The Gold Scam Fear Merchants
As most legitimate advertisers flee the paranoid environs of Glenn Beck or Rush Limbaugh’s daily program, gold sellers have leaped in to fill the void. Both Beck and Limbaugh give testimonials to their advertisers such as this.
Glenn Beck
“Before I started turning you on to Goldline, I wanted to look them in the eye. This is a top notch organization that’s been in business since 1960.”
Obviously all these new boiler room high pressure sales groups that used to be pushing sub-prime refinancings are now trying to convince the unsophisticated listeners of right wing talk that they better buy gold before the dollar becomes worthless because of Obama’s reckless spending. But how do firms like Goldline make money? Well it’s all there in the fine print of their sales agreement.
Goldline’s “bid” is the price it pays to clients for a product. Goldline’s “ask” is the price it charges clients for a product. Goldline has a price differential or “spread” between its bid (buy-back) and ask (selling) prices for precious metals, rare coins and rare currency…
The price of Goldline’s semi-numisimatic and numismatic coins and currency include the bid/ask spread that ranges between 30% and 35%.
OMG! An average stock broker commission is 2% and these scammers are getting 35% off the top. Where is the FTC and the CFTC in investigating this fraud? Why are Limbaugh and Beck propagating this scam?
Jon, it’s not fraud if they tell you they are doing it. Defeats one of the central elements of the crime. Taking advantage of Stupid and Greedy is just America at its best.
Jon, it’s not fraud if they tell you they are doing it. Defeats one of the central elements of the crime. Taking advantage of Stupid and Greedy is just America at its best.
There’s gold in them thar shills.
There’s gold in them thar shills.
What I really find deceptive about the ads is their claims that gold is selling for an all-time high. Adjusted for inflation, gold is currently worth about 50% of its 1980 purchasing power.
What I really find deceptive about the ads is their claims that gold is selling for an all-time high. Adjusted for inflation, gold is currently worth about 50% of its 1980 purchasing power.
Thank, I’ve been wondering about this. Especially in light of a report a week or so ago, that someone had circulated a rumor that China and Russia were going to dump the dollar. The price of gold surged that day and dealers made a killing. Personally, although the contracts are legal I believe that “fine print” is at best unethical but,”No one in this world has ever lost money by underestimating the intelligence of the great masses of the plain people.”
H. L. Mencken
Thank, I’ve been wondering about this. Especially in light of a report a week or so ago, that someone had circulated a rumor that China and Russia were going to dump the dollar. The price of gold surged that day and dealers made a killing. Personally, although the contracts are legal I believe that “fine print” is at best unethical but,”No one in this world has ever lost money by underestimating the intelligence of the great masses of the plain people.”
H. L. Mencken
heck – if you tell me that ANYTHING is selling at an all-time high, I think about shorting it.
heck – if you tell me that ANYTHING is selling at an all-time high, I think about shorting it.
I think it’s perfect — Beck and his advertisers will bankrupt their audience, and then problem solved as the nut cases all have to go on welfare.
I think it’s perfect — Beck and his advertisers will bankrupt their audience, and then problem solved as the nut cases all have to go on welfare.
GOLD If you buy a pound of it from these guys I suppose they give a piece of paper. This story sounds familiar to me.
GOLD If you buy a pound of it from these guys I suppose they give a piece of paper. This story sounds familiar to me.
This is a bad deal, but I don’t see how it is a scam or fraud. if you buy a HDTV from Best for $2,000 that you could have gotten online for $1,5000, Best Buy didn’t scam you. They just took advantage of your lack of knowledge. How is this different?
This is a bad deal, but I don’t see how it is a scam or fraud. if you buy a HDTV from Best for $2,000 that you could have gotten online for $1,5000, Best Buy didn’t scam you. They just took advantage of your lack of knowledge. How is this different?
I’m with Jason on this. 35% gross profit margins are fairly normal in retail, and that’s what this “numismatic” scam is…retail merchandising. Note that the markups on bullion are much less. Are you buying gold or are you buying collectibles that happen to be made of gold? One is a commodity, the other is much more speculative, and either way, you get to buy at retail and sell at wholesale someday, and either way you take an immediate hit buying this way. The only way to buy gold for gold’s sake is to buy bullion or coins that are essentially bullion and hang on because you think the world is coming to an end or because it represents a more tangible and portable form of wealth that does not depend on banks. Paranoids love gold.
I’m with Jason on this. 35% gross profit margins are fairly normal in retail, and that’s what this “numismatic” scam is…retail merchandising. Note that the markups on bullion are much less. Are you buying gold or are you buying collectibles that happen to be made of gold? One is a commodity, the other is much more speculative, and either way, you get to buy at retail and sell at wholesale someday, and either way you take an immediate hit buying this way. The only way to buy gold for gold’s sake is to buy bullion or coins that are essentially bullion and hang on because you think the world is coming to an end or because it represents a more tangible and portable form of wealth that does not depend on banks. Paranoids love gold.
I’m with Jason on this. 35% gross profit margins are fairly normal in retail, and that’s what this “numismatic” scam is…retail merchandising. Note that the markups on bullion are much less. Are you buying gold or are you buying collectibles that happen to be made of gold? One is a commodity, the other is much more speculative, and either way, you get to buy at retail and sell at wholesale someday, and either way you take an immediate hit buying this way. The only way to buy gold for gold’s sake is to buy bullion or coins that are essentially bullion and hang on because you think the world is coming to an end or because it represents a more tangible and portable form of wealth that does not depend on banks. Paranoids love gold.
If you buy a pound of gold do you get it in your hands so that you can stash it in your basement ?
How does it work ?
If you buy a pound of gold do you get it in your hands so that you can stash it in your basement ?
How does it work ?
If you buy a pound of gold do you get it in your hands so that you can stash it in your basement ?
How does it work ?
@bernard,
Hi. Yes, you do. And isn’t that quaint? You get this surprisingly heavy piece of yellow metal, beautiful in its own right, and it’s basically up to you how to secure it, whether in a box in a vaulted Swiss Bank, or whether sewn into your mattress. Personally I like Goldfinger’s stylish solution: smelt it into a replica of a Rolls-Royce grille, affix it the car, and drive wherever you like.
@bernard,
Hi. Yes, you do. And isn’t that quaint? You get this surprisingly heavy piece of yellow metal, beautiful in its own right, and it’s basically up to you how to secure it, whether in a box in a vaulted Swiss Bank, or whether sewn into your mattress. Personally I like Goldfinger’s stylish solution: smelt it into a replica of a Rolls-Royce grille, affix it the car, and drive wherever you like.
@bernard,
Hi. Yes, you do. And isn’t that quaint? You get this surprisingly heavy piece of yellow metal, beautiful in its own right, and it’s basically up to you how to secure it, whether in a box in a vaulted Swiss Bank, or whether sewn into your mattress. Personally I like Goldfinger’s stylish solution: smelt it into a replica of a Rolls-Royce grille, affix it the car, and drive wherever you like.
John,
It’s Bernanke’s reckless printing, our reckless financing scams, and the reckless warfare machine that are the potential culprits behind a trashed dollar.
You may mock people who stash some gold intelligently as the ultimate backup hedge. However generations of Europeans have found gold to be a useful currency in times of crisis. Just because we’ve never experienced currency collapse in the US, doesn’t mean we never will (see Black Swan).
It’s kind of like earthquake preparedness in California–albeit this being a heck of a lot more probable.
John,
It’s Bernanke’s reckless printing, our reckless financing scams, and the reckless warfare machine that are the potential culprits behind a trashed dollar.
You may mock people who stash some gold intelligently as the ultimate backup hedge. However generations of Europeans have found gold to be a useful currency in times of crisis. Just because we’ve never experienced currency collapse in the US, doesn’t mean we never will (see Black Swan).
It’s kind of like earthquake preparedness in California–albeit this being a heck of a lot more probable.
John,
It’s Bernanke’s reckless printing, our reckless financing scams, and the reckless warfare machine that are the potential culprits behind a trashed dollar.
You may mock people who stash some gold intelligently as the ultimate backup hedge. However generations of Europeans have found gold to be a useful currency in times of crisis. Just because we’ve never experienced currency collapse in the US, doesn’t mean we never will (see Black Swan).
It’s kind of like earthquake preparedness in California–albeit this being a heck of a lot more probable.
John,
It’s Bernanke’s reckless printing, our reckless financing scams, and the reckless warfare machine that are the potential culprits behind a trashed dollar.
You may mock people who stash some gold intelligently as the ultimate backup hedge. However generations of Europeans have found gold to be a useful currency in times of crisis. Just because we’ve never experienced currency collapse in the US, doesn’t mean we never will (see Black Swan).
It’s kind of like earthquake preparedness in California–albeit this being a heck of a lot more probable.
Man I wish I had thought of this…
Man I wish I had thought of this…
Man I wish I had thought of this…
Your Kidding me right? You get a 40% margin because you have put your blood , sweat and tears in to making a beautiful sounding guitar. What the hell does Goldline do to earn 35% for just being a middle man?
Your Kidding me right? You get a 40% margin because you have put your blood , sweat and tears in to making a beautiful sounding guitar. What the hell does Goldline do to earn 35% for just being a middle man?
Your Kidding me right? You get a 40% margin because you have put your blood , sweat and tears in to making a beautiful sounding guitar. What the hell does Goldline do to earn 35% for just being a middle man?
The silly thing to me about that is trying to convince people to buy at the high end.
How is that smart?
And with suckers flocking to gold in mass a person seriously investing is going to have to worry about the point at which the bubble they may create will pop.
The silly thing to me about that is trying to convince people to buy at the high end.
How is that smart?
And with suckers flocking to gold in mass a person seriously investing is going to have to worry about the point at which the bubble they may create will pop.
The silly thing to me about that is trying to convince people to buy at the high end.
How is that smart?
And with suckers flocking to gold in mass a person seriously investing is going to have to worry about the point at which the bubble they may create will pop.
I love the comments ya’ll.
I love the comments ya’ll.
I love the comments ya’ll.
Jon, I could only wish I got that, but full retail markups in my industry is 100% aka a Keystone mark with wholesale being 50% of retail…and then there’s the musical string business where discounts off of “suggested retail” are dependent on quantity and it can mean that a store can still make good margin giving the equivalent of 75% off of MSRP. Yes, music stores buy Martin guitars for 50% of retail, and then discount from there. We poor saps making the things in “boutique” manufactories do not see those kinds of margins, of course.
It’s all bullshit in my industry. The price is never the price. It’s gotten to where there’s an MSRP…suggested retail…and then a MAPP…Minimum Advertized Price Policy…and there’s what Mom and Pop music store pays for guitars, etc., and then there’s what Guitar Center pays for the same guitars…and grinds for free shipping.
And then there’s the whole territory thing that used to mean something…then in came the mail order houses…some of which were and are really good (Mandolin Brothers, Elderly)…and now it’s a free for all with the Internet and virtual dealers who feel that their exclusive territory is the entire world.
It’s fucking nuts, and I’m not liking it very much.
So what’s the markup on a Kenmore refrigerator at Sears? I’ll bet they’re making margins of at least 25%.
Jon, I’m not saying that your basic thesis…that this gold thing is a scam…is wrong, but it’s wrong because the implication is that the poor suckers are “investing” in something. They’re not. They’re just coveting shiny things like Gollum…and they’re getting taken for a ride.
In my industry, the equivalent is buying certain vintage guitars at retail and thinking that they are investment grade. Well, you’ve got to find those things cheap and then hold onto them. You’ve got to know your shit, and still a lot of folks buy at retail and wind up selling at wholesale and only if they’ve been incredibly smart or lucky do they make dough.
For other scams, how about the diamond business? Talk about weird… The DeBeers folks are really brilliant in a creepy way. “Diamonds are Forever”…thank you 007!
Jon, I could only wish I got that, but full retail markups in my industry is 100% aka a Keystone mark with wholesale being 50% of retail…and then there’s the musical string business where discounts off of “suggested retail” are dependent on quantity and it can mean that a store can still make good margin giving the equivalent of 75% off of MSRP. Yes, music stores buy Martin guitars for 50% of retail, and then discount from there. We poor saps making the things in “boutique” manufactories do not see those kinds of margins, of course.
It’s all bullshit in my industry. The price is never the price. It’s gotten to where there’s an MSRP…suggested retail…and then a MAPP…Minimum Advertized Price Policy…and there’s what Mom and Pop music store pays for guitars, etc., and then there’s what Guitar Center pays for the same guitars…and grinds for free shipping.
And then there’s the whole territory thing that used to mean something…then in came the mail order houses…some of which were and are really good (Mandolin Brothers, Elderly)…and now it’s a free for all with the Internet and virtual dealers who feel that their exclusive territory is the entire world.
It’s fucking nuts, and I’m not liking it very much.
So what’s the markup on a Kenmore refrigerator at Sears? I’ll bet they’re making margins of at least 25%.
Jon, I’m not saying that your basic thesis…that this gold thing is a scam…is wrong, but it’s wrong because the implication is that the poor suckers are “investing” in something. They’re not. They’re just coveting shiny things like Gollum…and they’re getting taken for a ride.
In my industry, the equivalent is buying certain vintage guitars at retail and thinking that they are investment grade. Well, you’ve got to find those things cheap and then hold onto them. You’ve got to know your shit, and still a lot of folks buy at retail and wind up selling at wholesale and only if they’ve been incredibly smart or lucky do they make dough.
For other scams, how about the diamond business? Talk about weird… The DeBeers folks are really brilliant in a creepy way. “Diamonds are Forever”…thank you 007!
Jon, I could only wish I got that, but full retail markups in my industry is 100% aka a Keystone mark with wholesale being 50% of retail…and then there’s the musical string business where discounts off of “suggested retail” are dependent on quantity and it can mean that a store can still make good margin giving the equivalent of 75% off of MSRP. Yes, music stores buy Martin guitars for 50% of retail, and then discount from there. We poor saps making the things in “boutique” manufactories do not see those kinds of margins, of course.
It’s all bullshit in my industry. The price is never the price. It’s gotten to where there’s an MSRP…suggested retail…and then a MAPP…Minimum Advertized Price Policy…and there’s what Mom and Pop music store pays for guitars, etc., and then there’s what Guitar Center pays for the same guitars…and grinds for free shipping.
And then there’s the whole territory thing that used to mean something…then in came the mail order houses…some of which were and are really good (Mandolin Brothers, Elderly)…and now it’s a free for all with the Internet and virtual dealers who feel that their exclusive territory is the entire world.
It’s fucking nuts, and I’m not liking it very much.
So what’s the markup on a Kenmore refrigerator at Sears? I’ll bet they’re making margins of at least 25%.
Jon, I’m not saying that your basic thesis…that this gold thing is a scam…is wrong, but it’s wrong because the implication is that the poor suckers are “investing” in something. They’re not. They’re just coveting shiny things like Gollum…and they’re getting taken for a ride.
In my industry, the equivalent is buying certain vintage guitars at retail and thinking that they are investment grade. Well, you’ve got to find those things cheap and then hold onto them. You’ve got to know your shit, and still a lot of folks buy at retail and wind up selling at wholesale and only if they’ve been incredibly smart or lucky do they make dough.
For other scams, how about the diamond business? Talk about weird… The DeBeers folks are really brilliant in a creepy way. “Diamonds are Forever”…thank you 007!
Jon, I could only wish I got that, but full retail markups in my industry is 100% aka a Keystone mark with wholesale being 50% of retail…and then there’s the musical string business where discounts off of “suggested retail” are dependent on quantity and it can mean that a store can still make good margin giving the equivalent of 75% off of MSRP. Yes, music stores buy Martin guitars for 50% of retail, and then discount from there. We poor saps making the things in “boutique” manufactories do not see those kinds of margins, of course.
It’s all bullshit in my industry. The price is never the price. It’s gotten to where there’s an MSRP…suggested retail…and then a MAPP…Minimum Advertized Price Policy…and there’s what Mom and Pop music store pays for guitars, etc., and then there’s what Guitar Center pays for the same guitars…and grinds for free shipping.
And then there’s the whole territory thing that used to mean something…then in came the mail order houses…some of which were and are really good (Mandolin Brothers, Elderly)…and now it’s a free for all with the Internet and virtual dealers who feel that their exclusive territory is the entire world.
It’s fucking nuts, and I’m not liking it very much.
So what’s the markup on a Kenmore refrigerator at Sears? I’ll bet they’re making margins of at least 25%.
Jon, I’m not saying that your basic thesis…that this gold thing is a scam…is wrong, but it’s wrong because the implication is that the poor suckers are “investing” in something. They’re not. They’re just coveting shiny things like Gollum…and they’re getting taken for a ride.
In my industry, the equivalent is buying certain vintage guitars at retail and thinking that they are investment grade. Well, you’ve got to find those things cheap and then hold onto them. You’ve got to know your shit, and still a lot of folks buy at retail and wind up selling at wholesale and only if they’ve been incredibly smart or lucky do they make dough.
For other scams, how about the diamond business? Talk about weird… The DeBeers folks are really brilliant in a creepy way. “Diamonds are Forever”…thank you 007!
Meanwhile, those “we will buy your gold!!!” commercials seem to have stopped. I wonder what that means. I could never understand that in the first place…how did this company afford all of that advertising? How did they expect to recoup the investment…by getting rich off all of the 10K gold junk jewelry that people…I have to fight the urge to laugh as I type this…that people MAILED in to them?
It’s a creepy, screwed-up world we live in.
Meanwhile, those “we will buy your gold!!!” commercials seem to have stopped. I wonder what that means. I could never understand that in the first place…how did this company afford all of that advertising? How did they expect to recoup the investment…by getting rich off all of the 10K gold junk jewelry that people…I have to fight the urge to laugh as I type this…that people MAILED in to them?
It’s a creepy, screwed-up world we live in.
You beat me to the punch Jon! I used to work for one of these companies and know all their inside tactics.
I’m presently combining my gold and silver books I wrote in May into one book to sell on Amazon at a much lower price, but have been doing Google ads (in the past) trying to warn people through these books about Gold Dealer scams with this sales page: http://safelybuygold.com/gc.html
Disclosure: I don’t sell gold, I write about it. If you click on the “gold” tab of my blog, you’ll see how I continually challenge/expose investment advisors and journalists who continually bash gold without understanding it.
There is a place for gold and most don’t know what to do when they go to buy it, but call into a company they heard an advertisement from pitched by Levin, Beck, Hannity (in the past), and others.
There’s a lot of ignorant folks out there that I spoke with during my six months of working for one of these companies.
I just want to help people do the right thing. That’s why I’m lowering my price, to educate more people. Give me a couple weeks and I hope its on Amazon by then.
Jon Taplin sees the light!
P.S. It’s not really a regulated industry except for some Homeland Security identification process for cash buyers and the IRS 10,000 limits for cash transactions. Other than that, the movie title, “Liar, Liar” comes to mind….
You beat me to the punch Jon! I used to work for one of these companies and know all their inside tactics.
I’m presently combining my gold and silver books I wrote in May into one book to sell on Amazon at a much lower price, but have been doing Google ads (in the past) trying to warn people through these books about Gold Dealer scams with this sales page: http://safelybuygold.com/gc.html
Disclosure: I don’t sell gold, I write about it. If you click on the “gold” tab of my blog, you’ll see how I continually challenge/expose investment advisors and journalists who continually bash gold without understanding it.
There is a place for gold and most don’t know what to do when they go to buy it, but call into a company they heard an advertisement from pitched by Levin, Beck, Hannity (in the past), and others.
There’s a lot of ignorant folks out there that I spoke with during my six months of working for one of these companies.
I just want to help people do the right thing. That’s why I’m lowering my price, to educate more people. Give me a couple weeks and I hope its on Amazon by then.
Jon Taplin sees the light!
P.S. It’s not really a regulated industry except for some Homeland Security identification process for cash buyers and the IRS 10,000 limits for cash transactions. Other than that, the movie title, “Liar, Liar” comes to mind….
You beat me to the punch Jon! I used to work for one of these companies and know all their inside tactics.
I’m presently combining my gold and silver books I wrote in May into one book to sell on Amazon at a much lower price, but have been doing Google ads (in the past) trying to warn people through these books about Gold Dealer scams with this sales page: http://safelybuygold.com/gc.html
Disclosure: I don’t sell gold, I write about it. If you click on the “gold” tab of my blog, you’ll see how I continually challenge/expose investment advisors and journalists who continually bash gold without understanding it.
There is a place for gold and most don’t know what to do when they go to buy it, but call into a company they heard an advertisement from pitched by Levin, Beck, Hannity (in the past), and others.
There’s a lot of ignorant folks out there that I spoke with during my six months of working for one of these companies.
I just want to help people do the right thing. That’s why I’m lowering my price, to educate more people. Give me a couple weeks and I hope its on Amazon by then.
Jon Taplin sees the light!
P.S. It’s not really a regulated industry except for some Homeland Security identification process for cash buyers and the IRS 10,000 limits for cash transactions. Other than that, the movie title, “Liar, Liar” comes to mind….
Maybe it is one way to launder money.
Maybe it is one way to launder money.
Maybe it is one way to launder money.
Maybe it is one way to launder money.
Well, in any case, it seems to be a bad deal. And open shilling from the Fox folks gives you a pretty good idea about how bright and right they think their audience really is.
Well, in any case, it seems to be a bad deal. And open shilling from the Fox folks gives you a pretty good idea about how bright and right they think their audience really is.
Well, in any case, it seems to be a bad deal. And open shilling from the Fox folks gives you a pretty good idea about how bright and right they think their audience really is.
Well, in any case, it seems to be a bad deal. And open shilling from the Fox folks gives you a pretty good idea about how bright and right they think their audience really is.
I’m of the mind that Infomercials are a great leading indicator of imminent market collapse. Even if the dollar does collapse are people really going to start bartering with gold coins? Gold has no intrinsic value and the fact that Beck and Limbaugh are gold pushers now is only further proof of that.
I’m of the mind that Infomercials are a great leading indicator of imminent market collapse. Even if the dollar does collapse are people really going to start bartering with gold coins? Gold has no intrinsic value and the fact that Beck and Limbaugh are gold pushers now is only further proof of that.
I want a solid-gold Snuggie.
I want a solid-gold Snuggie.
I want a solid-gold Snuggie.
I want a solid-gold Snuggie.
Dan,
I learned from the Vatican Collection exhibit circa 1985 that many of the papal garments were interwoven with gold threads, making them very heavy raiments for diminutive Italian pontiffs to wear. So maybe it’s possible to fashion a couch potato version in the style of the Snuggie, and maybe His Holiness should be the first to wear it. If it works for Benedict, then you proceed to adopt it for yourself. After all, you can’t be holier than he.
Dan,
I learned from the Vatican Collection exhibit circa 1985 that many of the papal garments were interwoven with gold threads, making them very heavy raiments for diminutive Italian pontiffs to wear. So maybe it’s possible to fashion a couch potato version in the style of the Snuggie, and maybe His Holiness should be the first to wear it. If it works for Benedict, then you proceed to adopt it for yourself. After all, you can’t be holier than he.
Dan,
I learned from the Vatican Collection exhibit circa 1985 that many of the papal garments were interwoven with gold threads, making them very heavy raiments for diminutive Italian pontiffs to wear. So maybe it’s possible to fashion a couch potato version in the style of the Snuggie, and maybe His Holiness should be the first to wear it. If it works for Benedict, then you proceed to adopt it for yourself. After all, you can’t be holier than he.
Dan,
I learned from the Vatican Collection exhibit circa 1985 that many of the papal garments were interwoven with gold threads, making them very heavy raiments for diminutive Italian pontiffs to wear. So maybe it’s possible to fashion a couch potato version in the style of the Snuggie, and maybe His Holiness should be the first to wear it. If it works for Benedict, then you proceed to adopt it for yourself. After all, you can’t be holier than he.
In times of severe collapse it will be those who collected guns who prevail over those with only gold.
In times of severe collapse it will be those who collected guns who prevail over those with only gold.
In times of severe collapse it will be those who collected guns who prevail over those with only gold.
In times of severe collapse it will be those who collected guns who prevail over those with only gold.
Rick, Are you suggesting that is how the gun owners will secure their food too?
Roga, You bet people will barter with coins. The Argentina example: http://fedupbook.com/blog/hyperinflation/how-gold-would-be-used-in-hyperinflation/
Also, are you implying that the dollar has intrinsic value? 38 years without gold backing it hasn’t fared too well, especially since increased competition via the EURO arrived in 2000 and since that time, all of the various ways to get out of the dollar that ETFs provide whether via gold or alternative currencies.
Dennis Gartman is invested in gold at present via the British Pound as an example. He evidently sees more risk with it versus the dollar at present.
Rick, Are you suggesting that is how the gun owners will secure their food too?
Roga, You bet people will barter with coins. The Argentina example: http://fedupbook.com/blog/hyperinflation/how-gold-would-be-used-in-hyperinflation/
Also, are you implying that the dollar has intrinsic value? 38 years without gold backing it hasn’t fared too well, especially since increased competition via the EURO arrived in 2000 and since that time, all of the various ways to get out of the dollar that ETFs provide whether via gold or alternative currencies.
Dennis Gartman is invested in gold at present via the British Pound as an example. He evidently sees more risk with it versus the dollar at present.
Rick, Are you suggesting that is how the gun owners will secure their food too?
Roga, You bet people will barter with coins. The Argentina example: http://fedupbook.com/blog/hyperinflation/how-gold-would-be-used-in-hyperinflation/
Also, are you implying that the dollar has intrinsic value? 38 years without gold backing it hasn’t fared too well, especially since increased competition via the EURO arrived in 2000 and since that time, all of the various ways to get out of the dollar that ETFs provide whether via gold or alternative currencies.
Dennis Gartman is invested in gold at present via the British Pound as an example. He evidently sees more risk with it versus the dollar at present.
Rick, Are you suggesting that is how the gun owners will secure their food too?
Roga, You bet people will barter with coins. The Argentina example: http://fedupbook.com/blog/hyperinflation/how-gold-would-be-used-in-hyperinflation/
Also, are you implying that the dollar has intrinsic value? 38 years without gold backing it hasn’t fared too well, especially since increased competition via the EURO arrived in 2000 and since that time, all of the various ways to get out of the dollar that ETFs provide whether via gold or alternative currencies.
Dennis Gartman is invested in gold at present via the British Pound as an example. He evidently sees more risk with it versus the dollar at present.
To be fair (and balanced?), Ed Schultz endorses gold sellers too. And come to think of it, most of his audience are unsophisticated and uninformed as well.
So pick your idiots.They’re on both sides!
To be fair (and balanced?), Ed Schultz endorses gold sellers too. And come to think of it, most of his audience are unsophisticated and uninformed as well.
So pick your idiots.They’re on both sides!
To be fair (and balanced?), Ed Schultz endorses gold sellers too. And come to think of it, most of his audience are unsophisticated and uninformed as well.
So pick your idiots.They’re on both sides!
One other comment to the guns vs. gold issue….
Most who have gold would probably (likely) be of the mindset to own guns as well.
Gun shows are pretty busy these days and those selling guns have booths right next to the ones selling gold.
One other comment to the guns vs. gold issue….
Most who have gold would probably (likely) be of the mindset to own guns as well.
Gun shows are pretty busy these days and those selling guns have booths right next to the ones selling gold.
One other comment to the guns vs. gold issue….
Most who have gold would probably (likely) be of the mindset to own guns as well.
Gun shows are pretty busy these days and those selling guns have booths right next to the ones selling gold.
Worse than you think. The “numismatic” gold offered by these fly-by-nighters are almost certainly counterfeits coined in Saudi Arabia or Syria. Theyt’ve been at it for years.
NEVER by a US Gold Coin of numismstic value without having it autenticated and graded! NEVER!! You are asking to get fleeced. Counterfeits and falsely-graded coins everywhere.
Invest wisely!
Worse than you think. The “numismatic” gold offered by these fly-by-nighters are almost certainly counterfeits coined in Saudi Arabia or Syria. Theyt’ve been at it for years.
NEVER by a US Gold Coin of numismstic value without having it autenticated and graded! NEVER!! You are asking to get fleeced. Counterfeits and falsely-graded coins everywhere.
Invest wisely!
Some good advice Charley.
I was in the Philippines a couple years ago and bought some old flowing hair silver dollars for $1 each. They looked pretty dang real, all the way to the “aged” effect of the coin. Didn’t care if they were fake as I was only spending $1.
I brought them to a numismatist here and he said they were pretty good replicas, but there was one tell that made him know immediately they were fake’s. The weight of the coin.
Turns out they were made in China.
The only graded coins I would trust would be from PCGS or NGC, but that still doesn’t stop a Gold Dealer from taking you to the cleaners with their mark-up.
Some good advice Charley.
I was in the Philippines a couple years ago and bought some old flowing hair silver dollars for $1 each. They looked pretty dang real, all the way to the “aged” effect of the coin. Didn’t care if they were fake as I was only spending $1.
I brought them to a numismatist here and he said they were pretty good replicas, but there was one tell that made him know immediately they were fake’s. The weight of the coin.
Turns out they were made in China.
The only graded coins I would trust would be from PCGS or NGC, but that still doesn’t stop a Gold Dealer from taking you to the cleaners with their mark-up.
At times like this it is well to reflect upon the curious motto of the City and County of San Francisco: “Oro en paz, Ferro en guerra.” –which is to say: “In peace, gold; in war, iron.” That’s a very fond and actually descriptive account of that place’s role in history, yet I’ve often wondered whether an update might be in order, along the lines of “In peace, silicon; In war, plutonium”.
Makes sense to me…
At times like this it is well to reflect upon the curious motto of the City and County of San Francisco: “Oro en paz, Ferro en guerra.” –which is to say: “In peace, gold; in war, iron.” That’s a very fond and actually descriptive account of that place’s role in history, yet I’ve often wondered whether an update might be in order, along the lines of “In peace, silicon; In war, plutonium”.
Makes sense to me…
At times like this it is well to reflect upon the curious motto of the City and County of San Francisco: “Oro en paz, Ferro en guerra.” –which is to say: “In peace, gold; in war, iron.” That’s a very fond and actually descriptive account of that place’s role in history, yet I’ve often wondered whether an update might be in order, along the lines of “In peace, silicon; In war, plutonium”.
Makes sense to me…
At times like this it is well to reflect upon the curious motto of the City and County of San Francisco: “Oro en paz, Ferro en guerra.” –which is to say: “In peace, gold; in war, iron.” That’s a very fond and actually descriptive account of that place’s role in history, yet I’ve often wondered whether an update might be in order, along the lines of “In peace, silicon; In war, plutonium”.
Makes sense to me…
I’m a licensed and bonded gold coin dealer in Florida specializing in pre-1933 US numismatic coins. I charge a fee of 4-14% based on volume. I agree with everyone who thinks goldline is fleecing idiots. The point I wish to make is that everyone has operating expenses including advertising which is very expensive so unless you do a tremendous volume of business you just won’t stay in business offering fees much lower than mine.
I’m a licensed and bonded gold coin dealer in Florida specializing in pre-1933 US numismatic coins. I charge a fee of 4-14% based on volume. I agree with everyone who thinks goldline is fleecing idiots. The point I wish to make is that everyone has operating expenses including advertising which is very expensive so unless you do a tremendous volume of business you just won’t stay in business offering fees much lower than mine.
I’m a licensed and bonded gold coin dealer in Florida specializing in pre-1933 US numismatic coins. I charge a fee of 4-14% based on volume. I agree with everyone who thinks goldline is fleecing idiots. The point I wish to make is that everyone has operating expenses including advertising which is very expensive so unless you do a tremendous volume of business you just won’t stay in business offering fees much lower than mine.
I’m a licensed and bonded gold coin dealer in Florida specializing in pre-1933 US numismatic coins. I charge a fee of 4-14% based on volume. I agree with everyone who thinks goldline is fleecing idiots. The point I wish to make is that everyone has operating expenses including advertising which is very expensive so unless you do a tremendous volume of business you just won’t stay in business offering fees much lower than mine.
The United States, in America, quite resolutely are not an empire, but rather are something different. Those of you who charge the U.S. with imperialism are either simpletons or else just fools.
The United States, in America, quite resolutely are not an empire, but rather are something different. Those of you who charge the U.S. with imperialism are either simpletons or else just fools.
The United States, in America, quite resolutely are not an empire, but rather are something different. Those of you who charge the U.S. with imperialism are either simpletons or else just fools.
The United States, in America, quite resolutely are not an empire, but rather are something different. Those of you who charge the U.S. with imperialism are either simpletons or else just fools.
Hugo:
How about umpirists?
“Yer outa here!”
Hugo:
How about umpirists?
“Yer outa here!”
Unlike stocks which can be traded as computer entries, gold has to be dug up, refined, rolled out into blanks of proper purity and weight, made into coins which requires expensive machinery and custom die manufacuring, then packed and stored, all done under heavy armed security. Yet most jewelry items retail for triple keystone (300% of wholesale) so that even 1/2 off sales still bring 150% of cost. Beck needs serious mental health..and his relationship with Goldline reflects badly on the company…but Goldline’s pricing is reasonable in the industry.
Unlike stocks which can be traded as computer entries, gold has to be dug up, refined, rolled out into blanks of proper purity and weight, made into coins which requires expensive machinery and custom die manufacuring, then packed and stored, all done under heavy armed security. Yet most jewelry items retail for triple keystone (300% of wholesale) so that even 1/2 off sales still bring 150% of cost. Beck needs serious mental health..and his relationship with Goldline reflects badly on the company…but Goldline’s pricing is reasonable in the industry.
Unlike stocks which can be traded as computer entries, gold has to be dug up, refined, rolled out into blanks of proper purity and weight, made into coins which requires expensive machinery and custom die manufacuring, then packed and stored, all done under heavy armed security. Yet most jewelry items retail for triple keystone (300% of wholesale) so that even 1/2 off sales still bring 150% of cost. Beck needs serious mental health..and his relationship with Goldline reflects badly on the company…but Goldline’s pricing is reasonable in the industry.
Unlike stocks which can be traded as computer entries, gold has to be dug up, refined, rolled out into blanks of proper purity and weight, made into coins which requires expensive machinery and custom die manufacuring, then packed and stored, all done under heavy armed security. Yet most jewelry items retail for triple keystone (300% of wholesale) so that even 1/2 off sales still bring 150% of cost. Beck needs serious mental health..and his relationship with Goldline reflects badly on the company…but Goldline’s pricing is reasonable in the industry.
Frank obviously didn’t read my post. Goldline’s pricing is NOT reasonable. They are one of the most expensive companies in the industry. A little friendly suggestion for you: Commenting on things you obviously know nothing about will only make you look foolish. As a matter of fact; at the beginning of this blog there is a quote from another idiot; Glen Beck.
“Before I started turning you on to Goldline, I wanted to look them in the eye. This is a top notch organization that’s been in business since 1960.”
The funny thing is; it was illegal to own gold in this country in 1960 until after President Nixon took us off the gold standard in 1974 so what were they hypothetically doing over at Goldline back then selling cuff links? The answer is that Goldline didn’t exist prior to the mid 80′s regardless of what they pay their puppet Glen Beck to mislead the public. Their original parent company was founded in 1960 but was NOT in the gold business at that time. Goldline’s “trusted leader in gold for 50 years” bs is a totally false statement that at the minimum is extremely unethical and perhaps even illegal is someone was was to call them on it in court.
Frank obviously didn’t read my post. Goldline’s pricing is NOT reasonable. They are one of the most expensive companies in the industry. A little friendly suggestion for you: Commenting on things you obviously know nothing about will only make you look foolish. As a matter of fact; at the beginning of this blog there is a quote from another idiot; Glen Beck.
“Before I started turning you on to Goldline, I wanted to look them in the eye. This is a top notch organization that’s been in business since 1960.”
The funny thing is; it was illegal to own gold in this country in 1960 until after President Nixon took us off the gold standard in 1974 so what were they hypothetically doing over at Goldline back then selling cuff links? The answer is that Goldline didn’t exist prior to the mid 80′s regardless of what they pay their puppet Glen Beck to mislead the public. Their original parent company was founded in 1960 but was NOT in the gold business at that time. Goldline’s “trusted leader in gold for 50 years” bs is a totally false statement that at the minimum is extremely unethical and perhaps even illegal is someone was was to call them on it in court.
The US was taken off the gold standard by FDR in 1933, and that event maked the START of the ban on Americans owning gold BULLION. The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS during this period, and Goldline (then known as Deak-Perera) had a brisk business in the early 1960s selling the old gold rush 1 oz “double eagles” at $50 when the gold value was $35. Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices. By the way, I am a professional coin dealer since 1991, so you might want to heed your own advice to me about looking foolish for commenting about things you obviously know nothing about.
The US was taken off the gold standard by FDR in 1933, and that event maked the START of the ban on Americans owning gold BULLION. The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS during this period, and Goldline (then known as Deak-Perera) had a brisk business in the early 1960s selling the old gold rush 1 oz “double eagles” at $50 when the gold value was $35. Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices. By the way, I am a professional coin dealer since 1991, so you might want to heed your own advice to me about looking foolish for commenting about things you obviously know nothing about.
The US was taken off the gold standard by FDR in 1933, and that event maked the START of the ban on Americans owning gold BULLION. The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS during this period, and Goldline (then known as Deak-Perera) had a brisk business in the early 1960s selling the old gold rush 1 oz “double eagles” at $50 when the gold value was $35. Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices. By the way, I am a professional coin dealer since 1991, so you might want to heed your own advice to me about looking foolish for commenting about things you obviously know nothing about.
The US was taken off the gold standard by FDR in 1933, and that event maked the START of the ban on Americans owning gold BULLION. The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS during this period, and Goldline (then known as Deak-Perera) had a brisk business in the early 1960s selling the old gold rush 1 oz “double eagles” at $50 when the gold value was $35. Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices. By the way, I am a professional coin dealer since 1991, so you might want to heed your own advice to me about looking foolish for commenting about things you obviously know nothing about.
Frank Provasek said: “Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices.”
Frank, you are comparing apples to oranges. People don’t buy DVD’s with the intent of selling them at a later time for profit.
People do buy gold numismatic coins with the intent of selling them at a later time for profit. If there is a 30% premium on the coins, which Goldline charges (I know, I worked for them), then it takes the investor 40% in appreciation just to break even.
I realize your post was directed towards Michael Stabach’s comment, but I wanted to address your statement.
You may very well sell rare coins at a small premium. I don’t know. But I do know what Goldline does. Most people who buy from them don’t know what they’re buying or the true value of the coins they buy. For example, the bullion European coins Goldline sells at a 30% premium while other coin dealers sell them for a bullion spread.
Goldline is not “reasonable” in their pricing, but it is a dirty little secret that most don’t know what they are buying so Goldline (and many, many other coin dealers) get away with it.
I expose this scam in my book, “Buy Gold Safely.”
http://safelybuygold.com/gc.html
Frank Provasek said: “Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices.”
Frank, you are comparing apples to oranges. People don’t buy DVD’s with the intent of selling them at a later time for profit.
People do buy gold numismatic coins with the intent of selling them at a later time for profit. If there is a 30% premium on the coins, which Goldline charges (I know, I worked for them), then it takes the investor 40% in appreciation just to break even.
I realize your post was directed towards Michael Stabach’s comment, but I wanted to address your statement.
You may very well sell rare coins at a small premium. I don’t know. But I do know what Goldline does. Most people who buy from them don’t know what they’re buying or the true value of the coins they buy. For example, the bullion European coins Goldline sells at a 30% premium while other coin dealers sell them for a bullion spread.
Goldline is not “reasonable” in their pricing, but it is a dirty little secret that most don’t know what they are buying so Goldline (and many, many other coin dealers) get away with it.
I expose this scam in my book, “Buy Gold Safely.”
http://safelybuygold.com/gc.html
Frank Provasek said: “Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices.”
Frank, you are comparing apples to oranges. People don’t buy DVD’s with the intent of selling them at a later time for profit.
People do buy gold numismatic coins with the intent of selling them at a later time for profit. If there is a 30% premium on the coins, which Goldline charges (I know, I worked for them), then it takes the investor 40% in appreciation just to break even.
I realize your post was directed towards Michael Stabach’s comment, but I wanted to address your statement.
You may very well sell rare coins at a small premium. I don’t know. But I do know what Goldline does. Most people who buy from them don’t know what they’re buying or the true value of the coins they buy. For example, the bullion European coins Goldline sells at a 30% premium while other coin dealers sell them for a bullion spread.
Goldline is not “reasonable” in their pricing, but it is a dirty little secret that most don’t know what they are buying so Goldline (and many, many other coin dealers) get away with it.
I expose this scam in my book, “Buy Gold Safely.”
http://safelybuygold.com/gc.html
Frank Provasek said: “Old and rare (numismatic) gold coins have always sold for stiff premiums. Barnes & Noble charges $19.95 for some of the same DVDs I can buy for $13 at Target. But B&N’s price is still REASONABLE even though there might be better choices.”
Frank, you are comparing apples to oranges. People don’t buy DVD’s with the intent of selling them at a later time for profit.
People do buy gold numismatic coins with the intent of selling them at a later time for profit. If there is a 30% premium on the coins, which Goldline charges (I know, I worked for them), then it takes the investor 40% in appreciation just to break even.
I realize your post was directed towards Michael Stabach’s comment, but I wanted to address your statement.
You may very well sell rare coins at a small premium. I don’t know. But I do know what Goldline does. Most people who buy from them don’t know what they’re buying or the true value of the coins they buy. For example, the bullion European coins Goldline sells at a 30% premium while other coin dealers sell them for a bullion spread.
Goldline is not “reasonable” in their pricing, but it is a dirty little secret that most don’t know what they are buying so Goldline (and many, many other coin dealers) get away with it.
I expose this scam in my book, “Buy Gold Safely.”
http://safelybuygold.com/gc.html
Frank, I appreciate your “slinging” coins one at a time on ebay and coin shows. I run daily national TV commercials on CNN and/or Fox News Channel. With all due respect, my opinion of you is still the same. Get your facts straight and maybe my opinion will change. The fact that you’ve been in the business since 1991 and you have no clue as to history and the facts germane to your industry frustrate the hell out of me and make us all look like idiots. Your moronic post and Target vs. Barnes and Noble analogy support my position. For God’s sake Frank if you want to continue to post at least check some facts on the Internet first.
Let me give you some facts:
1. A Gold Standard by definition is a medium of exchange where paper notes are convertible into pre-set fixed quantities of gold. Therefore in 1933 President Roosevelt ESTABLISHED the gold standard not took us OFF the gold standard as your post incorrectly states. After World War II a similar system called the Bretton Woods Agreement was established and many countries fixed their exchange rates to the dollar which was fixed to the $35.00 per ounce price for gold.
2. In 1933 gold was banned in this country; however President Nixon ended the gold standard on August 15, 1971. President Ford signed a bill legalizing private ownership of gold that went into effect on December 31, 1974. Please note. One of my previous posts had a date error. During the gold ban it was illegal to own gold in this country, INCLUDING the pre 1933 minted US coins which were confiscated by President Roosevelt in 1933 and mostly melted down. The US gov’t estimates that 90% of the coins issued prior to 1933 were melted down during this period. (Frank mentions in his email: The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS If that statement was true then what exactly was confiscated in 1933 cuff links and wedding rings?)
3. Nicholas Deak, a New York banker, founded Deak Investor Services in 1960, however, was NOT in the gold business anywhere near that time. Deak-Perera International was primarily a gold bullion coin dealer in the 1980’s offering gold storage accounts at DDSC in Wilmington, DE and UBS in Switzerland.
Frank, I appreciate your “slinging” coins one at a time on ebay and coin shows. I run daily national TV commercials on CNN and/or Fox News Channel. With all due respect, my opinion of you is still the same. Get your facts straight and maybe my opinion will change. The fact that you’ve been in the business since 1991 and you have no clue as to history and the facts germane to your industry frustrate the hell out of me and make us all look like idiots. Your moronic post and Target vs. Barnes and Noble analogy support my position. For God’s sake Frank if you want to continue to post at least check some facts on the Internet first.
Let me give you some facts:
1. A Gold Standard by definition is a medium of exchange where paper notes are convertible into pre-set fixed quantities of gold. Therefore in 1933 President Roosevelt ESTABLISHED the gold standard not took us OFF the gold standard as your post incorrectly states. After World War II a similar system called the Bretton Woods Agreement was established and many countries fixed their exchange rates to the dollar which was fixed to the $35.00 per ounce price for gold.
2. In 1933 gold was banned in this country; however President Nixon ended the gold standard on August 15, 1971. President Ford signed a bill legalizing private ownership of gold that went into effect on December 31, 1974. Please note. One of my previous posts had a date error. During the gold ban it was illegal to own gold in this country, INCLUDING the pre 1933 minted US coins which were confiscated by President Roosevelt in 1933 and mostly melted down. The US gov’t estimates that 90% of the coins issued prior to 1933 were melted down during this period. (Frank mentions in his email: The ban was lifted by President Ford in 1974. But Americans could always legally own pre-1933 US gold COINS If that statement was true then what exactly was confiscated in 1933 cuff links and wedding rings?)
3. Nicholas Deak, a New York banker, founded Deak Investor Services in 1960, however, was NOT in the gold business anywhere near that time. Deak-Perera International was primarily a gold bullion coin dealer in the 1980’s offering gold storage accounts at DDSC in Wilmington, DE and UBS in Switzerland.
I forgot to mention Frank’s even got his own website. Last updated on December 27, 2008. It looks like Frank and some kid about 12 years old spent all day copy and pasting this masterpiece together. And you what the url is? Just google Frank Provasek
If anyone is interested, my National Discount Coins website is updated daily.
I forgot to mention Frank’s even got his own website. Last updated on December 27, 2008. It looks like Frank and some kid about 12 years old spent all day copy and pasting this masterpiece together. And you what the url is? Just google Frank Provasek
If anyone is interested, my National Discount Coins website is updated daily.
I forgot to mention Frank’s even got his own website. Last updated on December 27, 2008. It looks like Frank and some kid about 12 years old spent all day copy and pasting this masterpiece together. And you what the url is? Just google Frank Provasek
If anyone is interested, my National Discount Coins website is updated daily.
Anybody still thinking there’s a chance for us humans to do better? The above exchange ought to illuminate the possibilities. Given the character evidence presented by both parties, I wouldn’t want to enter into a consensual uncoerced transaction with either one.
And there’s just an infinite, or darn near, number of similar anonymous, faceless exchanges filling the bitstream. Including my own.
Where’s an organizing principle, other than maybe the oral administration of a bar of Dial soap, that might bring a little less humanity and a little more humane-ness into the mix?
Anybody still thinking there’s a chance for us humans to do better? The above exchange ought to illuminate the possibilities. Given the character evidence presented by both parties, I wouldn’t want to enter into a consensual uncoerced transaction with either one.
And there’s just an infinite, or darn near, number of similar anonymous, faceless exchanges filling the bitstream. Including my own.
Where’s an organizing principle, other than maybe the oral administration of a bar of Dial soap, that might bring a little less humanity and a little more humane-ness into the mix?
Anybody still thinking there’s a chance for us humans to do better? The above exchange ought to illuminate the possibilities. Given the character evidence presented by both parties, I wouldn’t want to enter into a consensual uncoerced transaction with either one.
And there’s just an infinite, or darn near, number of similar anonymous, faceless exchanges filling the bitstream. Including my own.
Where’s an organizing principle, other than maybe the oral administration of a bar of Dial soap, that might bring a little less humanity and a little more humane-ness into the mix?
Michael,
No offense, but you have a different view of the original gold standard than the constitution.
The original gold standard was described in Article 1 Section 10: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;” http://www.usconstitution.net/xconst_A1Sec10.html
Naturally I know you are aware of this.
A common misconception of the gold standard is that it is “paper backed by gold.” This was not the original intent of the Founding Fathers and every attempt at doing so has failed.
Technically, the “backed by” gold standard ended when they changed the currency verbiage to go from “redeemed in gold coin or silver” to payable in “dollars” and eventually dropping that language to just saying “one dollar” as “legal tender” for “all debts public and private.”
You won’t find the word “dollar” in the constitution except for Article 1 Section 9 Clause One; “the famous slave tax provision, that provided a tax or duty might be imposed on the importation of slaves, not exceeding ten dollars for each person.” http://fame.org/HTM/Edwin%20Vieira%20Speech%20to%20the%20Rotary%20Club%20of%20NY%203-25-03.htm
The word dollar evolved from….ah nevermind…you know all this….
Just pointing out that the gold standard is not technically defined as “backed by.”
I did write an article explaining what really backs the U.S. Dollar here: http://fedupbook.com/blog/economy/what-really-backs-the-us-dollar/
It looks like you might be one of the good guys….
Cheers!
Doug
P.S. Re: #2, gold was banned, but citizens could still keep $100 worth in 1933, which would be the equivalent of about $5,500 worth today (bullion value).
Michael,
No offense, but you have a different view of the original gold standard than the constitution.
The original gold standard was described in Article 1 Section 10: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;” http://www.usconstitution.net/xconst_A1Sec10.html
Naturally I know you are aware of this.
A common misconception of the gold standard is that it is “paper backed by gold.” This was not the original intent of the Founding Fathers and every attempt at doing so has failed.
Technically, the “backed by” gold standard ended when they changed the currency verbiage to go from “redeemed in gold coin or silver” to payable in “dollars” and eventually dropping that language to just saying “one dollar” as “legal tender” for “all debts public and private.”
You won’t find the word “dollar” in the constitution except for Article 1 Section 9 Clause One; “the famous slave tax provision, that provided a tax or duty might be imposed on the importation of slaves, not exceeding ten dollars for each person.” http://fame.org/HTM/Edwin%20Vieira%20Speech%20to%20the%20Rotary%20Club%20of%20NY%203-25-03.htm
The word dollar evolved from….ah nevermind…you know all this….
Just pointing out that the gold standard is not technically defined as “backed by.”
I did write an article explaining what really backs the U.S. Dollar here: http://fedupbook.com/blog/economy/what-really-backs-the-us-dollar/
It looks like you might be one of the good guys….
Cheers!
Doug
P.S. Re: #2, gold was banned, but citizens could still keep $100 worth in 1933, which would be the equivalent of about $5,500 worth today (bullion value).
Michael,
No offense, but you have a different view of the original gold standard than the constitution.
The original gold standard was described in Article 1 Section 10: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;” http://www.usconstitution.net/xconst_A1Sec10.html
Naturally I know you are aware of this.
A common misconception of the gold standard is that it is “paper backed by gold.” This was not the original intent of the Founding Fathers and every attempt at doing so has failed.
Technically, the “backed by” gold standard ended when they changed the currency verbiage to go from “redeemed in gold coin or silver” to payable in “dollars” and eventually dropping that language to just saying “one dollar” as “legal tender” for “all debts public and private.”
You won’t find the word “dollar” in the constitution except for Article 1 Section 9 Clause One; “the famous slave tax provision, that provided a tax or duty might be imposed on the importation of slaves, not exceeding ten dollars for each person.” http://fame.org/HTM/Edwin%20Vieira%20Speech%20to%20the%20Rotary%20Club%20of%20NY%203-25-03.htm
The word dollar evolved from….ah nevermind…you know all this….
Just pointing out that the gold standard is not technically defined as “backed by.”
I did write an article explaining what really backs the U.S. Dollar here: http://fedupbook.com/blog/economy/what-really-backs-the-us-dollar/
It looks like you might be one of the good guys….
Cheers!
Doug
P.S. Re: #2, gold was banned, but citizens could still keep $100 worth in 1933, which would be the equivalent of about $5,500 worth today (bullion value).
Michael,
No offense, but you have a different view of the original gold standard than the constitution.
The original gold standard was described in Article 1 Section 10: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;” http://www.usconstitution.net/xconst_A1Sec10.html
Naturally I know you are aware of this.
A common misconception of the gold standard is that it is “paper backed by gold.” This was not the original intent of the Founding Fathers and every attempt at doing so has failed.
Technically, the “backed by” gold standard ended when they changed the currency verbiage to go from “redeemed in gold coin or silver” to payable in “dollars” and eventually dropping that language to just saying “one dollar” as “legal tender” for “all debts public and private.”
You won’t find the word “dollar” in the constitution except for Article 1 Section 9 Clause One; “the famous slave tax provision, that provided a tax or duty might be imposed on the importation of slaves, not exceeding ten dollars for each person.” http://fame.org/HTM/Edwin%20Vieira%20Speech%20to%20the%20Rotary%20Club%20of%20NY%203-25-03.htm
The word dollar evolved from….ah nevermind…you know all this….
Just pointing out that the gold standard is not technically defined as “backed by.”
I did write an article explaining what really backs the U.S. Dollar here: http://fedupbook.com/blog/economy/what-really-backs-the-us-dollar/
It looks like you might be one of the good guys….
Cheers!
Doug
P.S. Re: #2, gold was banned, but citizens could still keep $100 worth in 1933, which would be the equivalent of about $5,500 worth today (bullion value).
Looks like Glenn Beck has some conflict of interest issues with Goldline. Wonder if Mark Levin does too???
http://news.yahoo.com/s/ynews/20091208/ts_ynews/ynews_ts1022
Looks like Glenn Beck has some conflict of interest issues with Goldline. Wonder if Mark Levin does too???
http://news.yahoo.com/s/ynews/20091208/ts_ynews/ynews_ts1022
Looks like Glenn Beck has some conflict of interest issues with Goldline. Wonder if Mark Levin does too???
http://news.yahoo.com/s/ynews/20091208/ts_ynews/ynews_ts1022
Looks like Glenn Beck has some conflict of interest issues with Goldline. Wonder if Mark Levin does too???
http://news.yahoo.com/s/ynews/20091208/ts_ynews/ynews_ts1022
I purchased $140,000. woth of Gold frn Goldline. In the end when I went to pick up the gold, they shorted me $20,000.worth of gold.
I purchased $140,000. woth of Gold frn Goldline. In the end when I went to pick up the gold, they shorted me $20,000.worth of gold.
I purchased $140,000. woth of Gold frn Goldline. In the end when I went to pick up the gold, they shorted me $20,000.worth of gold.