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China confirms it has been buying lots of gold since 20... - 4/24/2009 1:51:41 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.reuters.com/article/ousivMolt/idUSTRE53N18T20090424

You know in India- the population tries to own gold.  India could become more affluent then America.

...and Americas pimps and hos- will be worth more then the yuppies.  

, Just sayn
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RE: China confirms it has been buying lots of gold sinc... - 4/24/2009 6:12:58 PM   
LookieNoNookie


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Joined: 8/9/2008
Status: offline
quote:

ORIGINAL: pahunkboy

http://www.reuters.com/article/ousivMolt/idUSTRE53N18T20090424

You know in India- the population tries to own gold.  India could become more affluent then America.

...and Americas pimps and hos- will be worth more then the yuppies.  

, Just sayn



So what?

China is trying to buy gold.

Gold is for sale.

They got the cash....go for it.

There are cycles....this is China's.

(in reply to pahunkboy)
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RE: China confirms it has been buying lots of gold sinc... - 4/24/2009 6:20:36 PM   
MichiganHeadmast


Posts: 726
Joined: 8/13/2006
Status: offline 		They'll have the best teeth in the world now....

(in reply to pahunkboy)
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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 8:04:17 AM   
Raechard


Posts: 3513
Joined: 3/10/2007
From: S.E. London U.K.
Status: offline 		What I found amusing was the fact they are the world’s largest producer of gold according to the article but aren’t allowed to export it in ingots; only jewellery. Therefore you'd expect them to have quite a surplus.

Gold is a good commodity but apart from use in the electronics industry and the fact it is inert and so doesn’t deteriorate over time I don’t really understand the great emphasis placed upon it. Say you are right pahunkboy that gold is the thing to buy, what then?  In a post apocalyptic world where the only value to be found is that of goods and services would anyone trade a bottle of water for a bar of gold?

< Message edited by Raechard -- 4/25/2009 8:05:15 AM >

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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 9:04:24 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Gold and silver is wealth.  Check the bible.  Check the constitution.  Check 6000 years of history.   What we use today is 38 years old. (1971 all backing removed)   if simply printing money is wealth- then we all would never have to work again.  ALL fiat currencies collapse.  All of them.

Silver has alot of uses.  Gold- you can eat.  But would not.

So your lifes work is what?    Some numbers on a piece of paper?   Some  digits on a screen.    They create another trillion.

Think of how things will be 10 years from now.  If stocks DO go up- it will be inflationed.

Think about how history repeats itself.  We never learn.  AIG bailed out.  Most banks are insolvent. and   Even since the 80s we knew it cant last forever.

Gold can not be created out of thin air. Neither can silver.

Granted water and food are needed.  How advanced are you at food storage?

Early on- you could take a dollar to the bank and redeem it for silver/gold.    many banks in the US wont even sell gold coins anymore.

So lets take a farmer market.   A pack of produce, 1 pint.   Suppose it is the last pint they have. (much of the crops are NOT being planted this year!)

You have $1.50;  I have 3 .50 pieces dated 1969 or earlier.      This is the last produce with in 30 miles.   Who does the vendor sell to?    You with paper or barely copper coins.  Or me with 40%/90% silver?

....what would you do it you were scammed by 3rd party per your money?    Bank, pension, insurance, the like.  What do you do?  Sue?    We had over 14 bail outs.   Around 12 trillion $.   When Reagan was in the deficit went around 1 trillion to 3 trillion.   

Did you know that so far these bail outs cost YOU $46,000 each? (tax payer)    Whom do you think is going to pay the tab.  Think carefully before you answer.

Banks got money at like 3% then did credit cards at 29%, and WE still are required to bail them out?

Furthermore,  (please don't take this the wrong way)  but what makes you think the system cares about you?   In any way shape or form?   Any of us regular people.... the degree that the system cares is nil.

There is some bad news coming out--more shoes to drop.

Learning everything you can about food storage- would be good.

The government, the banks, Social Security, AIG,  GM, Chrysler, Pensions, consumers.....  are all broke.

What is going on now is a once in a lifetime event. The middle class is being wiped out.

It could even be 3 years from now that we can hold on.   But when it crashes- it is done.  You wont be able to buy hard assets (gold-silver) at any price.

(in reply to Raechard)
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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 10:49:35 AM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		Yeah Pahunk,

The history of precious metals does a lot of speaking for itself.

Uncle Nasty

(in reply to pahunkboy)
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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 3:38:15 PM   
Aneirin


Posts: 6121
Joined: 3/18/2006
From: Tamaris
Status: offline 		The only good use for gold is it's corrosion resisting abilities when used with electronics. Gold as it is is an evil metal, evil because of what goes on to own gold. Take all the old gold, wherever or in whatever form it may be now, just think how much blood was shed to gain that stuff, if metal can have a memory, what does that memory hold. Other metal come and go, iron was used for life preserving things, farm equipment, eating irons and whatever, Iron was also used to form weapons to gain gold, but once the gold was got, it took more iron to defend it, but iron rots away, returns to nature, gold continues to live. Of all the gold ever found from the year dot to present day, you can bet that most of it is still around. Gold I see as a metal steeped in blood.

I have but one piece of gold, a wedding ring that has a use, I plan to use renaissance niello techniques and flow the metal into a ring of iron, and that is the only gold I plan to own.

Me, I value what is useful, if I were electronics, then gold has a use, if I were into cutting the diamond has a use, but to own such materials as just things, of adornment or status of wealth, I have no interest in.


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Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 4:38:32 PM   
slaveboyforyou


Posts: 3607
Joined: 1/6/2005
From: Arkansas, U.S.A.
Status: offline 		Pahunkboy, during two of the absolute worst depressions in world history, we used gold and silver as a currency.  You can keep buying and hordeing gold if you want, but the price will drop eventually.  It doesn't keep raising in value perpetually.  The gold standard is not a good economic policy, it doesn't accurately reflect the complexity of global economics. 

You mention a scenario where you have silver and I have U.S. currency, and which will the vendor take......well unless society completely collapses, he has to take my currency.  The only thing he can do is raise the price of his products when the dollar loses value.  You'll still have to go trade your silver for currency, because most people aren't experts on the price of precious metals. 

Now if society completely collapses, gold is only worth what someone is willing to give for it.  Since most people will be worried about eating and protecting themselves, gold won't be worth anything to most people.

(in reply to pahunkboy)
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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 4:51:36 PM   
Aneirin


Posts: 6121
Joined: 3/18/2006
From: Tamaris
Status: offline 		To that, I agree, it everything goes tits up, gold is useless, it is adornment only,if you like shiny corrosion free yellow metal. Gold as it is, in it's pure form has no use as a metal, something near the consistancy of lead, it is only whn it is alloyed with other materials, more commonly copper, it gains some use as a metal, but less in monetary value.

Gold you may hoard, but the most useful to hoard in an economic climate is no other than 24 carat pure gold, anything else is of a lesser value.

Silver, the same exists,pure 100 % silver is a very soft stuff, but harder than gold, but again no use unless alloyed with copper. Ninety eight percent pure is Britannia, ninety two point five is Sterling, anything less has little value and gains the name of white metal only.

But as it is with me, and my search for practicality, silver is a metal I would rather have, due to it's ability to purify water and as in times of old, provide instruments for surgery that with the addition of water become sterilized.


_____________________________

Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

(in reply to slaveboyforyou)
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RE: China confirms it has been buying lots of gold sinc... - 4/25/2009 9:25:23 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		...I am bullish on precious metals. I post about it and read all I can on it. My hoard- isnt really that big.  I could have bought a different used car to replace my current car- ....a few items like this.

I guess you can say it is a hobby.  This week I seen 2 Barber dimes on ebay that  seemed fun.  There is a difference in bullion vs numismatic.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWNX:IT&item=370193095658

Here is a 3 minute vid on China.   China was once a great power.  Then they built the great wall of China.  

http://www.youtube.com/watch?v=ugW54S3yGtM





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RE: China confirms it has been buying lots of gold sinc... - 4/26/2009 4:22:24 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.youtube.com/watch?v=4BKLNJIXvRU  (5 minute vid)

End The Fed Rally NYC 2/2 Peter Schiff Speaks to Angry Crowd!   Schiff is Ron Pauls economic adviser

(in reply to pahunkboy)
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