Replies to post #8745 on GOLDBUGS AMEX Goldbugs Index (GOLD)

[sojourner]

al44: Spot on. No one could have said it any better. This outlandish argument from Mandelman should have been vetted by Nadler. Then again, Nadler relishes his role as chief iconoclast, and Mandelman was handy.

Re:
The Eastern cultures have an almost genetically inherent instinct for gold. It would be a far stretch to think the leadership is that far removed from the same tendencies. Who in their right minds would dump gold when they have a storehouse full of fiat currencies? I think someone's pen was writing before the thought processes became engaged.

[4Godnwv]

LOL - exactly - whatever they are telling the masses, the problems plaguing the world economies include too many US dollars and too few Americans able to buy them back.

Sooner or later the FED must speed up the presses, creating even less value in the USD. Who wants to trade their gold and silver for fiat paper?

Those who are fooled by the markets that trade paper for paper and let the only 'real estate you can put in a safe' slip though their fingers will be kicking themselves in a few years.

Personally, I am accumulating silver rather than gold, as I think the opportunity for an explosive move favors silver, but either one is better than the paper you are folding and carrying in your pocket.

Look at some of the moves in stocks recently. General Motors has fallen 75% in the past few months. AIG fell form 30 to 1.25 in less than 60 days.

Now look at an American Silver Eagle in your hand. How much value has it lost. 10-15% at most - Again, I'm am not talking about paper. I have hundreds of American Eagles (both gold and silver) that are graded and slabbed by NGC (all ms 69's and 70's) Every single one of them has gained in value over the last year. I do not have one single coin that I could not sell for a profit.

I do have some bullion that has lost some of it's value (I believe due to the manipulation of the paper market) but there is NO WAY I'd trade it for fiat paper at this point.

Maybe in a few years.