Will comex be caught short gold?

[slow06]

You didn't go on a full-ride basketball scholarship?

It was Water Polo.

[Denny]

It was Water Polo.

LOL @ water sports!

[Woods Racing Transmission]

It MUST be the PTSD because you're wrong on the government seizure crap. Once the dollar fails, I don't think our government will have much to say on anything. Even with bullets, though, obtaining mine will be more than a task.

How does Gold taste? If the dollar does fail how will Gold be valued? In other words what will someone have that you want to trade for your Gold?

[Denny]

How does Gold taste? If the dollar does fail how will Gold be valued? In other words what will someone have that you want to trade for your Gold?

That is one of the worst arguments people throw at me. I can say "How does a dollar taste?" right now as well. Trust me, there will be a period of nothing but panic and trading commodities for other commodities, but commerce based on some form of currency (precious metals) will prevail. Remember, there is a lot more trade going on in this world other than you and your neighbor. What are you going to buy some land with? What about larger trades?

Gold and silver have always been and will always be viewed as a tool for currency for several reasons:

1. It is rare.
2. It is sought after globally and viewed as value (collectively).
3. It is hard and takes time/money to obtain.
4. Can't be duplicated.

[Woods Racing Transmission]

That is one of the worst arguments people throw at me. I can say "How does a dollar taste?" right now as well. Trust me, there will be a period of nothing but panic and trading commodities for other commodities, but commerce based on some form of currency (precious metals) will prevail. Remember, there is a lot more trade going on in this world other than you and your neighbor. What are you going to buy some land with? What about larger trades?

Gold and silver have always been and will always be viewed as a tool for currency for several reasons:

1. It is rare.
2. It is sought after globally and viewed as value (collectively).
3. It is hard and takes time/money to obtain.
4. Can't be duplicated.

I agree with you points Denny, but in the end someone has to want your Gold and they have to have something you want to trade for it.

[Denny]

I agree with you points Denny, but in the end someone has to want your Gold and they have to have something you want to trade for it.

That is why I also have a large, diverse holding of many things that would be sought after in the absence of an organized government and currency system. I have stockpiles of 25 year shelf life foods, I will have fresh fruits and veggies, livestock, fresh water (I have my own purification unit)... tons of other commodities like tools, hardware, alcohol, ammo, etc. You name it.

This isn't just something I figured out a year ago.

[mustangguy289]

That is one of the worst arguments people throw at me. I can say "How does a dollar taste?" right now as well. Trust me, there will be a period of nothing but panic and trading commodities for other commodities, but commerce based on some form of currency (precious metals) will prevail. Remember, there is a lot more trade going on in this world other than you and your neighbor. What are you going to buy some land with? What about larger trades?

Gold and silver have always been and will always be viewed as a tool for currency for several reasons:

1. It is rare.
2. It is sought after globally and viewed as value (collectively).
3. It is hard and takes time/money to obtain.
4. Can't be duplicated.

All but number 2 can be said about my shit.

[Denny]

Holy crap! I just saw a $1500 gold trade!

[Forever_frost]

Executive Order 6102 required U.S. citizens 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 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed]

Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewelers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins ($1,677 if adjusted for inflation as of 2010; a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $6200 as of 2010). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.



Just saying. The federal government, if they get hurting bad enough, WILL come for precious metals. Again. Think what you like, but it's happened before and will again

[Denny]

I know what happened in 33, but they can onlt try again. Last time, the masses fell for it since it was a first-time run at this. This time, it will be because the rest of the world (including us) doesn't trust the US government.

Not. Going. To. Happen.

[Torinoman]

Holy crap! I just saw a $1500 gold trade!

was it here http://dallas.craigslist.org/dal/clt/2334515249.html

[Denny]

was it here http://dallas.craigslist.org/dal/clt/2334515249.html

LOL, no. Live market ticker.

[Broncojohnny]

Executive Order 6102 required U.S. citizens 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 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed]

Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewelers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins ($1,677 if adjusted for inflation as of 2010; a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $6200 as of 2010). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.



Just saying. The federal government, if they get hurting bad enough, WILL come for precious metals. Again. Think what you like, but it's happened before and will again

I don't own any gold but they can come get some hot lead if they want it bad enough.