Ron Paul likes price gouging, and the way he explains it, ..

If you were one tenth as smart as you put on to be you would be sitting on a pot of gold that you bought when the price was down.

I actually had a family member make $80,000 in gold a few years back. Was he as smart as you? Hell no! He is a greedy corporate type. Must have been insider trading or something equally evil. I know, capital gains on gold should be 98%, and the money should go to your union retirement because you earned it and you were in the service. Blah blah blah. Go ahead, your response is predictable.

Hey you know, it occurred to me that you are like another movie and book character. Instead of Danny Devito, I think you identify with Sam Ganges from the Lord of The Rings. You know, poor Sam, slaves away for his buddy and all the other creatures, no respect from the corporate leaders, Gandalf, the Elves, Aragorn, Gimli the dwarf, and that smuck Frodo that just happened to be lucky enough to have the ring. Inheritance is illegal to you Socialist right? Slaving away hoping to end up with the pretty girl at the end with a pocket full of money and a home in the Shire! Perfect

Kevin

Why would I engage in a back and forth with someone I have no respect for?? You should be forced to move to Europe and see what your ignorance is like. I had Turkey day dinner with a couple from Engand. They do not want to return and don't want to go anywhere else in Europe. Yet you think we need to go that route because it will be better for you. Try it sometime.

I find that your questions are the same ones you ask all the time and there is only your answer. People answer them all the time and you change the subject to blame Bush, wrap yourself in the flag, etc. I have explained that after 4 years of Obama and you are still using the same crap to argue with because you cant use his record because it sucks. Blame Bush, blame congress, blame the Mayans if you like. Freud would say it reveals your insecurity about your life. You would have been great if other people hadn't stole your life. Evil rich people, insurance companies, the public when you returned from Nam and werent a hero, and on and on. Poor you.

Kevin

There, you got your answers. And I am out again. I just tagged jpete as he got a break for a minute. Isayre is up next.

Kevin

Talk about circles. You sound a bit upset.

Sam, is all of the gold in fort Knox currently worth $1,750 per ounce, or $50 per ounce.

PS: The US Gold Buffalo 1 Troy oz. gold coin is fully "legal tender" (as is the similar American Gold Eagle), and if you take one to a bank they will give you exactly $50 for it. If you take just any old pure 100% solid gold investment vehicle to the bank they will turn you away, since they only dabble in "legal tender".

If a paper US FRN dollar buys a loaf of bread today and only a half a loaf tomorrow it is still only a US FRN paper dollar. If a legal tender 1 oz. US gold coin ($20 in 1913, or $50 today) buys a finely tailored top end mans suit in 1913 and it still buys the same level of finely tailored suit today it is still only a 1 oz. US gold coin (but dont try this today with $20 in 1913 FRN paper dollars). I don't see your point at all. Both are what they are. You seem to think they magically change or something. Reality is real, and things are as they appear. What is your point?

You just proved what I have been saying all along, the face value is the face value, metal value aside what would you have been able to sell that coin for in 1913? Can you buy that modern coin for face value? I said you can't go back, all the gold mined could only fill about 3 Olympic swimming pools, just like the copper penny they aren't going to mint something for more than what it costs. If I'm no wrong that's what you & Jpete want. There isn't enough gold to cover the 1%s hidden money yet alone for the rest of us, all the gold would have been long gone like I said. You can't back something with something else that doesn't exist.

There will always be enough gold and silver to cover both the GDP and the net worth of the entire world, let alone the USA. It just has to be valued properly. You have made an astute evaluation in that it is highly under-valued at this particular moment in time. Your problem as I see it appears to be that you do not see how it can ever be properly valued. If we had completely free markets, the worlds open markets would take care of that problem in very short order.

Why do you think that governments still hoard gold, and why is it that at this time in history many nations are rapidly increasing their hoard? After all economist John Maynard Keynes declared it to be merley a "barbarous relic" decades ago. Keynes is virtually considered a god by the left, and nearly all of the right as well. It seems rather foolish for governments to desire a barbarous relic, no?

Roughly 4.46% of US dollars in circulation are ‘backed’ by gold, the rest backed by false promises and goodwill. Simply put, the price of gold would have to rise 20-25 times in order for the US and British governments’ gold assets to match the supply of money in circulation.

Northern Maine wrote:Roughly 4.46% of US dollars in circulation are ‘backed’ by gold, the rest backed by false promises and goodwill. Simply put, the price of gold would have to rise 20-25 times in order for the US and British governments’ gold assets to match the supply of money in circulation.

So contrary to Sam's advice, gold still looks like a good buy!

jpete wrote:

Northern Maine wrote:Roughly 4.46% of US dollars in circulation are ‘backed’ by gold, the rest backed by false promises and goodwill. Simply put, the price of gold would have to rise 20-25 times in order for the US and British governments’ gold assets to match the supply of money in circulation.

So contrary to Sam's advice, gold still looks like a good buy!

I wish I had 7 pounds of it now...I would sell it and be debt free! It may be a good buy...but, a better buy would have been in 1976! I could sell it today with a significant profit!

Steve Forbes doesn't seem to mind talking about a gold standard. And I think his ability to make money is fairly well known.

http://www.forbes.com/sites/steveforbes ... teps-down/

More than any other elected official today, Dr. Paul has made sound money—money whose value is fixed to gold—a respectable subject for debate. Paul understands the profound truth that a gold-based currency is critical for preserving liberty. Funny-money policies are a form of government coercion, allowing authorities to arbitrarily change the real value of transactions.

jpete wrote:Steve Forbes doesn't seem to mind talking about a gold standard. And I think his ability to make money is fairly well known.

http://www.forbes.com/sites/steveforbes ... teps-down/

Back in 1966 Alan Greenpan penned this tribute to gold, proving that before he massively succombed to the dark side of the force he clearly got the picture with respect to gold. This is an amazing read. Here is the link:

http://constitution.org/mon/greenspan_gold.htm

I pitty Alan Greenspan. He will someday go to his grave knowing full well that he sold out to the dark side and sold his entire nation out as well.

Unfortunately, the people who need to read it won't because it shatters their world view.

I, on the other hand, have read it a few times although I don't know why because clearly "fancy book learnin'" isn't good for anything.

Give it up boys, they are not going to read it. Sam is plugging his ears and going LALALALLALALALA as we speak.

Kevin

Is it too late to go back to the gold standard? and What would the price of gold have to climb to in order for it to support the current circulation?