Liquid Gold

Becky,
Cassandra was Cursed by Apollo for obtaining the gift of PROphecy by 'seductive' means,e.g. Pillow Talk.....
No one would believe her ( she was thought to be a Lunatic & ignored ) AND she was even made POWerLess to protect herself or her family from the reality of her own Visions.
She was RAPED by Little Ajax & beheaded by Clytaemnestra. An Electra-fying experience, Aeschylus.

I'd find another MetaPhor, if I were you..

As for the "Arcane Relic", I tend to agree with you. So much Gold is being purchased by financial entities ( like ETF's ) that the 'float' has been drastically reduced.
As you have mentioned, some Gold will come out-of-the-WoodWork ( Jewellry,'scrap', etc) but the 'Investment' demand might in-and-of itself create a MELT-UP. It could be a REAL Bubble of Trouble - i.e. - indicating a total loss of Faith in the U.S. economic and political system.

The U.S. Government at one time made ownership of "Bouillion" illegal - in a pinch, this could happen again. The Loop-Hole in the Law @ that time was possession of 'Legal Tender' Gold - such as the 1/4 OZ British Sovereigns. That's how the "law" was rigged to protect the "INFORMED" & politically "favored" who had a "Heads UP" in advance. They were able to keep their Gold.
Can you say " LEGAL PLUNDER " ? Can you say " CONfiscation " ? Can you say "Tyranny" ?

Don L. Ferk
( fka - VikingWarrior )

I wish I read this post BEFORE I sold my gold and worked on my NCAA picks instead. Hmmm...

Then again this could be just like 1980 when gold peaked and then dumped. I can see a good argument for either way. I don't know which way to turn other than to get my basketball picks in fast. /lol

Good luck with the gold,
Uncle John

You may be right, but the question is when? How much speculation is in the GLD? What if the dollar rallies and inflation gives way to deflation? I'm not smart enough to know the answers to these questions, but I do know a lot of people chased gold (I was tempted myself) and it could take a few days (weeks?) for the big boys to get out of their leveraged positions. It's dicey out there...

I'm a GLD holder; I have no miners since I wanted to limit my exposure to Gold. However, I will be putting in a limit order for more GLD. Yeah, there are speculators, but we still have a lot of rough waters to cross, and Gold will be a haven for some. I may be wrong, but I think the pullback is just that . . . a pullback.

--Jonathan

Cass,

I regret that I didn't buy gold a while ago but would not buy it now. I remember when the Hunt brothers tried to corner the market on silver. What they learned was that there was a lot of silver above ground, in the attic, grandma's silver service.

At a certain price there will be a lot of trinkets that will get melted down.

Meanwhile, like anything speculative, the heavy hitters will leave about the time the small players get sucked in.

The Fed's actions - lending against verious less than stellar forms of collaateral - will take the pressure off and the economy will muddle through, so there is little need for gold as a safety ploy.

Tom

Becky,
My Full Faith in the USD will be Re-Stored when the Secretary of the Traesury delivers to me 1.29 Fine Oz of Silver per USD presented as is and as I understand it under the Current Law of the Land . The ONE Dollar Federal Reserve Notes that I get from my Bank are simply " Tax Credits " and all they PROmise is " This NOTE is Legal Tender for all Debts Public and Private ". There is no Contract of Exchange on demand for Silver or Gold. The Green( Span ?)-Back Dollar is NOT Minted under Constitutional Law - It is not Currency under any Daffy-nition that I can think of.

"Ore" am I MISSing something here.
I Remember the ( Pre-Hitler ) history of the so-called Weimar Germany.
I have in my stamp collection German Postage stamps that have been "Over-Printed" as Hyper-Inflation went into Full Swing. IN German Marks they had so many Zeroes on them that the cost covers the entire stamp - try 1,0000,0000,0000,0000,000 Marks.
At that time it took a "Wheel-barrow" full of Currency to buy a single Postage Stamp.
Here's is a brief history of the Legal Tender U.S. Dollar ( Which the Federal Government is charged to MINT and the House of Representatives is Constitutionally required to PROtect the Value thereof ) :

[ From WikiPedia ]

In the early days of the United States, the term "Dollar" was commonly known as a coin minted by Spain called the Spanish Milled Dollar. These coins were the standard money then in use in the country. On April 2, 1792 Alexander Hamilton, then the Secretary of the Treasury, made a report to congress that were the result of his task to scientifically determine the amount of silver in the Spanish Milled Dollar coins that were then in current use by the people. As a result of this report, the Dollar was defined (See the Act of April 2, A.D. 1792 of the Senate and House of Representatives of the United States of America in Congress assembled, Section 9) as a unit of measure of 371 4/16th grains of pure silver or 416 grains of standard silver. (Standard silver being defined as 1,485 parts fine silver to 179 parts alloy; See Section 13 of the Act.). In section 20 the Act, it is specified that the "money of account" of the United States shall be expressed in those same "dollars" or parts thereof. All of the minor coins were also defined in terms of percentages of the primary coin the dollar such that a half dollar contained 1/2 as much silver as a dollar, quarter dollars, 1/4th etc. In an act passed on January 18, 1837 the alloy was changed to 10% thus having the effect of containing the same amount of silver but being reduced in weight to 412 1/4 grains of standard silver which was changed to 90% pure and 10% alloy. On February 21, 1853 the amount of silver in the fractional coins was reduced so that it was no longer possible to combine the fractional coins to come up with the same amount of silver that was in the dollar. Various acts have been passed over the years that effected the amount and type of metal in the coins minted by the United States such that today, there is no legal definition of the term "Dollar" to be found in any Statute of the United States. All statutes describing the manufacture of coins by the United States with the term "dollar" upon their face are inconsistent and conflicting in terms of weight and material, i.e. value. [Sources for this paragraph include the United States Statutes at Large, A Guide Book of United States Coins by R.S. Yeoman, MONEY - Ye shall have honest weights and measures by James E. Ewart.]

Today the closest definition to a dollar comes from the United States code Title 31, Section 5116, paragraph b, subsection 2, "The Secretary [of the Treasury] shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce." However Federal Reserve banks are only prejudiced to deliver tax credits instead of money. The silver content of U.S. coinage was mostly removed in 1965 and the dollar essentially became a baseless free-floating fiat currency; though the U.S. Mint continues to make silver $1 bullion coins at this weight. It is believed that the original green color and other specific designs of a paper dollar were introduced by 2 Armenian brothers from Massachusetts who were Near-Eastern immigrants.[citation needed]

Continued Chinese demand for silver led several countries, notably the United Kingdom, United States, and Japan to mint trade dollars in the 19th and early 20th centuries, often of slightly different weights to their domestic coinage. Silver dollars reaching China (whether Spanish, Trade, or other) were often stamped with Chinese characters known as "chop marks" which indicated that that particular coin had been assayed by a well-known merchant and determined genuine.

Don L. Ferk ( RoiRRawGnIkIV )

PS : My Concern is with WEALTH ( what they called ' the Pursuit of Hapiness" in 18th Century 'Slang' as was reflected ihe Declaration of Independence ).
I don't give a Damn about a Wall-Paper Green-backed Dollar. That perforated Toilet Paper is base-less FIAT free-floating Current-see Crap !
Not So ???

Song O'da Day :

The KingSton Trio
Green-Back Dollar
http://youtube.com/watch?v=Sb5NqSKGpWw

http://youtube.com/watch?v=Sb5NqSKGpWw

after monday and tuesdays drop, and the bad new coming thurday(today) and friday, im getting back into gold mining, i took a 23k loss in it last month, thinking it would ounce back to 1000. looks like a time to get in for the next week, who knows, i could be guessing wrong again.