1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

Gold at $1,821 an oz.

Discussion in 'Off Topic Threads' started by TOOLMAKER 251, Aug 18, 2011.

Thread Status:
Not open for further replies.
  1. TOOLMAKER 251

    TOOLMAKER 251 Active Member

    Joined:
    Jan 29, 1998
    Messages:
    3,398
    The stock market is taking a major hit this morning, already dropped 450 points in 1/2 an hour.
     
  2. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    14,339
    It was expected as things in Europe are going down the tube.

    Those markets opened while most of us were still asleep and took a plunge.


    Since a lot of Liberals say we should look to Europe for enlightnment, law and growth we are all seeing the fruit of their folly.
     
  3. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    14,339
    If anything could come from another worldwide depression, it would be the demise of Liberals, but that would only be a fantasy.
     
  4. sliverbulletexpress

    sliverbulletexpress TS Member

    Joined:
    Jul 1, 2009
    Messages:
    2,645
    Everyone could see and could predict if they were honest what was going to happen in Europe and yet we have "leaders" in the USA that want us to do the same thing.
     
  5. Champion II

    Champion II Active Member

    Joined:
    Aug 20, 2006
    Messages:
    384
    And the "boy" is going on a 10 day vacation....rough bus trip he has to recover from !!
     
  6. oletymer

    oletymer Member

    Joined:
    Jan 29, 1998
    Messages:
    818
    The thirty pounds I inherited from my grandfather looks pretty good. I won't sell it because it has sentimental value to me. He bought it during the Depression. It consists of coins and bars. The kids can do what they want when I am gone.
     
  7. cubancigar2000

    cubancigar2000 Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    10,521
    Location:
    Idaho
    Your cash will be worth zilch before long
     
  8. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    14,339
    Okay, I don't doubt that the US dollar will be worthless by the time Obama is kicked out of office, but can anyone tell me?


    If gold is worth say 3000.00 an oz by Nov 2012, you go to the store to buy a weeks worth of groceries........how is the store going to take your one oz of gold and give you change and what change will the give you?

    If not that, how can anyone afford to give you cash for your gold so you can buy the groceries, but if cash is worthless, then what?

    If you can find a buyer for gold and you need some cash, how long will it take to convert your gold to cash, so you can make your purchase in time to take care of your needs?
     
  9. TOOLMAKER 251

    TOOLMAKER 251 Active Member

    Joined:
    Jan 29, 1998
    Messages:
    3,398
    When the shit finally hits the fan only guns & ammo along with food and the vices will be in demand. I think a better investment would be AR-15 rifles and it's ammo. I am not a survivalist, but I have been preparing for the possibility of a financial meltdown. People who live in the snowbelt states are aware of what happens to the food stores when a major snowstorm is going to arrive, your pocket full of money will not buy whats not on the shelves.
     
  10. sliverbulletexpress

    sliverbulletexpress TS Member

    Joined:
    Jul 1, 2009
    Messages:
    2,645
    Gold was at about $276 in 2001, $276 in 2001 dollars has the buying power of 348.29 today. Why is gold so high?
     
  11. shannon391

    shannon391 Active Member

    Joined:
    Jan 29, 1998
    Messages:
    4,477
    People looking for a safe haven to park their cash. Looks like it's the only investment holding up, for now.
     
  12. sliverbulletexpress

    sliverbulletexpress TS Member

    Joined:
    Jul 1, 2009
    Messages:
    2,645
    Is there a shortage of gold?
     
  13. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    14,339
    According to the above site, in 2009, we produced 205,000 kilograms, which is what, 225.5 tons (corrected thanks to Bisi)


    The address below is about our reserve.

    http://en.wikipedia.org/wiki/Gold_reserve

    If I read it right, the worlds gold supply was 9.2 trillion when gold was $1750.00 an oz. That is just a little more than half of our debt.
     
  14. Bisi

    Bisi TS Member

    Joined:
    Jan 29, 1998
    Messages:
    3,399
    Rick, my math comes out different than yours. You are probably right though.

    1 kilogram equals 2.2 pounds

    205,000 kilos x 2.2 equal 451,000 pounds

    451,000 divided by 2000 (1 ton) equals 225.5 tons?????

    Either way it is a lot of money. Sure wish I would have put my money in gold and silver instead of Citigroup stock. I'm never going to be able to upgrade from the 870 Express with my investments. Could've been shooting a Silver Seitz.
     
  15. TOOLMAKER 251

    TOOLMAKER 251 Active Member

    Joined:
    Jan 29, 1998
    Messages:
    3,398
    Bisi's figures a right, I read a report that stated the US government owns 8,985 tons of gold.
     
  16. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    14,339
    Your right, 225.5 tons.

    I divided instead of multiplying 2.2

    The 205,000 tons figure is what was mined in the US that particular year, but the reserve kept in places like Fort Knox is the 8,000 plus ton figure.

    Africa is still the number one gold producing nation in the world.


    I knew my thinking was there, I just didn't write out correctly.

    According to site above, total gold holdings by all governments in the world is over 30,000 tons. I wonder how much is in private hands???
     
Thread Status:
Not open for further replies.