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TomAlciere

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dollar plunging against gold
« on: August 18, 2011, 04:39:39 PM »

They should give the current price of gold and silver on the show, to alert people about how much the dollar is plunging.

If they really cared, they'd look it up, but announcing it on the show would help people who didn't care enough to check. Right now it's at 1823 USD per troy ounce. The dollar has lost over 98 percent of the value it had when Nixon closed the gold window at 35 USD per troy ounce.
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Branlin

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Re: dollar plunging against gold
« Reply #1 on: August 23, 2011, 10:53:14 AM »

They should give the current price of gold and silver on the show, to alert people about how much the dollar is plunging.

If they really cared, they'd look it up, but announcing it on the show would help people who didn't care enough to check. Right now it's at 1823 USD per troy ounce. The dollar has lost over 98 percent of the value it had when Nixon closed the gold window at 35 USD per troy ounce.

I've read recently that it lost around 75% since Nixon, and 98% since the Fed was created in 1913. Whichever version is right doesn't really matter.

A year ago I bought the GLD and SLV exchange-traded funds, and also a fund of gold mining stocks within my IRA. They have done well, obviously. It's a lot of money, but only 10% of my total portfolio so even if they drop in half it won't change my life any.

Last week, for the first time, I bought a 1/10 oz. gold coin and two one-ounce bars of silver. They're kinda cool to have, and I plan to buy more.

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dalebert

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Re: dollar plunging against gold
« Reply #2 on: August 23, 2011, 11:45:37 AM »

A year ago I bought the GLD and SLV exchange-traded funds...

I recently bailed on those.  Word is they don't have the real metal to meet their obligations, not by far, so it's just a matter of time before they crash horribly.  Look into Sprott if you must buy stock and want metals.  I hear it's better.  Never as good as physical, in your hand.  You can also buy physical metals through Apmex for your IRA but that's complicated and potentially expensive.

anarchir

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Re: dollar plunging against gold
« Reply #3 on: August 23, 2011, 12:58:22 PM »

A year ago I bought the GLD and SLV exchange-traded funds...
Word is they don't have the real metal to meet their obligations, not by far, so it's just a matter of time before they crash horribly.

Thats what I've heard as well.
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Branlin

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Re: dollar plunging against gold
« Reply #4 on: August 23, 2011, 10:22:23 PM »

A year ago I bought the GLD and SLV exchange-traded funds...

I recently bailed on those.  Word is they don't have the real metal to meet their obligations, not by far, so it's just a matter of time before they crash horribly.  Look into Sprott if you must buy stock and want metals.  I hear it's better.  Never as good as physical, in your hand.  You can also buy physical metals through Apmex for your IRA but that's complicated and potentially expensive.

I read all the advantages/disadvantages/rumors etc. before I bought and am comfortable with it. I already took some nice profits on SLV a few months ago when it peaked out, so that money is locked in.

Of course holding the metal is generally the best thing, but there were too many hoops to jump through to get it within my IRA, and, if I recall correctly, a third party has to hold it anyway so there is always some risk there.
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Peppermint Pig

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Re: dollar plunging against gold
« Reply #5 on: August 30, 2011, 11:15:46 AM »

They should give the current price of gold and silver on the show, to alert people about how much the dollar is plunging.

If they really cared, they'd look it up, but announcing it on the show would help people who didn't care enough to check. Right now it's at 1823 USD per troy ounce. The dollar has lost over 98 percent of the value it had when Nixon closed the gold window at 35 USD per troy ounce.

I've read recently that it lost around 75% since Nixon, and 98% since the Fed was created in 1913. Whichever version is right doesn't really matter.

A year ago I bought the GLD and SLV exchange-traded funds, and also a fund of gold mining stocks within my IRA. They have done well, obviously. It's a lot of money, but only 10% of my total portfolio so even if they drop in half it won't change my life any.

Last week, for the first time, I bought a 1/10 oz. gold coin and two one-ounce bars of silver. They're kinda cool to have, and I plan to buy more.



http://www.lewrockwell.com/dilorenzo/dilorenzo30.html

You basically have to go back to the beginning of the greenback and Lincoln's effort to avoid paying debts in order to see the first instances of the USD's inflation. I recall reading somewhere that the USD inflated/lost value by 70 percent in the first few years. But there was rapid deflation used and 30% reported unemployment in the stagnant post war economy.

When people discuss inflation from the 1913 'dollar', I'm not sure it is addressing prior devaluation of the USD measured against gold. Maybe people simply prefer calculating the loss of value from the point that the Federal Reserve gained control of the currency. Technically the FRN is a counterfeit of the USD, but both are fiat... Unless the laws concerning legal tender were changed, then Legal Tender applies only to the USD and not the FRN.

SLV will never be as good as holding physical silver. It's a form of long term savings. While the value of SLV will jump around whenever JPM decides to cull the market of shorted silver and will crash hard (in your lifetime), the value of actual silver will ultimately appreciate according to the market demand, which will be indicated through physical scarcity as is hinted currently. Even sellers of physical silver presently have the sense to ration their product availability according to SLV market rates.
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