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Fractional Rerserve bank lending 101

williamta20012
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topt Ruby Member

topt

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That prick Gordon Brown sold off 400 tonnes of British gold at a rock bottom price of around USD 800 per ounce. Now at around USD 1,200 per ounce. Sent from my iPhone using Thaivisa Connect Thailand

You need to check your facts - he sold much lower than that apparently -

"The UK eventually sold about 395 tons of gold over 17 auctions from July 1999 to March 2002, at an average price of about US$275 per ounce"

Source - http://en.wikipedia.org/wiki/Sale_of_UK_gold_reserves,_1999%E2%80%932002

But what relevance does it have to today......?

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StreetCowboy Star Member

StreetCowboy

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That prick Gordon Brown sold off 400 tonnes of British gold at a rock bottom price of around USD 800 per ounce. Now at around USD 1,200 per ounce. Sent from my iPhone using Thaivisa Connect Thailand

I thought it was more like USD 400. Whatevr the price, the dollars were more useful than the gold, and were easier to store.

I'd rather sit on my arse than sit on gold.

SC

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SheungWan Gold Member

SheungWan

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Yes, you are right, he sold the gold for around 275. Would you buy gold at 275 today? Sent from my iPhone using Thaivisa Connect Thailand

Ask the guys who bought it at 1925, 1875, 1775, 1675, 1575, 1475, 1375 when the gold bugs were telling them it was a good idea.

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StreetCowboy Star Member

StreetCowboy

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You trust banks then? Sent from my iPhone using Thaivisa Connect Thailand

Enough to keep my assets with them. Are you one of those with a little security safe in your apartment room with all of your coins in it? Fantastic.

Personally, I prefer to have my wealth invested in assets that earn, whether it be property or equities, one way or another, or even lending money to someone who will pay for the use of it.

SC.

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midas Ruby Member

midas

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Well said, gold and silver are money, numbers on a piece of paper or in a computer are currency, end of. Sent from my iPhone using Thaivisa Connect Thailand

please tell us when was the last time you used gold or silver to pay

-for a good meal in a restaurant,

-for meat and vegetables in a supermarket,

-for an airline ticket,

-for your Honda Click-Clack-Clock,

-the bar fine for a working lady,

-your electricity or water bill???

whistling.gif

Not recently………………. but maybe that's going to change soon……………?ermm.gif

A New Way to Hold Gold

Right alongside the bills in your wallet

a fractional gram's worth of gold is affixed to layers of polyester, creating a note – called an "Aurum" – similar in dimension and thickness to a U.S. dollar bill. This gold (usually 1/10th or 1/20th of a gram) is commercially recoverable. So an Aurum offers similar potential as a coin or bar, in terms of providing a vehicle for storing and exchanging known, dependable increments of precious metals – just in much smaller (and more affordable) amounts than commercially available to date.

The big idea here? In a world where a 1oz coin of gold costs over $1,200, an Aurum will let you hold a few dollars' worth of gold in a single note. If you've got pocket change, you can be a precious metals owner.

And you don't have to change your behavior. You can store and transport an Aurum in your billfold along with your dollars.

http://www.peakprosperity.com/podcast/84359/new-way-hold-gold

Edited by midas
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suwat69 Apprentice Member

suwat69

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Gold and silver are at the bottom of the market right now, and can only go up from here on in. It will never be this low again, It's up to you if you want to invest in it, your choice. I don't GAF. I only want to bring to your attention what I believe.

DILLIGAF!

Sent from my iPhone using Thaivisa Connect Thailand

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StreetCowboy Star Member

StreetCowboy

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Money must be a store of value over a long period of time, property will do that, any physical asset will. Sent from my iPhone using Thaivisa Connect Thailand

Why must money be a store of value?

It is merely a medium of exchange, and no more holds it's value than do the waves of the lumineferous ether

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StreetCowboy Star Member

StreetCowboy

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Ok, what would rather have, for the long term? 1 baht of gold, or USD 600 in cash? Sent from my iPhone using Thaivisa Connect Thailand

The money. I could spend that on beer. Or invest it in a business. What would I want with a metal which has certain uses in specialist industries?

SC

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suwat69 Apprentice Member

suwat69

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StreetCowboy, a piece of paper is a piece of paper. There is no value in it. The banks are buying up gold and silver like there's no tomorrow. The USD will collapse along with other fiat currencies connected to it (all).

Sent from my iPhone using Thaivisa Connect Thailand

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StreetCowboy Star Member

StreetCowboy

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StreetCowboy, a piece of paper is a piece of paper. There is no value in it. The banks are buying up gold and silver like there's no tomorrow. The USD will collapse along with other fiat currencies connected to it (all). Sent from my iPhone using Thaivisa Connect Thailand

I'm touched by your faith.

Whose going to buy your gold when the banking system collapses?

The bloke with the most shotgun shells? Why's he going to buy anything?

SC

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SheungWan Gold Member

SheungWan

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Would you trade 1 oz of gold you bought in 1932 for USD 35 now? Sent from my iPhone using Thaivisa Connect Thailand

Let's assume that you were as young as 18 in 1932 when you made your purchase, that would mean you were born in 1914. So you would probably be dead. Great question. Keep 'em coming.

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StreetCowboy Star Member

StreetCowboy

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You cannot destroy gold or silver, you can destroy currency. Sent from my iPhone using Thaivisa Connect Thailand

Its great to know that a lump of metal won't melt in your pocket like a bar of chocolate.

Electrolysis destroyed aluminium as a precious metal

Edited by StreetCowboy
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StreetCowboy Star Member

StreetCowboy

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I would rather have a lump of chocolate than a piece of paper. Sent from my iPhone using Thaivisa Connect Thailand

You could buy a piece of chocolate down the confectioners with a bit of paper. I'm not sure he would take a few grains of metal.

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