5 ms·

I normally lurk so I don't know why I can't reply to your most recent, so replying here. Agree on your criticism of my loose word of the term saves. I don't ag

I normally lurk so I don't know why I can't reply to your most recent, so replying here. Agree on your criticism of my loose word of the term saves. I don't agree with your reasons on why people don't buy gold though - most would have no idea what spread is and how it works. From my experience of trying to convince my friends and family to save something in gold - they just find the idea totally foreign of buying a metal that doesn't earn income...even if said income is not keeping up with inflation. Interesting perspective on the boxes. I only have one so don't know about increasing/decreasing availability - I know there is a waiting list for the ones at my bank in the city. I find the price very reasonable for the value I obtain from it (150/year). So what are your thoughts on storing that apartment cash then? I am a goldbug but am interested in other thoughts on preservation of purchasing power.

beagle3 14y ago
> I normally lurk so I don't know why I can't reply to your most recent, so replying here. The deeper the response is in the thread, the longer you have to wait from posting until you can reply. > From my experience of trying to convince my friends and family to save something in gold - they just find the idea totally foreign of buying a metal that doesn't earn income My grandma kept a stash of gold and jewelry, and she knew why - she had to run away on the eve of WWII, with a small suitcase. My mom knew that she needs to have such a stash, but gave up building it because it was becoming increasingly hard to do. I know I need one, but it's becoming impossible to do at the volume I need. > So what are your thoughts on storing that apartment cash then? I'm frustrated, but I have no acceptable solution so far. I'm diversified over foreign currencies and some non-bubblish commodity futures (that are likely to clear even if there's a run; the COMEX gold futures reflect more than the available gold, and if trading stopped tomorrow, it could not settle and there would be huge defaults). But it's still all backed by fiat and lies. I don't like that; I don't have a solution.
- wintersFright 14y ago
  >>My grandma kept a stash... Interesting. I've asked my grandma how she saved given she was in the USD=42oz period but her response was we never had enough to save (postwar period really). My mum would rather believe a nobel prize winner rather than me :) As with evertthing, views on these matters depend on ones life experience. >> impossible to do at the volume I need Ha! a good problem to have! >>if trading stopped tomorrow, it could not settle and there would be huge defaults Exactly right! but if you trade in comex futures then you are still trading in paper - albeit paper gold. When the musical chairs stop then those holding the real physical metal will be ok imho. I don't want to be a christian missionary trying to convert but you may find the concept of freegold and the fofoa blog worth a read. In a nutshell, freegold is about thinking through the transition when the USD/paper gold market collapses and looking at what the giant players (central banks) are doing. If you subscribe to that theory then there are some good arguments why there would be no tax on gold in the future (a black market would arise to ship the gold to any region where it is not taxed). YMMV.
  - ekianjo 14y ago
    Your Mom should listen to the right Nobel Prizes (Hayek) and not the phony ones like Krugman (in the same league as Stiglitz). Krugman said after the Internet Crash of 2000s: "To fight this recession the Fed needs . . . soaring household spending to offset moribund business investment . . . Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble." Creating a new housing bubble was certainly GENIUS, and he got a Nobel prize in Economy in 2008 following what happened, while he was at the root of this model of thinking. Nobel Prize in Economy means nothing nowadays. My dog knows more than Krugman.
    - wintersFright 14y ago
      totally agree
  - beagle3 14y ago
    > Exactly right! but if you trade in comex futures then you are still trading in paper - albeit paper gold. I'm not trading gold. I wrote "non bubble futures" (which includes gold - it's definitely not a bubble), but what I wanted to write was "non fictional futures" (gold and silver are fictional in the sense they cannot be settled). Many other commodities actually have a chance to settle most of the open interest should trading stop tomorrow.
    - wintersFright 14y ago
      right - got you.

beagle3 14y ago

> I normally lurk so I don't know why I can't reply to your most recent, so replying here. The deeper the response is in the thread, the longer you have to wait from posting until you can reply. > From my experience of trying to convince my friends and family to save something in gold - they just find the idea totally foreign of buying a metal that doesn't earn income My grandma kept a stash of gold and jewelry, and she knew why - she had to run away on the eve of WWII, with a small suitcase. My mom knew that she needs to have such a stash, but gave up building it because it was becoming increasingly hard to do. I know I need one, but it's becoming impossible to do at the volume I need. > So what are your thoughts on storing that apartment cash then? I'm frustrated, but I have no acceptable solution so far. I'm diversified over foreign currencies and some non-bubblish commodity futures (that are likely to clear even if there's a run; the COMEX gold futures reflect more than the available gold, and if trading stopped tomorrow, it could not settle and there would be huge defaults). But it's still all backed by fiat and lies. I don't like that; I don't have a solution.

wintersFright 14y ago
>>My grandma kept a stash... Interesting. I've asked my grandma how she saved given she was in the USD=42oz period but her response was we never had enough to save (postwar period really). My mum would rather believe a nobel prize winner rather than me :) As with evertthing, views on these matters depend on ones life experience. >> impossible to do at the volume I need Ha! a good problem to have! >>if trading stopped tomorrow, it could not settle and there would be huge defaults Exactly right! but if you trade in comex futures then you are still trading in paper - albeit paper gold. When the musical chairs stop then those holding the real physical metal will be ok imho. I don't want to be a christian missionary trying to convert but you may find the concept of freegold and the fofoa blog worth a read. In a nutshell, freegold is about thinking through the transition when the USD/paper gold market collapses and looking at what the giant players (central banks) are doing. If you subscribe to that theory then there are some good arguments why there would be no tax on gold in the future (a black market would arise to ship the gold to any region where it is not taxed). YMMV.
- ekianjo 14y ago
  Your Mom should listen to the right Nobel Prizes (Hayek) and not the phony ones like Krugman (in the same league as Stiglitz). Krugman said after the Internet Crash of 2000s: "To fight this recession the Fed needs . . . soaring household spending to offset moribund business investment . . . Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble." Creating a new housing bubble was certainly GENIUS, and he got a Nobel prize in Economy in 2008 following what happened, while he was at the root of this model of thinking. Nobel Prize in Economy means nothing nowadays. My dog knows more than Krugman.
  - wintersFright 14y ago
    totally agree
- beagle3 14y ago
  > Exactly right! but if you trade in comex futures then you are still trading in paper - albeit paper gold. I'm not trading gold. I wrote "non bubble futures" (which includes gold - it's definitely not a bubble), but what I wanted to write was "non fictional futures" (gold and silver are fictional in the sense they cannot be settled). Many other commodities actually have a chance to settle most of the open interest should trading stop tomorrow.
  - wintersFright 14y ago
    right - got you.