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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 11/08/2009 : 13:29:24
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Another soverign country boosts its GOLD reserves. How many more countries will step up and buy soon before the price skyrockets?
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 11/08/2009 : 16:29:28
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| maybe we need a contest to guess the next country to boost is gold reserves |
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Nickelless
Administrator
USA
5580 Posts |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 11/08/2009 : 19:19:14
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| Gold purchases by official and semi-official names may very well be in preparation of a new gold standard. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Dalsuh
Penny Hoarding Member
USA
757 Posts |
Posted - 11/08/2009 : 23:21:12
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Wow gold at $1,104.60.
I'M RICH BEACH! |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 11/08/2009 : 23:24:18
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quote:
Originally posted by jonflyfish
Gold purchases by official and semi-official names may very well be in preparation of a new gold standard.
I've heard people say various things like this, but the value of all the available gold in the world is just a tiny fraction of the GDP of all countries. How would this work getting a gold standard re-established? I just can't see the fiat banksters letting something like this happen as the backbone of a new financial system. |
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vrbsroma
Penny Collector Member
394 Posts |
Posted - 11/09/2009 : 13:40:52
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| The new standard (yes, there most absolutely will be one within the next decade) will likely resemble the plan of the Euro. Perhaps we're in for a truly global currency? |
As far as I know, it is stated "In God We Trust" on the US dollar. How can I trust this currency if I do not believe in God?
Possession is nine-tenths of the law.
When I give my two cents, they're always copper! |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 11/09/2009 : 16:22:28
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quote:
Originally posted by Nickelless
quote:
Originally posted by jonflyfish
Gold purchases by official and semi-official names may very well be in preparation of a new gold standard.
I've heard people say various things like this, but the value of all the available gold in the world is just a tiny fraction of the GDP of all countries. How would this work getting a gold standard re-established? I just can't see the fiat banksters letting something like this happen as the backbone of a new financial system.
When the credibility is gone, the only solution will be to re-base the currency to something of real value. Gold was and has been real money for thousands of years. There isn't anything else better. Hence all of the CB and IMF hoards. The gold has been there all along- even for the US. The difference is that the Fed got the green light to leverage currency into fiat heaven and tell people it is legal tender. People have believed it all along until recently.
All the CB's need to do is complete the cycle of lost credibility by flipping the switch. Some have even suggested that a banking holiday is on the horizon to do such. Current estimates using reported gold reserves to base money supply suggest approx $6000/oz. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 11/09/2009 16:25:05 |
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Gold price hits record after 'Sri Lanka purchase'
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