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Thread: Gold will be confiscated soon

  1. #1
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    Default Gold will be confiscated soon

    http://seekingalpha.com/article/2255...t-gold-hearing


    Congressmen Weiner and Waxman Set Gold Hearing



    Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it's also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury. A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner's Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman's Commerce Committee) will focus on "legislation that would regulate gold-selling companies, an industry who's [sic] relentless advertising is now staple of cable television."


    From the press release: "Under Rep. Weiner's bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold." That's great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?


    Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold exchange-traded-fund, taxed at the higher rates that apply to collectibles rather than long term capital gains.


    Not to mention the fact that Mr. Weiner's regulatory push seems as much aimed at conservative journalists as at the gold-dealers. The press release says, "Goldline employs several conservative pundits to act as shills for its' [sic] precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president."


    Imagine the uproar if a Republican-majority Congress started investigating and having a regulatory crackdown on big advertisers in liberal outlets such as the New York Times. The First Amendment freedom-of-the-press crowd would be marching in the streets.


    The whole situation is amazing. If Mr. Weiner really wants to calm fears about hyperinflation, the last way to do it is to have a government hearing cracking down on the people warning of it.


    The press release reports that "invitations to the hearing have been sent to the representatives of Goldline International, the Federal Trade Commission, the Consumers Union and other potential witnesses, including former Goldline employees." Mr. Weiner might also consider calling John Paulson and George Soros, who have also reportedly been buying gold lately, though Mr. Soros was also quoted as calling it a bubble. But Mr. Paulson saw the housing bubble coming so he might be right about the inflation risks, and Mr. Soros is a big funder of left-wing causes, so neither of them would fit with the objective of the hearing.


    Anyway, we are looking forward to the hearing, which should be quite a show.
    Libertatem Prius!


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    Default Re: Gold will be confiscated soon

    Sounds like Weiner wants to give the gold industry a good rogering.
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


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    Default Re: Gold will be confiscated soon

    Can America Maintain Confidence in Its Debt?

    Submitted by Cliff Küle on Fri, 25 Jun 2010
    U.S. Government Bonds

    Massive, unsustainable government debt—it's everywhere.

    Especially in America.

    At some point, will the world begin to lose confidence in America's growing debt?

    Will interest rates then skyrocket?

    Will a Greek-style crisis in U.S. Government
    bonds then ensue?

    Is there any way out?

    America can claim its debt problems are not as bad as some countries. But that ignores some important points:

    1. See an interesting chart on how America's financial condition is worse than several other countries.
    2. Even the most respected bond manager in the world, Pimco's Bill Gross, believes there are several countries including the U.S. whose financial ratios are in dangerous territory—the "ring of fire."
    3. A loss of confidence in the U.S. dollar and U.S. debt could bring a "Greek-style" crisis to the whole world. Consider that the U.S. dollar has been the world's reserve currency since 1944; it has been accumulated by the whole world as a form of trusted and secure savings. There are trillions of dollars of U.S. government debt accumulated as reserve savings by banks around the world (see chart below courtesy of Hugo Salinas Price) and realize that most reserves are held as U.S. Government bonds. A loss of confidence in the U.S. dollar and in the ability of the U.S. to service its growing debt could trigger an epic disaster.


    Is there any way for America to maintain the confidence?


    One way would be for America to become fiscally prudent, simply stop
    creating money and debt, let the massive deflationary forces of credit contraction and consumer de-leveraging run their natural course. This would cleanse the system of toxic debt. It would also clearly and immediately cause another Great Depression.

    Another way would be for America to simply print more money, create more debt, blindly following Keynesian economics that brought us into this mess in the first place. Attempt to "inflate away" the debt without losing the confidence of investors that buy the U.S. Government bonds.

    This has been tried many times throughout history with disastrous consequences. The chart below (courtesy of Economic Edge) shows how increases in debt are recently giving less and less “umph” to economic GDP growth to the point now of negative GDP growth.




    Recently speaking about Goldman Sachs’ problems at the Peter G. Peterson Foundation, former President Bill Clinton said, “There is a bigger problem here… too much of our growth was in finance ever since went off the gold standard.”

    The dollar “tie” to gold might be “re-tied” just as simply as it was untied. In a certain respect, America never really went off the gold standard. The tie between gold and U.S. dollar was simply adjusted to 0%. So, simply adjust it back. What tie would be needed today to restore America back to the gold standard? Let’s do the simple math.

    Official figures
    for the total amount of gold reserves held by the U.S. Treasury are 8133.5 tonnes of gold. This gold is owned by all Americans and is held in trust by the government for the people. Given that 1 metric tonne is 32150.746 ounces, that amounts to:

    8133.5 tonnes x 32150.746 ounces/tonne = 261,498,092.591 ounces

    If we look at recent Federal Reserve data, we note that the total U.S. M1 seasonally adjusted money supply is at $1712.2 Billion of currency.

    Therefore if we were to take the total currency and back it by the total amount of gold, this would give:

    $1712.2 Billion divided by 261,498,092.591 = US$6547 per ounce

    There you have it—if the U.S. were to devalue the U.S. Dollar, setting gold at $6550 U.S.

    Dollars per ounce of gold, the country could position to go back on the gold standard.


    Global confidence in the U.S. dollar and in America's debt would be maintained. It may be as simple as finding the right price for the government gold holdings to give "backing" to every dollar in circulation.

    $6550/ounce is approximately the current value necessary to give "gold backing" to the current level of M1 money supply.

    If the U.S. wanted to expand the money supply further to stimulate the economy, it would need to set a new price for its gold holdings which is even higher than $6550/ounce or somehow get more gold. The U.S. could then be in a position to expand money supply as necessary to stimulate growth and able to extend credit to other nations. This is an essential ingredient to restoring confidence and keeping the title of reserve currency. After all, a reserve currency should be able to extend credit to nations in need, not be in need of credit from other nations.

    As Jim Rickards states
    , this one-to-one ratio backing of gold with the U.S. Dollar "would comfortably support a broader U.S. money supply on a one-to-one ratio and maintain confidence in the dollar and U.S. sovereign debt." Perhaps only then could global confidence in the U.S. Dollar and in U.S. debt be maintained—if not, either a deflationary depression or a hyperinflationary depression could be in store as confidence wanes with increasing levels of public debt.

    Back to the Future


    Nick Barisheff, President and CEO of Bullion Management Group
    , emphasizes gold is money: "Gold is not and never has been a currency. Gold is something entirely different and far more valuable. It is money."

    Cliff Küle suggests that to maintain confidence in its debt, America must bring back the gold standard, anchoring the U.S. dollar back to real money—gold, as Article 1 of the Constitution of the United States commits it to be.

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    Default Re: Gold will be confiscated soon

    We Don’t Have Honest Money

    20 September 2010 No Comment



    By Greg Hunter

    USAWatchdog.com

    My nephew, Luke, called me the other day vexing over the materials used in our coins. He is a finance major in grad school and was researching money when he discovered that pennies were 97.5 percent zinc and nickels were mostly copper with only a nickel coating. He told me he was going to start saving every pre-1982 penny he got because, after that, the mint stopped using 95% copper in the coin. Luke told me the copper in a pre-1982 penny was worth more than two cents.

    I told him, “Pretty soon the mint will have to punch coins out of plastic if the price of metal keeps going up.” Then I asked, “Do you know why prices are going up?” Luke said, “Yes, it’s because the Federal Reserve and its monetary policies.”

    I was shocked and proud all at the same time! It looks like he’s actually learning something in business school. Currently, it costs about 1.8 cents to make a penny and nearly 9 cents to produce a nickel. The government is considering cheaper metals to bring the cost of making coins down. (Click here to see what our coins are currently made of.)

    It is said, when empires fall, one of the first signs of decline is a debasement of the currency. Long before the Roman Empire fell, its leaders debased the currency. The debasement was small at first, but over time, precious metals were watered down and coin sizes shrank. For example, silver coins ended up having so little silver in them they became unpopular and shunned. A debased Roman currency brought, what else, inflation.

    Sound familiar?

    I have been asking myself for years “Why can’t we have honest money?” We little guys are forced into the stock market to save for retirement and to stay ahead of inflation. It now looks like the 401k is not such a good invention or investment.

    By and large, working people are pushed into 401k’s. In the right business cycle with the right demographics (as in lots of baby boomers investing in stocks at the same time, such as the 80’s and 90’s, when business and inflation were relatively stable), the 401k is a not a bad deal, especially when you consider that companies often match or contribute funds to make the investment plan advantageous to participants. But in the wrong part of the business cycle (aging baby boomer population and big government bailouts), the 401k can provide some gut wrenching lessons about “investing.”

    People are painfully finding out that these plans have not been such a good “long term” deal. The S&P 500 has gone nowhere in more than a decade. Today, it’s back to 1998 levels.

    (Click here to check out a chart of the S&P 500, and see for yourself.)

    This does not account for companies whose share prices have been wiped out or bankrupted. A few examples spring to mind, such as AIG, WaMu, Wachovia, Bear Stearns, GM, Chrysler, Fannie, Freddie, Lehman, Enron and World Com. The NASDAQ is still less than half its all time highs. Also, factor in a more than 30 percent drop in the U.S. Dollar Index, and how are people in 401k’s making money for retirement?

    The short answer: They are not!!!

    If you would have simply invested in money markets (and taken the company match) back in 1998 with your 401k, you would have been hit with inflation, but at least you would have a positive nominal return.

    Most people did not take that route. I think the little guy is going to take another big hit to his retirement fund.

    Now, to help fund the continuing multi-trillion dollar bailout of Wall Street, the Fed is getting ready for another round of “Quantitative Easing.” That means “printing money” to us simple folk. This time, it is reportedly for a trillion dollars. So, getting any kind of return on cash will be impossible to do because the Fed will be printing it faster that you or anyone else can save it.

    Nobel Prize winner Milton Friedman said it best, “inflation is always and everywhere a monetary phenomenon.” Printing lots of fiat currency is debasement, and it will produce inflation the same as it did for the Romans. If you are an investor, then the stock market and all its risks and rewards are for you. But if you are a saver, then maybe you should consider other options such as gold or silver coins. That is honest money, and you can still get it, at least for now.

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    Nikita Khrushchev: "We will bury you"
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    “You Americans are so gullible.
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    Default Re: Gold will be confiscated soon

    $2,500 Gold Could Easily Result in $178.50 Silver – Here’s Why!

    By: Lorimer Wilson

    -- Posted 19 September, 2010 | Share this article | Discuss This Article - Comments: 1 Source: SilverSeek.com

    More than 95 respected economists, academics, analysts and market commentators are of the firm opinion that gold will go to $2,500 and beyond before the parabolic peak is reached. In fact, the majority (55) think a price of $5,000 or more - even as high as $15,000 – is actually more likely! As such, just imagine what is in store for silver given its historical price relationship with gold!

    Precious metal bull markets have 3 distinct demand-driven stages and we are now quickly approaching or perhaps even in the very early part of the last stage which occurs when the general public around the world starts investing in gold and this deluge of capital into gold causes it to escalate dramatically (i.e. go parabolic) in price.

    Gold
    Gold went up 24% in 2009 and is up 16% YTD and, as such, there are no shortage of prognosticators who see gold going parabolic reminiscent of 1979 when gold rose 289.3% in the course of just over a year (from a $216.55 closing price on Jan. 1, 1979 to a closing price of $843 per ounce barely a year later on Jan. 21, 1980) and 128% higher in a late-1979 parabolic blow-off of just under 11 weeks! A 289% increase in the price of gold from $1275 would put gold at $4,960. (More on what that might mean for the future price of silver is analyzed below.) That being the case what appear on the surface to be rather outlandish projections of what the bull market in gold will top out at don’t seem quite so far-fetched. (For a complete list of the economists, academics, market analysts and financial commentators who maintain that gold will go parabolic to $2,500 -$15,000 in the near future please see:
    http://www.munknee.com/2010/09/5000-...ysts-got-gold/


    Silver

    Silver has proven itself, time and again, to be a safe haven for investors during times of economic uncertainty and, as such, with the current economy in difficulty the silver market has become a flight to quality investment vehicle along with gold. The 49% increase in silver in 2009 (and 23% YTD) attests to that in spades. During the last parabolic phase for silver in 1979/80 it went from a low of $5.94 on January 2nd, 1979 to a close of $49.45 in early January, 1980 which represented an increase of 732.5% in just over one year. Such a percentage increase from the current price of almost $21 would represent a future parabolic top price of $175. (For what that might mean for the future price of gold see the analysis below.) Frankly, such prices seem impossible in practical terms but that is what the numbers tell us.


    Gold:Silver Ratio

    The current gold:silver ratio has been range-bound between 70:1 and 60:1 for quite some time which is way out of whack with the historical relationship between the two precious metals. It begs the question: “Is now the perfect time to buy silver instead of the much more expensive gold metal?”


    How both gold and silver perform, in and of themselves, does not tell the complete picture by a long shot, however. More important is the price relationship – the correlation – of one to the other over time which is called the gold:silver ratio. Based on silver’s historical correlation r-square with gold of approximately 90 – 95% silver’s daily trading action almost always mirrors, and usually amplifies, underlying moves in gold. With significant increases in the price of gold expected over the next few years even greater increases are anticipated in silver’s price movement in the months and years to come because silver is currently seriously undervalued relative to gold as the following historical relationships attest.

    Let’s look at the gold:silver ratio from several different perspectives:

    - Over the past 125 years the mean gold:silver ratio (i.e. 50% above and 50% below) has been 45.69 ounces of silver to 1 ounce of gold.

    - In the last 25 years (since 1985) the mean gold:silver ratio has increased to 45.69:1

    - The present gold:silver ratio has been range-bound between 60:1 and 70:1 (61.3:1 as of September 17/10).

    - Interestingly, during the build-up to the parabolic blow-off in 1979/80 silver outpaced gold going up 732.5% vs. gold’s 289.3% causing the ratio to drop from 38:1 in January 1979 to 13.99:1 at the parabolic peak for both metals in January,1980.


    Let’s now look at the various price levels for gold and the various silver:gold ratios mentioned above one by one and see what conclusions we can draw.

    First let’s use the Sept. 17, 2010 price of $1276.50 for gold and apply the various gold:silver ratios mentioned above and see what they do for the potential % increase in, and price of, silver.

    Gold @ $1276.50 using the current 61.3:1 gold:silver ratio puts silver at $20.82 (Sept. 17/10)
    Gold @ $1276.50 using the above 45.69:1 gold:silver ratio puts silver at $27.94 (i.e. +34.2%)
    Gold @ $1276.50 using the above 13.99:1 gold:silver ratio puts silver at $91.24 (i.e. +338.2%)

    Now let’s apply the projected potential parabolic peaks of $2,500, $5,000 and $10,000 to the various gold:silver ratios and see what they suggest is the parabolic top for silver.

    @ $2,500 Gold
    Gold @ $2,500 using the gold:silver ratio of 61:1 puts silver at $41
    Gold @ $2,500 using the gold:silver ratio of 45:1 puts silver at $55.50
    Gold @ $2,500 using the gold:silver ratio of 14:1 puts silver at $178.50


    Before we go any further the above analyses bears closer scrutiny. In paragraph four above it was noted that “During the last parabolic phase for silver in 1979/80 it went from a low of $5.94 on January 2nd, 1979 to a close of $49.45 in early January, 1980 which represented an increase of 732.5% in just over one year.” Such a percentage increase from the current price of almost $21 would represent a future parabolic top price of $175.


    It is interesting to note that the above $175 is almost identical to the $178.50 that would result from a reversion to the mean in the gold:silver ratio with gold at $2,500. For the gold bugs who believe that gold is going to go even higher it can only mean a very much higher price for silver as the analyses below suggest.

    @ $5,000 Gold
    Gold @ $5,000 using the gold:silver ratio of 61.1 puts silver at $82
    Gold @ $5,000 using the gold:silver ratio of 45:1 puts silver at $111
    Gold @ $5,000 using the gold:silver ratio of 14:1 puts silver at $357


    @ $10,000 Gold

    Gold @ $10,000 using the gold:silver ratio of 61:1 puts silver at $164
    Gold @ $10,000 using the gold:silver ratio of 45:1 puts silver at $222
    Gold @ $10,000 using the gold:silver ratio of 14:1 puts silver at $714!!


    From the above it seems that, any way we look at it, physical silver is currently undervalued compared to gold bullion and is in position to generate substantially greater returns than investing in gold bullion.


    Summary

    History will look back at the artificially high gold:silver ratio of the past century as an anomaly, caused by the dollar bubble and the world being deceived into believing that fiat currencies are real money, when in fact they are all an illusion.

    This fiat currency experiment will end badly in a currency crisis and when that happens, as it surely will, gold will go parabolic and silver along with it but even more so as the gold:silver ratio adjusts itself to a more historical correlation. The wealthiest people in the future will be those who put 10% to 15% (or perhaps more – much more!) of their portfolio dollars into physical silver today and were smart enough to research and pick the best silver mining/royalty stocks and warrants to maximize their returns.


    Indeed, while gold’s meteoric rise still has room to run, silver’s run is yet to get started. As such, it certainly appears evident that now is the time to buy all things silver.

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    Default Re: Gold will be confiscated soon

    Gold at new high as recovery fears resurface

    Gold prices rose to a record high at $1,283.25 an ounce on Monday as worries about the health of the global economy and more quantitative easing in the United States boosted the metal's safe haven appeal.

    Reuters
    Published: 8:57AM BST 20 Sep 2010

    Link to this video

    "There definitely seems to be an upward momentum," said James Moore, analyst at TheBullionDesk.com. "There is technical buying out there and $1,300 still seems to be the target everyone is looking for.

    "The debt jitters in Europe seem to be back on the agenda. We've seen a few disappointing releases of data, particularly from the US and again the double-dip scenario has been back in people's minds."

    Related Articles


    Weak data out of the US on Friday helped push gold to a new all-time high at $1,282.75 an ounce. Underlying US inflation pressures were muted in August and consumer morale hit a 13-month low this month, keeping alive fears of deflation and spurring bets on further monetary easing.

    On a thin economic calendar, investors await housing data from the United States for further direction as the session progresses.

    The US Federal Reserve was not expected to make any new monetary policy moves on Tuesday, but the post-meeting statement will be closely parsed for signals on the debate about whether further large-scale asset purchases are needed to support the sluggish recovery.

    "Rumours that the Fed may be looking to put some more money into the system to stimulate the economy ... obviously that has some inflationary impact further down the line," said Mr Moore.

    "The Fed is going to be the key event and looking to the strength and tone of the statement."

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    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
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    outright, but we’ll keep feeding you small doses of
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    until you’ll finally wake up and find you already have communism.

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    Default Re: Gold will be confiscated soon

    Make new friends, but keep the old, one is silver & the other gold.
    Shucks, if they only sold gold in grams, I might have 2 frendz.

    canto XXV Dante

    from purgatory, the lustful... "open your breast to the truth which follows and know that as soon as the articulations in the brain are perfected in the embryo, the first Mover turns to it, happy...."
    Shema Israel

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    Default Re: Gold will be confiscated soon

    Gold at $1300 as Predicted this Morning – Watch out for Sharp Correction

    By John Galt
    September 24, 2010


    Although my timing is off sometimes, the reality of what I’ve predicted regarding the metals is holding true, even though we reached the magic $1300 faster than I though possible thanks to the Fed issuing a nothingburger FOMC statement:





    As I said in this editorial:

    All Aboard the Gold Express, next stop around $1350

    The next stop should be around $1350 only because it is another one of those nice round even numbers and approximately double the size of the consolidation spread we saw over the spring and summer. Despite the voices of doom and gloom that gold was a barbaric relic and useless, it is the one investment that is reflecting the true amount of fear in the world geopolitical and European plus U.S. financial situation which still appears unstable at best, a huge lie in reality.

    Thus a correction should occur and I would not be surprised to see a pullback to the $1211-$1217 range once this move to the upside is complete. The new consolidation should occur between the low end of the range just mentioned and finish with the $1319-$1327 as the high end. That period of consolidation will probably even have a day or two of intraday moves below $1200 during that time period but will be offset by foreign central bank purchases setting the basis for a new, even larger long term rally which will take the metal over the $1600 mark.

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    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
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    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
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    Default Re: Gold will be confiscated soon

    European Central Banks Halt Gold Sales



    Published: Monday, 27 Sep 2010 | 4:27 AM ET

    By: Jack Farchy, Financial Times

    Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade.
    Comstock Images | Getty Images

    The central banks of the euro zone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which caps their collective sales.

    In the CBGA’s year to September, which expired on Sunday, the signatories sold 6.2 tons, down 96 per cent, according to provisional data.

    The sales are the lowest since the agreement was signed in 1999 and well below the peak of 497 tons in 2004-05.

    The shift away from gold selling comes as European central banks reassess gold amid the financial crisis and Europe’s sovereign debt crisis.

    In the 1990s and 2000s, central banks swapped their non- yielding bullion for sovereign debt, which gives a steady annual return. But now, central banks and investors are seeking the security of gold.

    The lack of heavy selling is important for gold prices [XAU=X 1297.25 1.65 (+0.13%) ] both because a significant source of supply has been withdrawn from the market, and because it has given psychological support to the gold price. On Friday, bullion hit a record of $1,300 an ounce.

    “Clearly now it’s a different world; the mentality is completely different,” said Jonathan Spall, director of precious metals sales at Barclays Capital.

    European central banks are unlikely to sell much more gold in the new CBGA year, according to a survey by the Financial Times.

    Although many central banks declined to detail their sales plans, the responses of some, along with numerous interviews with bankers and consultants, suggest it is unlikely there will be a return to the trend of the past decade, when CBGA signatories sold on average 388 tons a year.

    The central banks of Sweden, Slovakia, Ireland and Slovenia said they had no plans to sell, while Switzerland reiterated a previous statement to the same effect.

    The CBGA was first signed after gold miners protested that central banks’ rush to sell was depressing prices.

    In previous years signatories haggled for individual allowances to sell under the CBGA, but the most recent renewal of the agreement in 2009 contained no such quotas, according to Darko Bohnec, vice governor of Slovenia’s central bank.

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    Default Re: Gold will be confiscated soon

    HA! First signs!!!!!!!!!!!!!
    Libertatem Prius!


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    Default Re: Gold will be confiscated soon

    Here's something else that is directly related.
    --------------------
    http://seekingalpha.com/article/2271...t?source=hp_wc

    The U.S. dollar is sliding dangerously close to a steep cliff -- a possible point of no return at which the currency could collapse and America could join the ranks of the world's banana republics.
    click to enlarge

    For more than thirty years, the U.S. has resisted the restructuring, austerity and market forces required to restore the health, competitiveness and potential of its economy.
    Extending a long-running policy of neglect, denial, short-sightedness, political expediency and corruption, for the past two years, the Federal Reserve has tried to prop up the increasingly uncompetitive and defective U.S. economy with what amounts to unprecedented amounts of money printing -- still in effect and slated to expand. The government as a whole has increasingly spent beyond its means, doubled down on debt and pushed the limits of inflation risks as it milks the outdated perception of the dollar as a "safe haven" for all it's worth.
    The bill is coming due and the table is being set for the biggest currency crisis ever. Almost all of the key ingredients are in place for a crisis of confidence that will threaten to overwhelm all efforts to contain it -- something beyond the magnitude of currency crises that unraveled Mexico in 1994, Asia in 1997, Russia in 1998, and Argentina in 1999. The similarities are now beyond disturbing.
    What are the key factors?
    1) Financial excess:Key measures of financial excess -- a U.S. budget deficit at 10% of GDP, overall credit amounting to as much as 350% of GDP, a projected $100 trillion more in entitlement obligations than the federal government can currently cover, and more than $1 trillion in state pension underfunding -- are now well into the levels that undermined other countries during currency crises and rendered them insolvent, bankrupt or close to it.
    2) Diminishing competitiveness: The gift of hindsight now shows that outside of housing and finance, the U.S. economy was hollowing out over the past 30 years. A withering export base and increasingly lopsided growth (as opposed to broad-based, diversified growth across multiple industries) were telltale signs in Mexico, Russia, Thailand and elsewhere that a country would have trouble paying its bills to creditors abroad.
    3) Pre-existing economic pain: A high unemployment rate -- roughly 10% and as much as 20% under broader measures -- will limit the willingness of policymakers to make the tough choices needed to get the country's house in order. As they've already demonstrated, politicians are more likely to continue trying to limit the pain and take the easy way out in the shortrun -- borrowing more and printing more money -- instead of taking real steps to demonstrate the country will be able to pay its bills to creditors abroad without devaluing the dollar (in other words, cut back on spending, raise taxes, reform the economy in a way that bolsters export receipts).
    4) Heightened political risk: Ahead of the November midterm elections, the U.S. faces a degree of policy uncertainty we haven't seen since the 1930's and arguably since the years leading up to the Civil War (maybe even further back, the currency chaos after the Revolutionary War). The two parties are both historically weak and want to take the U.S. economy in radically different directions -- Democrats, led by President Obama, toward more government control, greater intervention in the economy and higher taxes and Republicans, increasingly pressured by the Tea Party, toward sharply less government, lower taxes and less intervention in the economy. Unusually critical midterm election this November may set a permanent course or lead to policy paralysis. This is the kind of political uncertainty that formed the backdrop to multiple currency crises, including Mexico's 1994 crisis, which preceded presidential elections.
    5) Rising rates abroad: Real, stronger growth outside the U.S. is prompting central banks in Canada, Australia, Latin America, China and elsewhere to tighten credit, while the Fed loosens, inflates and all but signals it wants to let her rip and weaken the currency. That means growing downward pressure on the U.S. dollar. It was the raising of short-term rates in the U.S. through the late 1990's that put Mexico, Asia (particularly Thailand) and Russia under pressure to allow their currencies to collapse.
    6) Weak and defective financial system: Large numbers of U.S. banks countinue to fail on a monthly basis across the U.S. The federal government recently announced a stealth $30 billion bailout of credit unions highlights lingering problems. It continues to bankroll massive losses at Fannie Mae and Freddie Mac and has effectively nationalized mortgage finance. We still have inadequate disclosure on the true extent of bad loans -- a key wildcard that led to loss of confidence in Asian and other financial crises. We still don't know the full extent of the black hole. Banking guru Meredith Witney expects a new round of top-line pressure on all the big banks over the coming year.
    There you have it: Flagging competitiveness, an inflated exchange rate, chronic deficits, ballooning debt ratios, economic stress, heightened political risk and a defective banking sector. These are the ingredients of a currency meltdown.
    Against this backdrop, as we've seen in past currency crises, speculators eventually take advantage of a status quo they correctly see as unsustainable. They take short positions and/or hedge by buying gold and other protection. Ultimately, central banks can't resist reality and the pressure of the market.
    Two additional factors could soon be in play:
    1) Capital flight: From elites, top investment funds and banks. The sharp drop of trading volume on U.S. equity markets, heavy inflows into commodity funds, hedges such as gold and even farmland and outflows into overseas markets funds and ETFs may be early omens. There is also growing evidence of human capital flight from the U.S., as the business climate continues to deteriorate and high-skill individuals seek higher after-tax returns from themselves abroad.
    2) Violent conflict: The Chiapas Rebellion in Mexico intensified anxiety of the country's management in 1994. Current potential flash points include Iran/Israel/The Middle East, North Korea, the South China Sea and China-Japan.
    To paraphrase a previous article:
    ...if Europe -- also under pressure to take the easy way out of economic underperformance -- joins the U.S. and Japan in the devaluation game, in more earnest than it already has, we'll be in an all-out race to the bottom to export economic depression and inflation -- stagflation -- to one another. Hence the growing lack of confidence in all paper currencies and gold's surging price.
    Combined with growing protectionist sentiment and repeated stock market head-fakes, this mess, combined with weakness in the West, Chinese resource hoarding and military buildups, flash points across Asia and the Middle East, is looking more like the early stages and negative feedback loops of the Great Depression, the Weimar Republic and the run up to the Second World War.
    Invest (buy gold, silver, other precious metals, farmland-based securities) or divest (out of U.S. currency and dollar-denominated equities and bonds) accordingly.
    Disclosure: No positions


    6 Reasons Why a Dollar Crisis Is Imminent
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
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    Default Re: Gold will be confiscated soon

    Essentially what will happen is that when big money cannot flee into Gold, it will move into other commodities. This will trigger real hyperinflation. It will be doomsday.

    Make sure you have ammo on hand and several weeks worth of food.
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


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    Default Re: Gold will be confiscated soon

    Got both. I dont have much gold.

    I only have money in the banks.

    If I dont get it out... well... I got guns, bullets and food. And I will get a boat. LOL

    And I need a crew.
    Libertatem Prius!


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    Default Re: Gold will be confiscated soon

    One once ounce of gold : one year's wage, One ounce of silver : one month's wage


    -- Posted Sunday, 26 September 2010 | Digg This Article | Share this article | Source: GoldSeek.com

    You think I am crazy?

    I have been ridiculed, dismissed, hated and now I am feared, but no one has given me a reason to change my view. I am still listening.

    Unbacked paper money is fraud. Most of the wealth is the world is an illusion.

    Real wealth is productive capacity. The world has orders of magnitude more productive capacity than in 1929, multiples of what it had in 1989. But the paper illusions of wealth dwarf real wealth as never before. Most of that paper wealth will accrue to gold and silver.

    We will continue to see deflation in terms of gold and silver, inflation in terms of paper. From the perspective of gold, debt will default. From the perspective of paper, debt will inflate. One way or another, debt, which is the mirror reflection of the paper wealth illusion, will be destroyed.

    Attempts to reform within the current system are useless. You should write off all paper promises today, and plan accordingly. Here is an incomplete list of what you need to kiss goodbye:

    Government Promises
    Social Security, Medicare, Medicaid
    Deposit Insurance
    Pensions
    Unemployment insurance
    Food Stamps
    Bonds
    Public sector jobs

    Corporate Promises
    Bonds
    Annuities
    Insurance Policies
    Unbacked paper gold and silver
    Home equity lines of credit

    There is less than one ounce of gold per person on the planet, less than 1/4 ounce of silver. As the screw tightens, every scrap of paper will be thrown at gold and silver. But most of the gold and silver will be off of the market. No one will want bonds, so the central banks will print trillions to buy them all. But the bond market is just the tip of the spear.

    Paper money will be destroyed when people insist on payment in gold and silver. Only the demand for goods and services will bring gold and silver out of hiding.

    The price that I project, an ounce of gold for a year's wage, is near the all time historical high. These are unreasonably high prices if there is a functional credit system, but not in the absence of a credit system.

    Furthermore, those who hold gold and silver assets will be the source of the next credit expansion. Even as the price of gold and silver goes down, the primary benefit of the next credit expansion will flow to those who have real capital.

    by Vincent Bressler

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    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
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    outright, but we’ll keep feeding you small doses of
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    until you’ll finally wake up and find you already have communism.

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    Default Re: Gold will be confiscated soon

    Quote Originally Posted by Rick Donaldson View Post
    Got both. I dont have much gold.

    I only have money in the banks.

    If I dont get it out... well... I got guns, bullets and food. And I will get a boat. LOL

    And I need a crew.
    A well ARMED crew. You shoot, I will sail and teach you everything I know about navigation, pirates, and which rope (sheet, or halyard) to pull.

    Libertatem Prius!


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    Default Re: Gold will be confiscated soon

    So where can I buy some silver? Actual coinage?
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


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    Default Re: Gold will be confiscated soon

    I would say, call local coin exchanges in your area. I used to know a guy who actually started buying silver a LONG time ago. He was doing it back in the 1990s, early.

    He had a buried cache of weapons and ammo, food storage, a place with a 1000 yard kill zone...

    No joke.

    He was buying a dozen or so "bars" of silver per month back then. I'll bet he has hundreds if not thousands of pounds of it.
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    Default Re: Gold will be confiscated soon

    Actually I still know the guy. Where he lives... etc.
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    Default Re: Gold will be confiscated soon

    Quote Originally Posted by Malsua View Post
    So where can I buy some silver? Actual coinage?
    I like ..https://online.kitco.com/bullion/com..._USD.html#gold http://allamericangold.com/

    Miners will see a good return...... http://www.hughes-exploration.com/s/Home.asp
    Last edited by Segestan; September 27th, 2010 at 21:28.
    Ab Urbe Condita 2761

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    Default Re: Gold will be confiscated soon

    Ok, let me rephrase the question.

    Where can I buy some silver at less than $20,000 per order. You know...like a few hundred bucks at a time.
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


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