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Gold getting KILLED!


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2022 Jul 20, 6:54pm   33,556 views  209 comments

by stereotomy   ➕follow (0)   💰tip   ignore  

Now that iTulip is officially defunct, I thought I'd resurrect MEGA's (Malcolm) thread over there and transplant it here. Apologies in advance to @Patrick.

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9   HeadSet   2022 Jul 27, 1:30pm  

richwicks says

It will be commodities, like it always is.

Well, at one time here in Virginia tobacco leaves were currency.
10   richwicks   2022 Jul 27, 1:34pm  

HeadSet says

richwicks says


It will be commodities, like it always is.

Well, at one time here in Virginia tobacco leaves were currency.


That's a commodity.

It might be liquor or sugar. Gold and silver are just harder to get, so they are more valued, so they can be traded for more.
11   AD   2022 Jul 27, 1:49pm  

Gold is down about 25% from its recent 52 week high and about the same it was in 2011.
12   richwicks   2022 Jul 27, 1:51pm  

ad says

Gold is down about 25% from its recent 52 week high and about the same it was in 2011.


No, it was below $1,400 back then, as I recall. It's $1,700 or so now. When it gets below $1,500 (if it does) back up the truck.
13   Onvacation   2022 Jul 27, 1:59pm  

currency
kûr′ən-sē, kŭr′-
noun
Money in any form when in actual use as a medium of exchange, especially circulating paper money.
Transmission from person to person as a medium of exchange; circulation.
General acceptance or use; prevalence.
The American Heritage® Dictionary of the English Language, 5th Edition.

I suspect metal coins will still be in service after the fiat paper currency has inflated itself away.

14   EBGuy   2022 Jul 27, 2:03pm  

Gold to silver ratio has been at 93 the past couple of days. Finally fell a tiny bit to ~91 today -- on the strength of silver. One thing we know is that a ratio that extreme WILL NOT LAST LONG. That said, there's two ways to correct: a falling numerator or a rising denominator.

15   exfatguy   2022 Jul 27, 2:49pm  

Gold should only be worthwhile to buy if you physically have the gold. If you just have a piece of paper saying you have gold then you don't have gold. Buying the paper defeats the whole reason to even want gold.
16   EBGuy   2022 Jul 27, 2:57pm  

And just to be clear, the 90+ ratio was reached with both gold and silver declining.
17   Misc   2022 Jul 27, 3:06pm  

Gas station attendants wouldn't know gold from tungsten. Neither would the clerk at the supermarket.

Having physical gold would just get you robbed.
18   stereotomy   2022 Jul 27, 3:18pm  

EBGuy says

Gold to silver ratio has been at 93 the past couple of days. Finally fell a tiny bit to ~91 today -- on the strength of silver. One thing we know is that a ratio that extreme WILL NOT LAST LONG. That said, there's two ways to correct: a falling numerator or a rising denominator.



Man, that was an epic trade out of silver in 2010ish. iTulip (RIP) to the rescue on that one.
19   AmericanKulak   2022 Jul 27, 3:33pm  

GOLD! IS! THE! BEST! HEDGE! AGAINST! HIGH! INFLATION!
20   fdhfoiehfeoi   2022 Jul 27, 3:33pm  

HeadSet says

What will be this "real money?"


Gold and silver, as defined by the Constitution. A dollar is not a piece of worthless paper, it actually refers to the standard measurement of a precise amount of silver. The fact that most people don't understand these basic concepts shows you how good central bankers are at lying.
21   fdhfoiehfeoi   2022 Jul 27, 3:36pm  

EBGuy says

Gold to silver ratio has been at 93 the past couple of days. Finally fell a tiny bit to ~91 today -- on the strength of silver. One thing we know is that a ratio that extreme WILL NOT LAST LONG. That said, there's two ways to correct: a falling numerator or a rising denominator.


Anything over 75 is typically considered high, but that ratio has been holding for years now. The swing back to silver should have happened already, but manipulation keeps postponing it. Once it's hits, will drop hard and fast, as silver shoots up to never before seen values.
22   stereotomy   2022 Jul 27, 3:36pm  

After the Mongols conquered China, they became quite enamored of the Chinese invention of paper money. They used and abused it throughout their empire. Once the Mongol empire fell, the Chinese stuck to silver for the next 800 years. OTOH, the insistence of China on hard money led to the Opium wars and eventual collapse of Imperial China (thanks you limey mfs).
23   fdhfoiehfeoi   2022 Jul 27, 3:40pm  

Misc says

Gas station attendants wouldn't know gold from tungsten. Neither would the clerk at the supermarket.

Having physical gold would just get you robbed.


So since the dawn of time, economies have only existed for smart people? No shepherds, no stable boys, no ship hands?

The belief that fiat currency is all that works is the height of arrogance and central banker brain-washing. A hundred years standing against thousands where gold and silver were the only recognized medium of exchange.
24   richwicks   2022 Jul 27, 3:41pm  

EBGuy says


Gold to silver ratio has been at 93 the past couple of days. Finally fell a tiny bit to ~91 today -- on the strength of silver. One thing we know is that a ratio that extreme WILL NOT LAST LONG.


I've seen it go to 120:1.

Buy then, but you will need to purchase on an index fund. There will be a huge divergence between physical and the index, that will not last forever. When the divergence calms down, if you really want the physical, purchase it then.
25   fdhfoiehfeoi   2022 Jul 27, 3:42pm  

stereotomy says

After the Mongols conquered China, they became quite enamored of the Chinese invention of paper money. They used and abused it throughout their empire. Once the Mongol empire fell, the Chinese stuck to silver for the next 800 years. OTOH, the insistence of China on hard money led to the Opium wars and eventual collapse of Imperial China (thanks you limey mfs).


I believe it was a Chinese emperor who issued money made of wood. As with all bad money, there were laws and thugs forcing it's use.
26   Tenpoundbass   2022 Jul 27, 3:44pm  

Onvacation says

I suspect metal coins will still be in service after the fiat paper currency has inflated itself away.


Many civilizations thought the same thing. A huge problem with currency is there is a set amount in circulation, not at anytime but period. That's IT! There isn't any more available.
So when you get your sack of freshly minted coinage for your stipend for helping the Roman legion beat back the Anglos in the Isle of the Saxons, and you bury your loot and riches on a road to Damascus. While on a journey to help Emperor what's his face, beat back the Persians, then you die in battle. All of that coinage is forever taken out of circulation and will plunge the world into the dark ages.
I don't know why Archeologists are so dumbfounded on the Dark Ages, by time they came about. Most any metallic object that was worth anything, that could be collected or melted down and converted into the conquerors currency was stripped from the Civilized cities. They simply ran out of money to pay people to stay in the City and provide safety in numbers. So they all set out to the country side to fend for themselves. Where commerce and records weren't important.
27   fdhfoiehfeoi   2022 Jul 27, 3:55pm  

This is one of the biggest lies ;perpetrated by central banking. That you need zillions of pieces of paper/number in a computer in circulation in order to flourish. Our most prosperous time ever as a country was the early 1800's after we dumped fiat paper and went back to real money.

The value of good changes very little over time, as the amount of work, as a measurement of time, changes very little. Gold and silver lend themselves to incredibly precise measurements. So stop thinking liking a central thief, and start thinking like a free man. Gum for a penny, and bread for five cents, this is the normal we need to return to.
28   Misc   2022 Jul 27, 4:19pm  

If gold and or silver prices look like they are going to skyrocket because the major banks are short a few tens of thousands of tons, the government will simply outlaw the commoners from owning the physical commodity.

They have done it before. I will bet they will do it again.
29   EBGuy   2022 Jul 27, 4:26pm  

stereotomy says

Man, that was an epic trade out of silver in 2010ish. iTulip (RIP) to the rescue on that one.

Here's the chart for the silver run up back then. Still in awe of Ducky as he traded physical...

30   richwicks   2022 Jul 27, 4:35pm  

Misc says


If gold and or silver prices look like they are going to skyrocket because the major banks are short a few tens of thousands of tons, the government will simply outlaw the commoners from owning the physical commodity.

They have done it before. I will bet they will do it again.


If this happens, I'll be visiting the Marina Trench.

This isn't 1933 anymore. NOBODY that has any precious metals trusts the fucking government now. They don't confuse patriotism with obedience to the government.

Want to bring down the government? Just get everybody in the US to buy 2 ounces of silver per year. That's the world's supply. Technically, under $70 but it will become unobtainable. If people band together, it's easy to drag the assholes to their knees.

I think people are starting to very slowly realize their power. There's a bunch of executive assholes, but if their underlings rebel, they're fucked. We saw it in Canada, and some poor woman is in prison to be made an example of. This is desperation.
31   stereotomy   2022 Aug 1, 7:30pm  

The Fed keeps $juicing gold with their hand-wringing. Kissing $1780 as I post.

Yes, PM's are a rigged market. It's more about when they can't focus their attention on the rigging, because there's much bigger SHTF brewing. Gold is one of the singing canaries in the coal mine.
32   stereotomy   2022 Aug 1, 7:31pm  

EBGuy says

stereotomy says


Man, that was an epic trade out of silver in 2010ish. iTulip (RIP) to the rescue on that one.

Here's the chart for the silver run up back then. Still in awe of Ducky as he traded physical...




That was an epic trade.
33   stereotomy   2022 Aug 9, 11:55am  

Gold holding strong, kissing $1800 briefly earlier today. Where are those multiple 75 bps hikes? I want gold at $2500 and mortgage rates at 10+%!
34   fdhfoiehfeoi   2022 Aug 9, 4:01pm  

Misc says

They have done it before. I will bet they will do it again.


Like outlawing guns, and shutting down the Pirate Bay? Good fucking luck.
35   komputodo   2022 Aug 9, 8:17pm  

richwicks says

They were paying for storage, so yes.

You are saying that it makes sense that a commodity like oil can be valued at $50 one week and the next week its valued at $0 and the week after valued at $100. That seems kinda crazy to me. But i do agree that "paper oil" could be manipulated like that, just like all other paper commodities. I'd like to see if something like "lean hogs" could go down to $0.
36   komputodo   2022 Aug 9, 8:37pm  

stereotomy says

Here's the chart for the silver run up back then. Still in awe of Ducky as he traded physical...

You mean when he claimed to have bought at the bottom and sold at the peak a few days after it nosedived? Like the BTC players..
38   Onvacation   2022 Sep 2, 4:34pm  

komputodo says


Like the BTC players..

For a while the "market cap" (calculated by multiplying the price of a stock by its total number of outstanding shares) of BTC was more than silver, and many major companies. The price of BTC crashed.

The spot price of silver is currently around $18 an ounce. If you actually wanted to buy an ounce of silver you would have to pay a premium. If you wanted to buy a Silver Eagle you would have to pay over $30 per Troy ounce. If you wanted to buy a thousand ounce bar (smallest premium) you would still have to pay a couple thousand over the spot price.

Dollars, Euros, crypto, and the paper metal market ounces can be created ad infinitum by fiat. I suspect the difference between the spot price of gold and silver and fiat will increase until paper and e-money become worthless.

This fiat system can't go on forever.
39   stereotomy   2022 Oct 20, 2:50pm  

Channeling MEGA from iTulip here:

GOLD IS GETTING KILLED!

I guess now that the pound and the Euro are going tits-up, the USD is the last man standing. The fed funds rate increases play in nicely to dollar strength. It might end up just like the housing bubble implosion. Gold tanked initially-mostly because of liquidations to satisfy margin calls, then hit $1920.

I want to see mortgage rates top 8% - that represents a 40% decrease in housing prices based on 10% price reduction for every 1% 30 Year MTG rate increase.
40   AD   2022 Oct 20, 3:00pm  

stereotomy says

GOLD IS GETTING KILLED!


SPDR Gold Trust
peak in 2011: $183
current price: $151.45
41   Patrick   2022 Oct 20, 7:55pm  

It's kind of bizarre how the dollar is doing so well against everything as the world turns to shit.
42   AD   2022 Oct 20, 8:06pm  

Patrick says

It's kind of bizarre how the dollar is doing so well against everything as the world turns to shit.


Adjusted for inflation, the S&P 500 is only about 2.3% above its February 2020 level. So many stocks having taken a +50% beating reminiscent of the dot com bust.

,
43   mell   2022 Oct 20, 8:45pm  

Patrick says


It's kind of bizarre how the dollar is doing so well against everything as the world turns to shit.

The reason is that most central banks have been printing far more money than the Fed, Japan, ECB etc. Everything is relative and while pretty much all currencies are being debased the Dollar may be stronger than most. Actually a little.bit of money printing is fine to make up for those notes that get destroyed/lost each year, but it's probably 0.0000001% of the Feds yearly printing.
44   richwicks   2022 Oct 20, 11:10pm  

mell says


Patrick says


It's kind of bizarre how the dollar is doing so well against everything as the world turns to shit.

The reason is that most central banks have been printing far more money than the Fed, Japan, ECB etc. Everything is relative and while pretty much all currencies are being debased the Dollar may be stronger than most. Actually a little.bit of money printing is fine to make up for those notes that get destroyed/lost each year, but it's probably 0.0000001% of the Feds yearly printing.



Inflation isn't directly linked to prices, it's directly linked to the money supply. If the Fed increases the money supply by 2%, that's the inflation rate, they are the same thing. Keynesian economics has perverted this definition.

The reason the target inflation is 2%, is that at the time the Fed was allowed to be created, that is how much more gold was added to the system at the time. The Fed just printed more dollars than they had gold, and they went bankrupt in 1933. Instead of beheading these assholes, or even just jailing them, or even firing them, the US government just debased the dollar and did nothing.

The criminals continued to act as criminals, and once again they defaulted in 1971.

And this is our final default coming up. This is why there's all this stupid talk about "the great reset".
45   SoTex   2022 Oct 21, 7:29am  

I'm noticing lots of chatter on the itnterwebs about buying gold even from non-goldbugs lately.

Partly due to BRICS preparing a new gold backed currency but also due to a new bill (less than 2 weeks old) that was just submitted by a congress critter to put the $ back on the gold standard:

https://www.congress.gov/bill/117th-congress/house-bill/9157?s=1&r=6

Trump had hoped to do this as well...
46   fdhfoiehfeoi   2022 Oct 21, 9:07am  

Patrick says


It's kind of bizarre how the dollar is doing so well against everything as the world turns to shit.


It's actually not. That's what raising interest rates does. But they won't go too far down that road as it wipes out the stock market.
47   WookieMan   2022 Oct 21, 9:26am  

I don't know, isn't the dollar basically gold anyway? We have the resources. We have the transportation (rail, road and waterway). We have the best military. We have mostly friendly neighbors. I get we're already in a recession basically, but could someone explain why someone wouldn't want a dollar?

Going to Mexico in a couple weeks. They will take my dollars and pay the exchange rate on the back end happily for tipping. Same with the Dominican. Same with Jamaica. Aruba. Cayman. Bahamas. Belize. The list goes on of places that I've gone that take a USD.

Mind you I'll bring Pesos from here because you'll get fleeced in MX exchanging $ to Peso. But that's for small vendors and excursions because they'll just make up the fucking exchange rate. Locals in these countries want USD. Why do you think we have a border crisis? They're not coming here for gold. They come here for the USD.
48   fdhfoiehfeoi   2022 Oct 21, 12:30pm  

WookieMan says

but could someone explain why someone wouldn't want a dollar?


See the inflation rate, it's literally your time being taken from you, which is the ONLY thing of value in our system.

WookieMan says

The list goes on of places that I've gone that take a USD.


Yes, this is the way it works when your fiat is backing theirs.

WookieMan says

They come here for the USD.


They come here for free handouts, or because the CIA fucked up their country. People from outside the US know better than Americans how flimsy fiat is. That's why most of them don't open bank accounts, and many still use jewelry, coins, etc to store their wealth.

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