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Time to dump gold?

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posted on Sep, 29 2011 @ 04:01 PM
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This reporter nails it. Here, I'll let her explain it:



Ooh. That's brilliant.

If this is the level of understanding held by the majority, and I'm afraid it may be, we'll be forever stuck with fiat currency.

After all, gold's not backed by anything, right?





posted on Sep, 29 2011 @ 04:04 PM
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this shows you how retarted the masses are



posted on Sep, 29 2011 @ 04:05 PM
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/facepalm

That's either one of the most moronic things I've ever heard, or it's intentional propaganda.



posted on Sep, 29 2011 @ 04:06 PM
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haha gold is not backed by anything ahhhhhhh im gonna trade my gold in for dollars then or even better the euro



posted on Sep, 29 2011 @ 04:08 PM
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Can't eat gold, can't use gold to defend yourself when SHTF.



posted on Sep, 29 2011 @ 04:10 PM
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Originally posted by theruthlessone
haha gold is not backed by anything ahhhhhhh im gonna trade my gold in for dollars then or even better the euro


your right, the Euro is backed by how many countrys? ( i really dont know off the top of my head) Alot! So the Euro is a supper dupper safe bet like totally!!! Who hold such barbaric metals like gold anyways?

NOT!



posted on Sep, 29 2011 @ 04:11 PM
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Originally posted by illuminatislave
Can't eat gold, can't use gold to defend yourself when SHTF.



cant eat fiat paper, cant defend ones self with fiat paper ( unless rolled up in balls and used as spit wads)



posted on Sep, 29 2011 @ 04:14 PM
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Originally posted by illuminatislave
Can't eat gold, can't use gold to defend yourself when SHTF.



your "cant eat gold" quotes are so moronic it drives me nuts. Those who have gold in hand most likely already have the supplys to eat and pretected once SHTF



posted on Sep, 29 2011 @ 04:17 PM
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Just in case you are dumping gold, may I ask that you dump it my way?



posted on Sep, 29 2011 @ 04:20 PM
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I wonder if the reporter was talking about gold stocks - not physical gold? I don't think there is enough gold to back gold stocks?

Tired of Control Freaks



posted on Sep, 29 2011 @ 04:23 PM
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Hold on!

So we have gold (rock), fiat (paper) now all we need is scissors.

Anyone for a game of paper, rock, scissors??



posted on Sep, 29 2011 @ 04:26 PM
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reply to post by VariableConstant
 


Didn't you know...the dollar is backed by our bloated, bankrupt government! That's reassuring, isn't it?

I love how she said "the U.S. dollar is backed by the Federal Reserve that’s going to be around a year from now". That's fairly presumptuous in and of itself! _javascript:icon('
')



posted on Sep, 29 2011 @ 04:30 PM
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No offense but I'd rather be sitting on a stock pile of things that I can use to barter. We've been stocking up on all kinds of personal hygene items, toilet paper, paper towels, pet supplies, canned foods (soups, stews, veggies, meats etc..), beans, rice and I want a big stock pile of BOOZE as well.

Gold will be worthless if the $hit hits the fan!



posted on Sep, 29 2011 @ 04:32 PM
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Originally posted by illuminatislave
Can't eat gold, can't use gold to defend yourself when SHTF.



Its strange that the British SAS when on active duty carry gold sovereigns to use as bargaining power when SHTF. Also RAF crews.

Money may talk but gold shouts in life threatening situations.


gmic.co.uk...


edit on 29/9/11 by EnigmaAgent because: (no reason given)



posted on Sep, 29 2011 @ 04:33 PM
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reply to post by TiredofControlFreaks
 


That would be my guess due to the margins of paper gold cert,s to actual delivery of said gold.
Here is the best run down on the diff.



Here's the angle that most people don't or can't grasp. There's a big difference between 'paper gold' and real gold. The market is now showing signs of a split between physical, like coins from its paper derivatives (that is anything other than physical possession). This is an important development.




Gold has always been recognised as a store of value. Every civilisation has used it to save and flaunt wealth. Now, before the banks invented safety deposit boxes, people would deposit gold with the goldsmith. He was trusted within the community and had a secure vault. Of course, if you deposited your gold with the goldsmith, you'd want a receipt. And that's exactly what you got – a certificate. Now this certificate had a value: the amount of gold that it backed at the goldsmith's vault. Pretty soon, people were exchanging these certificates (or paper gold) as if they were the real thing, which led to a new form of trading in the gold business. Bankers invented paper gold to maximise their profits The goldsmiths soon realised that hardly anyone ever came to claim their gold anymore. Everyone traded the certificates as if they were gold. Nobody had a clue what was in the vault. And this gave the goldsmith an opportunity. Why not print a few more certificates? And that's exactly what he did. He lent out gold certificates and charged interest on the back of them. Sound familiar? Of course: in effect, the goldsmith had become a modern-day banker.

Ex-text link



posted on Sep, 29 2011 @ 04:33 PM
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Originally posted by TiredofControlFreaks
I wonder if the reporter was talking about gold stocks - not physical gold? I don't think there is enough gold to back gold stocks?

Tired of Control Freaks


Good point, but somehow I doubt that's what she was talking about.



posted on Sep, 29 2011 @ 04:34 PM
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no, but it sure isn't going to keep going up forever, nothing ever does. as soon as I started to read more and more about how putting your money in gold was a "no brainer" I thought about what warren buffet said, which was he made all his money going against the herd

of course it depends on when you got it, if you have made a 25% profit you may want to get out now



posted on Sep, 29 2011 @ 04:36 PM
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Gold really has no inherent value by it's self. Just like everything else it's only worth what someone will give you for it. In the event of a terrible economic collapse, I think that there are other things which will become much more valuable. In my opinion the push to get people to invest in gold is a conspiracy in and of it's self. The goal is to remove "fiat" currency from circulation. It has to drop in value eventually, that's the whole point. You pour thousands and thousands of dollars into it and then *poof*. Inflation solved.



posted on Sep, 29 2011 @ 04:37 PM
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Originally posted by camaro68ss

Originally posted by illuminatislave
Can't eat gold, can't use gold to defend yourself when SHTF.



cant eat fiat paper, cant defend ones self with fiat paper ( unless rolled up in balls and used as spit wads)


Nope, you can't. I'm just saying that supplies and firearms will be more valuable than gold coins when it's time for our collective comeuppance


You may have gold, but some gasoline to run a generator, or some rice/oatmeal may end up being more valuable, you know?
edit on 29-9-2011 by illuminatislave because: (no reason given)



posted on Sep, 29 2011 @ 04:38 PM
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reply to post by EnigmaAgent
 


Thats normal. Gold has more value then some paper note from the enemy. Better to buy guns and food with when on the wrong side of the line. Think about it if some guy was willing to pay you a few grand to look the other way give him a pistol and some clothes what would you do? A very good profit for that day. Better then the opium you just sold last week to your local warlord. The people`living there are stuck in the middle.



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