Beware of buying gold/silver from Lear Capitol

Re: Beware of buying gold/silver from Lear Capitol

PostBy: samhill On: Sat Apr 12, 2014 8:54 pm

You forget that the money that you are saying the gold would be worth is in a 98% devalued currency, without a different standard the gold also devalues as you say all is relative. Unless things change whichever waters or whichever country the ship was registered to now determines where the bulk of a ships cargo will go. But one could take & spend that currency prudently without any questions as long as the design hasn't changed to the point that it's no longer recognized, on the other hand the gold has to be proven as such & brokered as it cannot be used as legal tender, I'd take the cash.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: Beware of buying gold/silver from Lear Capitol

PostBy: lsayre On: Sat Apr 12, 2014 9:10 pm

samhill wrote:You forget that the money that you are saying the gold would be worth is in a 98% devalued currency, without a different standard the gold also devalues as you say all is relative. Unless things change whichever waters or whichever country the ship was registered to now determines where the bulk of a ships cargo will go. But one could take & spend that currency prudently without any questions as long as the design hasn't changed to the point that it's no longer recognized, on the other hand the gold has to be proven as such & brokered as it cannot be used as legal tender, I'd take the cash.


I'd go for the safe with the gold. :)
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Stockton Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)

Re: Beware of buying gold/silver from Lear Capitol

PostBy: stovehospital On: Sun Apr 13, 2014 4:02 pm

I restore antique stoves for a living. Just for fun, one day I compared the price of a completely restored stove today,in gold, to the original price in 1916. Today the Glenwood E is about 2.25 ounces of gold. In 1916 a new one was the same price----in gold. The stove has not changed value but the money has.
I think I want to keep my wealth in the form that held its value over the last 100 years. Paper money that is in the system is a problem. the powers that be can easily press a few buttons and the money is theirs rather than mine. Sounds crazy but take a look at Cyprus. Then look at the new laws passed in this country over the last few years. I have largely gotten out of the system and have stored my savings in forms that are not going to lose value and are also portable.
stovehospital
 
Stove/Furnace Make: 250 stoves in barns
Stove/Furnace Model: #6 Herald baseheater


Re: Beware of buying gold/silver from Lear Capitol

PostBy: Short Bus On: Sun Apr 13, 2014 4:42 pm

My dad mined gold in the late sixties 35$ per ounce, he came to town and bought 18 55gallon barrels of fuel every few weeks. When gold was up around 1800$ per ounce I teased him to come back to Alaska and go mining, he said he had recently done the math and the fuel to gold ratio had held constant. Now with gold going down and fuel going up I would like to own fuel at least I can burn it, unfortunately it has a shelf life.
Short Bus
 
Stoker Coal Boiler: Kewanee boiler with Anchor stoker
Coal Size/Type: Chestnut / Sub-bituminous C
Other Heating: Propane wall furnace back up only

Re: Beware of buying gold/silver from Lear Capitol

PostBy: rberq On: Sun Apr 13, 2014 5:59 pm

Short Bus wrote:... with gold going down and fuel going up I would like to own fuel at least I can burn it, unfortunately it has a shelf life.

Even if it lasted indefinitely like gold, you might buy it now and next year somebody would perfect a nuclear fusion reactor, then your fuel would be nothing but toxic waste. :lol:
rberq
 
Hand Fed Coal Stove: DS Machine 1300
Coal Size/Type: Nut -- Kimmel/Blaschak/Reading
Other Heating: Oil hot water radiators, propane

Re: Beware of buying gold/silver from Lear Capitol

PostBy: samhill On: Sun Apr 13, 2014 6:13 pm

I don't know where some say gold is constant as it & most other forms have been up & down since the mid seventies or so & gold currently is down, not down enough to buy IMO but never the less it's down from recent years.
Heck the earth might get hit by a gold comet or a huge discovery may appear.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: Beware of buying gold/silver from Lear Capitol

PostBy: lsayre On: Sun Apr 13, 2014 6:53 pm

If the Dollar was a fixed quantity of silver (as it was defined to be by the Coinage Act of 1792), and if Gold was valued at 15 times silver (weight for weight), then there would be no phony (and suspected to be highly manipulated) ups and downs vs. paper FRN Dollars, as there would only be silver Dollars, and gold coins in higher denominations, which is as it was originally intended to be, and as it was until the Civil War, and then again after the Civil War. Simple.

I believe the "silver certificate" Dollar (a paper dollar redeemable in silver on demand) started in 1873. That was perhaps the real beginning of the end for gold and silver.

Notice though that the Dollar was always equated to silver. The very name Dollar itself stems from the Spanish Milled Dollar (piece of eight), which was the de-facto coin of the land until the Coinage Act of 1792, and also well after. The US minted Dollar coins contain the exact same amount of silver as does a piece of eight (a Spanish minted and segementable coin capable of being broken into eight bits for change, and which led to the children's jingle, 2 bits, 4 bits, 6 bits, a Dollar).

The idea of a "gold standard" came along very late, as it began only on March 14, 1900, after the passage of the Gold Standard Act. William Jennings Bryan's famous "Cross of Gold" speech, given in an effort to stop the gold standard and keep silver in that status is to this day still considered the best speech ever given on the floor of Congress.

http://learning.blogs.nytimes.com/2012/ ... -standard/

http://learning.blogs.nytimes.com/on-this-day/march-14/
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Stockton Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)

Re: Beware of buying gold/silver from Lear Capitol

PostBy: jpete On: Wed Aug 06, 2014 7:38 pm

lsayre wrote: The very name Dollar itself stems from the Spanish Milled Dollar (piece of eight)


It goes back a bit further than that.

http://www.tititudorancea.com/z/etymolo ... dollar.htm

Etymologically speaking, the term dollar came from Tolar, which was derived from Thaler, which in turn came from the name of a rich silver mine, Joachimsthal (The Valley of St. Joachim) in Bohemia (then part of the Czech Kingdom, a member of the Holy Roman Empire, now part of the Czech Republic).

In the early 16th century, the silver from Joachimsthal was used to mint the Bohemian coin Guldengroschen ("great guilder", being of silver but equal in value to a gold guilder). Not long after issuance, these coins gained the name Joachimsthalers. From there, coins gained the name "thaler" regardless of the issuing authority.

The name "thaler" is historically related to the tolar in Slovenia (Slovenian tolar) and Bohemia, the daalder (1.5 Dutch guilders) in the Netherlands, the daler in Sweden, Denmark, and Norway and the Maria Theresa thaler.


From thaler to tolar to daaler to DOLLAR

https://en.wikipedia.org/wiki/Thaler

"Thaler" is an abbreviation of "Joachimsthaler", a coin type from the city of Joachimsthal (Jáchymov) in Bohemia, where some of the first such coins were minted in 1518
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Beware of buying gold/silver from Lear Capitol

PostBy: jpete On: Wed Aug 06, 2014 7:43 pm

Glad I found this thread. I was listening to a piece I got from Mises.org today and wanted to send it to Larry and grumpy. Unfortunately, those who REALLY need to hear it probably won't listen but it's here for anyone that wants it.

http://mises.org/media/8514/How-Inflati ... -Poor-Down
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Beware of buying gold/silver from Lear Capitol

PostBy: lsayre On: Wed Aug 06, 2014 10:11 pm

jpete wrote:Glad I found this thread. I was listening to a piece I got from Mises.org today and wanted to send it to Larry and grumpy. Unfortunately, those who REALLY need to hear it probably won't listen but it's here for anyone that wants it.

http://mises.org/media/8514/How-Inflati ... -Poor-Down


Thanks for posting that Jpete! And for the benefit of others, it only takes 7 minutes to listen to it.
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Stockton Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)