Gold Monitoring Thread £ GBP only

[Oldun]

But, in the case of the bank of england, they “define” so I have turned it around so as to make more sense. Big picture.

Edited March 5, 2020 by Oldun

[Oldun]

They cannot really default on debt. They can change the definition of satisfaction of debt to the creditor.

[Oldun]

It would like if you set the rules in a game of Monopoly and everyone was happy playing until you gradually started losing control. You can then change the rules and say the payment system has now changed and players now had to start using strands of your hair to pay debt in the game....you might well go bald but you would still be in charge until the next time when you run out of hair and change it to........

 

and yes you will have some peed off players as the end process begins and a new one begins to start (and new means (or old ones) of satisfying debt are suggested).....ring a bell ?

Edited March 5, 2020 by Oldun

[Minimalist]

3 hours ago, sixgun said:

No the note maker does not promise that - the promise is to pay the bearer on demand the sum of five pounds - not to exchange it for another promissory note.  The promise is the sum of five pounds - we know what five pounds are b/c when they kept that promise they paid over 5 sovereigns. This is 5 pounds - the notes are promises of those pounds. 

The system is bankrupt - the country is bankrupt - they are fraudulently issuing promissory notes knowing they cannot keep the promises.

As i say the country is bankrupt - it went insolvent in 1932 - funnily enough the same year the United State (Federal Corporation) went bust. It is all fraud - i realise some members won't accept that but that is how it is. Now banks just create currency out of thin air and charge interest on it - but they have reserves - reserves of fraudulent promises. The dollars created by banks outside the Federal Reserve System - the Eurodollars  often do not need any reserves - they can create infinite amounts with the click of a mouse. It is the most massive Ponzi scheme. No wonder these blighters fight gold and silver tooth and claw - it is the anti-matter to their fiat paper.

 

Correct.

We live under a central banking ponzi scheme.

Make no doubt about it the planet is heading towards a conventional acceptance to the IMF reserve of "Special Drawing Rights/XDR" which central banks already have positioned themselves towards.

[SilverPirate007]

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!

[Martlet]

5 hours ago, Oldun said:

But, in the case of the bank of england, they “define” so I have turned it around so as to make more sense. Big picture.

Exactly, the national bank defines the national currency in modern economy.  Its the whole point of it being "fiat", and becomes silly calling it counterfeit when it makes no claim to be a representation of something else.  That was the past.  Its like arguing a 911 must have an air-cooled engine and those made since 1998 are not real 911: the maker of the 911 says otherwise.  And more importantly no one really cares that it changed. 

I'm not sure the £ was ever defined as a sovereign (rather than vice verse), the Coinage Act 1816 which put the UK on the gold standard defined a value for a pound of gold (and not a pound of silver as used in older definitions).  So we have government defining what is currency, then people argue that the currency defined by government isnt real, using a previous government definition as proof? 

 

[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.

[Abyss]

Three key prices to keep eye on Gold in $, Gold in £ and £ vs $. Continue to see flight to safety because global Corona virus in Gold and the US Dollar the $ price of Gold will increase, $ increase vs other currencies. Gold has been the best hedge against uncertainty and currency devaluation. In the coming weeks and months we should see all time high price of Gold in £.

[AuricGoldfinger]

Agreed £1292 is something to behold!

[KevjustKev]

Hit the all time high today, or will it be next week?

[goldking]

Just now, tallthinkev said:

Hit the all time high today, or will it be next week?

Think it got to £1308 in GBP last week if I recall correctly so a bit to go yet.  As I write, just broken through £1300 again.

[KevjustKev]

1 minute ago, goldking said:

Think it got to £1308 in GBP last week if I recall correctly so a bit to go yet.  As I write, just broken through £1300 again.

Quite sure £1308 was the highest, yet looking on some sites they say £1304

[goldking]

7 minutes ago, tallthinkev said:

Quite sure £1308 was the highest, yet looking on some sites they say £1304

I've no idea why they all seem to differ by a small amount.  BBP is showing a 11 cent higher USD figure for the current high than tradingview, but for GBP they are showing it 8p lower than tradingview, which makes no sense.  Other sites are as much as a few dollars/pounds different when comparing the currency like for like.

[KevjustKev]

2 minutes ago, goldking said:

I've no idea why they all seem to differ by a small amount.  BBP is showing a 11 cent higher USD figure for the current high than tradingview, but for GBP they are showing it 8p lower than tradingview, which makes no sense.  Other sites are as much as a few dollars/pounds different when comparing the currency like for like.

Some kind of local tax?

[AuricGoldfinger]

I bet it’s just down to how close they have the exchange rate set to?

[HelpingHands]

I've moved from the point this thread morphed into a corona thread over to here 

 

 

[richatthecroft]

[richatthecroft]

😎🎉🍿 

[JunkBond]

Smashed down... again!

[Pipers]

yep here we go again.  Great to watch this action in the markets

Edited March 6, 2020 by Pipers

[goluckystayhappy]

Realistically, who would be dumping large amounts of gold now.

[JunkBond]

Another smack down at £1300

[ChrisSilver]

This topic is going off topic, please start a new topic if needed in the non PM section.

This topic here is to discuss:

Gold Monitoring Thread £ GBP only

[sovereignsteve]

Can someone please start a new debating thread somewhere, Sixgun vs HH

[HelpingHands]

17 minutes ago, sovereignsteve said:

Can someone please start a new debating thread somewhere, Sixgun vs HH

Done but it's probably not the best title but I don't know what the discussion is about.

@sixgun @HawkHybrid