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08-28-2012, 01:12 PM   #1
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Gold...and stupidity

http://www.nytimes.com/2012/07/22/business/health-care-law-and-cost-containm...omic-view.html
QuoteQuote:
We can safely say there's zero chance that Mitt Romney will preside over a return to this system, but there is a distinct faction within the GOP that sees eliminating our current system of fiat money and establishing a system of hard money as a major policy goal.
This was the bedrock of the Ron Paul campaign. Influential conservatives like Larry Kudlow and Steve Forbes have championed the same thing. Even Paul Ryan has in the past favored some kind of hard money alternative to the current monetary regime.
Naturally this minor bone being tossed to the party's gold wing has been the subject of (well deserved) mockery.
So of course what is the clown posse thinking about:

GOP may embrace Ron Paul and the gold standard - CSMonitor.com

QuoteQuote:
The GOP could incorporate some of Ron Paul's fiscal ideas, including the gold standard, into their platform................


08-29-2012, 06:35 AM   #2
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Thank God nobody refers to the actual platforms, or cares.
08-29-2012, 07:01 AM   #3
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QuoteOriginally posted by Nesster Quote
Thank God nobody refers to the actual platforms, or cares.
Ditto
08-29-2012, 09:52 AM   #4
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Many folks will be holding some metals as a percentage of his/her portfolio for a reason.

I saw a chart using the US dollar 100 years ago as a starting point of value and today it's value is about 4% aka four cents of the original. You do the depreciation math.

The erosion and devaluation of a currency is a cruel and hidden tax promoted by the big borrowers and spenders in gov't.

You might care to check the 20 year chart on gold vs the US dollar: Gold Prices : Current Gold Price & Charts

Even the US and other gov'ts hoard gold for a reason.

Lets see, a 12 roll pack of perforated and quilted Obama Bucks or a few ounces of gold to hold?

08-29-2012, 09:57 AM   #5
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QuoteOriginally posted by Phil1 Quote
Many folks will be holding some metals as a percentage of his/her portfolio for a reason.

I saw a chart using the US dollar 100 years ago as a starting point of value and today it's value is about 4% aka four cents of the original. You do the depreciation math.

The erosion and devaluation of a currency is a cruel and hidden tax promoted by the big borrowers and spenders in gov't.

You might care to check the 20 year chart on gold vs the US dollar: Gold Prices : Current Gold Price & Charts

Even the US and other gov'ts hoard gold for a reason.

Lets see, a 12 roll pack of perforated and quilted Obama Bucks or a few ounces of gold to hold?
Do what you want w/ technically worthless gold (except to trinket/hedge markets).. just don't back your currency with it...

Human nature is funny.. gold is a industrially fairly useless metal..........The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry.
08-29-2012, 10:25 AM   #6
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Paper is so much more durable and useful especially with a politicians picture on it and it is in a perforated roll. It sure beats a left hand or electronic bytes for personal use. We do need the words HOPE or I WISH or Good for X number of Yuans on it someplace though.
08-29-2012, 10:33 AM   #7
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Enjoy the ride

Another Grim Debt Milestone | MyGovCost | Government Cost Calculator
08-29-2012, 10:35 AM   #8
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QuoteOriginally posted by Phil1 Quote
were dooomed!!!!

QuoteQuote:
Gold fell on Wednesday as better-than-expected U.S. economic growth triggered profit-taking in the precious metal after its recent rally on speculation of new stimulus from the Federal Reserve.

The metal came under pressure after data showed the U.S. economy fared slightly better than initially thought in the second quarter.


08-29-2012, 12:20 PM   #9
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QuoteOriginally posted by Phil1 Quote
Many folks will be holding some metals as a percentage of his/her portfolio for a reason.

I saw a chart using the US dollar 100 years ago as a starting point of value and today it's value is about 4% aka four cents of the original. You do the depreciation math.

The erosion and devaluation of a currency is a cruel and hidden tax promoted by the big borrowers and spenders in gov't.

You might care to check the 20 year chart on gold vs the US dollar: Gold Prices : Current Gold Price & Charts

Even the US and other gov'ts hoard gold for a reason.

Lets see, a 12 roll pack of perforated and quilted Obama Bucks or a few ounces of gold to hold?
I believe one of the reasons we left the gold standard is it doesn't allow the financial flexibility a country needs during times of need, such as the Great Depression (an oxymoron if there ever was one), or an event like WWII. Gold and silver value comparisons to the dollar's value over time are interesting to look at, but in reality mean nothing. Consider this: In 1964 (the last year the US made coins of silver), a quarter was 25% of my pay of $1.00 an hour. For that quarter, I could buy about 1.7 gallons of regular gas. Today, the silver in that quarter would be worth $6.90 and would buy the same amount of gas (in my area). So in real buying power, my paper dollars today get me pretty much the same as silver did nearly 50 years ago. Sorry I can't make a comparison to gold as I wasn't around back then, but I'll bet it's similar.
08-29-2012, 03:50 PM   #10
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QuoteOriginally posted by Phil1 Quote
Lets see, a 12 roll pack of perforated and quilted Obama Bucks or a few ounces of gold to hold?
If your holding it, gold may be better due to inflation...but you should really try investing it.
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