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  1. #1 Gold 
    Senior Ape Articulate_Ape's Avatar
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    I suspect that there are at least a few members here that have in investment in this precious metal (hello fellow libertarians or libertarianesques). I hold a relatively small amount (several ounces) at an average cost of around $900/oz. I have mainly invested in a small amount of gold as a hedge against apocalyptic economic melt down; you know, pocket money.

    Given the disaster that Bam Bam has doubled down on and the bleak outlook, I have considered acquiring more, but the reality is that this government has confiscated gold before (FDR) and essentially screwed a trusting nation of gold owners. I may just be paranoid, but I would not be surprised if history repeated itself. It might be for different reasons, but still.

    Thoughts?
    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  2. #2  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Articulate_Ape View Post
    I suspect that there are at least a few members here that have in investment in this precious metal (hello fellow libertarians or libertarianesques). I hold a relatively small amount (several ounces) at an average cost of around $900/oz. I have mainly invested in a small amount of gold as a hedge against apocalyptic economic melt down; you know, pocket money.

    Given the disaster that Bam Bam has doubled down on and the bleak outlook, I have considered acquiring more, but the reality is that this government has confiscated gold before (FDR) and essentially screwed a trusting nation of gold owners. I may just be paranoid, but I would not be surprised if history repeated itself. It might be for different reasons, but still.

    Thoughts?
    If they go for the gold nothing else will be safe including land. If it ever gets that bad we will have to decide how far we will allow them to back us in the corner. I have less confidence in the American people than most here have if it ever gets that bad.
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  3. #3  
    Resident Grandpa marv's Avatar
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    Gold is never worth zero........so they say. But like pork bellies, it goes up and it goes down. After all, it's just another commodity. Don't bother with gold coins 'cause you're paying for somebody else's art work too. Mining stocks are a better bet.

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  4. #4  
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    Quote Originally Posted by Rockntractor View Post
    If they go for the gold nothing else will be safe including land. If it ever gets that bad we will have to decide how far we will allow them to back us in the corner. I have less confidence in the American people than most here have if it ever gets that bad.
    When I say "confiscate" I am referring to the outcome of Executive Order 6102. It's been done, Rock.
    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  5. #5  
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    Quote Originally Posted by marv View Post
    Gold is never worth zero........so they say. But like pork bellies, it goes up and it goes down. After all, it's just another commodity. Don't bother with gold coins 'cause you're paying for somebody else's art work too. Mining stocks are a better bet.
    Mining stocks are paper. Paper burns, Marv.
    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  6. #6  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Articulate_Ape View Post
    When I say "confiscate" I am referring to the outcome of Executive Order 6102. It's been done, Rock.
    I know it has been done and they will do it again and far more. Obama is poised to make a property grab by taking over the mortgages also. Nothing is safe but at least coins are portable. Gold or silver, take your pick but try not to have any records of the transaction.
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  7. #7  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Articulate_Ape View Post
    Mining stocks are paper. Paper burns, Marv.
    They are also working on making it unprofitable to mine through EPA regulations.
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  8. #8  
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    Check out Kitco's commentators such as Howard Ruff. They offer a world of infomration.

    The mint is making a shit pot of money making selling gold coins so I do not foresee them killing that golden goose anytime soon. When gold hits $3,000, it might be time to sell.

    Starting in 2012, all retail transactions over $600 will require the retailer to file a 1099 form with the IRS. No shit. The purchase of a $700 TV will be reportable; big brother is watching you. This will be an enormous burden on retailers selling coins. At the present time, sales of any amount over $10k are reportable unless you are selling Eagle coins. Looks like that will be thrown out the window.
    Last edited by lacarnut; 08-13-2010 at 08:27 PM.
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  9. #9  
    Senior Ape Articulate_Ape's Avatar
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    Ain't we got fun? :mad:
    "Our president delivered his State of the Union message to Congress. That is one of the things his contract calls for -- to tell congress the condition of the country. This message, as I say, is to Congress. The rest of the people know the condition of the country, for they live in it, but Congress has no idea what is going on in America, so the president has to tell 'em." ~ Will Rogers
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  10. #10  
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    I think if the SHTF that bullets would end up being a better investment.
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