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Gold getting KILLED!


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2022 Jul 20, 6:54pm   30,563 views  205 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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167   NuttBoxer   2023 Nov 8, 6:13am  

Still buying, highest purchase rate is in Q3 of this year. Regardless of their reasons, one more indicator the economy is headed for a bad place:

https://www.zerohedge.com/markets/central-bank-gold-buying-continued-unabated-september
168   RayAmerica   2023 Nov 8, 8:59am  

HeadSet says

NuttBoxer says

Gold buying by central banks is 800 tons for the year.

Cool! Looks like they are transitioning to a gold back currency!


That's not the case in the slightest. The central banks are privately owned conglomerates that are also the biggest con artists in history. They know what is coming; a collapse of fiat currencies, so they are converting their soon to be worthless paper into hard assets, such as gold.
169   AD   2023 Nov 8, 9:34am  

RayAmerica says

they are converting their soon to be worthless paper into hard assets, such as gold.


collapse of paper is collapse of society and the same powers-to-be do not want a collapse of society

they may let society's poor and working class suffer some, such as with inflation, but they want to maintain control even with society's standard of living degrading closer to 3rd world conditions

gold and silver are a good hedge as far as devaluation of currency unless there are competitors like crypto ... I think a lot of money that would have gone to precious metals have gone to established crypto coins like bitcon ...

.
170   HeadSet   2023 Nov 8, 10:29am  

RayAmerica says


HeadSet says


NuttBoxer says

Gold buying by central banks is 800 tons for the year.

Cool! Looks like they are transitioning to a gold back currency!


That's not the case in the slightest. The central banks are privately owned conglomerates that are also the biggest con artists in history. They know what is coming; a collapse of fiat currencies, so they are converting their soon to be worthless paper into hard assets, such as gold.


That quip "Cool! Looks like they are transitioning to a gold back currency!" was a joke, The last thing a central bank wants is an asset backed currency, as that would strip the central bank of its power.
171   NuttBoxer   2023 Nov 8, 1:26pm  

Ahh, the subtleties of online speech..
172   AmericanKulak   2023 Nov 19, 11:01pm  

Can't believe Gold hasn't gone way higher.
173   Onvacation   2023 Nov 21, 11:27am  

ad says

.. I think a lot of money that would have gone to precious metals have gone to established crypto coins like bitcon ...

Agreed! But they're not making any more bitcoin. Gold and silver can just be dug out of the ground.
174   stereotomy   2023 Dec 1, 12:29pm  

Off to the races . .


175   stereotomy   2023 Dec 3, 6:08pm  

Holy shit!


176   just_passing_through   2023 Dec 3, 6:35pm  

Someone(s) are thinking the printing presses are soon to be fired up again.
177   NuttBoxer   2023 Dec 3, 7:18pm  

December's usually pretty dead for serious movement. Stocks do well so CEO's can get their bonus's early next year.
179   NuttBoxer   2023 Dec 15, 6:14pm  

Chinese know what American's will learn the hard way. Never trust your governments paper currency...
https://asia.nikkei.com/Business/Markets/Commodities/Chinese-pay-premium-prices-for-gold-as-economic-outlook-dims
180   AD   2024 Jan 8, 10:14pm  

.

1 kilo of gold is worth about $66,000



.
181   NuttBoxer   2024 Jan 13, 8:04am  

Texas latest state moving back to real money:

https://www.zerohedge.com/markets/texas-gop-moves-support-gold
183   UkraineIsTotallyFucked   2024 Mar 8, 9:03pm  

Tons of the stuff is being bought and physically transferred to Shanghai. The world' largest gold exchange is there.
184   stereotomy   2024 Mar 21, 1:43am  

Fed Chair Powell is my hero - all that bullshit is great for gold. Pretty soon we'll have gold at $2500, gas at $10/gallon, and $15 for a gallon of milk.


185   Robert Sproul   2024 Mar 21, 7:46am  

AD says

... I think a lot of money that would have gone to precious metals have gone to established crypto coins like bitcon ...

One reason to wonder if Bitcoin is some kind of Gov Op.
186   UkraineIsTotallyFucked   2024 Mar 21, 8:43am  

stereotomy says

gas at $10/gallon, and $15 for a gallon of milk.


Really? We pay for those things in gold?
187   UkraineIsTotallyFucked   2024 Mar 21, 8:45am  

NuttBoxer says

Texas latest state moving back to real money:

https://www.zerohedge.com/markets/texas-gop-moves-support-gold


Did you read the article? First paragraph states the proposition is not legally binding.
188   richwicks   2024 Mar 21, 9:50am  

UkraineIsTotallyFucked says


Did you read the article? First paragraph states the proposition is not legally binding.


Most of what Zerohedge is "misleading" at best. I long ago abandoned the site since 90% of it is just garbage. Used to piss me off when they'd post a chart with NOTHING labeling the X or Y axis and the "article" was "this chart needs no explanation" and nobody could tell me what it was.
189   NuttBoxer   2024 Mar 21, 10:45am  

Some have speculated it was created by the NSA who released an interesting study on digital coin sometime before bitcoin was created. No solid proof, but an interesting theory..
190   Onvacation   2024 Apr 3, 9:48am  

Long Term Trends in Precious Metals
Gold, Up and up and up compared to fiat. Notice the flatline before 1971. Also notice the little bump at the beginning of the chart, that's when FDR federalized gold and made it illegal to own. The late 1970's runup coincided with the Hunt Bro's silver fiasco.


Now silver. Notice the little bump up in the mid 1960's when we took silver completely out of our coinage. (Anyone know what "40% silver" coins are?) Then the big peak in 1980 when the Hunt Brothers tried to "corner the market", "https://www.washingtonpost.com/archive/business/1980/04/27/hunt-brothers-thrill-ride-in-silver-takes-us-close-to-disaster/505507ce-a75b-407b-a407-0ed12cb35a5a/
before the SEC, CFTC, and the Fed shut them down. Also notice the "Iwog peak" in 2011 where a couple of market timers cashed out at just the right time. IMO silver has nowhere to go but up.


191   RayAmerica   2024 Apr 3, 10:16am  

Mark Dice Trying To Trade 1 oz Gold Coin (worth $1800 at the time of the video) for Worthless Random Stuff

https://www.youtube.com/watch?v=D_x8VswuLwU
192   NuttBoxer   2024 Apr 4, 9:20am  

Onvacation says

FDR federalized gold and made it illegal to own.


That's an exaggeration, was never illegal.

Onvacation says

Now silver.


Not sure there's data, but would rather see this go back to the 1870's when silver standard was removed. Everything else significant in our financial history is pinned to this one moment.
193   richwicks   2024 Apr 4, 9:48am  

NuttBoxer says

That's an exaggeration, was never illegal.


Yes it was. An individual could have up to 5 ounces of gold bullion meaning coins and bars, anything beyond that was illegal.

People could have gold in the form of jewelry and several things were done to attain that.
194   NuttBoxer   2024 Apr 4, 9:51am  

It was a voluntary turn in, not mandatory confiscation. Feel free to provide a citation proving otherwise, but Griffin and Sanders both disagree with you. And their collective knowledge on this subject is more than we'll ever forget.
195   richwicks   2024 Apr 4, 10:32am  

NuttBoxer says

It was a voluntary turn in, not mandatory confiscation. Feel free to provide a citation proving otherwise,


Executive Order 6102 - https://en.wikipedia.org/wiki/Executive_Order_6102

It was a bailout of the Federal Reserve that was counterfeiting money.

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $487 in 2023)[7] per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $235,000 in 2023),[7] up to ten years in prison, or both.


It won't work this time. People who own bullion would rather dump the stuff in the Mariana Trench than give it to the government.
196   AD   2024 Apr 12, 11:13pm  

.

time for a correction to gold price ?

.


.
197   Robert Sproul   2024 Apr 13, 7:15am  

richwicks says


Executive Order 6102 - https://en.wikipedia.org/wiki/Executive_Order_6102

It was a bailout of the Federal Reserve that was counterfeiting money.

Also the Fed 'bought' citizen's gold for 20 bucks and immediately revalued it at $35. That can't have felt too good.
198   Patrick   2024 Apr 15, 10:33pm  




Can someone explain this graph?
199   richwicks   2024 Apr 15, 10:47pm  

Patrick says


Can someone explain this graph?


We might be at the inflection point where the dollar goes to worthlessness and commodities become the only tradeable object, but engh, who knows?

Gold has 3 times become the about 1 billionth of the national debt in terms of ounces. The last time it was 800 dollars when our national debt was about 800 billion in 1981. It did this in 1933 as well, but I'm not looking up the debt. I should produce a graph.

EVENTUALLY this will happen again, but at that point, we might be living in a civil war zone. You'll be able to buy a house for 10 ounces of gold, but you won't want to live there.

What the Federal Reserve has done, I couldn't even imagine 20 years ago. You know what Quantitative Easing was? the Fed created money, it was put into the economy, and Treasury purchased bonds, banks purchased these bonds, and the banks made money off from interest. This is why interest rates were so low, the banks didn't need your money to loan out, they got it from the Treasury.

Austrian Economics says you can frustrate the law of supply and demand, but you cannot stop it. Gold will go up when people perceive it as something worthwhile to own. It is, fairly, a pretty useless metal. It only has worth because "our superiors" think it does.
200   NuttBoxer   2024 Apr 16, 10:01am  

The bond market has been on the way to implosion for a while. No one has confidence in the US government to repay debt anymore, or in paper money to be honored years from now. That's the high level. Rumor is some VERY powerful buyers have started dumping dollars for real money in the past few weeks. Either way the outcome will be economic collapse. Whether you run to the jails of CDBC, or the freedom of real money on the other side is up to you. If you aren't prepared, I'd guess they'll have some carrots to get you into the cages. Please be prepared...
201   NuttBoxer   2024 Apr 16, 10:27am  

richwicks says

NuttBoxer says

It was a voluntary turn in, not mandatory confiscation. Feel free to provide a citation proving otherwise,

Executive Order 6102 - https://en.wikipedia.org/wiki/Executive_Order_6102

It was a bailout of the Federal Reserve that was counterfeiting money.

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $487 in 2023)[7] per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $235,000 in 2023),[7] up to ten years in prison, or both.

It won't work this time. People who own bullion would rather dump the stuff in the Mariana Trench than give it to the government.


I just want to say this for all the Ukrainian, Israeli, and US government supporters. The above clearly demonstrates I was wrong, and Rick was right. I have no problem admitting I made a mistake. Feel free to do the same any time, no one will think less of you.

I respect people who hold to the truth, not people who try to win arguments.
202   NuttBoxer   2024 Apr 16, 12:29pm  

If you didn't know, gold and silver have been suppressed for over a hundred years. The connection of real physical to fake paper is gone.

https://www.rt.com/business/595122-west-losing-gold-east/
203   stereotomy   2024 Apr 16, 6:28pm  

Patrick says




Can someone explain this graph?

The key here is "real rates"; i.e., inflation-adjusted. If inflation is high, bond rates net inflation plummet, since bonds lag inflation. Gold prices in general follow asset prices, which are the first to rise before general consumer price inflation; i.e. asset price inflation is a leading indicator of general inflation (often by multiple years in advance).

Look at the late 1970's - gold shot up as well has housing prices. Then the Fed put interest rates close to 20% (which was much greater than the inflation rate, so "real" rates skyrocketed) and crashed the banking system, the housing market, gold, and the industrial economy.
204   NuttBoxer   2024 May 13, 7:57am  

"Austin cookie delivery firm Tiff's Treats is branching out from chocolate chips to gold bullion. Riding a wave of global interest in the precious metal, the new initiative is a way for the cookie delivery company to expand its appeal in this Amazon-fueled age of immediate gratification. Instead of paying about $21 for a box of a dozen chocolate chip cookies to be delivered to your friend, coworker or loved one, you can now pay roughly $2,500 for what the company deems its "bullion bundle" — a box of cookies plus a one-ounce, 24-karat bar of gold. The price of the package fluctuates with the daily gyrations of gold.

In South Korea: Aside from ramen and sausages, South Korea’s convenience stores have a new popular item on the menu — gold bars. The country’s largest convenience store chain, CU, has been collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer customers mini gold bars — and they’re selling like hot cakes.

A variety of finger-nail sized gold bars weighing between 0.1 gram and 1.87 gram have been up for sale at CU outlets since April. A 1.87-gram bar sells for 225,000 won ($165.76) and a 0.5-gram bar sells for 77,000 won.

Priced at 113,000 won each, 1 gram bars were sold out within two days, according to local news reports. The bars come with congratulatory messages, birthday wishes and even designs for personality types.

People in their 30s were most active in purchasing these gold bars, accounting for over 41% of the total sales since their launch, according to CU’s commerce phone app Pocket CU. Those in their 40s make up 35.2% of the sales, followed by people in their 50s at 15.6%. People in their 20s accounted for 6.8% of all sales.
"

- Franklin Sanders
205   stereotomy   2024 May 13, 8:27am  

The only problem with the "consumer gold" is when you try to sell it for anywhere near the price at which you bought it - try a 50% haircut at least. The big question for "consumer gold" (as opposed to "collectible" coins or good delivery bars) is provenance. For all anyone knows, it's gold-plated tungsten (which is virtually identical in density to gold). Plus, there is the BSA/AML aspect, "Why do you have so much gold, are you a terrorist or money launderer?" You have to clear 30% just to net out on the collectibles tax, to which gold is subject.

No, gold for most people is an insurance policy against the resolution of the Triffin Dilemma; namely, the dissolution of Bretton Woods / Petrodollar.

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