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rvswartz

Gold on the go in the Cape

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I don't mind waiting in a queue!

 

In my opinion this is such a good time to buy PHYSICAL gold and silver - a mini opportunity on BIG things to come.

 

Nothing has changed when it comes to short term manipulation of commodities by Wall Street traders OR the growing global currency crisis.

 

I could be wrong but (as many sellers here know) I am putting my money where my mouth is :)

 

Kind regards

 

Scott Balson

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PBGold

It accepts cash?

 

My word, imagine buying a few Ounces with cash. You'd be there for hours.

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jwither

I would be interested to know in what increments someone can buy gold in these machines and how someone pays for it. If only by cash, then I would consider it pointless. The pathetic truth is that at least in the United States, the typical consumer DOES NOT HAVE $1400 available to even buy one oz. I doubt it is much different most elsewhere.

 

Is it sold in 1/4oz or 1/10 oz coins? Less? I know that some may not be able to afford more but with the premiums to spot price, I consider that a less than optminal way to own gold.

 

The other thing In would point out is that, while I do not consider it as big of a deal as some of those who share my temporary bearish opinion on metal prices, it is a contrary indicator. This never would have occurred in 2001 when the price was $250. That I can guarantee.

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Gold at US$2,000 and silver at US$70 per ounce by 1 Jan 2012..and that's conservative

 

I believe you are wrong John :)

 

You say:

while I do not consider it as big of a deal as some of those who share my temporary bearish opinion on (precious) metal prices, it is a contrary indicator
In my view this is an amazing opportunity to buy physical gold and silver at prices manipulated well below real value by Wall Street... this temporary drop is called a "technical" correction.. I have another name for it - expressed in this forum many times.

 

If I was spending time sharing my research and updating the thread "On the cusp" you and others would see why... I am not for reasons I have explained in other threads.

 

Just buying precious metals right now :).. last year I made over 100% profit on my physical holdings - and I have not sold one silver tickey :)

 

When it comes to the fundamentals nothing has changed, fiat currency continues to fall into a big hole.

 

The new rich emerging Asian nation economies (like India and China) have millions of wealthy investors who can afford to buy gold and silver in numbers the US could only dream of. The US simply do not have the population and the US$ is cactus.. in reality a US$1 note is worth less than a single sheet of toilet paper. I speak to many "ordinary" US citizens daily through the Internet and THEY say the US is just a shadow of what it once was and they fear for their future.

 

On 31 December 2009 Gold was UNDER US$1,100 and silver US$17 per ounce; and a year later gold was at US$1,400 and silver over US$30. That is before the first major European country or US State goes bankrupt - so many US municipal (local authorities) are already bankrupt. The cancer is spreading up and it is simply smoke, mirrors and computer generated fiat money holding the system together... with pieces of cheap sticky tape.

 

PS I would not buy physical gold through an ATM

 

PPS Paper derivative trades (like the "spot price of" silver and gold) reflect a very short term and OFTEN manipulated perspective controlled by big Wall Street banks like J P Morgan and Morgan Stanley. The "spot prices" are, in reality, about as relevant as meeting a computer generated avatar walking down the main street of Cape Town. Go figure! Derivative trades are largely computer generated whether the algorithm is minimising losses (like J P Morgan and silver), maximising profits .. there is one undeniable fact.. these trades have no interest in reality or THE LONGER TERM (eg seven days or six months). They are all about making multiple profits in the smallest amount of time possible... as Gordon Gecko infamously said .. "greed is good"

 

Ohh.. and when the big banks (like in 2008) come unstuck they simply call on the US Federal Reserve to bail them out by "printing" more fiat money - whatever it takes (because they run the Federal Reserve). Its like having a bet on the horses that cannot fail.. the plebs (tax payer) pick up the bill when you come unstuck..

 

Owning physical silver and gold is a no-brainer! Take the greed merchants out of the equation and secure YOUR future.

 

Kind regards

 

Scott Balson

Edited by ndoa18

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TheJeweller

South African Law does not allowed have Gold Bars without license. How this going to work?

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jwither

Scott,

 

Well, I just disagree with you though I have also concurrently stated that everyone should own some metals anyway despite my TEMPORARY opinion on the direction of metal prices.

 

I also would disagree that what you have posted constitutes research anymore than my posts. My posts are simply my opinion supplemented by the statement of a few facts and my particular explanation on how the facts fit in with my point of view. In your case, its also either your opinion or second hand references to what others have written (also opinion) and in the ones I have read, I would not consider these second hand sources to be research either. They are like an opinion piece in the newspaper as opposed to say, a (quasi) scientific study where the correlation of variables is proven or disproven. I have not read all of your posts, but at least in some instances, the links or sources you quoted, I consider those opinions to be nonsensical. The chain of reasoning and premises are illogical and I have repudiated these arguments on many occassions.

 

Let's take one you just made in this last post. There are plenty of Americans who have the money to buy gold and yes, in relatively large quantities. And if you are claiming that there are not, it is false. It does not matter that most Americans cannot do so because since wealth in the US is highly concentrated, the top 1% can easily do so alone but have chosen not to do so which is an entirely different issue. We can know this because the market capitalization of the US stock and bond markets dwarfs that of both silver and gold (by many multiples) and the top 1% own a vast disproportionate amount of all US financial assests.

 

I do not know how many USD millionaires there are in China and India. In the US, it is reportedly eight million though not all of that asset base is available to buy metals because it is in illiquid assets. However, the same is true in both those countries and all others. I'm sure there are many Chinese real estate millionaires given that China has a massive CREDIT MANIA. But good luck in getting more than a small percetage of them successfully "cashing out" at anywhere near current prices because there is little liquidity due to a lack of buyers at anywhere near current prices. (Reportedly, there are 64 MILLION EMPTY homes and apartments in China and entire ghost towns.)

 

I also have no idea what your comment about the USD being like "cactus" has to do with anything. What matter NOW is what it can buy TODAY and not what it will ultimately be worth. And today, it HAS value. Its also true that many Americans are apprehensive about their future. What does this have to do with the price of gold or silver? The answer is nothing. Some of them may buy the metals but the opinion of most of them is irrelevant for ANY market because they are broke. In economic terms, its only the wealthier minority who count because only they can "pay to play". The other thing I would point out is that, while the US economy is a looming disaster, its no worse than most others and in my opinion, I expect it to experience less economic difficulty than most other countries in the upcoming depression despite its defects.

 

I agree that people use the reasons you give, but many or most of them existed before and the prices went nowhere for years anyway. Like with all other markets, the reasons you give are in actuality RATIONLIZATIONS. Rationalization is a common occurrence in both bull and bear markets, its just that since most markets have been rising most of the time as a result of the credit bubble, there is more "bullish" rationalization than vice versa. I see the same thing with some of the absurd price forecasts on ZAR and Union coins in posts on this site.

Edited by jwither

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Guest Guest

Debt

 

Hi John

 

Here is an extract from a mainstream newspaper, News Limited - hot off the press:

 

THE US Treasury Department will end a supplementary financing program with the Federal Reserve to preserve its flexibility as the country nears the current debt ceiling.

 

The move will effectively put more excess reserves into the banking system, a Treasury official said.

The government was previously issuing short-term bills to deposit proceeds at the Fed to help the central bank manage its monetary policy.

As the current bills mature, they will not be rolled over, letting the account dwindle to about $5 billion from about $200 billion. The US has about $14 billion in outstanding debt subject to the debt limit of $14,294 billion*.

(*That's over fourteen trillion dollars or about US$60,000 government debt for every man, woman and child in the US). As you have agreed with me before fiat money has NO real assets backing it - it is a fractional reserve system very like a Ponsi scheme.

 

Read more: Treasury gets debt jitters | News.com.au

 

Here is another report on this same issue but highlighting what this means to Americans:

 

WASHINGTON (AFP) – Treasury Secretary Timothy Geithner asked Congress to raise the US debt ceiling on Thursday, firing the starting gun on a fresh political battle over the country's massive debt.

 

In a letter to senior members of Congress Geithner warned a failure to raise the debt ceiling from $14.29 trillion could prompt a US default as soon as this March, with "catastrophic economic consequences."

 

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States."

 

A default, he said would "lead to the loss of millions of American jobs," would constitute a tax on citizens by raising borrowing costs and could have a worse economic impact than the recent financial crisis.

 

Source: US Treasury want debt ceiling lifted

 

Peter Schiff - Youtube video .. gold at US$5,000:

 

I rest my case on just one word "DEBT".

 

Kind regards

 

Scott Balson

Edited by ndoa18

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