Difference between Gold legal tender and Gold & Silver standard

[stormspottter]

would the price of gold and silver go up steadily after we go into gold and silver legal tender or would it skyrocket immediately?

[javamanpr]

JFK tried this very thing and was assassinated.

[ImhoffInstruments]

Canadian currency is beautiful, I wish the US would finally add some color to ours. Unfortunately we're so ingrained in the use of fiat we will continue to print and loan it out until it's worthless. That's why I've transfered much of my wealth to silver.

[Alexiscom1]

@ImhoffInstruments Thanks for your comment. As I can see more and more people are going on silver standard. In fact you dont have to wait for any legislation of legal tender to save in metals.

Whatever I would like to be able negotiate my work contract in silver or in gold. Gold legal tender will bright more transparency and more people will count in silver OZ instead of in USD.

Legal tender would also restrict the Government ability to tax by inflation !!!!

[ImhoffInstruments]

@Alexiscom1 Absolutely, I've always thought the hidden tax of inflation is often the most damaging to the middle class as it allows their savings to be wiped out.

[InferiorFiat2001]

Great video

[lengthyounarther]

how do you know how much gold is in fort Knox?

[Alexiscom1]

@lengthyounarther I would like to know that myself. Even in most optimist scenario if there is 12.000 tons it would cover 4% of US external dept at 1500$ per OZ assuming that US will write off 70% of 15 T.

I dont see any possibilities to back existing fiat by Gold and Silver.

[lengthyounarther]

@Alexiscom1 certainly, it would only mean setting the exchange rate to much higher than the current dollar price in gold. Simply taking your calculation of total dept (50 trillion) and dividing by total gold stocks, would give you and idea. Obviously this would depreciate the dollar, but I dont see any way around that.

[takforalt]

@lengthyounarther According to Jim Richards, the US has 8,000 tons. Some, most, a lot, of it is actually at West Point NY and at the federal reserve in NY.

[ytrogergt]

Alexis! You ate too much for Christmas!

[kps75]

"There's a little problem with that" :) hehe

[TheDonovan68]

i should get some pandas. i just have problems with buying another product from china.jeeesh

[TheDonovan68]

Are you in n.california?

[TiredOldFart]

Cable TV now has shows with idiots prospecting for gold in Alaska. Just as "Flip This House" was a warning of the market top, this is the warning of a top in gold.

A contract for something is enforceable in the courts? Not you. You're not a bank. You have no clue about how the justice system works. You have not even watched the bond holders set aside in GM bankruptcy or the current massive MF Global theft by Corzine.

[Alexiscom1]

@TiredOldFart What do you think about the top in USD ? Do you think that FED debt notes will buy more or less in 1 year ?

How US Government will continue to fund all the WARS and pay for their social promesses ?

Lets say we sign 10 year fix contract today, would you prefer be paid in Gold or gold equivalent or in fix amount of USD?

[TiredOldFart]

@Alexiscom1 That's the conundrum, isn't it? War cost payment and social promises will be defaulted. Gold can be taken through force, especially if the 99 percent doesn't own gold.

[ytrogergt]

@TiredOldFart Gold prospecting? That's how ALL gold is originally found, you fool

[TiredOldFart]

@ytrogergt When you prospect for gold all season for $300,000 costs and equpmenet pulse six hour eight men with unpaid wages  and bring back < $10,000 in metals, that makes a bad investment. To promote that on cable TV shows there is a bubble forming.

[davincij15]

Gold and silver has no value the TV told me so, thus it must be true. LOL This is why the currency is not collapsing the media has control of the peoples perceptions of reality.