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Everybody ready for the second gold beatdown?

Discussion in 'Financial Cents' started by gunbunny, May 15, 2013.

  1. gunbunny

    gunbunny Never Trust A Bunny

    How about the second paper gold beatdown? If you thought it was hard to find gold in your area before, just wait a few days.

    I know some people that have money tied up in GLD ETF's, and I told them before that they were not a good idea, you need to have it in your hand. That money is almost gone now, and I doubt that it will return in value to what it was two years ago. At least not until the GLD has crumbled down and people that have physical can name their own price for it.

    On another note, here's a good article about who actually owns your money when you deposit it in a bank: No BaNK DePoSiTS WiLL Be SPaReD FRoM CoNFiSCaTioN | Zero Hedge

    Guess what- it's NOT yours anymore! [contract]
  2. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    How low do you think it is going to go? Any guesses?

    Also, slightly off topic but we were speaking to a goldline type company and they wanted to know if we bought where would we store it and did we have a safe deposit box. They asked us a few times if we had a box at the bank or if we were going to get one. I found that very odd because it is none of their business.
  3. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    @Moto, like in Cyprus, banks might not be the safest place to store your gold either.
    tulianr likes this.
  4. tulianr

    tulianr Don Quixote de la Monkey

    I've seen estimates of $1,300, which is good for me. I've been putting off purchases for a while now. We'll see.
    Motomom34 likes this.
  5. BTPost

    BTPost Old Fart Snow Monkey Moderator

    Actually a Safe Deposit Box in a Bank is NOT the same as an Account in a Bank, in that in an Account, you are giving the Bank your CASH, for their use, and they pay you interest, for that USE. In a Safe Deposit Box, you are NOT Transferring Possession of the contents of the BOX, to the Bank, but you are just RENTING Space in their SECURE Storage. The BANK has NO Right to Open, Access, or Use, the contents of the Box, without a Court Order, as long as you keep up the Rental Payments on the Box. You retain Possession of ALL Contents, as per the Contract, you signed, with the Bank, at the time you Rented the Box. Legally, two totally different situations.
    Motomom34 likes this.
  6. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    There is a TV show here called "storage wars" where rented locker spaces are auctioned off all the time, because a payment was missed, or someone died, and no one knew about their locker until too late. You want to lose a box load of gold and silver, because the payment was late? Besides, when the bank is closed, you can't get to it. So if the bank does not open ( like in Cyprus) you don't have the ability to access it. Do you trust that bank will open if TPTB says no, or if TSHF? Your assets can be frozen of seized if there are pending charges as well. They don't have to take it, to prevent you from getting it. Right or wrong. Legal or illegal doesn't matter, if they don't play by the rules.
    Motomom34, tulianr and Brokor like this.
  7. BTPost

    BTPost Old Fart Snow Monkey Moderator

    "Read the contract" that you SIGN, when renting the Space, or Box.... This is nothing more, or less, that straight Contract Law... It is a contract between you and the Institution. It will NOT matter if a .GOV, or anyone else, tries to muscle in, It Is a Private Contract, and the Language in the Contract supersedes any .GOV instructions, to the contrary.
  8. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    WROL = Without Rule of Law

    Contracts be damned, they don't mean a thing when the economy collapses. I think that's Kellory's point, BT. Obviously you are right, too. Ya'll are just on two different branches of the same topic.
    Tracy and kellory like this.
  9. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    If .GOV always followed the rules, we would NOT be on the edge of a second Civil War.
    tulianr likes this.
  10. BTPost

    BTPost Old Fart Snow Monkey Moderator

    If .Gov doesn't follow the Rule of Law, you sue the Pants off them, in Federal Court... If there are No Courts, then it is "He who has the Biggest GUNS, at the Moment, WINS, and the other Guy DIES....." simple as that.... You either Have the ROL, or you do NOT.....
  11. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Nothing simple about suing .GOV. :( Their law dogs always have more teeth, and roam in packs. They have every trick up their sleeve we paid for. They can cause delays that can force your house into foreclosure, before the dust settles, and delay your payroll until your people quit.(they got to eat too) You assets can be seized to prevent you from moving/ using/ hiding them. To sue .GOV, means painting a target on you back for any petty interference, building permits, variances, inspections. As long as you are "questionable" or until your case is settled. essentially, you are guilty until proven innocent, not innocent until proven guilty. Simply because .GOV has a stranglehold on our lives in so many ways. I have known guys to have their tax return seized because child support issues, where the mother flat out lied, or refused to let them see their kids (as the agreement read) The return was seized before the case even went to court. "Held" pending the outcome.
    So, in daily life .GOV clearly has the bigger guns. To win against .GOV is to come from the underdog position, and that only after the damage is done. You can sue for the damages, And there usually are damages, but it is up to you to rebuild your life, and your business.

    As for ..." simple as that.... You either Have the ROL, or you do NOT.....[/quote]" "A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed." Well then, just what are we worried about? That is as basic and delineated a law as I could find or write, so how could it be in any danger of being ignored or breached? After all, it has the weight of law behind it, and it is the law of the land.
    Don't get me wrong here, I am a "Law and Order" kind of guy, and I respect the law. I just don't trust this .GOV to administrate that law evenly and fairly.
    tulianr likes this.
  12. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    Probably the single biggest problem to overcome when suing dot gov is establishing "standing." Do you have the right to sue under a given rule/regulation/law?
  13. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    Interesting discussion. My husband is much like BT, in that he believes if we stored stuff in a safe deposit box, it is our and ours alone. I tend to think that if there was ever a run on the bank that there wouldn't be a separate line for those that want to empty out there safe deposit boxes. I guess I prefer having access to my valuables.

    On a happy note, my youngest spray painted a bunches of rocks gold and has buried them in the backyard. He is growing his own gold. I am hoping for a bumper crop.;)
  14. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    You might want to ask the Jews of Nazi Germany about that. There are still a few around. You can ID them from the Tat on their left fore arm.
  15. gunbunny

    gunbunny Never Trust A Bunny

    [dunno] I think if they can keep the price of gold low for an extended period of time, and if they can keep the deflationary cycle going long enough (before all hell breaks loose and inflation skyrockets) they might be trying to make anybody holding PM's have to turn them in just to pay the taxes on their houses, eat bread, or such.

    I seriously was expecting it to come crumbing down back in 2008. They can keep it going quite a long time, obviously.

    Looked at the price last night and it was $1342/oz, trending right now at $1355/oz. I wouldn't be supprised to see the paper price go below $1300. I'm not watching the price trying to figure value. If you do that, you will go crazy. Lately I've been watching it out of morbid curiousity. ;)
  16. gunbunny

    gunbunny Never Trust A Bunny

  17. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

  18. gunbunny

    gunbunny Never Trust A Bunny

    Exactly, they picked the bottom of the dip in prices to cash out -literally- all of their customers. Great timing...
  19. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    If it is not in your hand then it is just a fantasy!
    VisuTrac likes this.
  20. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Seriously, with the naked short sale, they (whom ever) caused automated sales of those that had stop loss orders on physical to sell. Pushing bullion into the market to be snatched up by the likes of China, Russia, India .. etc.

    They can keep printing money. Forcing those with positions in bullion to panic through short sales.

    I'm not drinking that Koolaid. I'll grab both gold and silver any chance I can, as I am looking at it long term, maybe I'll not experience the hyper inflation, Maybe it's the kids and grand kids.

    My youngest ones want their allowance/chore money in silver. I must be doing something right.
    tulianr and gunbunny like this.
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