Gold / silver money standard, will it ever happen?

[Bimetallic]

13 hours ago, savoyard said:

If that is the case, why have central banks been hoarding gold for the last 10 years?

I don't know. I don't even know if it's true, or what counts as hoarding. Central banks have always had some amount of gold.

My point was that most people don't care about gold and silver. I mean, hardly anyone buys bullion. And I think the market is shrinking as older folks die off. My impression is that young people, Millennials or whatever, are much less likely to think about or buy bullion. Maybe a great Super Bowl commercial would change things, but the major online dealers don't seem to be trying very hard to grow the size of their market with that kind of marketing.

The people who are really making money and getting rich are focusing on creating value in new ways, and most of them don't seem to care about gold either. Well maybe they add it to diversify once they're rich, something like 5 percent of a portfolio is what I hear.

[goldmember44]

8 minutes ago, Bimetallic said:

I don't know. I don't even know if it's true, or what counts as hoarding. Central banks have always had some amount of gold.

My point was that most people don't care about gold and silver. I mean, hardly anyone buys bullion. And I think the market is shrinking as older folks die off. My impression is that young people, Millennials or whatever, are much less likely to think about or buy bullion. Maybe a great Super Bowl commercial would change things, but the major online dealers don't seem to be trying very hard to grow the size of their market with that kind of marketing.

The people who are really making money and getting rich are focusing on creating value in new ways, and most of them don't seem to care about gold either. Well maybe they add it to diversify once they're rich, something like 5 percent of a portfolio is what I hear.

Dude... retail investors of gold bullion make up only a small fraction of gold sales. central banks buy hundreds of tons of gold... and yes he is right when he says that the central banks have been hoarding gold like mad... it is unprecedented, I urge you to look just how much gold China and especially Russia has bought in the last 10 years.. and they are aggressively continuing to stockpile gold. And they're not the only ones, this is now a feature of world central banks. European countries are also repatriating their gold now... Germany, for example, most recently. Gold is in demand like never before in recent history at government level. I really do think gold will play a larger role in the world financial systems going forward.

[DarkChameleon]

On 05/06/2019 at 12:53, LoveSilver said:

As I see it silver and gold are the only and ultimate universal values left standing. Everything else is more or less a paper c*ap, right? Especially fiat money. Cryptos are about the same or worse. Not ready for the prime time replacing a monetary system. In my mind, precious metals were always and still are the only natural choice to back up paper money or better, be used directly as money.

What do you think? Will common sense and financial prudence prevail and we start seeing currencies 100% backed up by gold and silver? There is an article about it just posted yesterday: https://medium.com/datadriveninvestor/playing-chicken-with-gold-standard-4a1f93aacdf2?source=friends_link&sk=0ba562e19c05e22a8e3090661ebd49a0  

The problem with gold and silver being a backed currency but it's not the currency of the future as it has to be physically moved, crypto doesnt.

You're right in that it isn't ready yet but it will be, it has to be more secure, no thefts, no scams, no hording by the developers...it has some way to go but the banks and investment house, even governments know it's coming like the marijuana industry, you can delay but you'll never kill it off....if you want to back a crypto with gold that's possible but not for a world trade coin...because there's not enough gold to do it even if there was a fort Knox place to store it all...perhaps a barter related backing in the firm of hours of work time backing, so you sell yourself effectively by the hour, with health, age, etc rating the value of your goods...volatile to be sure but possible.

[Groundup]

5 hours ago, Bimetallic said:

I don't know. I don't even know if it's true, or what counts as hoarding. Central banks have always had some amount of gold.

My point was that most people don't care about gold and silver. I mean, hardly anyone buys bullion. And I think the market is shrinking as older folks die off. My impression is that young people, Millennials or whatever, are much less likely to think about or buy bullion. Maybe a great Super Bowl commercial would change things, but the major online dealers don't seem to be trying very hard to grow the size of their market with that kind of marketing.

The people who are really making money and getting rich are focusing on creating value in new ways, and most of them don't seem to care about gold either. Well maybe they add it to diversify once they're rich, something like 5 percent of a portfolio is what I hear.

People are hording Au. A lot of cultures still use it as a wealth status ect. People in the west have forgotten the roll of Au. China for example have for a few years been encouraging the peeps to own gold.

[silverdocket]

 Russia is now the biggest  stacker of gold.  It is definitely coming  but when is the question?

 Is it worth also getting some Russian ruble? 

 I am now going to increased my 20% stake in precious metals.

 I have also been buying a little extra food each week  and some toiletries  Just in case The sh@t hits the fan or interest rates go up .....

[SilverBackedMoney]

SilverToken has brought back the Silver Standard = real money that is redeemable for silver in private vaults. Silvertoken.money

[AgCoyote]

17 hours ago, silverdocket said:

 Russia is now the biggest  stacker of gold.  It is definitely coming  but when is the question?

 Is it worth also getting some Russian ruble? 

 I am now going to increased my 20% stake in precious metals.

 I have also been buying a little extra food each week  and some toiletries  Just in case The sh@t hits the fan or interest rates go up .....

I've thought for a while it's a good idea. Russia is basically the only fiscally responsible major country on earth, with lots of natural resources with an educated population and without a burdensome welfare state. They also have sane social values which is also a bonus because that leads to stability. I would think the ruble could only get a lot more stronger but this isn't my field of expertise.

[DarkChameleon]

9 minutes ago, AgCoyote said:

I've thought for a while it's a good idea. Russia is basically the only fiscally responsible major country on earth, with lots of natural resources with an educated population and without a burdensome welfare state. They also have sane social values which is also a bonus because that leads to stability. I would think the ruble could only get a lot more stronger but this isn't my field of expertise.

Fiscally responsible?..the boss has stolen hundreds of billions, his buddies have stolen as much again, fiscally responsible as the Philippines were under Marcos, Any African nation?, despotism and open theft and killing and suppression of democracy is not fiscally responsible, it's just trotting along to the next revolution.

[sixgun]

54 minutes ago, DarkChameleon said:

Fiscally responsible?..the boss has stolen hundreds of billions, his buddies have stolen as much again, fiscally responsible as the Philippines were under Marcos, Any African nation?, despotism and open theft and killing and suppression of democracy is not fiscally responsible, it's just trotting along to the next revolution.

You are spinning the tales of the White House and CIA. Russia is debt free and has a strong and stable economy - thanks to the US sanctions which hurt Europe - not the US and no longer Russia. Russia was a gangster nation after the collapse of Communism - the hands on the clock have turned - things have changed. 

[sixgun]

1 hour ago, AgCoyote said:

I've thought for a while it's a good idea. Russia is basically the only fiscally responsible major country on earth, with lots of natural resources with an educated population and without a burdensome welfare state. They also have sane social values which is also a bonus because that leads to stability. I would think the ruble could only get a lot more stronger but this isn't my field of expertise.

Russia indeed has massive gold reserves - many times the published tonnage - as with China massive reserves many times the published tonnage - get your wealth in gold and silver - that is why we are here - it is confirmation bias - we all believe gold and silver are good investments and protect purchasing power and the other people here say the same. It confirms our biases. The reality is gold and i hope silver in the coming days are good investments and protect purchasing power - but that is just my bias. 

[RacerCool]

In order for gold and silver money to happen again, they value of money would have to change.  For example, that $10 gold Eagle (~half ounce of gold), would have to actually be able to buy what ~$650 would buy.  It can't be equivalent to the $10 paper money of today.

[richatthecroft]

5 hours ago, sixgun said:

strong and stable 

I’ve heard this phrase somewhere before.... 🤔 

[EdNug]

6 hours ago, sixgun said:

Russia indeed has massive gold reserves - many times the published tonnage - as with China massive reserves many times the published tonnage - get your wealth in gold and silver - that is why we are here - it is confirmation bias - we all believe gold and silver are good investments and protect purchasing power and the other people here say the same. It confirms our biases. The reality is gold and i hope silver in the coming days are good investments and protect purchasing power - but that is just my bias. 

But our informed bias is rooted in historical objectivity and chemical reality, which makes it a little more than bias.  Gold and silver do not gain or maintain monetary value just through collective bias, their elemental values have been recognized by most of humanity for at least 5000 years - as rare, dense, stable, desirable, useful, non-radioactive, non magnetic, super conductive, finite, very difficult to counterfeit and yet globally available elements gold and silver are the best available vehicles we have to use as a universal and standardisible means of exchange and store of value. It took the globalist banksters till 1971 (and half a century of poverty and war) to convince the majority of the world otherwise - I would argue that it is their bias towards intrinsically worthless debt-based bank notes that has led to people 'not caring' and becoming ignorant of the universally recognised monetary importance of gold and silver.

Think of any other commodity in the known universe and i guarantee you there will be at least one massive fundamental reason why, in comparison to gold and silver, it is totally unsuitable for use as a store of value and means of exchange. Gold is the timeless heavyweight constant and silver its slinky little sister, everything else changes around them.

(Don't quote me on this this but I'm pretty sure that gold is formed when stars go supernova and the reason that we are blessed with so much of it on this planet is because our solar system was originally a binary system but one of the stars went supernova billions of years ago, thus splattering the Earth with an abundance of rare elements inc gold - if that isn't reason enough to value gold as money then nothing ever will be!) 

[goldmember44]

9 hours ago, DarkChameleon said:

Fiscally responsible?..the boss has stolen hundreds of billions, his buddies have stolen as much again, fiscally responsible as the Philippines were under Marcos, Any African nation?, despotism and open theft and killing and suppression of democracy is not fiscally responsible, it's just trotting along to the next revolution.

Nonsense, you sound like you believe the average anti-Russian propaganda, 99% of which is either lies or gross exaggerations. Don't believe everything CNN says about Russia... just don't.

[goldmember44]

8 hours ago, sixgun said:

Russia indeed has massive gold reserves - many times the published tonnage - as with China massive reserves many times the published tonnage - get your wealth in gold and silver - that is why we are here - it is confirmation bias - we all believe gold and silver are good investments and protect purchasing power and the other people here say the same. It confirms our biases. The reality is gold and i hope silver in the coming days are good investments and protect purchasing power - but that is just my bias. 

Quite right, the thing is if most people believe that about gold and silver, then in effect it is that to them. And it becomes valuable simply because most people regard it as valuable.  It also has thousands of years of historical bias for it.

[sixgun]

3 hours ago, EdNug said:

But our informed bias is rooted in historical objectivity and chemical reality, which makes it a little more than bias.  Gold and silver do not gain or maintain monetary value just through collective bias, their elemental values have been recognized by most of humanity for at least 5000 years - as rare, dense, stable, desirable, useful, non-radioactive, non magnetic, super conductive, finite, very difficult to counterfeit and yet globally available elements gold and silver are the best available vehicles we have to use as a universal and standardisible means of exchange and store of value. It took the globalist banksters till 1971 (and half a century of poverty and war) to convince the majority of the world otherwise - I would argue that it is their bias towards intrinsically worthless debt-based bank notes that has led to people 'not caring' and becoming ignorant of the universally recognised monetary importance of gold and silver.

Think of any other commodity in the known universe and i guarantee you there will be at least one massive fundamental reason why, in comparison to gold and silver, it is totally unsuitable for use as a store of value and means of exchange. Gold is the timeless heavyweight constant and silver its slinky little sister, everything else changes around them.

When someone says you are biased it usually means that person is saying you are wrong - unfair or at least not assessing the evidence evenhandedly. Confirmation bias is where you seek out people, articles, video.... which reinforces and confirms your views. i can imagine if i went over the videos watched by members i would find a disproportionate number about precious metals and i expect almost all of them would be saying precious metals are a good thing - buy more, they are going to do well. This is what you already believe and your beliefs are echoed back at you. The videos are confirming your bias in favour of precious metals. Now that doesn't mean your bias is unfounded and grounded. You make the case there is ample evidence to support your bias (i am pretty sure you personally have). i happen to agree with you, i have a strong bias towards precious metals. Looking at the case for precious metals as objectively as i can, i conclude the case for precious metals is stronger than ever - some might say i am such a gold and silver bug that isn't possible for me to be objective anymore - i would tend to agree. You become so invested financially and emotionally in a particular position you blot out evidence that is negative to whatever it is you support. This is the problem with stocks people 'fall in love with'. They will hang onto them way beyond the point they should have got rid. They will hang onto their pile of silver coins when they ought to have sold them off at least some of them off and got Bitcoin or whatever. 

i think it is useful from time to time to sit down and look objectively at what you are doing and assess whether this is the right thing. You might conclude it isn't - you might conclude you have become unbalanced - you have become biased. i am as biased as hell. My nagging doubt is perhaps i have some precious metal - perhaps there is some sort of financial calamity - then what? Will this precious metal be able to do me any good? This is in part why i recommend if people think there will be a calamity that they amass that which would be useful in a calamity - food - a supply of water - energy - protection - perhaps they decide to move or have somewhere they could move to. There are lots of things to think about, more than a pile of gold and silver coins.

[sixgun]

4 hours ago, richatthecroft said:

I’ve heard this phrase somewhere before.... 🤔 

Yeah you must have heard it from me.

In the case of Russia i actually do see the economy as strong and stable but yes it is a phrase  often wheeled out when things are anything but strong and stable. We hear Trump trumpeting the US has its best economy ever, the employment rates are the best ever, the stock market is the strongest ever..blah, blah. The reality is unemployment is actually around 20% they are just not counting the unemployed anymore - inflation is around 10% and has been for years - they are just not counting it properly - that means the GDP is negative and has been for years. The US economy like so many others (other than say Russia) is shot to pieces. It is all a facade. They are all liars - all a mirage - they will be strong and stable and then collapse in tears and 'no-one' saw it coming.  We are in a post fact world - it's all good - it's all strong and stable.

[DarkChameleon]

11 hours ago, sixgun said:

You are spinning the tales of the White House and CIA. Russia is debt free and has a strong and stable economy - thanks to the US sanctions which hurt Europe - not the US and no longer Russia. Russia was a gangster nation after the collapse of Communism - the hands on the clock have turned - things have changed. 

The gangsters are now 'legit' in Russia's eyes and called oligarch, Russia official debt is I believe 23% of gdp, but it can't sell a lot of its goods so that number is off by quite a lot, it trades in gold bease it can't trade in rubles with much of the world due to sanctions, it kills it's people domestically and internationally when they become a threat, it will kill foreign people as easily as saudis, to think different is to swallow the coolaid, Russia's debt to gdp is low but then it's halfthesize of germanys and depending on who you listen too Germany iseither in horrible debt or is doing great, officials debt to gdp has Japan at over 200%, britain at almost 90% and Americs just as high.

 

BTW Afganistan's gdp is under 7% so it must be having a great time.

[goldmember44]

9 minutes ago, DarkChameleon said:

The gangsters are now 'legit' in Russia's eyes and called oligarch, 

The opposite is true, during his tenure Putin got rid of the most toxic oligarchs -- which is one of the reasons that the powers that be in the West are so angry with him. He basically put a stop to Russia's natural riches being plundered and sent abroad with no benefit to Russia. Of course if you believe all this constant anti-Russian propaganda you won't understand any of this, and perhaps believe the opposite. 

If you believe these people then Russia is just about to roll over and vanish from the earth... but it's not happening. 

[DarkChameleon]

20 minutes ago, goldmember44 said:

The opposite is true, during his tenure Putin got rid of the most toxic oligarchs -- which is one of the reasons that the powers that be in the West are so angry with him. He basically put a stop to Russia's natural riches being plundered and sent abroad with no benefit to Russia. Of course if you believe all this constant anti-Russian propaganda you won't understand any of this, and perhaps believe the opposite. 

If you believe these people then Russia is just about to roll over and vanish from the earth... but it's not happening. 

Putin selected the oligarch, he didn't get rid of them, he let other buddies take over,typica,power broking, if your not pro putin you suddenly lose your wealth maker, be it iron, aluminum, gold, oil, etc, etc, etc..when the USSR fell, who had the money to buy whole industries?...those who held the keys to the kingdom or the black marketeers, some were both at the same time...money flooded into russia but it didn't just pick the janitor of the company but the real power, the politicians, the high up mafia, the black marketers, etc, people didn't come into europe and start businesses themselves without paying dues or giving 49% to whoever controlled the area...this is not a fiscal plan worth counting on, as the power changes you end up stuck with the old guard or pay the new guys...that's not fiscal, it's deeply unsettling, countries with low debt to gdp are either that way through good fiscal responsibility or because nobody will lend them money, the homeless have no debt to gdp because they have no gdp to lend against and nobody to lend them anything.

 

Lol at return rates for borrowing to banks located or ran by a certain countries government, are they low because plenty lend to them or are they Hugh because nobody will lent to them without a great rate of return to cover their risk...when I was lending to the bank of India the return were about the highest, which is a sign that they are not geting,loans from everyone or the returns would be half the amount.

[DarkChameleon]

29 minutes ago, goldmember44 said:

The opposite is true, during his tenure Putin got rid of the most toxic oligarchs -- which is one of the reasons that the powers that be in the West are so angry with him. He basically put a stop to Russia's natural riches being plundered and sent abroad with no benefit to Russia. Of course if you believe all this constant anti-Russian propaganda you won't understand any of this, and perhaps believe the opposite. 

If you believe these people then Russia is just about to roll over and vanish from the earth... but it's not happening. 

I take it you don't believe putin had ex spies poisoned either, political opponents arrested, people,with info on him jump out their windows at an alarming rate, trying ti backdoor america on arms deals, etc, who are russia,dealing with?...if half the world is out of bounds to trade with them your not having a great time economically and to think otherwise is to drink their coolaid...if russia were having heat success then they'd not need to steal their countries wealth, businesses and politicians would be falling over themselves to do business with them, they can have millions of tones of gold and,other pm's and it wouldn't matter if nobody was buying it off them.

[goldmember44]

3 minutes ago, DarkChameleon said:

Putin selected the oligarch, he didn't get rid of them, he let other buddies take over,typica,power broking, if your not pro putin you suddenly lose your wealth maker, be it iron, aluminum, gold, oil, etc, etc, etc..when the USSR fell, who had the money to buy whole industries?...those who held the keys to the kingdom or the black marketeers, some were both at the same time...money flooded into russia but it didn't just pick the janitor of the company but the real power, the politicians, the high up mafia, the black marketers, etc, people didn't come into europe and start businesses themselves without paying dues or giving 49% to whoever controlled the area...this is not a fiscal plan worth counting on, as the power changes you end up stuck with the old guard or pay the new guys...that's not fiscal, it's deeply unsettling, countries with low debt to gdp are either that way through good fiscal responsibility or because nobody will lend them money, the homeless have no debt to gdp because they have no gdp to lend against and nobody to lend them anything.

 

Who told you all this stuff? Just curious. Because I know there are some venues peddling lots of lies about Russia, and it has gone mainstream unfortunately with this Trump-Russia hoax. Be careful what you believe, I'd be skeptical about anything concerning Russia coming from sources like CNN, The Economist and the like. They have a history of trying to smear Russia with lies and disinformation. Often completely fabricated. Unfortunately these sources are driving the narrative on Russia in today's America. But if I were you I'd take it with a pinch of salt. I've been following Russia since 2000 very closely, since Putin came to power. And I know for a fact that much of this stuff is falsehood, made up stories.

[goldmember44]

4 minutes ago, DarkChameleon said:

I take it you don't believe putin had ex spies poisoned either, political opponents arrested, people,with info on him jump out their windows at an alarming rate, trying ti backdoor america on arms deals, etc, who are russia,dealing with?...if half the world is out of bounds to trade with them your not having a great time economically and to think otherwise is to drink their coolaid...if russia were having heat success then they'd not need to steal their countries wealth, businesses and politicians would be falling over themselves to do business with them, they can have millions of tones of gold and,other pm's and it wouldn't matter if nobody was buying it off them.

Mate, I'm not going to debate with you on Russia, I can see you've already made up your mind before you started with your attack on Russia in this thread, it's ideological for you. Enjoy your hate.

[DarkChameleon]

6 minutes ago, goldmember44 said:

Mate, I'm not going to debate with you on Russia, I can see you've already made up your mind before you started with your attack on Russia in this thread, it's ideological for you. Enjoy your hate.

Actually I don't hate countries, countries are made up of people, to hate a country is to hate every person in that country...that would be dumb, I can hate a president, prime minister, the power brokers, the crooks, the judges and the generals but it doesn't mean I hate the people, the bakers, the factory workers, the farmers, thekids...that would be stupid, just like saying a love a country as that would mean I love everyone in it..without humans you could walk this planet and find nothing to hate...you can walk amongst people and love the social aspect from them, to hate a whole people is like making a general comment..it's in error by definition.

[AgCoyote]

14 hours ago, DarkChameleon said:

Fiscally responsible?..the boss has stolen hundreds of billions, his buddies have stolen as much again, fiscally responsible as the Philippines were under Marcos, Any African nation?, despotism and open theft and killing and suppression of democracy is not fiscally responsible, it's just trotting along to the next revolution.

No offense but this is laughable. One, democracy is a terrible form of governance. I can't take these positions seriously when the US is actively trying to put the screws to Assange for what? Exposing war crimes and the inner corruption of party politics. Guess what American politicians and their buddies rob the public blind for government workers and the Military Industrial Complex.