I had a meeting with my banksters today. They don't like the GLD & SLV position in my IRA, they want me to sell and "invest" in more stawks.
They also don't like my large cash position. They want to "put my money to work for me."
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
The BS letters that go out over his name are lame, but if you'll call him up, he'll give you some high-rated bond options to look at; and he'll call you up when something good is on his radar.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I guess this means it costs more to produce an ounce of gold than you can sell it for now.
It is at that point where one must apply the New Normal supply and demand curve, when one can predict a $0 per ounce price for gold, as physical demand continues unabated, while actual physical, not paper, production has now started going offline.
Joking aside, not even Bernanke and all the paper Gold ETFs in the world will be able to do much to suppress gold prices from reaching their fair value when gold production hits a standstill, and when demands, especially by China, is still in the hundreds of tons each year.
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
Joking aside, not even Bernanke and all the paper Gold ETFs in the world will be able to do much to suppress gold prices from reaching their fair value when gold production hits a standstill, and when demands, especially by China, is still in the hundreds of tons each year.
Sure they can. All they have to do is point a gun in your face and say "THIS IS the price" a'la FDR. Now Chut Up und eat your swill sssssitizzzen.
"“Believe nothing merely because you have been told it. Do not believe what your teacher tells you merely out of respect for the teacher. But whatsoever, after due examination and analysis, you find to be kind, conducive to the good, the benefit, the welfare of all beings - that doctrine believe and cling to, and take it as your guide.” ~ Gautama Siddhartha — The Buddha
Thanks for that article. Few people that have gold would be selling right now, and if they did it wouldn't be for anywhere near spot unless they were selling counterfeit gold.
Mining companies are starting to shut down their mines now till the metal prices come back up. They can't afford to mine metals that cost more to get out of the ground and process than they can sell it for on the market.
My greatest fear is that the PTB might use this PM tumble to implement changes to the current IRS 1099 gold and silver reporting requirements, thus hammering their value even further. Let's face facts, THEY don't want people in PMs.
Mining companies are starting to shut down their mines now till the metal prices come back up. They can't afford to mine metals that cost more to get out of the ground and process than they can sell it for on the market.
Golden Minerals did just a couple of days ago. Their stock immediately nose dived, then started to come back up some. I am happy that I didn't buy any before they announced this, but I sure was thinking about buying.
Unless you go over 10K, per transaction, (as I understand it), there is zero reporting.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I'm not really interested in churning my IRA or brokerage account. I want the IRA liquid for the 72t early distributions which are keeping my company afloat in the shittiest economic conditions I've encountered in over 30 years in business. The cash in my brokerage account is automatically swept to checking as soon as dividends hit and pays the bills.
Even with all my crews & subs cut loose, I'm on track to bleed a quarter mil this year. Every time I turn the key in my work truck, I figure it costs me about 500 BernankBux.
If I was smart, I'd retire, but I ain't got much of a life outside of working so I guess I'll ride it down. As far as the economy goes, my outlook is really fatalistic. I just don't care anymore.
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
You have GOT to get a better business-model my friend.
You just have to, lod
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I'll be OK, Loddy. Business conditions up here are impossible.
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
They don't like the GLD & SLV position in my IRA, they want me to sell and "invest" in more stawks.
I chose CEF instead of those two. I feel it's much safer as they don't use paper.
“Anti-semitism is a disease–you catch it from Jews”–Edgar J. Steele
“The jew cries out in pain, as he strikes you.”–Polish proverb
“I would like to express my heartfelt apologies for the unfortunate and tasteless quotes I published in my tag lines. I am very sorry and ashamed. I never wanted to offend anyone, or to encroach human rights."- Hmmmmm
Thanks to Lod for the tip on Texas Precious Metals!! Really an outstanding Company.
“Anti-semitism is a disease–you catch it from Jews”–Edgar J. Steele
“The jew cries out in pain, as he strikes you.”–Polish proverb
“I would like to express my heartfelt apologies for the unfortunate and tasteless quotes I published in my tag lines. I am very sorry and ashamed. I never wanted to offend anyone, or to encroach human rights."- Hmmmmm
I chose CEF instead of those two. I feel it's much safer as they don't use paper.
I abhor ETFs, but it was about the only way to hold PMs in my IRA. I really underestimated the lengths the PTB would go to suppress the PM prices. 90% of my PMs are physical in my possession which I acquired on the way up below 904 & 12 several years ago.
On a long enough timeline the survival rate for everyone drops to zero.
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)
About fifteen years back I put my 2.5K into a Fidelity IRA which promptly went to zero in two years. That's when I decided to put my "savings" into reducing real estate debt and getting PMs.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Thanks to Lod for the tip on Texas Precious Metals!! Really an outstanding Company.
Thanks Jim. I'll reach out to them when my personal 'buy' button is hit (that almost happened yesterday). And Esso, you're right. Think long and hard before completely retiring. It grows old.
Think long and hard before completely retiring. It grows old.
As long as I have rental units, I'll never completely retire; which is prolly a good thing.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Gold and silver prices are ending slightly higher Friday, at the end of a rough week.
It was the first gain for gold after four straight losses. Traders have been dumping gold since last week after the Federal Reserve laid out a possible exit from its bond-buying program. The prospect of the program ending allayed traders' fear of inflation and diminished the appeal of gold.
August gold rose $12.10, or 1 percent, to close at $1,223.70 an ounce. Gold is still down 9 percent since last Wednesday, when the Fed made its announcement.
Silver for July delivery jumped 91.8 cents, or 5 percent, to $19.451 an ounce. Silver is still down 3 percent since the Fed news.
Crude oil fell 49 cents to $96.56 a barrel.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
All they have to do is point a gun in your face and say "THIS IS the price" a'la FDR.
When FDR abrogated the gold standard in 1933, they made all U.S. Citizens turn in their gold at $20/z. When they had possession of all the gold, they revalued it at $35/oz. Nice little profit for those scumbags.
Something that most people do NOT understand is that a U.S. Citizen is the ALL CAPITAL LETTER NAME they use on all gov't issued documents. This is NOT the natural, living, breathing man. It is a fiction of law. ;)
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Silver for July delivery jumped 91.8 cents, or 5 percent, to $19.451 an ounce. Silver is still down 3 percent since the Fed news.
But, silver is now half the price it was 3 or 4 months ago. This is when one of those big banks on Wall St. sold it short by a million ounces. It is all fixed for those scumballs to beat the Street. ;)
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Golden Minerals did just a couple of days ago. Their stock immediately nose dived, then started to come back up some. I am happy that I didn't buy any before they announced this, but I sure was thinking about buying.
My Dad always pegged the price of silver mine stocks to whether we were going into recession. If the price of a stock hit its low for any given period, then he would say the U.S. was heading into recession.
It was just recently, when the price of silver went to half of what it had been a short time before that the prices of those mining stocks went much lower.
I look for the end of the funny money paper regimes we have been used to fooling with, and the resurgence of money of real value.
Remember, you cannot "pay" a debt with a debt. You can only "discharge" it.
When FDR abrogated the gold standard in 1933, he set into motion some very real things which we will soon find out are going to catch up with us all. ;)
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke