Sovereigns just became worthless.......

[CadmiumGreen]

7 hours ago, silenceissilver said:

Scenario two: The held back zero point energy technology is unrevealed. Gold can be artificially created already now (CERN) but only a few atoms and with a gigantic usage of energy. With the zero point energy technology, gold can cheaply be produced in the same quantities as copper, now.

 

[magpie79]

I’ve got a random jar of buttons at home, I knew one day they would come in handy  !!!! 

[Serendipity]

1 hour ago, CadmiumGreen said:

 

This is my favourite Twilight Zone episode. Gold is regarded as a safe haven investment by many but even the safest investment has its inherent risks. I just hope my gold doesn’t become obsolete in my lifetime whatever may happen to it in the distant future.

[Pampfan]

For me - if the sovereign became completely worthless - I will become a buyer for everyone to sell too on the forum. My exchange rate would be 1 US Dime (10 cents) for each sovereign sent to me.
So no one has anything to worry about !

I can post pictures of my dimes just to show I’m not full of it! 😉
 

[goldking]

49 minutes ago, Pampfan said:

For me - if the sovereign became completely worthless - I will become a buyer for everyone to sell too on the forum. My exchange rate would be 1 US Dime (10 cents) for each sovereign sent to me.
So no one has anything to worry about !

I can post pictures of my dimes just to show I’m not full of it! 😉
 

You would not be in business long because being the incredibly generous chap that I am, I would pay a whopping 1 US dollar (or 1 British pound for the UK folks) to anyone wanting to be rid of their "completely worthless" sovereigns. 

[Xander]

Some Sovereigns just keep going up£££

[Caratacus]

2 hours ago, Xander said:

Some Sovereigns just keep going up£££

I was just thinking about this Sovereign- what a shock it would be to find it worthless!!  

However I would offer to buy it for scrap and then wait for the inevitable economic circle.........

However  ...... Back to real life ...  what a lucky chap ..........

[Caratacus]

2 hours ago, goldking said:

You would not be in business long because being the incredibly generous chap that I am, I would pay a whopping 1 US dollar (or 1 British pound for the UK folks) to anyone wanting to be rid of their "completely worthless" sovereigns. 

There are 10,000's of gold contracts  in the financial markets which may already be potentially worthless ..... so careful because maybe that's what you'll end up with....? 

[goldking]

3 minutes ago, Caratacus said:

There are 10,000's of gold contracts  in the financial markets which may already be potentially worthless ..... so careful because maybe that's what you'll end up with....? 

YMMV but looking back at gold history and the past economic cycles, I'm happy to take my chances. 

[Xander]

1 hour ago, Caratacus said:

what a lucky chap

I take it you mean the seller🤑

[Pampfan]

13 hours ago, goldking said:

You would not be in business long because being the incredibly generous chap that I am, I would pay a whopping 1 US dollar (or 1 British pound for the UK folks) to anyone wanting to be rid of their "completely worthless" sovereigns. 

Foiled again. LOL

[BullionBuyer]

On 17/01/2020 at 07:05, Becca said:

So the end is upon us, the world has crashed and we are all sitting on our little tin boxes with huge smiles because we invested in PM rather than stocks or bonds or whatever.

The sovereign however is valueless only good for Tipit.

If this were the case which other coin would/should you of bought. Not because its shiny or because the world loves a panda but because its safe, and why ???

B

 

But in 5,000 years of human civilization.....gold has never gone to zero. Why would the Sovereign be worthless???

[silenceissilver]

1 hour ago, BullionBuyer said:

But in 5,000 years of human civilization.....gold has never gone to zero. Why would the Sovereign be worthless???

There is no scenario where the sovereign would become worthless but not all other gold coins, too. Only for the sovereign to be worth no more than melt value and for gold altogether to go down not to zero but to the value of copper. See my post on the first page of this thread. I don't know what the Royal family is doing in their spare time but even if the zero point energy technology was made public today it would still be decades before you could produce gold cheaply and it wouldn't drop all in one go but eventually with enough time to react.

Edit: Even with the zero point technology no one really knows if gold can be produced cheaply. You might then have enough energy for creating more than a few atoms but there could still be other physical obstacles. So it may well be a valuable metal till the end of times.

[silenceissilver]

On 18/01/2020 at 08:35, Serendipity said:

This is my favourite Twilight Zone episode. Gold is regarded as a safe haven investment by many but even the safest investment has its inherent risks. I just hope my gold doesn’t become obsolete in my lifetime whatever may happen to it in the distant future.

It's an entertaining thought experiment, however, I think this comment beneath the video, got it:

"Propaganda for people to be more accepting of worthless, not backed by anything, fiat currency. No surprise that a decade or more after this propaganda movie, Nixon totally took us off the gold standard, I believe 1971."

 

[Serendipity]

4 hours ago, silenceissilver said:

It's an entertaining thought experiment, however, I think this comment beneath the video, got it:

"Propaganda for people to be more accepting of worthless, not backed by anything, fiat currency. No surprise that a decade or more after this propaganda movie, Nixon totally took us off the gold standard, I believe 1971."

 

The comment makes a valid point. I never really took seriously the animosity which governments and banks have towards private gold stackers until the Iranian government recently hanged two Iranians for stacking gold Azadi coins which are the equivalent of our sovereigns. The terrified looks on those two Iranians’ clean-shaven faces before they were taken out of the courtroom and publicly hanged still haunts me.

[silenceissilver]

28 minutes ago, Serendipity said:

The comment makes a valid point. I never really took seriously the animosity which governments and banks have towards private gold stackers until the Iranian government recently hanged two Iranians for stacking gold Azadi coins which are the equivalent of our sovereigns. The terrified looks on those two Iranians’ clean-shaven faces before they were taken out of the courtroom and publicly hanged still haunts me.

Wow, do you have a source for this? I take it is illegal to own gold, in Iran?

[goldking]

It was a bit more involved than that ^ .

https://www.scmp.com/news/world/middle-east/article/2173493/iran-hangs-two-currency-traders-hoarding-tonnes-gold-coins

[Serendipity]

4 minutes ago, silenceissilver said:

Wow, do you have a source for this? I take it is illegal to own gold, in Iran?

@silenceissilver, I will post you the link but I need to warn you in advance that you’ll find it very shocking.

 

[silenceissilver]

19 minutes ago, goldking said:

It was a bit more involved than that ^ .

https://www.scmp.com/news/world/middle-east/article/2173493/iran-hangs-two-currency-traders-hoarding-tonnes-gold-coins

And what else was behind it? According to this article, their crime was to posses two tons of gold and this would equal attempted price manipulation. It doesn't say they stole the gold or anything like that. If it's yours, do you have to sell it if the government wants you to? What's the concept of possession behind this?

[goldking]

1 minute ago, silenceissilver said:

And what else was behind it? According to this article, their crime was to posses two tons of gold and this would equal attempted price manipulation. It doesn't say they stole the gold or anything like that. If it's yours, do you have to sell it if the government wants you to? What's the concept of possession behind this?

Your original post made it sound like they were just some average guys stacking some gold at home, like most of us here.  It was slightly larger scale than that! 

[silenceissilver]

1 minute ago, goldking said:

Your original post made it sound like they were just some average guys stacking some gold at home, like most of us here.  It was slightly larger scale than that! 

That's what I was assuming but I didn't know it was bigger, that's why I put question marks behind it However, it being much more than an average stacker, doesn't make it a crime. It certainly doesn't so, if you don't change the concept of possesion at some treshold.

[goldking]

2 minutes ago, silenceissilver said:

That's what I was assuming but I didn't know it was bigger, that's why I put question marks behind it However, it being much more than an average stacker, doesn't make it a crime. It certainly doesn't so, if you don't change the concept of possesion at some treshold.

Sorry, I thought it was Serendipity who had replied, not you!  My reply was to him/her, but makes no sense now as they didn't write it.