Banks no longer posting deposit rates?

[schoolsout]

in 1980 gold was $460/oz... now its $1,600/oz

lets face it, gold should be worth ALOT more than 1600 just to keep up with what it was worth 30 years ago. Its not such great hedge on inflation. Heck it went down $250 per oz just last month.

And you cant eat gold. No mater what people say we will never be able to buy stuff using gold....for many reasons

1. There not enough gold on the planet earth to balance the US budget
2. No store or shopkeeper is going to start using scales to make transactions.
3. Gold fluctuates by the hour as to its value...how can anyone seriously think they can make this a viable monetary source at the checkout stand....but everybody is still pushing for gold to be used as a legal commodity again and not just as an investment. they want to do away with the dollar. i mean really.
4. You cant eat gold. its actually one of the more useless metals. Silver is worth alot more to mankind.

The government has admitted to manipulating the gold price...in conjunction with other central banks. This is fact.

1. There is enough gold..the problem with your view is you don't see that paper money/debt has been blown into epic proportions. Gold can't be created out of thin air, yet paper money and debt backed by paper money can. Try again.

2. Nobody is talking about carrying around bits of gold for everyday trade. A currency can be backed by gold and not able to be redeemed into gold and still function. Try again.

3. Have you seen the movements in the US Dollar, Euro or any other currency? Try again...

4. You obviously don't understand how a true currency works and functions. It doesn't matter if you can eat it or not. That argument is tired and worn out, as well as it has absolutely no merit. A good currency must be rare enough that it can't be conjured up at will (paper isn't), it must be durable(gold is indestructable and easily divisible), and it must be universally recognized (I'd call 5k years of being money just that...paper money is a more recent phenomenon).. Again, try again.

 

[grsthegreat]

The government has admitted to manipulating the gold price...in conjunction with other central banks. This is fact.

1. There is enough gold..the problem with your view is you don't see that paper money/debt has been blown into epic proportions. Gold can't be created out of thin air, yet paper money and debt backed by paper money can. Try again.

2. Nobody is talking about carrying around bits of gold for everyday trade. A currency can be backed by gold and not able to be redeemed into gold and still function. Try again.

3. Have you seen the movements in the US Dollar, Euro or any other currency? Try again...

4. You obviously don't understand how a true currency works and functions. It doesn't matter if you can eat it or not. That argument is tired and worn out, as well as it has absolutely no merit. A good currency must be rare enough that it can't be conjured up at will (paper isn't), it must be durable(gold is indestructable and easily divisible), and it must be universally recognized (I'd call 5k years of being money just that...paper money is a more recent phenomenon).. Again, try again.

like i said earlier...to each their own and this always gets into a shouting match..


Bottom line is i have been able to pay off my property and all loans without ANY gold.

I have Alot of $$$ in investments and cash and in bank without ANY gold. Enugh to see my family thru retirement
(EDIT - didnt mean it as a brag...just stating a fact that diligent savings and wise investments by betting on the best countries stability not hedging against its failures)

I have retired at 50 YO without ANY gold.


case made

you can be a success without gold. theres no one easy choice.

 

[schoolsout]

Wow that chart is almost like a scientific formula, how could the price go down unless debt went down. I hope that doesn't mean debt will keep rising out of control. But what will stop it it if anything can?

JB

This chart is not the only thing affecting the price of gold, but ultimately, when all emotions settle and markets clear, gold follows the debt levels of countries.

Mathematically, at this point in time, there is no way the US can repay it's debt. Welcome to reality

 

[schoolsout]

like i said earlier...to each their own and this always gets into a shouting match..


Bottom line is i have been able to pay off my property and all loans without ANY gold.

I have WAY over 1 million in investments and cash and in bank without ANY gold.


I have retired at 50 YO without ANY gold.


case made

Your case isn't made, but if you insist, I'll pat you on the back. You are avoiding facts and throwing in your specific scenario as you hold it up as evidence gold is worthless.

Whatever floats your boat.

 

[schoolsout]

And by the way, I'm 29, trying to buy a house that your generation levered up to astronomical levels due to easy money/leverage...I'm probably paying into a social security program that I won't ever see so that your generation can be entitled...etc.

You lived during the age of great leverage...unfortunately for me, I didn't, but I'm not selfish enough to flaunt something like that around like a proud accomplishment.


And instead of bragging about your situation, why don't you address what I actually said that refuted your statements? I'm not here to start a war, but when you make claims and I refute them, you should refute what I said with actual facts...just as I did to you.

 

[JB4310]

like i said earlier...to each their own and this always gets into a shouting match..


Bottom line is i have been able to pay off my property and all loans without ANY gold.

I have WAY over 1 million in investments and cash and in bank without ANY gold.


I have retired at 50 YO without ANY gold.


case made

Sounds like a good position to be in, but IMO some gold just as a hedge would be wise move.

Most investment portfolios have it just for that reason.

JB

 

[ultrarunner]

Times of uncertainty or crisis are often opportunity...

I think there is a lot of capital sitting on the sidelines looking for direction.

It is true that those everyday folks that had diligently saved a little each year for the golden years are fast finding out all those projections from the financial guys don't add up to spit...

I have a binder where I collected data from the "Experts" regarding retirement planning at work... thinking I might actually be the first in my family to retire... mostly, we just work till we can't... so goes it with many family businesses.

Dad was thrilled when I went to work for the local Hospital 20+ years ago... he said that I can look forward to things he never had... Dad's been gone over 10 years and the pension, profit sharing, stock options, etc... that he was so happy for me no longer exist...

Maybe, it was just a window of time that the boom generation was fortunate enough to be a part of us.

I figure without a decent return... I will follow in the family footsteps and never retire... which isn't all bad.

The low rates, combined with inflation, across so many sectors is real... going to buy consumer goods, groceries and fuel proves this daily...

I'm old enough to remember when banks competed for depositors... when the branch manager would call customers about promotional rates for "New" money deposits...

In general... I would wager to say that many of us are in better positions than the general population... for the most part, we can create, build and repair things with ingenuity and some can even eek out a living off the land we own...

For generations... one side of the family had a small family Dairy Farm... never more than about 30 acres and 30 milk cows... it was enough to provide sustenance...

Isn't there a song "The Country Boy will Survive"?

 

[schoolsout]

Times of uncertainty or crisis are often opportunity...

I think there is a lot of capital sitting on the sidelines looking for direction.

It is true that those everyday folks that had diligently saved a little each year for the golden years are fast finding out all those projections from the financial guys don't add up to spit...

I have a binder where I collected data from the "Experts" regarding retirement planning at work... thinking I might actually be the first in my family to retire... mostly, we just work till we can't... so goes it with many family businesses.

Dad was thrilled when I went to work for the local Hospital 20+ years ago... he said that I can look forward to things he never had... Dad's been gone over 10 years and the pension, profit sharing, stock options, etc... that he was so happy for me no longer exist...

Maybe, it was just a window of time that the boom generation was fortunate enough to be a part of us.

I figure without a decent return... I will follow in the family footsteps and never retire... which isn't all bad.

The low rates, combined with inflation, across so many sectors is real... going to buy consumer goods, groceries and fuel proves this daily...

I'm old enough to remember when banks competed for depositors... when the branch manager would call customers about promotional rates for "New" money deposits...

In general... I would wager to say that many of us are in better positions than the general population... for the most part, we can create, build and repair things with ingenuity and some can even eek out a living off the land we own...

For generations... one side of the family had a small family Dairy Farm... never more than about 30 acres and 30 milk cows... it was enough to provide sustenance...

Isn't there a song "The Country Boy will Survive"?

I'd be willing to bet most here are in better shape than the majority of Americans.

And I may come off as abrasive to many here when I post things, but I do my best to post facts and back up what I say...I just get a little irked when others state opinion based, not on fact, but on perception.

Meanwhile, markets are up today as people are speculating that the Fed is doing a backdoor bailout of Europe with.....guess what.....paper dollars


And as for the song, here you go
[ame]http://www.youtube.com/watch?v=I4s0nzsU1Wg[/ame]

 

[JB4310]

Times of uncertainty or crisis are often opportunity...

I think there is a lot of capital sitting on the sidelines looking for direction.

It is true that those everyday folks that had diligently saved a little each year for the golden years are fast finding out all those projections from the financial guys don't add up to spit...

I have a binder where I collected data from the "Experts" regarding retirement planning at work... thinking I might actually be the first in my family to retire... mostly, we just work till we can't... so goes it with many family businesses.

I said I'm always trying to look at the big picture, the "master plan"

I think that is part of the plan, get some of that "old money" back in circulation. People getting frustrated with bank savings rates, will do that.
Do something, even buy a hot dog cart. Gotta be better than doing nothing with your money.

I've been very conservative, actually too conservative. But the last time I sat down with a so called financial planner, he was surprised that our way was not that bad compared to the conventional way. He said we just have our assets in different "compartments" than most. We gave him a modest amount to put in the compartments he thought we should be in, and has managed to lose us thru fees and performance around 5-10% I guess his compartments have leaks :laughing:

And as for the song, here you go
A Country Boy Can Survive - YouTube

Since many of us here are hobby type tractor owners and considering the cost of a modern tractor. There is no other conclusion to come to but that many are well off here.

As far as the Country boy song, I wasn't even gonna watch the video, cause I pretty much detest country music. But I actually really liked it. song by the perfect character/ spokesman.

My nick name was Hillbilly by some of my wise arse friends while growing up, due to my ability to survive with little resources. I was proud of that name.

JB

 

[dmccarty]

I can remember looking to buy a house back in the late 80's. I could not afford a house because the rate was 10-12%. When I bought a house a decade later I think my rate was 8% and I thought that was excellent. Then I refied and got 7%! Woo Hoo!

If things go right this year we might be able to refi our new house and get a rate under 4%. :confused2: Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com has rates at 3.88%. :licking:

Warren Buffet wrote something a few years ago about Debt and Debtor nations. Someone on TBN might have posted the link. Bottom line, is that the way the US is going to pay off the debt is by cheapening the value of the dollar. How is this done? By inflation.

If the Fed's taxed EVERYONEs income at 100%, something that is obviously impossible, this would not cover the Federal deficit spending much less the debt.

A year or so back I looked at what the price of gold would be today compared to the value at the peak around 1980. For gold to be the same value today it would have to be $2,200-2,400.

Last week I got a letter from American Express talking about their interest bearing saving's account. I just glanced at the letter and threw it away. Might be worth a look if interested.

Later,
Dan