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Silver & Gold: ‘Ranting Andy’ Answers YOUR Questions [a SGTreport EXCLUSIVE]I’m excited about this one. Here’s my exclusive interview with writer and financial pundit ‘Ranting Andy’ Hoffman from Miles Frankiln precious metals. In this in-depth 40+ minute conversation, we answer all of YOUR questions about silver & gold, mining stocks, the CFTC and much more.
31 comments to Silver & Gold: ‘Ranting Andy’ Answers YOUR Questions [a SGTreport EXCLUSIVE]Leave a Reply |
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lol, They said Sweden not Switzerland. The Swiss are well armed. The Swedes are not.
hmmm… I hear ya. But you get the point – guns are good, because a well-armed people is a great Liberty insurer.
“What America can learn from Switzerland is that the best way to reduce gun misuse is to promote responsible gun ownership.”
“From the very first years of Swiss independence, the Swiss were commanded to keep and bear arms.”
http://www.guncite.com/swissgun-kopel.html
No problem on the QE3 question Sean. As Rogers says, they won’t call it QE3, they may as well call it “cupcakes”; but they will be doing the same thing either way. So, I guess the question is, regardless of what they call it (I think Chapman or Willie said that “Twist” was QE3 by another name); Rickards seems to think it is not currently happening, whereas the others think it has been happening for quite some time. Does it make sense what I’m asking? Rickards uses the absence of QE3 to explain a reduction in some measure that started at the end of QE2 in June…so I just want to know which scenario to believe.
Thanks for asking the PSLV question as well. I was just wondering, as it is exchangeable in to physical, if the fund followed the paper price, then one could pay paper + premium and then exchange for physical and come out ahead right? Or would the premium grow in step with the price separation in the paper vs. physical?
And finally, thank you for all that you do on this Christmas Eve. All the best to you and your family!
Hi Sean,
I was a student of Warren Buffett with respect to investing in stocks. It took me some time to get my head around the PMs, but I came around a year ago. I’m on the same page with you now.
What made Buffett one of the greatest investors of all time is he did the opposite of most investors. He spent more time worrying about what can go wrong with an investment than what can go right. The difference between great investors and the rest is not that the greats hit more home runs; it’s that they strike out less.
So here I am, relatively new to the gold community and I see that the prevalent conversation is all about how high PMs will rise, and by when. This is not something a great investor would devote the majority of his time to, because the upside is obvious. There’s no turning back on the road of deficits, debts and money printing. PMs have no where to go but up, and price targets are frankly amateurish concerns. Buffett answered this concern by once saying: “the market always does what it should do, just never when it should do it.”
So let’s shift the discussion to what I believe is of real value (what a great investor would worry about…and that’s the risk of loss…and in our case, it’s confiscation risk). There is a conspiracy in this world. I worry that there are many people in the gold community who are unknowingly (some may be doing it knowingly) pushing people into an asset class which has been confiscated in the past and will be again.
In the chapter on confiscation risk in James Turk’s book, he quotes an essay from Alan Greenspan in 1966 where “the maestro” wrote, on why FDR confiscated gold: “The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
BTW, I had never seen the word “shabby” used in that context before, so I looked it up. It also means “despicable, unfair.”
So, we know what the elite’s agenda is for the sheeple. Make them debt slaves, tighten the noose through inflation (devaluing the fiat funny money) and making them entirely dependent on government. From that position, they can go forward with their depopulation plans through war, poisining the food and water supply, chem trails, mandatory vaccinations, etc. Perfect playbook from their point of view.
However, gold and silver are the one escape route for the non-sheeple in society who will educate themselves on monetary history. But, this is no ordinary crisis like the 1930s meant to just consolidate power and wealth. They want only 500 million serfs left on this planet. Do they want to leave an escape route open for the awake?
We need to ponder the scenario in which the answer is no. (Sean, any smart investor will take the worst case scenario to it’s end. It is not investing, only speculating, if you don’t.)
Since they are going for the end game of global enslavement, awakened people with private wealth able to counter their propaganda to the masses pose an obstacle. So, how do you take care of this nuisance as well? Push them into the PMs through seemingly beneficial propaganda, and then confiscate their PMs.
I’m suspicious of the motives of a few people in the gold space. I’ve emailed Eric King a couple of times asking for his background and why he does what he does for free. I was told he wants to remain private.
I have concerns about the National Inflation Association. Their backgrounds are in pump and dump schemes. It’s possible they may be a Soros funded propaganda organization.
Finally, while I agree with your take on Lindsey Williams as you expressed it in your last interview (he is a good man), he may be what they call a “useful idiot.” He knows only what they tell him. He knows nothing about finance. They can use him to push whatever message they want. In order to “spare your dinner table,” many will listen to Lindsey. But, will those who own PMs ultimately get more hurt (via a 100% loss through confiscation) that the sheeple who take a 50% devaluation on their fiat?
A high school history teacher once said to my class: “beware of the person trying to do you good.”
Sean, I can’t say it any more strongly. PMs are a binary bet. They will either massively increase your purchasing power or put you in the poor house. Confiscation risk is the determining factor. I really think most of the discussion in the gold and silver community is a waste of time because if we’re being set up by the welfare statists, we’re sheeple too.
Let’s not be the smart-idiots in this game because we got bulled up on the upside potential (like holders of internet stocks and condo flippers) and didn’t understand the downside risks.
I’ve emailed Eric King to ask all of this guests about confiscation risk. No response and no change to his line of questioning.
You be the one Sean! Ask Lindsey Williams directly in your next interview if what I’ve said above is possible; that he’s being used to further a “shabby” agenda. Ask Bob Chapman and others. Let’s get smart and switch our focus to what great investors focus on: understanding the downside risks, because the upside is obvious. We’re only hurting ourselves and our country’s future by being blind/naive to this possibility.
Thank you very much! Keep up the great work!
Patrick
Thanks for your very thoughtful post Patrick. I hope others here will weigh in on this, Stefan will have some insights for sure – this issue is something we have given a lot of thought to here. I have interviewed Jeff Nielson in some detail about the possibility of confiscation. It’s something he is concerned about. My take is this. If the government tries to confiscate precious metals, most of which are in the hands of the awake, armed and informed, it will be a “last straw” event. There are many who will not give up what is rightfully theirs under any circumstances, that goes for liberty and physical precious metals. As for those of you who are rightfully concerned about the possibility of silver & gold confiscation (by the way, silver confiscation has never happened before) keep in mind that it is a very private investment transaction, so for those of you who have not been as vocal and public about it as I have been, enjoy your privacy. As far as I’m concerend, whether or not you own any physcial metal is your business, not the government’s. Your points are good ones and warrant further discussion, hopefully it will inspire others to weigh in here. Merry Christmas all!
Patrick makes a valid point about the risk of confiscation. It is a risk. And why wouldn’t they take silver too? It’s a strategic metal. As is platinum and palladium. It’s prudent to hold precious metals but if your hope is in these alone you’re on shaky ground. Guns won’t save you. The government has a legal monopoly on lethal force, and paramilitary power. They’ll pick you off easy. Just means you’ll go down in a blaze of glory. You lose. Also, you don’t have privacy. They even know every website you’ve ever visited, how long you spent there, what articles you read and how long you spend reading them. They know your interests. It’s a digital fingerprint that can never be erased. Enjoy yourself. You’ve already been tagged. If you have gold, they know it. People who think they can hide the stuff in their house, or bury it in the garden, have never heard of metal detectors. Duh! Your only plan might be to keep a small amount to turn in IF the confiscation order goes out, and bury the rest deep in the woods. Good luck! Might be 20 years before you can retrieve it and make use of it without being arrested.
Gold and silver are much better than paper but they are no panacea. We live in historic, epic, dangerous times.
The middle verse of the whole Bible, based on a word-count in the original languages is Ps 118:8 which says: “Put your trust in God and not in man.” The next verse says to trust in God and not in leaders. Of course they are self-serving. We are all corrupted by the Fall.
The tagline on one of the websites you link to says: “Want little, need less, love more.” That’s good. I like that.
Take comfort in this: “Better the little the righteous have than the wealth of wicked men” (Ps 37:16). And the next verse says: God will break the power of the wicked. They are His problem.
You hold fast to Him. He is your refuge.
Hey John,
I love hearing a brother in the Lord speaking the truth and dispensing the wisdom of God in these situations. We all, including those of us who already know better, need to be constantly reminded of where our security lies, and that is not in ourselves, our own wisdom, our gold&silver, our guns and ammo, our location, our preparations, our Prez, or anything else of this earth, but in the living God who knows everything going on now as well as in the future we can’t see yet.
Nothing wrong with prudent preparation for hard times to be ready to be able to live and be a blessing to our families and friends and even strangers that need help. But none of the above will prevent the hard times from coming, or from being hard…just not AS hard perhaps. And yet, who knows what’s going to happen or what those things that we actually have a pretty good idea will happen will look like, what shape they will take, and what affect they will have on each of us individually. In the end, the choice is between anxious activity that may or may not be useful and will certainly wear us out and make us anything but a blessing to others or good witnesses of our Lord and the peace and security He offers all, and, on the other hand, trusting that God knows our needs and can guide us into all wisdom, whatever that is and will be for each of us in our various situations. He can show us the balance between preparation and trust. Anxiety and worry is NEVER a solution to anything.
Anyway, thanks again for your good witness and your wise words. God bless you and your family and make us who know Him a blessing to others and ambassadors of truth and peace from Him to this dark world as the times get more and more uncertain…jt
Actually, the whole idea lies in your own personal framework of thought. There are those who have been poor their entire lives, yet are as happy as is humanly possible, which is much more than what can be said of the typical American.
I’m going to have to side with John on this one….
There is nothing wrong with prudent preparation, of course. But there is nothing wrong with not preparing either. It all depends on your values. Yours are very likely different than that of someone else. I’d challenge anyone to ask the bhuddist community what they think of Zero Hedge, Jim Sinclair, James Turk, Mike Maloney….any of these guys. They will laugh you out of town. They will tell you that you have missed the entire point of life.
Just as the paper market is all based on a level of confidence, so is the physical market, and anything that has to do with values.
What is worth bearing arms and killing someone over? Well that is certainly something up for debate.
Amidst all the talk of big government clamping down on us, the possibility of a dictatorship, disappearing Americans, the threat of a serious downgrade in the quality of life, I think people also need to keep things in perspective.
In five minutes, it is very possible you will fall down the stairs to your death.
What are your values?
I simply cannot resist a discussion with religious folk, especially Christians today. Recently I had one with a Christian at the place I work at. The discussion was about him and the bible.
I said i have a lot of respect for the bible and those who have worked so hard to compile and preserve it. I said whether or not we can access what is inside it or not is a whole different matter.
He turns to me and arrogantly professes, “Oh yeah I can access it alright.” I said, oh really now? He says, oh yeah. I’m a minister. Then I asked him how many people has he brought miraculous physical healing to, how many people has he resurrected from the dead, how many of the mute has he caused to speak, and whether or not he has ever restored sight to the blind. Of course the conversation died and the minister doesn’t like talking to me anymore. Apparently he has not been able to access that.
LOL
Patrick – I don’t think confiscation is a real risk because it would be too much a pain in the ass for the Gov’t to do that. I agree w/ SGT that it would be “last straw” but at that point it would be REALLY unreasonable for the Gov’t to be going door to door so I just don’t see that happening. It would be MUCH easier for the TPTB to seize bank accounts, pensions, securities etc which have far more dollar value than the amount of metal Americans have.
And as far as PM’s being a “binary” bet, it’s a ONE WAY bet as far as I’m concerned (i.e., UP!) and for the fundamental reason that REALITY (traditional role as money and physical shortage relative to population) that will, at some point, conquer MANIPULATION.
(look at that, I’M WRITING LIKE ANDY NOW)
Thanks Stefan, I got a lot out of it too, so will do. Merry Christmas/Happy New Year guys!
Sean, Andy’s and yours contributions are top notch, however, I find many non-Canadian commentators are absolutely clueless when it comes to what is happening up here in Canada. We have both a gigantic housing bubble, massive personal debt to income ratio, and are healthcare and pension system is and will be massively underfunded. Check out this article just today from the Ottawa Citizen. As the U.S. goes so do we. I have to laugh when I hear about how conservative Canada really is. Get some commentators on who get what’s happening in our country up here just to your North. Cause some of the stuff I hear is poorly researched and frankly embarrassing.
The debt bomb
Record levels of household borrowing in Canada could spell trouble for the national economy in a global slowdown – and for some individuals, disaster. Dan Neutel reports
By Dan Neutel, Ottawa Citizen December 24, 2011
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Photograph by: Tyler Anderson, Postmedia News, Ottawa Citizen
With cash registers beeping and Christmas bells ringing in our ears, it’s probably been hard for many Canadians to hear the alarms being sounded over record levels of personal debt.
Yet the consequences of ignoring those warnings, say experts, could be severe – both at the individual level and for the national economy.
The latest alert came this week in an International Monetary Fund report that said rising levels of household debt, combined with an overheated housing market, leave the Canadian economy less able to cope with any large shocks, such as falling commodity prices or a faltering global economy.
Such events, it warned, “could result in significant job losses, tighter lending standards and declines in house prices, triggering a protracted period of weak private consumption as households reduce their debt.”
In 2010, an Organization for Economic Co-operation and Development (OECD) study ranked Canada first among 20 countries based on our debt-to-income ratio. And just last week, Statistics Canada reported that household debt has risen to a record 153 per cent of disposable income.
Interest rates that fell to historic lows to cope with the 2008 recession and credit crunch – and have been little changed since – are a major contributor. Governments routinely trim rates to lower borrowing costs and stimulate the economy in economic downturns. For individuals, this helps in the financing of homes, cars and education, and in giving entrepreneurs access to capital. But they also hurt us by providing little return on our savings and by promoting far riskier financial behaviour.
Bank of Canada governor Mark Carney, however, says such behaviour started well before the recession.
“Canadian households increased their borrowing significantly,” Carney said in a recent speech. “Canadians have now collectively run a net financial deficit for more than a decade, in effect, demanding funds from the rest of the economy, rather than providing them.”
Others agree that Canada’s credit culture has had more influence than low rates.
Paul McKechnie, managing partner of the Ottawa firm of McKechnie and Co. Chartered Accountants, has spent more than 40 years working with Canadians’ personal finances and knows credit is easy to get and comes with few limits.
He points to the furniture business.
“These Don’t Pay a Cent Event things, you walk in there, they do a quick analysis and they say ‘OK, you can spend $4,000,’ ” says Mc-Kechnie. “The furniture is worn out before the payments are made.”
Other big ticket items are financed in much the same way.
“The car dealers, they can make almost anything work,” says Mc-Kechnie. “I can send you off to one of these guys and tell them, ‘Here’s a guy without a job but he’s got a few bucks,’ and you’ll drive off with a new car.”
Brian Doyle, an Ottawa bankruptcy trustee, observes that people have less money to spend because more of their income goes to housing and other costs, and are using credit to fill the gap.
“Since 1976 disposable income has risen by an inflation-adjusted 15 per cent, whereas housing costs have risen 76 per cent,” says Doyle. “So we’ve tried to maintain the lifestyle we had in the ’80s and ’90s.”
In the 1970s, colour TVs were a luxury. Today they are found in every room of a house, and many people spend thousands annually on cable, Internet and mobile phones, costs that didn’t exist 30 years ago.
“Individuals borrow because of their own individual wants as opposed to their needs,” Doyle says. “It is our culture and lifestyle and has grown since the ’60s and ’70s.
We get 20-year-old kids coming in – they just bought a $35,000 car and they realize that they can’t afford to maintain it. It is more than just the monthly payments. There is also a hell of an insurance bill, gas and their parking tickets.”
McKechnie has also witnessed a generational shift in thinking.
“The older group of people didn’t like any kind of debt,” McKechnie says. “Their goal was to get that mortgage paid off.
I think that the modern family, as long as they think they are managing the payments, they don’t care about that.
“A lot of them don’t even think about retirement.
“It is terrible to say, but a lot of people subconsciously think they are going to win the lottery.”
Governments have some tools to discourage risky borrowing, such as placing limits on mortgages. Last January, changes introduced by federal Finance Minister Jim Flaherty made it more difficult for people to qualify for 95-per-cent financing for homes, and reduced the maximum term for governmentinsured mortgages – necessary for those with less than a 20-per-cent down payment – to 30 years from 35.
The International Monetary Fund suggests tighter controls may be needed, including larger down-payment requirements and a lower ratio of the debt-service-to-income measure that determines how much people can borrow.
But the simple remedy, according to the debt professionals, is to save. Even double-income families that haven’t managed put some money aside can be ambushed by divorce, family illness, work slowdowns, even such basic expenses as repairs.
According to OECD statistics, the personal savings rate for Canadians declined to just over four per cent in 2010 from 13 per cent a decade earlier. That means we now save just $4 of every $100 we earn.
“We now have a credit card society and people do not save,” says Doyle. “Instead when they have emergencies they rest on their credit cards to bail them out. People are using them as their personal banks .”
When debt gets out of control, a growing number of Canadians turn to bankruptcy. In 1990, 2.1 of every 1,000 citizens declared bankruptcy. By, 2009 that number had risen to 5.8. Statistics Canada counted 92,766 consumer bankruptcies in Canada in 2010, a 116-percent increase from 1990.
McKechnie believes that bankruptcies and the ripple effects they can have throughout the economy are worrying for Carney, and may explain his decision to keep interest rates low.
“If interest rates go up, then all of a sudden the payments on credit cards, mortgages and personal lines of credit are larger,” says McKechnie. “Many Canadian households are already stretched making the payments they have now. If all of a sudden there’s a jump of even a few hundred dollars a month, it becomes a serious issue for families.”
RESCUE ROUTES: FROM RECORDING EXPENSES TO BANKRUPTCY
If you are in financial trouble, how do you get back on a solid footing?
For Joel Grisé, credit counselling manager at K3C, an Ottawa-area not-for-profit financial counselling service, the process starts by asking clients to record all their expenses over a month.
“Take a month and start writing down where you spend your money so you have a really good idea of where it goes,” says Grisé. “How much is your rent, groceries, entertainment and debt repayment? At the end of the month, are you in the hole?”
While simple calculations are often enough to get people back on track, sometimes more extreme measures are needed. It is important for Canadians to see that there are other options before declaring bankruptcy.
“If you go to see a trustee in bankruptcy they’re going to look at either putting you through bankruptcy or a consumer proposal (a deal in which creditors agree to accept a far lower amount),” says Grisé. “Credit counsellors have other options. I really feel that most people that are indebted want to get out of debt, but want to pay back their debt. Debt counsellors have a debt management program that allows people to repay their money.”
If people have reviewed their finances and realized that no amount of refinancing or belt-tightening will allow them to pay off their debt, bankruptcy can be considered.
“There are long-term effects. It does affect your credit and it can come back to haunt you,” says Grisé.
Declare bankruptcy for a second time and a court case is required, greatly slowing the process and raising the possibility of legal penalties.
As well, second-timers will have an R9 (worst rating) on their credit history for 14 years.
First-time bankruptcy can, however, have an immediate impact.
“It takes off some of the pressure, there’s no doubt,” says Grisé. “If legal action has started it stops immediately. If there are any garnishees on paycheques, it stops immediately. Phone calls will also stop. Generally it costs a lot less to go through a bankruptcy than to pay off your debt.”
Grisé believes one key to solving Canada’s debt crisis is to educate the public about money.
He makes regular presentations at area high schools in which he assigns students to go out and find a place to live, develop a budget and perform other daily money management tasks.
Read more: http://www.ottawacitizen.com/business/debt+bomb/5906933/story.html#ixzz1hTff9ZoK
Let’s recruit Stefan B to write an article about it – he’s a Canadian dude. And a good writer.
http://talkdigitalnetwork.com/2011/12/this-week-in-money-11/
Garth Turner is not the greatest, but here are his views.
Merry Christmas to you Sean and the readers of SGTReport. Thanks for asking my question and keep up the good work!
Sean & Stefan thank you both for all your hard work and educational input throughout the year.
Much love to you and your families this Christmas.
Sean, I thoroughly enjoyed this video. And thanks Andy for answering all of these questions. You have cleared a lot of questions I have had. This is probably the best video of the year in my opinion. The format of having everyone ask questions is Awesome and I hope to see more videos like this in the future… also I like Patrick’s post above, I think like him sometimes because I am always looking on how I might get screwed, also great point sean that silver has never been confiscated!!
Merry Christmas!!
great interview!
Great job Sean, thanks for doing the Q & A.
I’m still trying to understand the risks involved with nationalization of mining companies.
Are your shares just stolen? Are there price controls of some sort? The gov’t coming in and deciding how much of the pie they wish to take? The fact that the gov’t is now running the operation (which means it’s going into the ground)? Or, what is it(s)?
Sean and Andy,
Thanks for reading/answering my question! I have been 100 percent physical for some time now but do respect the opinion of Bob Chapman so the unbiased answer from Andy was what I was looking for. It is such a treat to be a part this liberty movement where analysis and prognostication from such erudite people can bring a feeling of visceral empowerment!
Peace…
Patrick, Eric King doesn’t do what he does for free! He sells advertising all over the site and at the beginning of interviews. He is a cheerleading shill, but he isn’t some kind of mole. You are delusional if you think PM investors will get confiscated and lose it all. For one thing, they CAN’T and we WON’T! If you are just now finally coming around to PMs within the last year, don’t give yourself too much credit, and don’t think of yourself as some kind of forward thinker. Just like with your Buffet fixation, you are a follower. BTW, Buffet has been sucking for several years now. He’s a senile old douchebag that couldn’t even survive without sucking on the State’s tits.
Andy is becoming my favorite ranter and blogger out there. He’s a sharp cookie. On the question of the mining shares he has made me think about the risks involved. I’m being torn by two sides on the mining shares. On the one side is Andy and on the other is Bob Chapman. Andy has brought some clarity to this issue. It would be great to have both Andy and Bob for a full length discussion between them to hash out the issue of the mining stocks specifically. Bob is using historical precedence (1930′s and 1970′s) in concluding the mining shares will have tremendous upside even more than the physical bullion while Andy is assuming, I believe, that we’re in a completely different situation than before because of the systemic market rigging. I have invested quite a bit with Bob’s recommendations so this issue is of prime importance to me and probably to a lot of other people.
Thanks,
Gary
Interesting video on Iran..
http://www.youtube.com/watch?v=rtELk8S3dhU
One of the problems with our current situation is that very few people know how to live off the land any more. Even farmers nowadays only know how to do monocropping with chemicals and giant fuel guzzling machinery. There is, however, a growing impetus among the youth that want to return to small scale multicrop chemical free farming at a subsistence level, which is very important for us all to learn at this point. Of course, the genocide agenda of the so-called ‘illuminati’ includes preventing people from growing food through federal regulations on what is ‘safe to eat’, and organic food co-ops are being targeted and destroyed by federal thugs, based on the notion that if you grow it yourself, then it doesn’t have the blessing of the feds (usda/fda), so it’s a dangerous, illegal substance. The conundrum with that is, these thugs will also be experiencing what everyone else is, and may very well decide to give up thuggery and start growing food themselves, if they have any sense (big if). It will be quite a difficult period, when people used to thriving off the shopping malls will have to learn other survival techniques.
It’s interesting to imagine that if the evil ones succeed in killing 80 or 90% of us, the ratio of precious metals (and other physical commodities) to individuals will be such that a lot of buyers will no longer exist, and that will reduce demand considerably. Anyone having a stockpile of pms may find that they have only relics of a bygone era, and that they will only be of interest to collectors and historians.
Old Chinese curse: May you live in interesting times.
David, I have to respectfully disagree with the beginning of your statement about living off the land and farmers only knowing how to do “monocropping” with chemicals. Well, the first part I am in agreement with you, very few know how to live off the land because today society has made just about every thing available by the click of a button. But on the farmers, I would seek a bit more knowledge and background about farming before making that assumption. I can personally tell you that I experience first hand in field preparation, planting, and harvesting many many acres of “food grade” commodities that can have ABSOLUTELY NO CHEMICAL TREATMENT or you basically did that work for nothing because your crop won’t pass FDA regulation. Further research for yourself but I wanted to point you in the right direction! Take care
TEP
Dec. 28,2011 4:51 – Reply to Patrick
Thanks for the interesting post Patrick.
I agree that confiscation is the greatest danger gold owners face in the coming destruction of the world’s fiet currencies, but I believe the main reason for the confiscation will not be for the reasons given in your piece. It will be confiscated to give a partial gold coverage (perhaps 40%) to a new world-wide currency. It is my understanding that central bankers now own less than half of the world’s supply of gold. The nation with the most gold will have a larger share of the final pot. (Perhaps other commodities will also be included in the final definition of the new currency.)
This world wide confiscation would be a world wide phenomena such that those with gold that did not turn it in, in their home country at a fraction of its true worth, could not take the gold to another country for conversion to the new partially backed world currency and reap the enormous profits. If not turned in at first, conversion of gold into the new currency will have to take place in criminal channels, with all the ensuing dangers. (This would be similar to the dangers associated with the trading in gold in communistic Russia in the old days. I personally know of a person (he was a boy at the time)who dealt in gold in the form of wedding rings. He had many exciting stories to tell). (Another subject worth discussing, but not here.)
I do not believe silver will be confiscated, unless it is included in the bag of commodities used to define the new world currency. From the viewpoint of the whole of society, silver is better used for its irreplaceable role in technology rather than as a monetary precious metal. For this reason, I view silver as the preferred precious metal to use to ride out the coming upheaval in the fiat currencies.
TEP
Thomas, just saw your piece. Thank you for your very thoughtful answer.
John;
Your over reliance in what the Bible currently “says” is disturbingly mis-guided.
The good book offers much wisdom yet much more widom has been carefully and strategically written out by the same self-serving leaders of yesteryear. Basically, nothing has changed as far as that is concerned.
If you were able to read much older versions of the Bible (before the European nobility and ecclisiatical class of the middle ages butchered it) you would find a very different tenor. The dependent/defeatist/reliant manner you preach is not God’s plan but that of those wanting to remain in power as it conveniently makes for a more docile populace.
A spirit of self reliance and higher levels of responsibility, justice and initiative is more in line with God’s plan(amongst other things).
One of the qualities that originally made the U.S. a great nation in spite of the rats and criminal that have attempted to hijack the country from day one is that most still have that spirit and haven’t totally bought into what you choose to focus on.
Rely more on what you know deep down about God’s plan and don’t be so rote on what the Bible “says” it’s tainted beyond your wildest dreams!
We’ve gotten ourselves into a bad situation and it may take a while to right ourselves but we will.
I think Ranting Andy finally came out and said what we now know in ours hearts is true…namely that the CFTC is going to do nothing. The CFTC is part of the cartel, part of the evil empire of you will. You can draw no other conclusion from the persistent foot dragging and lack of action. Andy is right on another point, the CFTC is irrelevant as the market will take care of what they have failed at completely. It seems after 911, there was a fundamental shift to the dark side. We (the US) used to be the good guys, now we are as corrupt and morally bankrupt as anyone. Alas, revenge is dish best served cold, and believe me there will be blowback. In the immortal words of one Boba Fett “You can run, but you’ll only die tired.”
http://republicbroadcasting.org/?p=19158