Forums / Off Topic / Gold Standard

5 years 7 weeks ago, 2:15 PM

runawaygun762

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Gold Standard

So I was ignorant of the way things work in our finances, as I thought we were still on the gold standard. But we're not, so what exactly is it that backs up the dollar? I found this out when I called to get some info from Goldline, as I'm going to start buying gold. There are smart people here, and I could look it up, but it's hard to know what to ask when you don't know shit. I'll start with this question; what backs up the value of the American Dollar?

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 2:24 PM

runawaygun762

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I bet

Schuyler answers first with a real answer. ebear, your ass is the gold standard by which I judge all other mexican asses, but this is different.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 2:26 PM

Ebear

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lol

hey man i know a couple of dudes at work the bought a bunch of penny stocks on gold in Alaska.....bad move on thier part......

...check... G-AZ
5 years 7 weeks ago, 2:32 PM

samD

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What backs our money is "The faith and confidence that you have in our government"

Makes the shit worth alot less now, with Obozo at the controls.

5 years 7 weeks ago, 2:45 PM

LittleDragon

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it was former President Nixon who moved our economy from the gold/silver standard to a market base economy. The American Dollar is a commodity that is bought and sold on the open market, like pork belly and cars and steel and weapons. The dollar is worth what the market say it is worth. this get very interesting sometime when shortly before he leave office former President G.W. Bush Jr. ordered the mints to print up 2 trillion dollars which were then sent to the federal reserve for distribution. under normal circumstance this would devalue the dollar. but in this case it not. in fact the market value of the dollar increased! also a strong dollar is not alway in best interest of our economy. often a strong american dollar intimidate the market and this is not good, so believe it or not, as crazy as sound more often than not a weaker dollar is in fact better for our economy because in not intimidate the market so much. and btw, if want to understand real value of the dollar, then compare to the japanese yen instead of to the euro. this is a much better scale of the real value of the dollar. ryo learn this in economy class this semester.
btw the reason for this intimidation is the world to this day fear the buying power of america.

your friend,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 4:09 PM

runawaygun762

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I've always wanted to invest, and I think this gold thing is going to be my choice.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 4:22 PM

LittleDragon

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this is not good time to be buying gold though. market price of gold is very much inflate right now. price is too high now for good investment. metals market have other thing that will do you better than gold. silver is not bad investment these days and so to vanadium, tin, titanium, and paladium. and all are much more reasonably price than gold right now. am afraid if you pay the current high price for gold today that it will make you lose money when price fall. price of gold today is just too high for to make good investment.

your friend,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 4:24 PM

samD

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runawaygun

What type of gold? Coins, bullion, nuggets, gold stocks, futures? If you are buying physical gold, other than coins, make sure it has an assay mark on it. So if you have to sell it, you will be able too. Remember that most all gold mines have gold in them, the price of the stock is related to the cost to get the gold out of the ground. If gold is say, $300 an ounce and it costs that particular mine over $300 an ounce to produce it, then no net gain. Gold shares are a good thing to look into. It spreads the cost and net gain over several different mines. Sort of hedge your bets.

5 years 7 weeks ago, 4:26 PM

runawaygun762

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maybe, Little Dragon

but it will go up in the future, and I'm interested in a long-term supplementing my army and maybe border patrol retirement. I'll buy over 20 years.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 4:29 PM

LittleDragon

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normal price for gold is between 300 and 400 american dollars. but today price of gold on market, for bullion like samD say is well over 1000.00 dollar. gold price is artificially inflate right now and this will not last long. to buy at this price is not good idea.

Your friend,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 4:30 PM

runawaygun762

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samD

I'm not sure exactly yet, I'm waiting for my information packet. I'll be buying physical gold of some sort, stuff I can have at the house. It'll take a while, but I'm going to fill up a pot of it, dress in green, and wait for the rainbows to start. CATCH ME IF YOU CAN!!!

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 4:33 PM

LittleDragon

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would like to know if it possible to post two picture side by side. ryo and little brother have just one last entry in out serie on the evolution of the Swedish make AK 5 Basic and that is the AK 47 itself. what we want to do is post the two picture of these two weapon side by side. is this possible ka

your friend,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 4:38 PM

samD

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ryo

you have to do it something like photoshop. that is what I do. But not anway on gunslot.

5 years 7 weeks ago, 4:47 PM

LittleDragon

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and ryo not have photoshop. maybe can find friend who can email pictures to and have them do it and send back so ryo and little brother can post. greasypaws not only person here who run into bad luck today.
thanks anyway.

your friend

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 5:11 PM

samD

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ryo

just post the two pics you want put together and I will do it and post it back to you. name them s1 & s2

5 years 7 weeks ago, 5:40 PM

LittleDragon

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ryo was call to eat dinner. ok, so the AK 5 Basic ryo will post again and label is s1 and it go on left. and the the AK 47 i will post as s2 and it go on right. and may all the Powers in Heaven bless you my friend.

your friend alway,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 5:43 PM

samD

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Ohio Gosimose back at ya! LOL

5 years 7 weeks ago, 4:41 PM

samD

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Runawaygun

Gold physical is a very volatile investment and not for the weak of heart or short money. Really gold is only profitable when the market is open, so big investors will sell on friday and buy on mon or tues. Dollar market averaging is the way to do it.

5 years 7 weeks ago, 4:42 PM

runawaygun762

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From 2000 to 2008, it took a dip in 2001, but has increased fairly steadily. I'm sure it will dip here and there, but I'm in the position to be able to wait and I can't imagine it dropping too much. From what I've seen, it hasn't been 300 dollars an ounce since 2003

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 4:50 PM

Schuyler

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damn tabs in MSIE. That was a lot of work. I'll see if I can recover. Shit! Shit! Shit!

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke
5 years 7 weeks ago, 4:56 PM

runawaygun762

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It's alright, Schuyler

Take your meds, fella. Your avatar is looking kinda mad. Oh. It always looks like that.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 4:56 PM

LittleDragon

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this have happen to ryo several time even though ryo use different browser. easiest way to keep this from happening, ryo have found so far, is to make copy of what you are writing especial if you know it going to be long post. when get part way done, highlight and copy and do this several time as you go along until finish. it work for me. maybe you have a better idea than this and if so ryo very much like to hear.

your friend,

LittleDragon

Moshi Moshi from LittleDragon
5 years 7 weeks ago, 5:06 PM

Schuyler

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Yeah, I know

Anything large ought to be written off-line and copied over. I know that and screwed up anyway.

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke
5 years 7 weeks ago, 6:03 PM

Schuyler

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I’m not really an economist though I did have to suffer through a Macro-economics class once. My opinion is that stocks of all sorts are a crap shoot. I have personal experience losing way too much money in stocks. I thought fiber optics was the wave of the future and boy was I wrong. I think that if you invest in gold stocks you will probably lose. It sounds good, but it is highly speculative. I’m now out of stocks altogether. Instead I invested in myself and paid off the house. I now owe no one anything but monthly bills. I use credit cards as a convenience and never pay interest because I pay them off every month. It feels really good not to be on the hook with any lender. They can kiss my patootie.

If you google gold standard and 'Nixon shock' you will see that the gold standard itself is very controversial. It's not just a matter of being on the gold standard and everything will be okay. In fact, it can cause serious shocks when gold doesn't go the right way. Countries have gotten off the gold standard because it gives them more flexibility in monetary policy. In many ways, it looks like a 'Nixon Shock' is what is happening now. The US is using its muscle by saying, 'It's our currency, but it's your problem.' Doesn't matter what Obama thinks of this. It's far out of his league and being played at a different level. Certainly Obama can cause serious problems, but in many ways he is a cheerleader, not the guys on the field kicking butt.

A friend of mine has a conspiracy theory about the current economic situation. He’s a businessman who has invented some cool stuff, including the first color scanner. He says that the reason we really invaded Iraq was because Saddam had counterfeited $1 trillion in an attempt to weaken the US dollar. He says that international consensus is that even if you are at odds with another country, you do not fuck with its currency. He did, so we took him out. But this money has to be ‘washed through the system’ and that is why some of these decisions were made by Bush and now Obama. I don’t know what to think about this or if it has any validity whatsoever, but I thought I’d mention it in case anyone has any further information.

In my opinion the best investments you can make are a stored food & water supply, a diesel generator (meaning a tank of bio-diesel will last you a couple of months), first aid supplies and training, and any infra-structure work that needs doing around your place. I joined lifelock to help protect my identity and have reduced my presence on the web a hundredfold in the last year. I’m not attempting to be a ‘survivalist’ here, just trying to be prepared for any hick-up that may come along. If things REALLY go TU here we’ll all be in the same boat anyway.

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke
5 years 7 weeks ago, 6:09 PM

samD

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Sky a question....

I admire your paying off your mortgage. But aren't you now going to pay income tax? What I did is took out a mortgage just to shelter my income. I paid a total of $463 of Federal Taxes on and income of only $53,000 which is what I take out of my investments. Your mortgage is your only write off. I too suffered thru Econ and spent the majority of my time workin in Real Estate Finance of some sort.

5 years 7 weeks ago, 6:16 PM

runawaygun762

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I think I'll just start dealing drugs.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
5 years 7 weeks ago, 6:22 PM

Schuyler

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even with the mortgage I was right on the standard deduction, above it by just a few dollars--less than $100 so I would get that much anyway. Even with a relatively low interest rate of 4.875 I was still paying out more in interest than the money would earn in a safe CD. With the income tax issue not making any difference, it seemed to me safer to put it in the house than have it in what was then an under-performing mutual fund that had no traction and was paying me less than CD interest.

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke

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