Gold, Silver, etc...

[Wimpy]

That's exactly it..........what if? Doesn't mean it's going to happen and I hope nothing ever happens. But, what if? Are you prepared? Do you have a hedge against a weakening USD? Do you have some provisions set aside? Doesn't take much to do now, but what if?

We joke at work about the 5 G's.

1. God
2. Guns
3. Groceries
4. Gold
5. Gas

Ya can change the last four around but I prefer to have the 1st on at the top of the list.

Can’t argue with the number 1 spot on your list.

Something else to keep in mind is that the principles this country was founded upon is what made it so great. It had nothing to do with location but rather an IDEA. As the lead in the movie V for Vendetta stated, “Ideas are bullet proof.” How does a tyrannical regime kill an IDEA? They can’t! IDEAS are feared more by tyrannical regimes than their citizens being armed. Most of the armed populace in this country is in the process of being lulled to sleep in the boiling pot. By the time they figure out their goose has been cooked, their trusty-rusty Winchesters sitting idly by in the corner will seem so very far away.

Talking about groceries…there is a new initiative backed by the food industry lobby to identify all livestock. Every animal would have to be identified with a number corresponding to the longitude and latitude of the area it inhabits. To leave that given area would require ‘permits’ and regulatory provisions for vet exams, so forth and so on. I think the real purpose behind this is to channel the wayward folks, who are off the mainstream food grid, back into the fold (commercially produced crap sold in grocery stores). In other words, the regulatory requirements associated with this initiative would be too burdensome for the ‘off the grid’ folks to handle and they would throw in the towel. Get me on my soapbox re: fiat money, fiat food, and fiat political law…and fiat religion…fiat is everywhere!

 

[Quips]

Re: Bill Bonner

• Isn't debt a remarkable thing? It reduces your freedom of action. A man who has a debt must service it; he must repay it. He is a slave to it until it is finally removed, written off, or paid. In the past, if he couldn't keep up with his debt, he would be put into debtor's prison, which even further restricted his freedom.

The above is a word from Bill Bonner on the lewrockwell.com website .... a very interesting and thought provoking place.

However, I have a question about his statement: If Mr. Bonner is such a proponent about hard money and gold, the concern he states against either individual or national (empiracle?) debt may defeat his own argument against it since debt is sufficient to check the excesses of those who are under its burden; he himself admits it by his own statement.

I would suppose problems would occur for that person who otherwise is individually debt free, but lives in a nation under a mountain of iou's. Then I could see how even that person could feel the effects of some kind of financial servitude as his or her purchasing power becomes eroded ... by economic policies his or her nation practiced by NOT paying as they spent.

At least the tax and spend people paid -- or taxed -- as they spent. So they kept the costs of their goverment and its programs real to its current beneficiaries.
These borrow and spend people keep on borrowing and spending believing they needn't make a payment on the interest, not to mention the principal.
Its finances are about as sound as the person who buys a house with no down payment, no closing costs -- borrowning 106% of the cost and financing it all with an adjustable rate mortgage -- not a fifteen year or thirty year one.

So if Bonner has one legitimate concern about debt that DOES NOT conflict with his belief about hard money or gold it is what that debt or how that debt would affect those who are relatively debt free, but under the burder on their government's irresponsible fiscal policy.

 

[Quips]

Re: Bill Bonner

• Isn't debt a remarkable thing? It reduces your freedom of action. A man who has a debt must service it; he must repay it. He is a slave to it until it is finally removed, written off, or paid. In the past, if he couldn't keep up with his debt, he would be put into debtor's prison, which even further restricted his freedom.

The above is a word from Bill Bonner on the lewrockwell.com website .... a very interesting and thought provoking place.

However, I have a question about his statement: If Mr. Bonner is such a proponent about hard money and gold, the concern he states against either individual or national (empiracle?) debt may defeat his own argument against it since debt is sufficient to check the excesses of those who are under its burden; he himself admits it by his own statement.

I would suppose problems would occur for that person who otherwise is individually debt free, but lives in a nation under a mountain of iou's. Then I could see how even that person could feel the effects of some kind of financial servitude as his or her purchasing power becomes eroded ... by economic policies his or her nation practiced by NOT paying as they spent.

At least the tax and spend people paid -- or taxed -- as they spent. So they kept the costs of their goverment and its programs real to its current beneficiaries.
These borrow and spend people keep on borrowing and spending believing they needn't make a payment on the interest, not to mention the principal.
Its finances are about as sound as the person who buys a house with no down payment, no closing costs -- borrowning 106% of the cost and financing it all with an adjustable rate mortgage -- not a fifteen year or thirty year one.

So if Bonner has one legitimate concern about debt that DOES NOT conflict with his belief about hard money or gold it is what that debt or how that debt would affect those who are relatively debt free, but under the burder on their government's irresponsible fiscal policy.

 

[divgolfish]

Thanks for the Info. I agree with your views.I was thinking about the Church
IRA gold Account because I am retirering this month. I wanted to minimize
the tax burden for this year but at the same time purchase a large some of
gold 15 k or so this year. After doing that, I though I could leave it there for awhile and start taking it out over the next few years to have what you refer to as a core.

Do you think the transaction costs with the Church Metals IRA Account would be more than paying the taxes? If I roll over my TSP into the Church
IRA I should not be taxed and could still purchase a large core.

Maybe you could expand a little more on how you get the Gold into the Swiss
vault. Do you have to travel over there and do it physically?

You guys are really knowledgeable I wish I had known about this site alot earlier in my career. Thanks for sharing your thoughts.

 

[divgolfish]

One more thing, the churchAccount did not appear to offer Kugerrands are the other gold coins such as the Eagle okay?

 

[Gilligan]

Foreclosure numbers rise in Bexar County

A total of 680 properties in the county are set to go up for auction on June 6. This is a 9 percent increase in the number of foreclosures compared to May, the report indicates.

http://sanantonio.bizjournals.com/sanantonio/stories/2006/05/15/daily39.html

9% increase in one month = 108% annualized :blink: .

108% annualized? Get real Wizard. If you read the article you would see that it is only up 1% from last year. And I agree with Fivetears, the new housing market in San Antonio is booming.

 

[Gilligan]

That's exactly it..........what if? Doesn't mean it's going to happen and I hope nothing ever happens. But, what if? Are you prepared? Do you have a hedge against a weakening USD? Do you have some provisions set aside? Doesn't take much to do now, but what if?

We joke at work about the 5 G's.

1. God
2. Guns
3. Groceries
4. Gold
5. Gas

Ya can change the last four around but I prefer to have the 1st on at the top of the list.

#1 for sure.

And #5. We saw last year after the hurricanes of how we take gas for granted. We weren’t asking each other who had the lowest price gas, but were asking, “what stations still have gas and how long are the lines!”

 

[nnuut]

"#1 for sure.

And #5. We saw last year after the hurricanes of how we take gas for granted. We weren’t asking each other who had the lowest price gas, but were asking, “what stations still have gas and how long are the lines!”


Been there, done that, if you're old enough to remember!! Bad news but we made it some how.

 

[Wimpy]

Thanks for the Info. I agree with your views.I was thinking about the Church
IRA gold Account because I am retirering this month. I wanted to minimize
the tax burden for this year but at the same time purchase a large some of
gold 15 k or so this year. After doing that, I though I could leave it there for awhile and start taking it out over the next few years to have what you refer to as a core.

Do you think the transaction costs with the Church Metals IRA Account would be more than paying the taxes? If I roll over my TSP into the Church
IRA I should not be taxed and could still purchase a large core.

Maybe you could expand a little more on how you get the Gold into the Swiss
vault. Do you have to travel over there and do it physically?

You guys are really knowledgeable I wish I had known about this site alot earlier in my career. Thanks for sharing your thoughts.

Generally, one wouldn’t PLAN on liquidating their ‘core’ position. They would leave it in through thick and thin as an insurance policy against an unknown future. Since you plan leaving it there for only a FEW years, it sounds more like you are considering it as an investment versus a ‘core’ insurance position. If I’m reading you correctly, I would think purchasing a gold or silver ETF through an online IRA trading account would be more practical. Liquidation/transaction costs are more reasonable. With American Church Trust Company, every time you wish to sell a few coins you also pay for the shipping costs between the custodian’s contracted depository and the coin dealer who will be buying the coins, as well as the standard transactions fees. I would suggest you contact American Church Trust Company, by telephone, and find out what a typical transaction cost would be, to include shipping, for periodic withdrawals over time.

RE: Switzerland – you open and fund an account,via mail, and direct them to purchase the gold or silver for holding in their bank vault. These types of transactions are very common there. Only if you want the gold or silver held in a safety deposit box would you need to travel there personally.

RE: American Eagles - they are beautiful coins and should serve you well.

 

[divgolfish]

What I was hoping to do was roll over tsp and purchase the coins and place them with church. I wa hoping I could than take the coins out of church and
deposit them in a Brinks safe. I guess by your response that removing the coins from Church or a IRA like church means you have to cash in the coins?
Thanks

 

[Wimpy]

What I was hoping to do was roll over tsp and purchase the coins and place them with church. I wa hoping I could than take the coins out of church and
deposit them in a Brinks safe. I guess by your response that removing the coins from Church or a IRA like church means you have to cash in the coins?
Thanks

My misunderstading or wrong assumption. Thanks for clarifying that you plan to retain a 'core' position.

No, you don't have to cash in the coins. You can take delivery and redeposit them wherever you wish.

 

[Spartan]

#1 for sure.

And #5. We saw last year after the hurricanes of how we take gas for granted. We weren’t asking each other who had the lowest price gas, but were asking, “what stations still have gas and how long are the lines!”

#2 tried and true. Pass the ammo.

 

[Spartan]

Weak dollar is pushing up gold prices. ECB will hike .25 on the 14th. Gold found support. Step 1, retrace; Step 2, breakthrough; Step 3, rally.

I have been buying gold and silver on ebay. Many deals to be had. Much better than Kitco.

 

[Wimpy]

HOLE IN THE WALL

Friday, June 02, 2006

World’s in a mess, I must confess,​

Makes no sense to me,

Why would anybody, want to save a little money,
And stop their spending spree,
Try to get ahead, and you just fall back,
What does it really mean, when,
Cash money only buys you less,
Of the stuff you really need,
Inflation and the government lies,
Really got a hold on me,
Gonna find myself a hole in the wall,
And hide indefinitely​

What comes next, well I really don’t know,​

If things don’t go our way,

We got to borrow big,
Just to pay interest
And stall that reckoning day,
You and I couldn’t live like that,
We’d be getting into trouble with the law,
There’s no good rules for political views,
Our funny money scheme is so flawed...
Gonna find one, a little hole in the wall...​

Heads up now, while there’s still time,​

Get a little golden goose,

Protect yourself from losing it all,
And more govenment’s abuse,
Check the price of a bullion coin,
Pay a little over spot,
Paper wealth gonna disappear fast,
Sound money’s gonna mean a whole lot...​

http://www.freemarketnews.com/Analysis/228/5147/2006-06-02.asp?wid=228&nid=5147

 

[Quips]

Geez Wimpy, I didn't think you'd have a taste for doggerel. Has the Empire affect your sensibilities?

May I suggest Lew Rockwell therapy.

Ha Ha

 

[Wimpy]

Re: Bill Bonner

• Isn't debt a remarkable thing? It reduces your freedom of action. A man who has a debt must service it; he must repay it. He is a slave to it until it is finally removed, written off, or paid. In the past, if he couldn't keep up with his debt, he would be put into debtor's prison, which even further restricted his freedom.

The above is a word from Bill Bonner on the lewrockwell.com website .... a very interesting and thought provoking place.

However, I have a question about his statement: If Mr. Bonner is such a proponent about hard money and gold, the concern he states against either individual or national (empiracle?) debt may defeat his own argument against it since debt is sufficient to check the excesses of those who are under its burden; he himself admits it by his own statement.

Do you have a link to Bonner's piece?

 

[divgolfish]

Re: Bill Bonner

I was listening to Chavez's speech to Opec and he really blasted Bush's
monetary debt and predicted it would lead the dollar being replaced by the Euro. I think what your talking about Whimpy is not far away.

 

[Quips]

Just teasing you Wimp-meister, in fact I'm spending about as much time on lew rockwell as the ny times.
it is interesting ... especially the view point of those who believe Lincoln had it all wrong .... lots of luck
i don't save specific links and etc. ... i would have thot you would have seen that particular piece yourself since you are the one who turned us on to rockwell's site
i refrain from the more political pieces though many make sense .... the others are challenging ... like the one about Lincoln and to some extent 1990's yugoslavia.

 

[Quips]

i thot the analogy between Lincoln and Milosovic in Yougoslavia consistant in terms of logic ... both were involved in a civil war and both sought to preserve its union in the same way. The only difference was that Lincoln won and Milosovic lost.
The victors write history, what else is new? The victors also put those who lost on trial as war criminals, etc.

Which is interesting concerning recent events in Iraq with the Marines and alledged war crimes. One would have to wonder who is more at guilt: pfc's and corporals on the ground seeking to survive another day or the politicians who started the whole adventure on either bogus intelligence or just bold faced lies.

One thing is for sure: you won't find any
Washington politician on the ground in a squad of GI's searching a Sunni or Shiite for insurgents in any Iraqi neighborhood.

How nice to claim the moral high ground in an air conditioned office or in a family room reading newspapers or watching the tube when some troops are in blazing hot, dusty, gritty, dangerous circumstances trying to eradicate an enemy who has no concept of the "rules of warfare" and who routinely kill not only themsleves, but ANYBODY .... men, women, children, students, poor, old, rich, judges, soldiers, government officials, immans, babies, whatever.

Heck, there's debate whether Gitmo holding prisoners at Gitmo is legitimate!

So we see two different set of rules: one for politicians who have power to direct policy thousands of miles away and one for soldiers trying to dodge bullets in the dessert.

Anyhow, that Rockwell site is interesting. Thanks.

 

[Machinist Mate]

There is a huge down side to see gold and silver going skyward as in 78.The World will be in a mess,and whats the use of having metals if you are constantly worrying if you are going to be here tomorrow.Gold will continue to go up,and it has nothing to do with inflation.It means the human race as we know it,is breaking down,so let us all pray it will go back down.I realize this will not be a popular opinion.Its much better making money in stocks and we will be alive to spend it.