Gold

[cottonpicken]

Many here have a huge ignorance on the subject.

I hope this helps.

http://www.youtube.com/watch?v=5Kai5Goto2w

[AllisWD45]

I want to get this right is this piece saying that every
US$out there has 75cents worth of gold backing it up?
If so what is there gold valued at? That would be
saying there are no economic problems at all in this
world. Wow and here i thought we were up shit creek
without a paddle. I guess i was wrong. How silly of me.

[cottonpicken]

No its currency reserves.

That which backs a countries paper.

Prevents liquidations,stands attacks etc,etc,whole big
subject.

I did the math on here a while back,in a what if
scenario on gold holdingsxcurrent foreign currency
reserves,on a going forward accumulation basis from
early eighties onward and came up with 100 million
ounces,which put us i think in the top 5,but those
bastard liberal/red cons have killed us by selling out
at sub 400$ an ounce,which i asked ralphy face to
face,to which he stared at the ceiling trying to grasp
an old memory and stumbling le
said"ahhhh...well..not sort..of
ahhhmmmm...important"

[wilagro]

cottonpicken: An opinion piece from Sprott means SFA. He is just another gambler among many.

Buying gold has to be one of the dumbest moves ever...buying it when the price is inflated as it is now would be ABSOLUTELY insane.

Money today should be based on the total productive force of a nation's people whether directed by private means or those of government or a combination of the two. Gold is an inanimate material which contributes nearly nothing to the well-being of mankind and the amassing of it is actually counterproductive for the most part.

The natives of Easter Island found out that the TIKIs of stone were just about as valuable to their society as vaults full of gold are in today's world.

[cottonpicken]

Ya,most everyone here hates to look in the mirror and
realize their savings have evaporated.

I understand your pain along with everyone else who
has criticized me the past eight years.

You have one small window and its starting to close
shut,but i don't expect you to take it.

I am sorry you are to stupid to see reality.

[wilagro]

cottonpicken: I was not criticizing you...just expressing my view.

If I wanted to criticize you, believe me you would know it...but I would have to know you well before that would happen.


Carry on...you'll know soon enough if your analyses are the right ones.

[Hopperbin]

I have to be with Wilagrow on this one. Why have stockpiles of gold to back currency in circulation? Why back it with gold when if ever came the time to use it it would also become worthless as a large reserve put on the market would drive the price down. As in grain production stockpiles reduce prices. Why stockpile it to secure borrowings? Seems to me the more gold Canada would hold in a vault the more we would have to borrow to live our lifestyle.

[cottonpicken]

My dear sir,it is not me that has to "carry on".

I have no flaw in my logic,nor chinks in my armour
from battles past,i have WON the fights and slain my
detractors.

There is nothing special about gold,it takes more
resources and time and labour to extract than you
have ever considered and all of it EVER mined would
only fill up your house.

Its been the ultimate form of payment for 5 thousand
years,if a hand full of goof balls want to step forward
on this forum and state the opposite feel free-you
will marginalize your handle to retard for ever....

[cottonpicken]

If the state of alabama started issuing confederates at
par with the usdx,and wanted to buy your farm,what
price would you sell at?

Or North Korea?

Or vietnam?

Or cuba?

[Hopperbin]

If by chance my farm was for sale to the highest bidder I would demand Canadian currency only as I live in Canada.

[cottonpicken]

And what if china issued a gazzillion yuan?

And offered you a million per quarter section of land?

And they issued a gazzillion next year?

[Hopperbin]

but I would not take foriegn currency but might get the point, continue.

[hedgehog]

the uk govt of blair dumped our gold for $200/oz back in 99.
dimwits.

apparently italy has a huge reserve.

[Hopperbin]

Our nations money supplies is backed by the tax payers. Backing with gold or other stockpiled mineral would cost more, but may reigne in Government spending.

[rockpile]

Cottenpicken, I realize where you are going with
this but... Let's assume the Euro was a lab
experiment gone wrong - was doomed from day
one. Yes, all that loose money out there might just
run to gold, say $3,000/oz or more. But 3,000
which dollars? Let's imagine that un-repayable
deficits become the new norm and become
acccepted with the knowledge that they will never
be paid back. Or that the IMF and WB host a Global
conference and everyone agrees to a world wide
debt write down, is that not a possibility? Say a
global Chapter 11. It is all just paper is it not?
Besides, if I was a creditor and I knocked on the
door of the US and demanded immediate payment
on their debt, what if the door was answered by the
USN Carl Vinson? I think we are on the cusp of
something new here and all old theories are about
to go out the window. As for Sprott, he has a vested
interest when he gives analysis.
For what it's worth, Rockpile