois ounce, a troy pound is but 12 ounces while the more ordinary av pound is 16 ounces. Troy = 372 grams, av = 448 grams. The lighter troy pound is 83% of the avoirdupois.

[edit on 1/17/2009 by donwhite]

posted on Jan, 16 2009 @ 10:40 PM

Originally posted by tjeffersonsghost
sure there is. They would have to revalue gold to its real value though like they did in the 30s. I wouldnt be so sure that wont happen again......

Former Merrill Lynch-er, Stewart Thomson, just did a good piece on that very topic MBU.

Is President Obama Wearing A Giant Gold Mask?

For those that haven't had the time to research Gold confiscation mythologies...please put your bebop's comes one of those glaring...irritating charts...sorry.....

First, what happened to the public Gold stock between Dec '32' and March '33' ???

A whopping 35.5% of circulating Gold simply vanished...just ahead of the Roosevelt confiscation!

Citizens were required by Executive Order (April 5, 1933), to surrender all of their Gold coin by May 1, 1933. In January of '34', after Roosevelt had devalued the dollar, there still remained 13.9MM ounces of Gold coin in 'circulation'. In other words, only 21.9% was ever surrendered.

Milton Friedman/Anna Schwartz: We therefore concluded that in Jan. 1934 the bulk of the [13.9 million ounces] was retained illegally in private hands.

I previously understood that there was only one conviction, but Mr Thomson adds a few details....

My understanding is there was only ONE conviction during the 1930's crisis for a person refusing to hand in their gold. That person had millions of dollars of gold sitting in a major US commercial bank. Their gold was a huge amount in plain view, and the bank was under orders to sell it to the US Treasury.

Full Text

Aside from the fact that up until 1933, the US had been conducting international trade on a Gold Standard....does anyone really believe that in today's corrupt political/corporate climate...Americans will be lining-up to surrender their Gold?

While he repudiated the U.S. Gold obligation (convertibility), in 1971, the statutory link between Gold and the US money supply...The Federal Reserve Gold Certificate Ratio...aka: The Gold Cover Clause...was put to rest under Nixon in 1968. IMO, the elimination of this control mechanism, marked the true birth of the dollar reserve standard...and placed the keys to the floodgate directly in the hands of the US Fed.

[edit on 17-1-2009 by OBE1]

posted on Jan, 16 2009 @ 10:40 PM
The Spider Gold Trust (GLD) currently has many more shares outstanding than they can 'deliver' in gold bullion. In other words there are more GLD shares outstanding than are currently held in equivalent gold reserves at the COMEX. Sound familiar? Sounds like our paper banking system.

Our banking system only keeps 10% reserves of cash per deposit as per the current fractional reserve banking system laws. In other words, you deposit $100 at your freindly neighborhood bank and the bank, in return, are allowed to loan out $90 of that $100 deposit and are only required to hold $10 in reserves. If there is a "run on the bank", good luck getting your money back.

Russia, China, Iran and a few other countries plan to bust the COMEX or create a run on the bank (COMEX) per say to bring spot price of gold back to where it should be.

You heard this here first? Most likely.

It will be interesting to see the result. Long overdue.

You may find an article on this if your diligent and lucky though I doubt it.

[edit on 16-1-2009 by Perseus Apex]

posted on Jan, 16 2009 @ 10:41 PM
reply to post by donwhite

A couple of clarifications are in order:

In 1933, Americans were given $20.67 per ounce for gold that was seized. Anyone caught hoarding gold was subject to a $10,000 fine and 10 yrs. in a Federal penitentiary. Not exactly voluntary. The Government promptly sold the gold on international markets for $35.00/oz.

JFK's executive order established "United States Notes" as legal tender in lieu of "Federal Reserve Notes". The difference being that the "red seal" US Notes were backed by the US Government, and did not have to be "borrowed" from the Federal Reserve Bank, hence no interest to pay back to the FED for the use of our own money. Eventually the international bankers would be cut out of the US money creation loop entirely. Five months after JFK signed this executive order, he was assasinated and LBJ struck the order down shortly after taking office.

If a gold standard is too difficult to enact, we could always go back to US Notes. At least we could eliminate the interest on the national debt.

posted on Jan, 17 2009 @ 12:42 AM

Originally posted by donwhite
Note. In 1933, the going price for gold was $20 an ounce. When the US government required citizens to turn in their gold coins and currency, the government paid $35 an ounce and found few if any resistors.

Hi Don. In 1933, the price paid to citizens that surrendered their Gold was $20.67oz. Insult to injury...soon there-after, Roosevelt devalued the dollar [69.3%] against Gold @ $35oz.

Originally posted by donwhite
The largest (or heaviest) method of holding gold in bullion is the 1,000 ounce bar.

Maybe you are confusing 1,000oz Good Delivery Silver (approx 70lbs)....or 1,000g Gold Kilobars?. COMEX Gold = 100oz Good Delivery bars. The biggies...Central Bank Gold = 350oz - 420oz GDB.

Sold many 'recognizable' forms of Gold...never required assays.

reply to post by Alpha_Magnum

Originally posted by Alpha_Magnum
Dragging your "gold around" from place to place will be problematic.

$1 million Gold in 20oz tubes...fills half a shoebox

reply to post by Perseus Apex

Originally posted by Perseus Apex
The Spider Gold Trust (GLD) currently has many more shares outstanding than they can 'deliver' in gold bullion. In other words there are more GLD shares outstanding than are currently held in equivalent gold reserves at the COMEX.

GLD inventories (new record today @ 25,568,182.89 ounces), have no relationship to COMEX inventories PA.

Gold/Silver ETF stocks are warehoused by the trust custodian. With respect to GLD...that would be the London branch office of HSBC.

Another common misconception is that shares in PM ETF's are not redeemable for actual physical metal.

Sec rulings mandate that all ETF's be redeemable for the underlying securities/asset. GLD is redeemable in 100,000 share-blocks (aka: Creation Units/Baskets).

Any individual with the funds, or a pool of investors for example, could buy 100,000 shares (1/10th oz per) of GLD, redeem the shares through the appropriate "Authorized Participant"...send them to World Gold Trust Services LLC...along with the requisite transaction them for 10,000 oz of bullion, delivered to a registered facility of their choice.

Don't mean to be a pest you guys....

[edit on 17-1-2009 by OBE1]

posted on Jan, 17 2009 @ 01:07 AM
reply to post by OBE1

Good then so back to reality. It is a waste of time to even talk about this since it will never be implemented. 1st The USA is going to crash and this process will take a long while. Look at what happened to the USSR being bogged down in Afghanistan for 10 years. Heck we have two wars and looking for more trouble. Soon enough it will be 10 years too.

Where is this GOLD going to come from? We are BROKE the nation is in a depression and we OWE trillions to the Chinese. You all think like the government and are spending gold that we don't even have. How would this gold even make it down to the poorest? It simply will not since there are no jobs because we are in a DEPRESSION.

New Deal #2 will simply not work because you all miss the reality that we are watching the END of the "Industrial Era" headed directly at us. We are moving from high energy to low energy. In that process the population will shrink since the energy from the 1800's will not be enough to sustain the entire population.

You all want gold but that will not prevent what is happening. Humanity can only grow and prosper when its resources are more plentiful than its demands of them. It is even worse than a resource issue, we have arrived at the possibility of a major die-off.

posted on Jan, 17 2009 @ 01:54 AM
reply to post by Alpha_Magnum

What happens when.........sshhhh

That's when that elephant misses the trampoline. Bigger they are, the harder they fall.

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