Buying gold and silver.

[Lycanthrope]

its interesting to SAY, but I cant imagine how it would or could be implemented in reality without having crazy problems... Can someone explain how it could happen?

 

[CAH]

its interesting to SAY, but I cant imagine how it would or could be implemented in reality without having crazy problems... Can someone explain how it could happen?

Federal reserve needs to buy up ounces of gold. Then print money backed by that gold. They should never be allowed to print more gold backed dollars than they have ounces to account for.

 

[espringers]

That's not possible that I know of. If the US had every ounce of gold ever mined, it would still be would be a fraction of our debt and dollars currently in circulation.

 

[CAH]

That's not possible that I know of. If the US had every ounce of gold ever mined, it would still be would be a fraction of our debt and dollars currently in circulation.

Exactly. So we would need to go completely bankrupt and start anew.

 

[Lycanthrope]

Exactly. So we would need to go completely bankrupt and start anew.

I dont imagine how it could happen where people in the know dont take advantage of it, hurting everyone else in the process, before it is made public. Youd almost have to have the US govt seize all gold in the country, keeping track of what they took from whom, and at the same time take a picture of all cyber assets and then create a new dollar system and give that back to the people in an equivalent amount of the new currency. Even that would create a HUGE mess and confusion and likely violent protest. Then if the people who had gold wanted to buy gold back, they would have to do it with their new adjusted currency and would get a lot less, but approximately equal value. With amount of 'fake' money in the system tho, price of gold would probably go to hundreds of thousands / oz and people in other countries that own gold would become much richer than US citizens, really I think its probably not possible. But its a nice pipe dream...

 

[CAH]

I dont imagine how it could happen where people in the know dont take advantage of it, hurting everyone else in the process, before it is made public. Youd almost have to have the US govt seize all gold in the country, keeping track of what they took from whom, and at the same time take a picture of all cyber assets and then create a new dollar system and give that back to the people in an equivalent amount of the new currency. Even that would create a HUGE mess and confusion and likely violent protest. Then if the people who had gold wanted to buy gold back, they would have to do it with their new adjusted currency and would get a lot less, but approximately equal value. With amount of 'fake' money in the system tho, price of gold would probably go to hundreds of thousands / oz and people in other countries that own gold would become much richer than US citizens, really I think its probably not possible. But its a nice pipe dream...

Im not saying it will be easy or even comfortable… but it is what would need to happen.

Look into how the federal reserve was even founded. Pretty crazy the story. Bunch of elite guys get together in a super secret meeting and then boom. Federal reserve started and began funding the US government.

 

[Sum1]

If they ever figure out how to get to the gold in the center of the planet, it should end up cheap as lead... Of course who knows if their predictions are accurate, but best guesses say there is A LOT of gold in the earth!

"It's difficult to determine the exact amount of gold in the Earth's core, as it's not directly observable. However, scientists estimate that the Earth's core contains approximately 1.6 quadrillion tons of gold. "

I have learned over my few short years on earth that people that claim to be scientists, if they don’t have the answer to something they will pull numbers out of their ass to give the impression they know what they’re talking about. This is no knock towards you. I have just learned to take what scientists say with a grain of salt.

Same goes for stock and gold analysts. I have listened to these people for years and it’s all speculation. These people are supposed experts. There was an experiment done where they put top portfolio managers(financial advisors) up against a monkey picking random stocks. The monkey won. It’s a crazy low percentage of portfolio managers that can actually outperform the market.

 

[Phill Latio]

anyone keeping an eye on these prices????

 

[CAH]

Gosh I wish it would come down …

 

[JMF]

I bought an ounce 15 years ago for around $800. Finally sold it the other day for $2233. Thats roughly 7% gains. That same $800 in my 401k would have been worth about $3300 with my current 10 year average return at 10%. However, I could have sold it a few years ago for just under $2k which would have increased the gains %.

 

[Rowdie]

I bought an ounce 15 years ago for around $800. Finally sold it the other day for $2233. Thats roughly 7% gains. That same $800 in my 401k would have been worth about $3300 with my current 10 year average return at 10%. However, I could have sold it a few years ago for just under $2k which would have increased the gains %.

Where can you sell it? And did they take a % out?

 

[JMF]

Where can you sell it? And did they take a % out?

Antique and gold exchange in the Kirkwood mall. I got full spot price.

 

[Rowdie]

Antique and gold exchange in the Kirkwood mall. I got full spot price.

A few years ago they only paid a percentage of spot price. If it's the same place, is there two spots in the mall?

 

[Wall-eyes]

Buyers dont pay what market is they have to make money too, and some are really greedy.

 

[Lycanthrope]

Buyers dont pay what market is they have to make money too, and some are really greedy.

better off selling it on marketplace or something similar...

 

[JMF]

A few years ago they only paid a percentage of spot price. If it's the same place, is there two spots in the mall?

Buyers dont pay what market is they have to make money too, and some are really greedy.

They buy at live spot price, they pull it up for you when you walk in. Don't recall what market they are using but it was within a few dollars of what I could look up. A few dollars higher than I was expecting.

 

[Skeeter]

I have 8 ounces I’m thinking about selling. do you have to pay taxes on when you sell it? if so I’ve no idea what it was worth when I got since it was a bonus from work. Will I end up in prison with bubba?

 

[woodduck30]

No taxes paid on silver and gold

 

[JMF]

I have 8 ounces I’m thinking about selling. do you have to pay taxes on when you sell it? if so I’ve no idea what it was worth when I got since it was a bonus from work. Will I end up in prison with bubba?

They already paid the income taxes you would have owed on it when they gave it to you and they don't give you a 1099 when you sell it.

 

[bucksnbears]

Why would a company sell gold/ Silver if the Know prices are gonna go up?