I never said it became worthless. Where do you make this shit up at?
sensible bank regulation
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Your financial assets are not doomed to suffer the evils of inflation. The people touting their precious metals gains know exactly what I mean--what inflation? None for you. None for a lot of people who manage it well.
I asked you and NoDrama to provide me with a single scrap of evidence on that. Neither of you succeeded--not a single token of proof. Nothing.
Don't make claims you can't substantiate, they just make you look foolish.
SlaveNoMore
Active Member
That's funny because I actually barter for raw milk. Two pounds of deer sausage get me 3 gallons of raw milk. Simply delicious you guys gotta try it.
You never asked me shit.
But here you go:
http://www.zerohedge.com/news/2013-07-06/jp-morgan-vault-gold-drops-new-record-low-brinks-gold-plunges-24-one-day
http://www.zerohedge.com/article/water-meet-blood-jp-morgan-admits-reduces-massive-silver-short-position-proves-millions-cons
http://www.silverdoctors.com/alert-jp-morgan-increases-slv-holdings-by-500/
http://blog.milesfranklin.com/jp-morgans-silver-position
When you short 150 million ounces, that means you have 150 million ounces to short. JP never had even had fraction of that as the custodian.
Read it and weep.
What is this "as money" distinction you just introduced? Maybe you need to re-read your original statement: "Not only could it, it has and still is being used as currency every day in every country in the world. In fact every central bank holds most of it as ........money!" In reference to gold. Did not mean to say that most gold is held by central banks as money? Because that's what you said. In reality, central banks hold a fraction of the world's gold. Most of it is jewelery. That's what gold is actually used for, not as money--as a decoration, an extravagance, a needless luxury.
You want to say "as money" to deny the reality of how gold is used? That's senseless. Sorry, but most of it isn't used as money. The vast majority of gold isn't used as money. Fact. Absolutely undeniable reality.
I dunno what kind of ditch weed you been smoking, but my silver is still at 400% profit. Oh look its up even more.
So you think the gold that central banks hold is as jewelry? Really? you know you're kind of stupid right?
I never said that most of the gold in the world is used as money, i said that most of the gold that central banks hold is held as money. You then make the statement that its mostly jewelry. I don't think you actually know what you are arguing, Me thinks you got very confused a few pages back.
Edit: China and India are the two largest users of gold in the world. In China and India, Jewelry made of gold IS MONEY.
Except that's absolutely false. Congress could pass a statute tomorrow saying otherwise and it would be so.
cannabineer
Ursus marijanus
gawd now THAT sounds like a PARTY. cn
kpmarine
Well-Known Member
True, they don't do shit. However, there is a big difference between being having no oversight; and not exercising your powers of oversight.
Harrekin
Well-Known Member
Except they're constitutionally oblidged to oversee the money.
But your politicians don't give a shit about the US Constitution, do they?
kpmarine
Well-Known Member
The constitution doesn't say how often. They check things out once in a while, but really do nothing. It's frustrating, but how much change do people expect when they're electing career politicians? Those people are (for the most part) there for them, not us.
They COULD? This isn't about what COULD be, its about what IS. You can fantasize all you want, but your still 100% WRONG
Why don't they? Without the Fed, most politicians could never be elected. The Fed enables the Government to spend beyond its means, without the Fed the politicians would have to actually stop spending, that won't get them elected.
So as far as your little fantasy goes, never gonna happen.
You should read the Constitution once in a while.
Article 1, section 9
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.
Don't you say the United States defaulted, declared bankruptcy, etc., in 1913 when it created the Fed, when it abandoned the gold standard in the 1970s; don't you say that the currency ceased to be and became something else?
What does it mean to default if the currency didn't become worthless? You tell me.
You were the one who said that the current dollar can buy a million dollars worth of gold.
You said that the US dollar from 1913 was made of pure gold at 50 troy ounces, but was only able to buy a grain of rice.
You said that congress regularly spends 130 trillion dollars at Brooks Brothers each day.
You said that Barack Obama was a white trashy prostitute.
Anything I missed?
I certainly did ask, and neither of you provided anything. On to the substance, this is from your own link:
"The CFTCs Bank Participation Report shows that one or more US banks held a gross short silver futures position equal to 19.1 per cent of the total number of outstanding contracts in early December. In January the share was 30.2 per cent.
The CFTC only reports data for the US silver futures market, a small corner of the global derivatives market for the precious metal, which is centred in London and largely traded via private over-the-counter deals. The data also do not cover transactions in the physical market.
Analysts and traders said that JPMorgans large short positions on New Yorks Comex exchange, a division of Nymex, were hedges for the banks long positions in physical silver and Londons over-the-counter market.
JPMorgan has invested nearly $3bn over the past two years in its commodities business led by Blythe Masters."
According to the Financial Times, the short positions are hedges for long positions in London. There's the answer to your question.
Your first link talks about the fact that gold is being withdrawn from the depositories. Doesn't this imply that it's being physically delivered to other parties? Don't forget, the dispute was about whether physical delivery ever take places. You all were saying no, no, no, even though the contract doesn't provide for cash settlement; substantial reductions in the inventories of the depositories seems fully consistent with delivery to me.
My point was that lots of people with assets and investments will have no problem beating inflation.
I never said that.
And no, that wasn't your initial statement. I said gold could not practically be used as currency; you said yes it could, that central banks hold most gold as money. I already quoted what you said in the previous post, and that was it. All I pointed out was that most gold is not held by central banks or as money.
Whatever you want to say, it's not held by central banks, so why does it matter?
The constitution requires the congress to oversee a lot of things. Many of them, like money, have been delegated to other agencies. The oversight hearings are part of the constitutionally required oversight for the delegation of power to be proper. It's not different than many other powers that congress has passed other people.