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ECON Is Gold Even A Recognizable Safe Haven Asset Anymore?
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  1. #1
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    Is Gold Even A Recognizable Safe Haven Asset Anymore?

    Ringing a bell at the bottom - or a sign of a real sea change? Stay tuned for our next exciting episode!

    Graphics at the link...
    =================

    https://safehaven.com/commodities/pr...t-Anymore.html

    Is Gold Even A Recognizable Safe Haven Asset Anymore?
    By Alex Kimani - May 06, 2019, 6:00 PM CDT

    Itís increasingly beginning to appear like precious metal bulls just canít catch a proper break no matter what. After one of the most significant geopolitical developments so far in the year, gold prices have hardly budged, raising fears that the yellow metal could be losing its traditional safe-haven status. Gold prices only turned slightly higher on Monday after President Trump on Sunday threatened to turn dramatically ramp up the ongoing trade war between Washington and Beijing.

    On Friday, Trump threatened to ratchet up tariffs of 10 percent on $200 billion of Chinese goods imported by the U.S. to 25 percent and also warned that tariffs could be slapped on a further $325 billion of goods in future.

    (Click to enlarge)
    Gold for June delivery was up a mere 0.22 percent to $1,284.10 an ounce after tapping a low of $1,278.10. Silver was down 0.32 percent as it continues to find little favor. Thatís quite puzzling considering that the market has at this juncture fully priced in a trade deal. Trumpís commentary has shaken this thesis yet traders appear unfazed.

    As expected, equity markets received a hammering, with the Dow Jones dropping 450 points while the S&P 500 lost 1.2 percent. Their Chinese peer, however, fared far worse with China stock markets tanking 5-7 percent overnight, their worst one-session loss in more than two years.

    (Click to enlarge)
    Source: Kitco

    Trade talks on verge of collapse?
    If you think Elon Muskís marijuana-infused trolling on Twitter is shocking for a CEO, @RealDonaldTrump is the real tweeter-in-chief; a man who has redefined the possibilities of social media and single-handedly turned the chatty platform into a must-read political assault weapon.

    Trump followed the Sunday tweet with another equally abrasive assault on Monday:

    (Click to enlarge)

    Just last week, U.S. Treasury Secretary Steven Mnuchin described the ongoing Beijing talks as "productive".
    Related: Apple Loses Ground In China As Huawei Hits Back
    Trumpís hardline tweets could simply be an attempt to extract more concessions as the talks draw to a close. On the other hand, they could effectively set back the clock on months of hard negotiations with a real possibility that the worst could happen and the talks could end up collapsing.

    "It's possible talks are breaking down, with China offering insufficient concessions, and an increase in tariffs a genuine prospect,Ē Tom Orlik, chief economist at Bloomberg Economics has told BBC.

    Recent reports suggest that U.S. officials have become frustrated by China trying to row back on earlier commitments over a deal. Some sticking points have been the methodology of enforcing a deal, intellectual property protection and also whether or not to roll back tariffs already in place and how fast to do it. Trumpís latest polemic seems to suggest that Washington is not only unwilling to roll back existing tariffs but could actually escalate them.

    Unfavorable Fed policy
    The muted reaction by precious metal traders can largely be chalked up to the Fedís unfavorable policy. Gold has been struggling for direction ever since Fed Chair Powell affirmed the central bankís neutral outlook and effectively pushed back against growing speculation about a rate cut on the horizon.
    Technically, gold bears still have a near-term advantage.

    A nearly 3-month old downtrend still rules the daily chart with the bullsí next upside price objective being to close above solid resistance above $1,300. It might therefore take more than Trumpís tweets to truly escalate safe-haven buying of gold and finally overcome the resistance.

    By Alex Kimani for SafeHaven.com
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  2. #2
    The US hasn't collapsed yet, and as long as the Feds continue to intervene to keep the stock market up, PM's will take a distant second. Last I read, PM's were doing well in Venezuela...maybe move to an already collapsed country if you are in a hurry to enjoy the benefits?

  3. #3
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    I have found it better to wait and let markets come to me

    AKA "Get right and sit tight."

    https://www.silverdoctors.com/gold/g...-are-uncommon/
    Jesse Livermore: ‘Men Who Can Both Be Right & Sit Tight Are Uncommon’
    /snip/
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  4. #4
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    Is Gold Even A Recognizable Safe Haven Asset Anymore?

    The answer: No..

    Same place it was 5 YEARS ago...


  5. #5
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    Is a safe haven an investment? Do you make money on your fire extinguisher? Your insurance policies?
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  6. #6
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    Quote Originally Posted by Dozdoats View Post
    Is a safe haven an investment? Do you make money on your fire extinguisher? Your insurance policies?
    Do you normally use your fire extinguisher or insurance policies to buy groceries, gas and pay your electric bill?

  7. #7
    hold is Insurance, not an investment.

  8. #8
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    Do you normally use your fire extinguisher or insurance policies to buy groceries, gas and pay your electric bill?

    Nope.

    Neither do I use my savings account for daily expenses.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  9. #9
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    raising fears that the yellow metal could be losing its traditional safe-haven status
    BS. Everyone knows for a fact that the price of gold is highly manipulated, when that stops gold will increase. That time will come.

  10. #10
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    Everyone knows for a fact that the price of gold is highly manipulated

    Apparently they don't know that - or even suspect it. Many believe it is a wack job conspiracy theory.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  11. #11
    It all depends on whether you believe electrons moving within fiber optics and displayed upon a computer monitor are in fact a source of wealth.
    We are apt to shut our eyes against a painful truth... For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst, and to provide for it. --Patrick Henry

  12. #12
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    Gold is a historical vessel of value everything else is manipulated to suit certain groups of people. Hold it in your hand until it becomes the standard of value again. Do not expect to become rich from holding it just hold it now because it looks good. That way you can't go wrong. It is part of the the prepping slogan here since 1998. God,Grub,Guns and Gold. This order is correct in everyone's personal needs for survival and will stand you in good stead. Disregard what other people tell you. If you regard what people are saying about gold today then you will be very sad when you find out that they lied to you for their own gain.
    "When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law." ~ Frederic Bastiilt

    "Duty is ours; results are God's."

  13. #13
    Perhaps we can start with definitions.

    What is an asset?

    What is recognizable?

  14. #14
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    Bitcoin Baby!!!
    WARNING!!!

    My use of pronouns will offend faggots, the mentally ill, and the gender confused.

  15. #15
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    Is Gold Even A Recognizable Safe Haven Asset Anymore?

    Most people don't understand gold. Gold is not an investment and never was. What gold is, is money and money that holds it's value over time. Therefore gold is perfect for savings and for wealth insurance. No, gold doesn't earn you interest but the paltry interest of funds in the bank doesn't even keep up with inflation. I've used the analogy often but a hundred years ago a one ounce gold could be exchanged at the bank for a $20 paper bill and vice versa. Both that bill and coin would buy a fine business suit or a beef cow. Fast forward 100 years and that one ounce coin will still buy you that suit or cow. The $20 note buys you a takeout pizza without the tip.

    One need not be the smartest person in the room, one only needs to emulate what the smartest people are doing even if you don't understand what they are doing. While governments dissuade us from owning physical gold and while your investment advisor if you asked for physical gold would hold up a crucifix and string of garlic one only needs to look at what the insiders are doing for themselves. Central banks being the ultimate insiders are on a buying tear of physical. With a bubble in every investment class except the metals, the metals are about the only thing you can acquire that is vastly undervalued. And it doesn't hurt that when Basel III came into effect now central banks can hold gold on their books as a full tier one asset now.



    For me, it's not return on principal right now but return of principal and that is why I own gold.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  16. #16
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    Any disbeliever that gold is manipulated only has to look at all the big fines paid by banks for- - -gold manipulation.

  17. #17
    Quote Originally Posted by Hfcomms View Post
    Is Gold Even A Recognizable Safe Haven Asset Anymore?

    Most people don't understand gold. Gold is not an investment and never was. What gold is, is money and money that holds it's value over time. Therefore gold is perfect for savings and for wealth insurance. No, gold doesn't earn you interest but the paltry interest of funds in the bank doesn't even keep up with inflation. I've used the analogy often but a hundred years ago a one ounce gold could be exchanged at the bank for a $20 paper bill and vice versa. Both that bill and coin would buy a fine business suit or a beef cow. Fast forward 100 years and that one ounce coin will still buy you that suit or cow. The $20 note buys you a takeout pizza without the tip.

    One need not be the smartest person in the room, one only needs to emulate what the smartest people are doing even if you don't understand what they are doing. While governments dissuade us from owning physical gold and while your investment advisor if you asked for physical gold would hold up a crucifix and string of garlic one only needs to look at what the insiders are doing for themselves. Central banks being the ultimate insiders are on a buying tear of physical. With a bubble in every investment class except the metals, the metals are about the only thing you can acquire that is vastly undervalued. And it doesn't hurt that when Basel III came into effect now central banks can hold gold on their books as a full tier one asset now.



    For me, it's not return on principal right now but return of principal and that is why I own gold.
    Gold has many facets...one of which is an INSURANCE POLICY AGAINST THE COLLAPSE OF FIAT CURRENCIES.....
    .ECT.ECT ECT
    .
    Sow the Wind....Reap the Whirlwind

  18. #18
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    The article is describing gold not as a “safe haven,” but as an INVESTMENT. Anyone looking to PMs as an investment is a fool. Thus the thread title is misleading. Further, I assume that the company which wrote the essay sells gold.

    RIGHT??

  19. #19
    possession of tangible physical gold will always be gold, value in the eye of the beholder and potential trading partner(s)

    pieces of paper (gold stock etc) will always remain outside one's control and subject to the possibility of it becoming once again just pieces of paper or electronic blips in some computer.
    Dosadi

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  20. #20
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    The thread title is the article title.

    SafeHaven is a site which consolidates information/articles on markets, investing, commodities, crypto, tech etc. They do not sell PMs themselves, but some of their advertisers do (and so, for that matter, does one advertiser here on TB2K).

    https://safehaven.com/

    ===========

    ETA -

    Again, I posted this because it marks IMO either 1) a clear ringing of the bell to mark the bottom or near bottom in this market, OR: 2) the birth of an absolutely unheralded sea change in human history as far as the evaluation/denomination of wealth is concerned.

    And it could be either, but it is not both.

    Which does everyone think is more likely to be the case? I ask because I want to know what people think, not to argue.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  21. #21
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    Dude, I know it’s the article title.

  22. #22
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    In today’s economy your money regardless of its format must work. It must put in at least as much effort as you do to increase in value. Gold is lazy. It’s it’s on the shelf, it’s shiny, it might come in handy at some future point. However, what it does not do in the current market is any kind of actual work. It’s not helping you to pay off your debts. It’s not helping you to pay down your mortgage. It is not an investment. Is not earning interest. For some people it may be part of their asset pyramid. But is not part of the asset that is working for you. And because it is not an investment, you can’t look it as a retirement strategy. So whether somebody considers it a “safe haven“ depends on every other part of their financial structure. It does no good for a homeless man to hold an ounce of gold.
    Find my free fiction stories here.

    "Isnít it interesting that the same people who laugh at science fiction listen to weather forecasts and economists?Ē - Kelvin R. Throop III

  23. the birth of an absolutely unheralded sea change in human historyÖ. as far as the evaluation/denomination of wealth is concerned.

    Okay, will dig around a bit on this thought. What are some of the unheralded sea changes in history? A wide open phrase without much context but interesting to consider great changes in history.

    1. The flood of Noah's time
    2. The exodus of the Jews from Egypt
    3. The giving/receiving the 10 commandments
    4. The Fall of Babylon
    5. Destruction of Jerusalem [AD70]
    6. The Demise of the Caliphate
    7. V Day
    8. Election of Donald Trump

    These and so many others are not especially "unheralded." What we have before us [in the months/years to come] are times which will try men's souls. We are in a huge spiritual battle -- sea changes around the world [migration is one sign of the changes]. One side of the spiritual battle seeks to destroy or fundamentally transform this nation as we have known it.

    In our past history the civil war may have come as close as anything to create a "sea change." While we were deeply scared by those incredibly bloody years, because we had a spiritual depth of godliness in our land, we were able to sufficiently heal our way back to health as a nation.

    Events that lie before us will be so unfortunately miserable that no amount of gold, silver, or other commodities will see us through to the other side [though some precious metals may be helpful in the short run. If you have read to the end of the Great Book you know that the devastation to come will be humanly incomprehensible. The intense anger, hatred, loathing by the democrats is a prelude of the nastiness and loathing that is yet to come by these people of hostility and darkness. A sure sign of the abomination to come.

    Sea Changes? Yes, indeed.
    Keep on asking, and you will be given what you ask for.
    Keep on looking, and you will find.
    Keep on knocking, and the door will be opened. [Matt 7:7]

  24. #24
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    Quote Originally Posted by Dennis Olson View Post
    The article is describing gold not as a “safe haven,” but as an INVESTMENT. Anyone looking to PMs as an investment is a fool. Thus the thread title is misleading. Further, I assume that the company which wrote the essay sells gold.

    RIGHT??
    Yes. Right on the mark. Precious metals are not an investment; they are insurance.
    Sub-Zero

  25. #25
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    I have a few snapshots of what is clearly gold price manipulation:
    Attached Images

  26. #26
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    What are some of the unheralded sea changes in history? A wide open phrase without much context but interesting to consider great changes in history.

    The relevant transitions at least IMO are the move from a barter economy to the evolution of money, the loss of money as a routine transaction settlement post-Rome (at least in Britain) for several centuries, the evolution from specie (silver and gold) to paper, the evolution from paper to digits (fully in place since the mid-1990s), and whatever comes next.

    That's several thousand years in one sentence....
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  27. #27
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    Quote Originally Posted by Theophilus View Post
    the birth of an absolutely unheralded sea change in human history…. as far as the evaluation/denomination of wealth is concerned.

    Okay, will dig around a bit on this thought. What are some of the unheralded sea changes in history? A wide open phrase without much context but interesting to consider great changes in history.

    1. The flood of Noah's time
    2. The exodus of the Jews from Egypt
    3. The giving/receiving the 10 commandments
    4. The Fall of Babylon
    5. Destruction of Jerusalem [AD70]
    6. The Demise of the Caliphate
    7. V Day
    8. Election of Donald Trump

    These and so many others are not especially "unheralded." What we have before us [in the months/years to come] are times which will try men's souls. We are in a huge spiritual battle -- sea changes around the world [migration is one sign of the changes]. One side of the spiritual battle seeks to destroy or fundamentally transform this nation as we have known it.

    In our past history the civil war may have come as close as anything to create a "sea change." While we were deeply scared by those incredibly bloody years, because we had a spiritual depth of godliness in our land, we were able to sufficiently heal our way back to health as a nation.

    Events that lie before us will be so unfortunately miserable that no amount of gold, silver, or other commodities will see us through to the other side [though some precious metals may be helpful in the short run. If you have read to the end of the Great Book you know that the devastation to come will be humanly incomprehensible. The intense anger, hatred, loathing by the democrats is a prelude of the nastiness and loathing that is yet to come by these people of hostility and darkness. A sure sign of the abomination to come.

    Sea Changes? Yes, indeed.
    This is a good post
    The storm clouds have gathered. Lightning is off in the distance. Can you hear the thunder? Have you prepared? Our time draws short.

  28. #28
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    Something I have noticed about gold and silver in recent years.

    Back before paper gold and silver, when the markets tanked both gold and silver went up.

    Now that gold and silver are tied to the market via "paper" investments, they now go down when the market goes down and are far more volatile.

    That is just from my short time buying gold and silver, since pre 1999. I have long suspected that once gold and silver were tied to the stock market via paper investments, that gold and silver now move with the market in the same directions.

    Who knows.. i could be wrong.
    Americans used to roar like lions for liberty; now we bleat like sheep for security.

  29. #29
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    once gold and silver were tied to the stock market via paper investments, that gold and silver now move with the market in the same directions

    A worthwhile and IMO accurate observation. I still think the question at hand is whether this marks a near term bottom in the PM market, or the beginning of a decoupled- from- reality financial paradigm that is unprecedented.

    There has to the best of my knowledge never been a time before now (now beginning about 1965) when at least some nation or group of nations did not use specie.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  30. #30
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    Quote Originally Posted by Kathy in FL View Post
    In today’s economy your money regardless of its format must work. It must put in at least as much effort as you do to increase in value. Gold is lazy. It’s it’s on the shelf, it’s shiny, it might come in handy at some future point. However, what it does not do in the current market is any kind of actual work. It’s not helping you to pay off your debts. It’s not helping you to pay down your mortgage. It is not an investment. Is not earning interest. For some people it may be part of their asset pyramid. But is not part of the asset that is working for you. And because it is not an investment, you can’t look it as a retirement strategy. So whether somebody considers it a “safe haven“ depends on every other part of their financial structure. It does no good for a homeless man to hold an ounce of gold.
    Well said Kathy.
    As you said, PMs can have a place in someone's asset portfolio, but don't make it your be all and end all.
    Hell judging by Racing22's chart it hasn't even held it's value over the last 5 years.
    I have investments that continue to grow and earn me thousands of dollars every year. My PMs, not so much. I have practically forgotten about them and I fully expect to pass them along to my children, still shiny but unused.
    ďI never saw a wild thing sorry for itself. A small bird will drop frozen dead from a bough without ever having felt sorry for itself.Ē
    D. H. Lawrence

  31. #31
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    Something else that is the same as 17 years ago ...



    -- https://www.oftwominds.com/blogmay19...vival5-19.html
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  32. #32
    Gold, gold, gold!

    Um, a metal they say and has many uses including Jewelry.

    What is it currently selling for? Um, they say production cost.

    When I was a kid it sold for less than the current price of a kg of beef fillet steak. Then again steak used to be cheap but not these days.

    When the economy crashed in Chile in South America Antique dealers from the West flooded to Chile to buy dirt cheap collectibles. When the world economy goes West who will need gold. Food and warmth, on the other hand, will be big demand.




    A 2.4 kilogram chicken cost 14,600,000 bolivares ($2.22) before Venezuela slashed five zeros from its currency.


    Under the above circumstances, gold will not have a lot of buyers. Better to have frozen chickens.

  33. #33
    Quote Originally Posted by Kathy in FL View Post
    In today’s economy your money regardless of its format must work. It must put in at least as much effort as you do to increase in value. Gold is lazy. It’s it’s on the shelf, it’s shiny, it might come in handy at some future point. However, what it does not do in the current market is any kind of actual work. It’s not helping you to pay off your debts. It’s not helping you to pay down your mortgage. It is not an investment. Is not earning interest. For some people it may be part of their asset pyramid. But is not part of the asset that is working for you. And because it is not an investment, you can’t look it as a retirement strategy. So whether somebody considers it a “safe haven“ depends on every other part of their financial structure. It does no good for a homeless man to hold an ounce of gold.
    So how does one pay off debt with a debt instrument?

    frn's are debt not an asset.

    There is a fundamental misunderstanding of what 'debt' and 'assets' are.

    This is intentional on the part of the money master, oligarchic owned, FOR PROFIT, PRIVATE, INCORPORATED (NOT GOVERNMENTAL) central banks.

    frn's are not lazy. On that part you are correct. frn's are busy indebting you and all who hold and depend on them.

    frn's are a commodity exactly like gold. They are controlled by a cartel exactly the same way OPEC operates and for the same reasons - to make its shareholders profit.

    frn's are an asset only from the perspective of the issuers - the federal reserve and its shareholders. They are a liability to everyone who is not a fed shareholder.

    If one does not understand the basic fundamentals, and the actual definition of what 'assets' and 'liabilities' are it is easy to convince someone that what they have and hold is something other than what it really is. Just like the American colonists convinced native Americans glass beads were actually tangible assets and currency.

    All that said, the paradigm of those who consider frn's to be an asset as opposed to debt is so strongly cemented that most will think I'm the one that has no clue.

    Qui bono?

  34. #34
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    Distilled truth in #33 above, for any who will see it.

    snip/The Emerging market crisis that has fully engulfed a few nations now shows Gold priced under the Venezuelan Bolivar at 12,797.98, losing 6 Bolivar overnight with Silver at 148.015 Bolivar down .399. Argentina’s Peso Crisis now has the Nobel metal at 57,224.13, a gain of some 193.57 A-Peso overnight with Silver now at 661.830, gaining another .84 A-Peso’s from the previous days quote. /snip

    -- https://steemit.com/investing/@webbo...atch-out-above Tues 7 May 2019

    Gold IS a commodity, an historical monetary commodity but still just one more commodity. It is a vehicle historically used to store value and allow easy transport of said value through space and time. Or at least it was. TPTB would have us believe it no longer has these roles. But the market gets to decide...
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  35. #35
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    there is another fundamental misconception regarding both AU and AG. I look at these assets as wealth PRESERVATION strategy rather than as an "investment" . . . I don't really care where the day to day "value" of my lone silver eagle and one gold piece are - I can go and hold them both. they are in MY pocket and not someone else's - and they will ALWAYS be worth something - FRN's - not so much
    "Have I not commanded you? Be strong and of good courage; do not be afraid, nor be dismayed, for the Lord your God is with you wherever you go." Joshua 1:9 (NKJV)

    III

    Raging Deplorable - we do NOT forget; we do NOT forgive; we are LEGION

  36. #36
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    Quote Originally Posted by TerryK View Post
    As you said, PMs can have a place in someone's asset portfolio, but don't make it your be all and end all.
    Hell judging by Racing22's chart it hasn't even held it's value over the last 5 years.
    I have investments that continue to grow and earn me thousands of dollars every year. My PMs, not so much. I have practically forgotten about them and I fully expect to pass them along to my children, still shiny but unused.
    Yep... Disclaimer.. I have some Gold and even more Silver, but I consider it just throw away money, kinda the same way I consider the money I spend in Atlantic City, never plan on seeing it again...

    There's no way I would think I'll be saving myself by buying chickens or part of a cow when SHTF from a local farmer with it. Even then, if two of us show up, one guy with shiny coins and another with FRNs, I'm sure that farmer will take a fistful of FRNs before he takes a few shiny coins..

    Here's the 10 YEAR chart, Gold has barely kept up with inflation... What was that about a "Safe Haven"???




    Hey, but whatever..... I hear Gold is on SALE.... stock up now!!!!

  37. #37
    Join Date
    May 2001
    Location
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    Posts
    171,516
    frn's are debt not an asset.

    Wrong. FRNs are a tool. A medium of exchange. They have “value” (however one might define that term) solely within that scope.

  38. #38
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    69,465
    FRN$ are a medium of exchange, but that is the only function of money they perform. And they are a medium of exchange only so long as they are accepted in exchange for goods or services.

    They are indeed a representation of debt. They are named Federal Reserve NOTES after all - and what is a note if not a representation of debt?

    The difference between the former US Note and a Federal Reserve Note is that the US Note (save for the short-lived Kennedy version) identified an amount, a payer, someone to be paid, and a time. FRNs do not do these things. So some commentators refer to them as "IOU nothings."


    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  39. #39
    Join Date
    Jan 2012
    Location
    I'm Not Sure....
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    Quote Originally Posted by Dozdoats View Post
    FRN$ are a medium of exchange, but that is the only function of money they perform. And they are a medium of exchange only so long as they are accepted in exchange for goods or services.
    FRN's will be the LAST thing accepted for exchange of goods, after anything else is refused. Everyone knows what a FRN is, your digital debit card will be a relic. When FRN's aren't accepted anymore, you'll be looking at this below:




    At this point, even your Gold will be worthless, and I'd doubt that it will even matter (that is, if you're still alive).

  40. #40
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    69,465
    FRN's will be the LAST thing accepted for exchange of goods

    I find your faith … touching.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

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