Gold is at 1400$, so why should you hold cash ?? I say 90% goild and silver and 10% cash !! Central banks love gold, thats why they hold so much of it . The more it goes up, the more they print !! This guy Rickers is nolageble but confuse. Just like my english skills !! lol
Hey Mr. Schiff Do you know anything about the rumor that China could possibly band the export of gold? I know they are encouraging their citizens to buy gold so they have insurance to the devaluation of the dollar, but do you think they would to take as far as banding the export of gold?
650 trillion in now worthless derivatives fueled the world economy? is there anyone on the planet who actually believes the US has been fueling the world economy? seriously, even 1 person?
Yes Dillon, "All fiat currencies fail". Although, you failed to notice I used the word 'eventually' before that clause. Sure, Rome and its currency lasted for centuries, but you are kidding yourself if you think, with the free flow of information that is possible between entire continents today, that the USD's 'hocus-pocus' will survive much longer... Paper promises just aren't cutting it (to the same degree) anymore, just sayin'. BTW,what is the Gold Price/oz in USD today, Oct.6 2009?
djb1945, you are clearly missing the point. While it is true YOU lived in bigger houses, had nicer cars, TV, etc. This will no longer be true for your children. They will not have that benefit of advances in productivity on the scale you enjoyed.
In fact they will live at the current Poverty live. That is to say in 15 years time or less, the value of the labor on a global scale will come into line with other "2nd" world country's like China and India.
you guys we now have safer cars, bigger houses, flat screen HD TV's, better diet, living longer OH and a thing called the internet. So make those comps
Who cares about the price of gold relative top the dollar?
@djb1945 We have all of this because we do not actually own them. We have all of this because of CREDIT. China alone owns over 1/20 of USA's 10 Trillion debt. Which is now more than 600 Billion.
@djb1945 That life style is an illusion. Our standard of living is going to collapse signaficantly. Americans are going to learn what it feels like to live like the majority of the people on the planet.
You're comparing apples to oranges. You cannot use one thing to calculate the relative worth of another using two different points in time and get a useful result. You have to compare it to itself. Dollars to dollars, gold ounces to gold ounces. Because by your measure, the dollar was worth twice as much in 1979 as it was in 1980, simply because the average price of gold doubled in a single year. You can't effectively valuate the dollar with a volatile commodity.
Fine then, let's go toe to toe with apples and oranges: If you were old enough in early 1980 to remember price levels, you know exactly what I mean. Back when gold hit $850 initially, the US median household income was under $18k. Across the US, new houses averaged $76k while new cars were less than $6k! A candy bar only cost a quarter. It was a different world back then, with each dollar being far more valuable. So $850 today is worth much less than $850 then.
The 1980 spike in gold vs dollar price was due to the Hunt brothers' manipulation. Look at a long term chart and you'll see gold holds a constant value, with the dollar varying against it. Gold is not a commodity, it is money. That is why central banks keep gold even though today's currencies are not tied to gold. It is easier to research a country's nuclear weapons capabilities than it is to find out exactly how much gold they own, without counting that which exists only on paper IOU's.
Read up on what is called "gold leasing". It is the practice of a country giving its gold to a bullion bank who then sells off the gold, leaving just a paper IOU for it and paying negligible interest for it. The central bank counts the IOU as if it were the real thing. If you think that's an honest practice, try giving your wife a paper ring instead of a gold one :)
Gold is at 1400$, so why should you hold cash ?? I say 90% goild and silver and 10% cash !! Central banks love gold, thats why they hold so much of it . The more it goes up, the more they print !! This guy Rickers is nolageble but confuse. Just like my english skills !! lol
bob78145 11 months ago
Gold October 10, 2010 $1347.00 at 10:16 Central Daylight Savings Time
Got Gold?
hooverdog1957 1 year ago
Hey Mr. Schiff Do you know anything about the rumor that China could possibly band the export of gold? I know they are encouraging their citizens to buy gold so they have insurance to the devaluation of the dollar, but do you think they would to take as far as banding the export of gold?
yumerican001 1 year ago
650 trillion in now worthless derivatives fueled the world economy? is there anyone on the planet who actually believes the US has been fueling the world economy? seriously, even 1 person?
7Hook 2 years ago
And just think the government will be asking for another bailout in a few months. Another crisis and more lies. When is enough !This has got to stop!
REVOLT !!
maximouni 2 years ago
China is a net exporter of gold - not a net importer.
DillonX 2 years ago
China is the largest producer of gold and the second largest consumer of gold... a close second to India.
SilverShieldGrp 2 years ago
China has banned the export of gold and silver. you are out of date.
7Hook 2 years ago
@DillonX
My have times have changed now China is an importer of gold and silver at exponentially increasing rate.
Did you know China was the net exporter of silver in 2009 to a tune of 100 million oz, and that reversed in 2010 to importer of 100 million oz.
Crazy!
davincij15 2 months ago
All fiat currencies fail?
Humm?
We have over 200 countries on the planet & they all use fiat currencies & many have been doing that for many yrs.
DillonX 2 years ago
Yes Dillon, "All fiat currencies fail". Although, you failed to notice I used the word 'eventually' before that clause. Sure, Rome and its currency lasted for centuries, but you are kidding yourself if you think, with the free flow of information that is possible between entire continents today, that the USD's 'hocus-pocus' will survive much longer... Paper promises just aren't cutting it (to the same degree) anymore, just sayin'. BTW,what is the Gold Price/oz in USD today, Oct.6 2009?
rhysfawr4 2 years ago
Zimbabwe and Argentina for example.
7Hook 2 years ago
Give me a break, so I wont have a TV ???
I am 65 years old and have been reading all this pessimism on and off for most of my life.
Still waiting while enjoying all and I retired at 56 after sending all 4 of my kids to college degrees...life is grand
djb1945 2 years ago
djb1945, you are clearly missing the point. While it is true YOU lived in bigger houses, had nicer cars, TV, etc. This will no longer be true for your children. They will not have that benefit of advances in productivity on the scale you enjoyed.
In fact they will live at the current Poverty live. That is to say in 15 years time or less, the value of the labor on a global scale will come into line with other "2nd" world country's like China and India.
It is your ignorance kills, the young
putittogether 2 years ago
djb1945: Don't get sick!! Or all your best laid plans could go 'poof!'. I wish you all the best, mind you. Lucky so far, knock on wood.
'So I wont have a TV'? That says it all: it is your first concern.
Ever hear of the 'slow boiled frog' analogy, or haven't you noticed that the water has been getting warmer?
Don't worry YOU'LL probaby be fine, too bad for your grandkids...
rhysfawr4 2 years ago
you guys we now have safer cars, bigger houses, flat screen HD TV's, better diet, living longer OH and a thing called the internet. So make those comps
Who cares about the price of gold relative top the dollar?
djb1945 2 years ago
Are you trying to be sarcastic?
Seriously?
When the dollar collapses and IT WILL.
How will you be able to watch that TV? Drive that car?
Or just eat?
What are you going to do? Seriously?
Our lifestyle is an illusion built on a debt based fiat currency and when that collapses OUR lifestyle goes with it!
Please look into this further...
SilverShieldGrp 2 years ago
@djb1945 We have all of this because we do not actually own them. We have all of this because of CREDIT. China alone owns over 1/20 of USA's 10 Trillion debt. Which is now more than 600 Billion.
ExtractCarrot 1 year ago
@djb1945 That life style is an illusion. Our standard of living is going to collapse signaficantly. Americans are going to learn what it feels like to live like the majority of the people on the planet.
nacholibre48 11 months ago
"When You Own Gold You Are Fighting Every Central Bank in the World"
hahaha! And Winning since 2001!
FIAT currencies eventually fail, always, without fail. Just saying....
rhysfawr4 2 years ago
We DON"T need to "kick the problem upstairs" (4:45)
We need to return sound money. The problems inherent to a national fiat standard are not solved by created a WORLD fiat currency.
RangerKozak 2 years ago
50 % cash 50% gold/silver and watch
Mr1openmind 2 years ago 4
Did you hear what he said about the value of the dollar vs. 1913. It's now worth 8 cents of what is was in 1913.
The FED has done us a great deal of harm to us.
ejminer123 2 years ago 3
It's actually only 4 cents when adjusted for inflation. 1990 was the last year that the dollar was worth 8 cents versus the 1913 dollar.
JWFokker 2 years ago 4
1930 gold was $20/ounce
today its $1000/ounce.
That makes today's dollar worth the same as 2 cents in 1930.
janbaer1 2 years ago 6
You're comparing apples to oranges. You cannot use one thing to calculate the relative worth of another using two different points in time and get a useful result. You have to compare it to itself. Dollars to dollars, gold ounces to gold ounces. Because by your measure, the dollar was worth twice as much in 1979 as it was in 1980, simply because the average price of gold doubled in a single year. You can't effectively valuate the dollar with a volatile commodity.
JWFokker 2 years ago
Fine then, let's go toe to toe with apples and oranges: If you were old enough in early 1980 to remember price levels, you know exactly what I mean. Back when gold hit $850 initially, the US median household income was under $18k. Across the US, new houses averaged $76k while new cars were less than $6k! A candy bar only cost a quarter. It was a different world back then, with each dollar being far more valuable. So $850 today is worth much less than $850 then.
rhysfawr4 2 years ago
The 1980 spike in gold vs dollar price was due to the Hunt brothers' manipulation. Look at a long term chart and you'll see gold holds a constant value, with the dollar varying against it. Gold is not a commodity, it is money. That is why central banks keep gold even though today's currencies are not tied to gold. It is easier to research a country's nuclear weapons capabilities than it is to find out exactly how much gold they own, without counting that which exists only on paper IOU's.
janbaer1 2 years ago
Read up on what is called "gold leasing". It is the practice of a country giving its gold to a bullion bank who then sells off the gold, leaving just a paper IOU for it and paying negligible interest for it. The central bank counts the IOU as if it were the real thing. If you think that's an honest practice, try giving your wife a paper ring instead of a gold one :)
janbaer1 2 years ago
Hey janbaer1, you and I are in total agreement on this one: The days of 'naked shorting' are going the way of the dinosaurs...
rhysfawr4 2 years ago
That means the FED and goverment, by printing money, have stolen more than 95% of the savings americans had since 1913.
ficote72 2 years ago