Far from being in position actually. The more you have, the more you have to protect. So proportionally speaking, my job might be harder than someone with less to protect. I'm not doing this for windfall gains. That definitely isnt my primary aim at all. Less is sometimes more; and that definitely applies to debt, which is my biggest battle at present. While everyone is worried about the POS and timing it, my biggest play will be timing a switch to fixed interest rates before the shtf in the next few years. Thats where huge fortunes will be made imo, not by holding small quantities of metals. Metals will protect what you have mainly. Put it this way, would we want the reality to happen in real estate prices? They are artificially high and unaffordable, but it benefits some, so to hell with the reality. Lets keep prices rising for those who stand to benefit. People are prone to double standards. I'd prefer reality in all scenarios and wont oppose or stand in the way of that reality occuring. I will do everything I can to make that happen. I dont believe position limits is the answer. I know however that abolishing fractional reserve banking will fix all the economic untruths and dishonesty. Its the strongest remedy.
Auspm will know that I like his stand on many things but I think that position is a mistake. From the point of view of an objectivist, it would be like standing to benefit from things like the "anti dog-eat-dog rule" by keeping one's silence on the matter. I think that benefitting inadvertently is one thing; tacitly approving of manipulation to benefit is another.
Bank's doing away with fractional lending and converting to a guaranteed asset backing like PM's ? Is there enough physical metal in all the world to get anywhere close to that requirement. Mind you if there's a huge crash & the dollar is revalued against a gold standard, then.....that's not likely to happen either given the US doesn't have much of it left. Australia followed suit, sold all the gold & bought US TBonds. Great move.
Then you'd be wrong to assume that intelligencer. You have to realise that the entire market you work in every day has the sole aim of reducing your net worth to zero. What you see as a destroyer of free market ideology, might actually be the last hand of salvation you'll ever be offered in this miserable world. Or are you so naive as to assume that once gold and silver manipulation stops, the cycle of wealth reduction of the people will also cease too? You still see Ragnar Danneskjld in this situation because you still value the establishment. I don't. I KNOW these market manipulators are creating an (unintended) window of opportunity for the average citizen to sieze back a part of their stolen wealth. Only a fool (I believe) would ignore the opportunity or worse yet, take steps to halt it. All I am doing is buying physical metal with currency I earn at the agreed market price. There's nothing immoral about that in the slightest, regardless of the fact I think they are under valuing the metal. Or are you going to be so foolish as to refuse to buy more silver and gold because it's not priced at what YOU believe is 'fair market value'? I am not my brother's keeper intelligencer. I will conduct fair trade at agreed prices and never assume I'm immoral because I think I'm getting a bargain. You need to check your premises and values if you wish to assume Objectivist ideology would assume otherwise.
A gold standard is not necessary for honest money or full reserve banking. All thatis required is that a fixed quantity of computer blips or whatever is decided will become the immutable supply of money. The integrity of the pool of money will be assured by implementing a digital system which is serialised and if you own that unit, no one else does. The system should be open and auditable and designed in a way that ensures there are no increases in the supply. There shall however be no legal tender laws to enforce this system on people. People should have freedom to own these or any other notes, coins, tokens or whatever they wish. This allows competition to determine whatever the best money is at all times. People can enter and exit these systems based on their merits.
I don't think the world is miserable, but understand your points. I think where we differ is that I would like the manipulation ended as that is what the truth requires. Galt would have the world he desires sooner rather than later. I dont hold the position of intentionally wanting to retard or delay reality for my own benefit. That includes retarding it by inaction.
Exactly, you said what i was thinking, soon JP Silver PJ Silver Silver PJ's And whatever other company will start popping up all holding the position limit of say 10% however at the top controlled by a single entity. Is BS. Also people need to also get that the Comex is in place to help legit businesses hedge against possible massive loss in profits due to legit market movements, airline companies , even miners. For example a mining company may ask JP morgan to sell futures contracts for them at 30 dollars simply because the mining companies know, they are good for the x thousand ounces of silver in the next 3 months and want to make sure that they can keep their profit margins. They know that if mining costs 15 dollars then if they can sell now for 30 they are hedged against any movements and are guaranteed a profit. Hell , if i could do that with the stuff i build i would ... The issue is the bank takes a legit system and turns it into a corrupt and frudulant environment, just like they do with everything else, and what intellegencer said is correct , its the fractional reserve system, however that system is a legit system if you know as a miner you can produce it ..... you find it, you just need to dig out the motha ! The issue is when ontop of those legit futures contracts, the banks decide to sell an additional million ounces purely for profiteering .... Its a hard problem to solve and more related to the core of our financial system and actually human greed ...
I am personally not intentionally retarding anything. I don't have a say in the market. I am buying at the agreed market price. I am content to pay this price. The dealer is content to sell to me at this price. As far as I can see, this is about as moral an arrangement as you can hope for, why on earth would I want to go and change that? As an interesting side note - Mike Maloney on his attitude concerning the manipulated market : 2008 [youtube]http://www.youtube.com/watch?v=cbK8CrDPjJs[/youtube] 2010 [youtube]http://www.youtube.com/watch?v=1IwjoMK461A[/youtube] For my 2 cents, I'm with Mike Maloney 100% on this ideal. Let them manipulate it all they want, the free market will ALWAYS win in the end. This is your last opportunity of a lifetime to buy it intellegencer, it's not a situation to lament, but rather give humble thanks for. That's not condoning the action & ideology of market manipulation as much as recognising a very unique and rare opportunity to actually get on the GOOD end of a trade situation that's usually denied the small investor and reserved for the big end of town.
If banking ever was a license to print money, which it surely is in a successful FIAT economy, then the terms of the license got even better when the Govt. stated they would guaranty depositors funds no matter what happened to the Bank. That means the Commonwealth insuring the banks against failure. So naturally it's party time central for the bankers.
Gold (and silver) : Cash : Bonds : Shares * Every one of those asset classes is heavily manipulated against the common man except one *Yeah, yeah - what about Real Estate? RE isn't in Henry Browne's permanent portfolio because it's not fungible.
Assuming it is being manipulated, which I'm not convinced of, but let's say for argument's sake it is. 1) You get to buy cheap silver. 2) It will explode higher eventually due to being pushed down so much. I'm not sure why people even concern themselves with this stuff anymore. For me it's just boring. If I wanted more silver I'd be cheering them on(assuming I thought it was true), otherwise just happy to sit and wait.
So I have a tax debt so settle in about 2 months for 1000 us dolars shoud I buy physical with the money I have saved and cash out an pay it with that?
That would be a good idea... and when it comes time to pay the tax man you might have other cash to use... and then you would be that much more ahead.
Buying physical silver at the manipulated price is in fact the only mechanism we have in the existing environment whereby one can help end the manipulation. (i.e. CFTC/LBMA could have ended this years ago but choose not to.) So buying cheap is not morally wrong in any sense since one is actively participating in the downfall of the supression scheme. I call that a win/win for the good guys. Mark.
