SilverPirate007

Back on track, the stock market is continuing to plummet. I wonder where all that fiat is going to go now. Gold will likely start rising rapidly over the coming weeks.

54 minutes ago, zhoutonged said:

If the "money" isn't counterfeit why do we use silver coloured coins instead of Silver? Why gold coloured coins instead of Gold? Why is there a milled edge on the silver and gold coloured coins? Why are the copper coins actually made of steel? Why do the Bank notes resemble old style claims on gold and silver with a promise to pay?

It is the very definition of counterfeit.

 

Then give me all your ‘counterfeit’ currency, I will make sure they are sorted out for you!

7 minutes ago, zhoutonged said:

Absolute nonsense rising prices are most certainly NOT a requirement for an economy to grow. If that were true then everyone would be moving to Zimbabwe and Venezuela.

Talk about being brainwashed.

He is not talking about hyperinflation, the countries you reference have pathological inflation levels.

Just now, HawkHybrid said:

 

currency inflation is a requirement as economies grow.

ie a $1 billion economy requires the printing of at least

$1 billion in currency in order for it to flow.

as such you cannot use inflation as a proof of a collapse.

 

the gsr is becoming increasingly less relevant as silver

becomes less able to replace gold.

 

HH

Exactly, economics is not my specialist interest but Hawk put it in a far more elegant way.

5 minutes ago, sixgun said:

 @SilverPirate007 - here we have a plastic £5 Bank of England note

This is a £5 note. It is not £5 - it is the promise of £5. It is a promissory note. It says on it 'I promise to pay the bearer on demand the sum of five pounds'
So to repeat, this is the promise of five pounds and cannot be £5. One would therefore ask what is this £5 the Bank of England is promising?
What is £5? If you go to the BoE and present the £5 promissory note demanding five pounds they will give you another £5 promissory note and if you say you have just given me another promise, now i demand those 5 pounds, then you will get escorted from the building.

So what is five pounds? - it is a sum of - so there isn't a five pounds there are presumably several pounds which add up to 5 pounds. Like 5 x £1.

So what is the one pound - £1? Well the currency is called Sterling and we know that is to do with silver. Is it 5 pounds of silver? Could be. i have supposed it is 5 gold sovereigns - these are £1 legal tender. Last time they were circulating in 1933 they were £1 legal tender. So there we have it the note is promising 5 sovereigns. 

Will you get those sovereigns? - you won't i bet. So the promise is a false promise - made with no intention of keeping it. That's fraud. The £5 note isn't worth £5 - it pretends to be worth that much - what is that something that pretends to be money? Well that is counterfeit.

And? What is your point? lol

7 minutes ago, zhoutonged said:

Yes by 2029 no doubt about it.

But what about the GSR

See above. I have no strong feeling as to the GSR. Although I managed to get an 80:1 ratio

1 minute ago, zhoutonged said:

No this decade LOL

So by 2029? 

FYI I just bought a 1/4 oz of gold with some silver

19 minutes ago, sixgun said:

As @Roy says it does not look like SilverPirate007 understands gold - but at least he/she knows to stack precious metal - so there is hope. 

I seem to understand it as well, if not better than 99% of the 'financial system is going to collapse' types on here. I know to include it in a diversified portfolio that also includes stocks, property and cash. I simply do not buy into the theory that the financial system and currency that it uses is about to 'collapse'. Each to their own though, I do appreciate other peoples opinion although they are sometimes curious.

1 minute ago, zhoutonged said:

Yes last decade I was calling for a collapse of the US dollars reserve currency status this decade.

Haha, I thought so! So if not this decade, next decade?

2 minutes ago, zhoutonged said:

I think mostly it's semantics, what do you call a parabolic destruction of purchasing power inflation or collapse?

What is the difference between money and currency. Isn't money supposed to be a store of value?

At the end of the day we all know the paper we are forced to use is counterfeit and becomes worth less and less every year.

 

Of course but we all know inflation is ongoing and irrelevant 

18 minutes ago, zhoutonged said:

Ok well inflationary collapse which will speed up until it becomes non functioning which will be this decade and will come faster and harder than "anyone could have imagined"

 

Could you enlighten me as to why the GSR is no longer relevant? Its a bit of a bug bear for me, one of two LOL

Oh I have no opinion on the GSR, I was referencing many other posters who promote gold as an investment. 

This decade? Just out of interest, were you saying this last decade?

15 minutes ago, sixgun said:

Which member of the public are you talking about? i suspect if you go to many parts of the world they know all about the value of gold. That many in the West have been fed a diet of disinformation from the controlled media would probably account for their ignorance.

Gold and silver are traded in $trillions each year in OTC market of the LBMA in London and they are traded as XAU and XAG - these are Forex trades - XAU and XAG are currencies and the XAU/XAG (GSR) are one of the numerous currencies pairs.

Money has the attributes of currencies but it is also a long term of value - gold and silver are money. Do you think you would be able to go into a shop in India with gold and pay for something - or China perhaps - or parts of South East Asia? i think you would find a completely different response to the Waitrose supermarket on the Kings Road. Quite a number of cryptos are emerging that are backed by gold and silver - i am heavily involved in one of these.

Every has eventually collapsed. Personally i doubt we will make it to 2025 without major currency ructions. 

I am hoping to carry on stacking through 2025. Can we return to this debate then please? 

1 minute ago, Roy said:

Never, it is not currency

Indeed, maybe I am trying to prove the wrong point

21 minutes ago, zhoutonged said:

It has collapsed, its just going to collapse further and faster... LOL

Can anyone please explain why they believe the GSR isn't relevant? Im super confused about the logic.

You are simply referring to inflation then? Hardly a collapse. I suspect I will be buying goods and services in pounds sterling in 10, 20, 30 years. I also suspect people will be commenting how it will be about to 'collapse' then.

7 minutes ago, Roy said:

Yes it is.

It is not currency.

So how many times have you used it to purchase goods or services?

26 minutes ago, sixgun said:

The opinion that the GSR is an irrelevant historical ratio is held by for example @goldking - i understand this point of view - a strong argument can be made for it  - it revolves around the idea that both gold and silver were money in the past but that silver is no longer money. The point being gold is money. i say silver is also money at the present time but gold is the truest form of money.

Every fiat currency has eventually collapsed - that is just a matter of historical fact. One can state that fact with or without an opinion on the gold to silver ratio.

i formed the opinion the current fiat currency system was destined to collapse in around 2010. i know it was that time b/c that was when i became seriously interested in the gold and silver markets - it was before the run up in prices in 2011 - i think it will have been in the first half of 2010. We were seeing the Fed carrying QE and we saw interest rate slashed. The financial world was rocking after the 2008 'financial crash'.

Gold is not money, I can not walk into a shop and pay in gold. In fact I very much doubt the average member of the public even knows the value of gold.

Let's just say, for arguments sake, it doesn't collapse, when would you be swayed that actually, in fact it is not collapsing? 2025, 2030?

2 minutes ago, zhoutonged said:

Although still functional It already has collapsed over 90% It won’t be that long before people start refusing to take unbacked paper.

That is curious, when and what will be the final trigger do you think? Also you state it has collapsed by 90%, in what way has it collapsed by such a percentage figure? Or are you referencing inflation?

2 hours ago, sixgun said:

Every fiat currency system in the past has collapsed. Some people who follow these things closely say the current system is collapsing - those who are looking and follow these things say they can see it. Irrespective of whether these people are right or not, there will be a point when this one collapses. The quotation attributed to Einstein is "The definition of insanity is doing the same thing over and over again and expecting a different result."
'If' the current incarnation of the fiat currency system collapsed, it would be some sort of 'end game'.
This isn't one of those CIA smear term 'conspiracy theories,' a term created to denigrate questions being asked after the Warren Commission into Kennedy's assassination - this is an interpretation and extrapolation of a lot of economic analysis by a large number of people, not just those selling gold and silver coins or emergency rations.

I find such viewpoints fascinating! On the one hand people state that the GSR is a historical figure only and then go on to state that every fiat currency system has collapsed, as if that has any real meaning to the modern world. Just out of interest, how long have you felt that the fiat system will collapse?

8 hours ago, goldking said:

ZIRP > NIRP > Game over.

A record $120 billion was injected into the REPO market just this morning.  They are injecting similar amounts every day.   But.. it'll be "over soon and the markets will rebound".  OK bro.  

Well we will see, the hilarious idea that we are in some ‘end game’ will be shown to be nonsense, as usual. Let’s see in six months shall we?

9 hours ago, paolo said:

Well, if i was in their place i would do the following:

1) Push all the cows into fiat liquidity, crashing gold, silver, all commodities, while the stock market will crash on their own..So with panic and everything going down people will look for refuge into fiat liquidity..

2)Once the majority of the people will be in the fiat trap (imagine if gold is crashed 50% how many will have sold it....) then they can go for a reset directly creating a new digital currency or indirectly by hyperinflation. This of course only after having confiscated the gold (few will complain of confiscation if the gold will be down much ).

Otherwise there is the risk that when a new currency will be done, or during hyperinflation, gold will be revaluated several multiples while people still hold it, and dont think they will allow people to have it in that case!

The thing is this is just fantasy and is/will not ever happen outside the bubble of PM buyers.

3 minutes ago, paolo said:

And i think all the govermrnts Will try to push everyone into fiat , crashing all the other asset, and when everyone Is in fiat, booom!

How will they do that then?

33 minutes ago, goldking said:

Yep.  It's End Game now imo.  I don't see any way they can recover from this.  Confidence gone from the markets and CTRL P has completely failed.  I wouldn't be surprised to see a bail-in announced in the coming days.  Consider it to be scare-mongering tinfoil hat if you wish, but you should strongly think about getting money out of your accounts.

Haha I highly doubt this is the ‘end game’. I love these conspiracy theories. Corona virus will be over soon and the markets will rebound.

Silver is a total no brainer at the moment. The only thing I wouldn’t buy right now is gold.

1 hour ago, goldmember44 said:

Be careful. I wouldn't touch stocks with a ten foot pole until it has bottomed out. Calling the bottom is a very dangerous game. But if you feel like doing it, then go for it. Just beware...

No one can predict the bottom my friend. Regular investing is the key.

I may sell my gold to buy stock!!

4 minutes ago, Robda1986 said:

Why bother with postage friends and family head to a local town find a jewelers and ask if the have any sovs for sale take cash then no record I find I get better deals paying cash anyway 

Which jewellers do you buy from?

Just now, Paul said:

Why feckin risk it? Have some in bullion vault, some in gold money, some in safe deposit, some in stocks, done buried in garden, some in ya sock drawer, some as fiat, some at your mother's\dads spread your risk people

 

I do mate!

6 minutes ago, mr-dead said:

What about recent events with Glint?

Peoples funds frozen, no access to fiat or metals owned for some time.  Turned out ok after several weeks but could have just as easily gone the other way.

Its suprising how many historic conspiracy theories actually turned out to be true.

Which ones turned out to be true? Fake moon landings?

6 minutes ago, goldking said:

You can buy cvv2 dumps for peanuts on pretty much any underground carding

Yes that is very true I have seen this recently