Showing posts with label gold and silver purchases. Show all posts
Showing posts with label gold and silver purchases. Show all posts
Tuesday, June 14, 2011
Monday, May 23, 2011
Utah Legalizes Gold, Silver Coins As Currency
Associated Press
SALT LAKE CITY — Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being "as good as gold."
To make that point, they've turned it around, and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes.
Craig Franco hopes to cash in on it with his Utah Gold and Silver Depository, and he thinks others will soon follow.
The idea is simple: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.
He plans to open for business June 1, likely the first of its kind in the country.
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Tuesday, May 3, 2011
Thursday, April 7, 2011
Wednesday, April 6, 2011
Thursday, March 24, 2011
Sunday, March 20, 2011
Thursday, March 10, 2011
Wednesday, March 9, 2011
Monday, December 27, 2010
Monetary Revolution Begins With Competing Currencies
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| Mich. Man Buys $25 Gas with Ron Paul Silver Coin |
Activist Post
In recent interviews, Congressman Ron Paul has been promoting the idea of legalizing competing currencies in the process of diffusing the Federal Reserve's monopoly over money.
As the Fed's strongest political critic, Paul will now be in a position as the new Chairman of the House Subcommittee on Domestic Monetary Policy to enforce more transparency and push for alternative currencies to compete with the dollar.
Already, his unprecedented measure to audit the Fed was passed in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Despite being a watered down version from the original with 300-plus cosponsors in the House, it will still accomplish more transparency of the Fed. Paul has also introduced a lesser-known piece of legislation that he says is vital to reforming monetary policy and restoring economic freedom: the Free Competition in Currency Act of 2009 (HR 4248).
The premise of this bill is that private or public monopolies are naturally destructive to freedom, especially when that monopoly can legally counterfeit the nation's currency with little oversight. Paul says during his floor statement to introduce the bill that the Federal Reserve is a "dangerous organization" that "does not allow competition because they know they can't compete."
Bill HR 4248 will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies.
Paul adds that it will provide a smooth transition away from the Fed, pointing out that "if nobody wanted to use them (competing currencies), they wouldn't have to, and everybody could be happy with the Federal Reserve. But if the situation gets so chaotic that the people are looking for an alternative, they can go over to start operating in another currency."
Obviously, coins made with precious metals will maintain, or increase, in value should the world reserve currency, the U.S. dollar, continue its decline. It is this store-of-wealth component and Constitutional obligation to pay all debts in silver or gold coinage that drives Paul's monetary philosophy. And although he prefers the private production of coinage, his proposal to de-monopolize the Fed through competition does not discriminate against paper or public alternative currencies.
Some regional paper currencies have already been in circulation for years such as Ithaca HOURS and BerkShares. According to the HOURS organization, local currencies are perfectly legal "as long as it does not look like dollars, as long as denominations are at least $1.00 value, and if it is regarded as taxable income." In other words, they are essentially tied to U.S. dollars and must be taxed the same.
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| Ithaca 2 HOUR Note |
The organization offers one-year, interest-free loans to local businesses. The supply of HOURS increases with these short-term loans, by issuing grants for local nonprofit organizations, a 5% annual operating/printing fee paid to a local printer, and when members sign up or renew memberships where they receive 2 - 4 HOURS for doing so. HOURS are not redeemable for dollars in banks in order to encourage local commerce.
In contrast, BerkShares, used in western Massachusetts, are directly redeemable in dollars at several participating banks. Their official website describes them as:
BerkShares are a tool for community empowerment, enabling merchants and consumers to plant the seeds for an alternative economic future for their communities. Launched in the fall of 2006, BerkShares had a robust initiation, with over one million BerkShares having been circulated in the first nine months and over 2.7 million to date. Currently, more than four hundred businesses have signed up to accept the currency. Five different banks have partnered with BerkShares, with a total of thirteen branch offices now serving as exchange stations.
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| BerkShares Being Printed |
Although Ron Paul specifically mentions allowing private coinage of precious metals, these regional paper currencies provide an important alternative exchange structure should the dollar collapse. It is said that these competing currencies are backed by local relationships and labor, but it seems it was their peg to the dollar that helped early skeptics trust their value. Now that the motivation for creating currency alternatives to the Federal Reserve note is rooted in the instability of the dollar, it will be interesting to see if these communities maintain faith in their value should the dollar fail in dramatic fashion.
Western Michigan is one region that has been increasingly accepting silver or gold as a competing currency for local goods and services. A man even paid for $25 of gasoline with a half-ounce silver "barter medallion" bearing Ron Paul's likeness:
Another benefit of using gold and silver as a regional competing currency is that their value is border-less, whereas a new paper-currency may have difficulty expanding trust in times of lost faith in the fiat dollar. However, the established infrastructure for alternative paper currencies may prove to be a quicker regional solution should a dollar crisis unfold rapidly.
Ultimately, the principle of competition is of utmost importance for monetary reform. The argument is that when free market principles take hold, the most stable and trustworthy alternative currencies will likely grow in scale and coverage, yet their competition will continue to keep them honest.
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Tuesday, December 14, 2010
Gold May Beat Silver, Lifting Ratio by as Much as 20%: Technical Analysis
Bloomberg
Gold may outperform silver, lifting the ratio between the two metals by as much as 20 percent, according to technical analysis by Societe Generale SA.
The attached chart shows the ratio of gold to silver steadied after dropping as low as 46.6 last week, near a two- year channel support line and the lows of 2008 and 1999. The second chart shows the ratio may climb to between about 56 and 58, which are retracement levels of the decline from June that are singled out in so-called Fibonacci analysis.
“The gold-silver ratio reached an important support at 47.5/46,” said Stephanie Aymes, a cross-commodity technical analyst with Societe Generale in London. “Gold will outperform silver to 56/58.”
An ounce of gold bought as little as 46.6 ounces of silver in London on Dec. 7, the least in almost four years. Precious metals gained this year on demand for a protection of wealth and an alternative to currencies. Some investors betting that silver may benefit from an economic recovery pushed the metal’s 2010 advance to 70 percent, outperforming gold’s 26 percent gain. Silver is used more in industry than gold.
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Thursday, December 9, 2010
Will the gold price go higher?
The price of gold has risen 27% this year and gold funds have returned up to 90%.
Richard Evans
Telegraph
Gold has had an incredible year. The price on the last trading day of 2009 stood at $1,085 an ounce; it has since risen to about $1,380, a rise of 27pc.
It has been higher still: the gold price struck its highest ever level of $1,421 on November 9.
There doesn't seem to be much doubt about the cause of this bull market. All the analysts we spoke to agreed that "quantitative easing" – or printing money – by central banks had sparked fears over the value of paper currencies, spurring investors to switch to more tangible assets.
By acting as a trusted store of value in times of uncertainty, gold was reverting to its ancient role. In particular, investors were using it as a hedge against inflation.
"Gold's rise this year has been driven by the big events in the global economy," said Daniel Brebner of Deutsche Bank, who has had a successful year when it comes to predicting the gold price. "The first and second bouts of quantitative easing by America's Federal Reserve changed investors' perception of the value of the dollar and their expectations about inflation."
He pointed out that, while the Fed's actions had attracted the most attention, other central banks had worked to loosen monetary policy, encouraging inflation. "The European Central Bank has provided a trillion dollars of funding, while China has been boosting its money supply," said Mr Brebner.
"All these actions have the same effect: they reduce faith in the value of money."
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Telegraph
Gold has had an incredible year. The price on the last trading day of 2009 stood at $1,085 an ounce; it has since risen to about $1,380, a rise of 27pc.
It has been higher still: the gold price struck its highest ever level of $1,421 on November 9.
There doesn't seem to be much doubt about the cause of this bull market. All the analysts we spoke to agreed that "quantitative easing" – or printing money – by central banks had sparked fears over the value of paper currencies, spurring investors to switch to more tangible assets.
By acting as a trusted store of value in times of uncertainty, gold was reverting to its ancient role. In particular, investors were using it as a hedge against inflation.
"Gold's rise this year has been driven by the big events in the global economy," said Daniel Brebner of Deutsche Bank, who has had a successful year when it comes to predicting the gold price. "The first and second bouts of quantitative easing by America's Federal Reserve changed investors' perception of the value of the dollar and their expectations about inflation."
He pointed out that, while the Fed's actions had attracted the most attention, other central banks had worked to loosen monetary policy, encouraging inflation. "The European Central Bank has provided a trillion dollars of funding, while China has been boosting its money supply," said Mr Brebner.
"All these actions have the same effect: they reduce faith in the value of money."
Read Full Article
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Saturday, December 4, 2010
Want JP Morgan to crash? Buy silver
The campaign to buy silver and force JP Morgan into bankruptcy could work, because of the liabilities accrued by its short-selling
Max Keiser
Guardian
For decades, the world's banking system has been on a fiat currency standard that has led to banks that are "too big to fail". They have overreached their remit of providing loans and have leeched into the political system, using our money to change the political agenda in ways that boost bank management's compensation over the interests of their depositors.
Over the past 11 years, the Gata (Gold Anti-Trust Action) committee has worked to reveal the silver/gold price suppression scheme; thanks to whistleblower Andrew Maguire in London, an investigation has been opened. As part of the ongoing exposé, it has now become clear that JP Morgan is sitting on what is estimated to be 3.3bn ounce "short" position in silver (which they have sold short, meaning they don't own it to begin with) in an attempt to keep the price artificially low in order to keep the relative appeal of the dollar and other fiat currencies high. The potential liability for JP Morgan has been an open secret for a few years.
On my show, Keiser Report, I recently invitedMichael Krieger, a regular contributor of Zero Hedge (the WikiLeaks of finance). We posited that if 5% of the world's population each bought a one-ounce coin of silver, JP Morgan would be forced to cover their shorts – an estimated $1.5tn liability – against their market capital of $150bn, and the company would therefore go bankrupt. A few days later, I suggested on the Alex Jones show that he launch a "Google bomb" with the key phrase "crash jp morgan buy silver".
Within a couple of hours, it went viral and hundreds of videos have been made to support the campaign.
Right now, silver eagle sales for the month of November hit an all-time record high and theavailability of silver on a wholesale level is drying up. The most important indicator is the price itself – holding just under a 30-year high. With each uptick JP Morgan gets closer to going bust or requiring a bailout.
Here's how the campaign works: wealth tied to a fiat currency is easily overwhelmed by wealth tied to silver and gold. And the world is waking up to the fact that they have the ability, without government assistance or other interference, to create a new precious metals-based backed currency system by simply converting their fiat paper into real money.
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 |
| Image: Woodpile Report |
Guardian
For decades, the world's banking system has been on a fiat currency standard that has led to banks that are "too big to fail". They have overreached their remit of providing loans and have leeched into the political system, using our money to change the political agenda in ways that boost bank management's compensation over the interests of their depositors.
Over the past 11 years, the Gata (Gold Anti-Trust Action) committee has worked to reveal the silver/gold price suppression scheme; thanks to whistleblower Andrew Maguire in London, an investigation has been opened. As part of the ongoing exposé, it has now become clear that JP Morgan is sitting on what is estimated to be 3.3bn ounce "short" position in silver (which they have sold short, meaning they don't own it to begin with) in an attempt to keep the price artificially low in order to keep the relative appeal of the dollar and other fiat currencies high. The potential liability for JP Morgan has been an open secret for a few years.
On my show, Keiser Report, I recently invitedMichael Krieger, a regular contributor of Zero Hedge (the WikiLeaks of finance). We posited that if 5% of the world's population each bought a one-ounce coin of silver, JP Morgan would be forced to cover their shorts – an estimated $1.5tn liability – against their market capital of $150bn, and the company would therefore go bankrupt. A few days later, I suggested on the Alex Jones show that he launch a "Google bomb" with the key phrase "crash jp morgan buy silver".
Within a couple of hours, it went viral and hundreds of videos have been made to support the campaign.
Right now, silver eagle sales for the month of November hit an all-time record high and theavailability of silver on a wholesale level is drying up. The most important indicator is the price itself – holding just under a 30-year high. With each uptick JP Morgan gets closer to going bust or requiring a bailout.
Here's how the campaign works: wealth tied to a fiat currency is easily overwhelmed by wealth tied to silver and gold. And the world is waking up to the fact that they have the ability, without government assistance or other interference, to create a new precious metals-based backed currency system by simply converting their fiat paper into real money.
Read Full Article
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