Help w/buying gold

[partypup]

And so it begins…looks like we’ve got a few “cave men”in Montana 😉

Now, I’m not saying that this legislation will pass or that it will not be challenged constitutionally by the Feds. But what I AM saying is that there is a sea change occurring. People externally AND internally are beginning to question the stability and future of the dollar.

Jpinpb, you asked whether the general public is already buying gold. They may not be buying en masse yet, but when states begin to lose confidence in their nation’s currency, I believe that the loss of the peoples’ confidence will soon follow.

“Proposed bill slams Fed, allows payments in precious metals
Posted: March 16, 2009
10:39 pm Eastern

By Drew Zahn

Montana State Rep. Bob Wagner

A bill being considered in the Montana Legislature blasts the Federal Reserve’s role in America’s money policy and permits the state to conduct business in gold and silver instead of the Fed’s legal tender notes.

Montana H.B. 639, sponsored by State Rep. Bob Wagner, R-Harrison, doesn’t require the state or citizens to conduct business in gold or silver, but it does require the state to calculate certain transactions in both the current legal tender system and in an electronic gold currency. It further mandates that the state must accept payments in gold or silver for various fees and purchases.

While Wagner was unavailable for comment, the bill’s language clearly alleges the nation’s current financial system, with its reliance on the private Federal Reserve system for money supply, is a danger to American freedom.

“The absence of gold and silver coin, whether in that form or in the form of an electronic gold currency, as media of exchange,” the bill states, “abridges, infringes on and interferes with the sovereignty and independence of this state … and exposes this state and Montana citizens, inhabitants and businesses to chronic problems and potentially serious crises that may arise from the economic and political instability of the present domestic and international systems of coinage, currency, banking and credit.”

Further, the bill states, relying only on the depreciating legal tender issued by the Fed subjects citizens to “losses in purchasing power” inflicted by the government, a dilemma the bill says amounts to the “incremental confiscation” of property by government in violation of the U.S. Constitution’s protections for just compensation and due process.

The Fifth Amendment states, “No person shall be … deprived of life, liberty or property, without due process of law; nor shall private property be taken for public use, without just compensation.”

Critics of the current financial system argue that using Federal Reserve notes as legal tender, rather than gold- or silver-backed currency, means the value of Americans’ money – and thus their “property” – is siphoned away by inflation, a process perpetuated by the government’s reliance on legal tender. Gold and silver, critics say, don’t lose their value on the whims of the Federal Reserve.

U.S. Rep. Ron Paul, R-Texas, even favors abolishing the Fed’s system of fiat currency to return to dollars backed by gold.

“Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar,” the Texas Republican said. “Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.

“How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation,” he said.

Wagner joins legislators in several other states encouraging their respective governments to reconsider accepting gold as a form of payment. Indiana’s S.B. 453, Colorado’s H.B. 09-1206, Missouri’s H.B. 0561, Georgia’s H.B. 430 and Maryland’s H.J.R. 5 are among the gold currency bills introduced just this year in various legislatures.

Montana’s H.B. 639 has been referred to the Legislature’s State Administration Committee.”

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=92000

[partypup]

[quote=peterb]Buying gold as an investment vehicle is not the idea. It’s a value holder. An oz still buys what it has always bought. Think purchasing power. The US$ and other fiats buy about 5 cents of what they originally bought. So it’s an insurance policy against monetary fading or all out collapse. [/quote]

Exactly. My gold portfolio has doubled since 2006. I can now buy twice as many dollars as I used to. Does that mean I am twice as wealthy as I was? Not at all. It simply means that I have retained my wealth in 2006 dollars while others have become poorer.

Insurance – pure and simple.

[partypup]

[quote=peterb]Buying gold as an investment vehicle is not the idea. It’s a value holder. An oz still buys what it has always bought. Think purchasing power. The US$ and other fiats buy about 5 cents of what they originally bought. So it’s an insurance policy against monetary fading or all out collapse. [/quote]

Exactly. My gold portfolio has doubled since 2006. I can now buy twice as many dollars as I used to. Does that mean I am twice as wealthy as I was? Not at all. It simply means that I have retained my wealth in 2006 dollars while others have become poorer.

Insurance – pure and simple.

[partypup]

[quote=peterb]Buying gold as an investment vehicle is not the idea. It’s a value holder. An oz still buys what it has always bought. Think purchasing power. The US$ and other fiats buy about 5 cents of what they originally bought. So it’s an insurance policy against monetary fading or all out collapse. [/quote]

Exactly. My gold portfolio has doubled since 2006. I can now buy twice as many dollars as I used to. Does that mean I am twice as wealthy as I was? Not at all. It simply means that I have retained my wealth in 2006 dollars while others have become poorer.

Insurance – pure and simple.

[partypup]

[quote=peterb]Buying gold as an investment vehicle is not the idea. It’s a value holder. An oz still buys what it has always bought. Think purchasing power. The US$ and other fiats buy about 5 cents of what they originally bought. So it’s an insurance policy against monetary fading or all out collapse. [/quote]

Exactly. My gold portfolio has doubled since 2006. I can now buy twice as many dollars as I used to. Does that mean I am twice as wealthy as I was? Not at all. It simply means that I have retained my wealth in 2006 dollars while others have become poorer.

Insurance – pure and simple.

[partypup]

[quote=peterb]Buying gold as an investment vehicle is not the idea. It’s a value holder. An oz still buys what it has always bought. Think purchasing power. The US$ and other fiats buy about 5 cents of what they originally bought. So it’s an insurance policy against monetary fading or all out collapse. [/quote]

Exactly. My gold portfolio has doubled since 2006. I can now buy twice as many dollars as I used to. Does that mean I am twice as wealthy as I was? Not at all. It simply means that I have retained my wealth in 2006 dollars while others have become poorer.

Insurance – pure and simple.

[Arraya]

I popped into CNBC earlier to look at the tape, and their breaking news was: Geitner says US open to Global currency, dollar drops, I read denningers “End Game Nears” and it switched to “Geitner not endorsing global currency despite earlier reports”…

On Monday I heard a Chinese central banker type assuring world that dollar was their favoritest investment, not to worry, and then yesterday official statments floating a new global reserve currency. When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[Arraya]

I popped into CNBC earlier to look at the tape, and their breaking news was: Geitner says US open to Global currency, dollar drops, I read denningers “End Game Nears” and it switched to “Geitner not endorsing global currency despite earlier reports”…

On Monday I heard a Chinese central banker type assuring world that dollar was their favoritest investment, not to worry, and then yesterday official statments floating a new global reserve currency. When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[Arraya]

I popped into CNBC earlier to look at the tape, and their breaking news was: Geitner says US open to Global currency, dollar drops, I read denningers “End Game Nears” and it switched to “Geitner not endorsing global currency despite earlier reports”…

On Monday I heard a Chinese central banker type assuring world that dollar was their favoritest investment, not to worry, and then yesterday official statments floating a new global reserve currency. When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[Arraya]

I popped into CNBC earlier to look at the tape, and their breaking news was: Geitner says US open to Global currency, dollar drops, I read denningers “End Game Nears” and it switched to “Geitner not endorsing global currency despite earlier reports”…

On Monday I heard a Chinese central banker type assuring world that dollar was their favoritest investment, not to worry, and then yesterday official statments floating a new global reserve currency. When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[Arraya]

I popped into CNBC earlier to look at the tape, and their breaking news was: Geitner says US open to Global currency, dollar drops, I read denningers “End Game Nears” and it switched to “Geitner not endorsing global currency despite earlier reports”…

On Monday I heard a Chinese central banker type assuring world that dollar was their favoritest investment, not to worry, and then yesterday official statments floating a new global reserve currency. When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[partypup]

[quote=arraya]I When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[/quote]

LOL! I LOVE that metaphor. Arraya, I have been seeing black cats on staircases for MONTHS now…

[partypup]

[quote=arraya]I When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[/quote]

LOL! I LOVE that metaphor. Arraya, I have been seeing black cats on staircases for MONTHS now…

[partypup]

[quote=arraya]I When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[/quote]

LOL! I LOVE that metaphor. Arraya, I have been seeing black cats on staircases for MONTHS now…

[partypup]

[quote=arraya]I When you get all these conflicting trial balloons, it’s like a black cat in the matrix, “they” just changed something.

[/quote]

LOL! I LOVE that metaphor. Arraya, I have been seeing black cats on staircases for MONTHS now…

[Author]

Posts