Originally posted by camaro68ss
reply to post by sbctinfantry

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You make no sense and you only think in absolutes. There is no gold bubble. Yes there might be a small correction but as long as the global economy keeps printing out fiat currency, gold and silver will keep going up/hold its value.

All this “you’re going to be starving with your gold bars asking for food and no one will trade you for food” or “you can’t eat gold” well you can’t eat fiat paper either yet you hold on to it like it has value.

For those like me, we store food, water, have our guns, land, and cattle. Once we bought all we need to survive the end of the world, we convert the rest of our wealth into gold and silver. Its that simple

Gold was at a high price in Egypt until they came in that year. The mithqal did not go below 25 dirhams and was generally above, but from that time its value fell and it cheapened in price and has remained cheap till now. The mithqal does not exceed 22 dirhams or less. This has been the state of affairs for about twelve years until this day by reason of the large amount of gold which they brought into Egypt and spent there
—Chihab Al-Umari

“Everything has its limit – iron ore cannot be educated into gold”, Mark Twain.

Gold in antiquity was relatively easy to obtain geologically; however, 75% of all gold ever produced has been extracted since 1910.[39] It has been estimated that all gold ever refined would form a single cube 20 m (66 ft) on a side (equivalent to 8,000 m3).[39]

Source : en.wikipedia.org...

Silver Thursday was an event that occurred in the silver commodity markets on Thursday, 27 March 1980. A steep fall in silver prices led to panic on commodity and futures exchanges.

BackgroundNelson Bunker Hunt and William Herbert Hunt, the sons of Texas oil billionaire Haroldson Lafayette Hunt, Jr., had for some time been attempting to corner the market in silver. In 1979, the price for silver jumped from $6/oz to a record high of $48.70/oz.
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But on January 7, 1980, in response to the Hunt's accumulation, the exchange rules regarding leverage were changed, when COMEX adopted "Silver Rule 7" placing heavy restrictions on the purchase of commodities on margin. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days, they were unable to meet their obligations, causing panic in the markets.

The Hunts were unable to meet the margin call, and, with the brothers facing a potential $1.7 billion loss, the ensuing panic was felt in the financial markets in general, as well as commodities and futures. Many government officials feared that if the Hunts were unable to meet their debts, some large Wall Street brokerage firms and banks might collapse.[2]

To save the situation, a consortium of US banks provided a $1.1 billion line of credit to the brothers which allowed them to pay Bache which, in turn, survived the ordeal. The U.S. Securities and Exchange Commission (SEC) later launched an investigation into the Hunt brothers, who had failed to disclose that they in fact held a 6.5% stake in Bache.[3]

-snipperoo-

In 1988, the brothers were found responsible for civil charges of conspiracy to corner the market in silver. They were ordered to pay $134 million in compensation to a Peruvian mineral company that had lost money as a result of their actions. This forced the brothers to declare bankruptcy, in one of the biggest such filings in Texas history.[5]

"That which has been is that which will be,
And that which has been done is that which will be done."

Solomon

The 1944 Bretton Woods Agreement created a gold-based currency system with the US Dollar (USD, aka the Federal Reserve Note), as the benchmark to facilitate international trade between capitalist states. Bretton Woods was never a global system. It was a capitalist system. It included some countries, and excluded others, like Eastern Europe and anything which looked socialist or communist.

Back then, the US economy was in good shape: it held 80 percent of the world’s gold reserves; it held the world’s only atomic bomb; and it had the world’s most powerful army. The US also produced half of the world’s coal, two thirds of its oil, and more than half of its electricity. It also produced great quantities of machinery, ships, airplanes, vehicles, armaments, machine tools, and chemicals. Britain and Europe were broke, Japan was decimated, and the rest were not part of the capitalist game.

Since the Bretton Woods Agreement, the US asset base has moved from gold, through real estate, to future debt obligations. By the 1990s, industrial production had moved offshore from the US, and credit market growth has been fuelled by credit itself as an asset to lend against, mostly in the form of CMBS (Commercial Mortgage Backed Securities), CDO (Collateralized Debt Obligations), and credit cards. This works as long as the credit cycle keeps growing, which, of course, it never does. Banks further exacerbated this credit leverage, by moving these credit products off balance sheet to reduce their capital adequacy requirements, further leveraging this debt.

-Sam Barden

Originally posted by GmoS719
reply to post by sbctinfantry

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I don't think many of us own Gold.
I might be wrong, but I think that kind of stuff is reserved for the rich.