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Matthew 26:14
New Member
If Silver goes $400/oz, then Gold would have to be at least $5,000/oz. I dont see Silver breaking at least the historical 12:1 GSR.
So the question is also, can Gold go to $5,000 an ounce ?
So the question is also, can Gold go to $5,000 an ounce ?
Matthew 26:14
New Member
boston said:
Easy to get around that matter. How do the ATO know WHEN I bought my lump of gold? For all they know, I bought it a week ago at say $1,350 an ounce. A week later say gold price is the same, I sell it, so no cap gains.
To work out cap gains, its got to be: What you bought the asset for LESS what you sold it for. The ATO sure can know what you SOLD it for, but how do they know what you bought it for? They dont, so they cant know what your capital gain or loss actually is.
I believe in the US there is some attempt to require ID to buy precious metals, not sure if its law or not though. I also understand in the UK, gold/silver coins cannot be taxed because they are currency. EG. $1 silver coin bought for $30, sold for $100 has no tax because its legal tender.
Not sure on the taxing of currency coins in Australia though.
jaynutter85
New Member
Forge said:boston said:
If it's gone to $50k, they can have their slice. Come to think of it, if it goes to $50k, its probably the government that has put in the effort required to screw things up enough that it does. Effort should be rewarded
+1
Forge said:boston said:
If it's gone to $50k, they can have their slice. Come to think of it, if it goes to $50k, its probably the government that has put in the effort required to screw things up enough that it does. Effort should be rewarded
Call me greedy, I don't want to give the goverment a slice REGARDLESS of how high it goes.
Um, public forum guys 
To paraphrase MM, if you want to play cat & mouse with the tax office, remember who the mouse is.
Re whether gold can reach $5000 an ounce - quite possibly in USD. If the Dow Jones can have a ratio of 2 or less to gold, as it has several times in the past (since 1999 it's already dropped from ~45 to 10) then to go from 10 to 2 isn't a stretch - what's more probable, Dow falling to 5000 or 3800? You could have the Dow at 10,000 points and gold at $5000.
To paraphrase MM, if you want to play cat & mouse with the tax office, remember who the mouse is.Re whether gold can reach $5000 an ounce - quite possibly in USD. If the Dow Jones can have a ratio of 2 or less to gold, as it has several times in the past (since 1999 it's already dropped from ~45 to 10) then to go from 10 to 2 isn't a stretch - what's more probable, Dow falling to 5000 or 3800? You could have the Dow at 10,000 points and gold at $5000.
goldpelican said:Um, public forum guys
First time I've heard that expression. big LOL.
Render unto caesar are the words to consider.
I think it much more likely that gold will be declared a 'state' asset and holders will be rewarded with an electronic transfer of social value credits or whatever newspeak name they come up with when they re-jig the world financial system. That fiat will be a decided upon amount (much like the gold price currently) and whether you bought in 2001 or 2010 you'll get the same amount of fiat currency for keeping it safe for the treasury. They won't bother taxing it since the theft will be enough of an insult and they'll make you grateful that they pay you at all. Of course there will be some shortfall - like all those guns buried in grease in the outback - but when gold trading is the exclusive province of the banksters and the government you'll have to wait for your great, great, great grandhildren to appreciate gram's foresight in burying a hoard.
Sorry to be so depressing about it, but that's the historical scenario.
G
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I think it's a very realistic and fair surmation Julie.
Matthew 26:14
New Member
JulieW said:goldpelican said:Um, public forum guys
First time I've heard that expression. big LOL.
Render unto caesar are the words to consider.
I think it much more likely that gold will be declared a 'state' asset and holders will be rewarded with an electronic transfer of social value credits or whatever newspeak name they come up with when they re-jig the world financial system. That fiat will be a decided upon amount (much like the gold price currently) and whether you bought in 2001 or 2010 you'll get the same amount of fiat currency for keeping it safe for the treasury. They won't bother taxing it since the theft will be enough of an insult and they'll make you grateful that they pay you at all. Of course there will be some shortfall - like all those guns buried in grease in the outback - but when gold trading is the exclusive province of the banksters and the government you'll have to wait for your great, great, great grandhildren to appreciate gram's foresight in burying a hoard.
Sorry to be so depressing about it, but that's the historical scenario.
Highly unlikely. Its a world economy now. If the US Govt did that, would every other country follow suit? I dont think so. The result would be a precious metals markets that US citizens couldnt buy into, legally at least anyway.
Bulawan pilak
New Member
I think the US would just state an amount ie Gold $5000 or $10000 and tell the community this amount will be fixed for some time (10 - 20 years).......the US could sell some of their gold stores to cover their debts and return to the fiat currency....this would convince the wider investor group to sell up their Gold and Silver stores for fiat....the US would have a smaller world wide debt but still be the leaders in Gold and Fiat currency.....until the scenario happens in another 10 - 20 years.....I don't know if this is what you really call a Gold standard?????
Free market
New Member
So if you buy gold coins can they ask you to give up legal tender?
Perhaps onlly if they issue a new currency.
Perhaps onlly if they issue a new currency.
It's unlikely that the US will sell any of their gold because they may have very little left to sell. There is a real possibility that it has all been leased out as part of the gold suppression scheme and there is little chance they will ever get it back.
There simply isn't enough fiat money on earth to pay their debts at current levels, so the only way the US can repay their debts is to debase the greenback and then pay their debts with worthless fiat. The way Helicopter Ben is creating money, it won't be long before this happens. If the greenback is debased, expect gold and silver to go to the moon.
In the event the US declares it illegal for the US public to hold gold, it is very unlikely other countries would follow. Even if they did, it's doubtful silver wouldn't be included.
From what I understand the last time this happened following the Great Depression, all safe deposit boxes had to be opened in the presence of an authorised person by law and if there was gold in this storage facility it was automatically confiscated.
One way to ensure you keep your stack is to not store it in financial institutions and hoard it in a private secure location.
There simply isn't enough fiat money on earth to pay their debts at current levels, so the only way the US can repay their debts is to debase the greenback and then pay their debts with worthless fiat. The way Helicopter Ben is creating money, it won't be long before this happens. If the greenback is debased, expect gold and silver to go to the moon.
In the event the US declares it illegal for the US public to hold gold, it is very unlikely other countries would follow. Even if they did, it's doubtful silver wouldn't be included.
From what I understand the last time this happened following the Great Depression, all safe deposit boxes had to be opened in the presence of an authorised person by law and if there was gold in this storage facility it was automatically confiscated.
One way to ensure you keep your stack is to not store it in financial institutions and hoard it in a private secure location.
I dunnoh, The US dollar may end up being the dog with the least number of fleas.
The PIIGS have brought down the EU, and contagion is threatening the EURO with extinction.
Russia and China may well be bypassing 'the dollar' but no one really trusts them...they have a long and recent history of instability and breaking agreements.
So what will be left with? Sterling, Deutschemarks, YEN and the dollar. Sure the dollar will be weaker, but everyone recognises them around the world and a debased $ will mean everyone will be buying US exports again.
The PIIGS have brought down the EU, and contagion is threatening the EURO with extinction.
Russia and China may well be bypassing 'the dollar' but no one really trusts them...they have a long and recent history of instability and breaking agreements.
So what will be left with? Sterling, Deutschemarks, YEN and the dollar. Sure the dollar will be weaker, but everyone recognises them around the world and a debased $ will mean everyone will be buying US exports again.
Yeah fair call Clawhammer and if a fiat currency is maintained then it may well be the best of the worst that survives.
However I read with interest comments on the King World News Blog that the Asians (China) are secretly buying spot gold on the London spot market. By doing this they are shorting the US dollar as a hedge against their US dollar holdings. If gold goes up, they win... and if gold goes down, they win. Talk about a no lose scenario.
Link below:
http://kingworldnews.com/kingworldn...ce_-_When_That_Happens,_The_Game_is_Over.html
If the biggest holders of US debt on the planet (apart from the US Fed) aren't confident in what the US are doing, why should we
I just can't see the Russians and Chinese sitting back and allowing the US to continue to do as it pleases. Power is shifting and it's only a matter of time before the US loses it's power base as the world currency. What happens after this is anyone's guess.
However I read with interest comments on the King World News Blog that the Asians (China) are secretly buying spot gold on the London spot market. By doing this they are shorting the US dollar as a hedge against their US dollar holdings. If gold goes up, they win... and if gold goes down, they win. Talk about a no lose scenario.
Link below:
http://kingworldnews.com/kingworldn...ce_-_When_That_Happens,_The_Game_is_Over.html
If the biggest holders of US debt on the planet (apart from the US Fed) aren't confident in what the US are doing, why should we
I just can't see the Russians and Chinese sitting back and allowing the US to continue to do as it pleases. Power is shifting and it's only a matter of time before the US loses it's power base as the world currency. What happens after this is anyone's guess.
Gold's great...but the world runs on cheap oil. And the last sucker that threatened the $US/Oil link ended up taking a long drop from a short rope!
The russians get the lion's share of their state revenue from oil. But they're behind the 8-ball here too. A few years ago, Shell explored, built, and trained the russian techs on the Sakhalin oil project (Russia's 1st offshore rig). Within weeks of the platform producing, Russia nationalised (read; Stole) the project, lock, stock and barrel.
Apart from what they're reverse engineering from Shell's equipment, Russia's oil industry is outdated and in need of refreshment...but not one oil company is going to spend one 'red cent' (pardon the pun) in that country.
You watch their Govt struggle as their oil revenue dries up with falling oil prices and no means to increase production. As I've shown before, it was oil that brought down the soviet union... and the same thing will bring down the Russian nation as we now know it.
Russia was the only real threat to the US's Middle Eastern oil assets. Chavez is a joke and no one is going to develop his oil after he nationalised the private oil wells there, and the Arabs are too scared of the US (regardless of their tough talk... the Iranians now have US bases just across the Iraqi boarder from them).
No, I think as long as the US controls the Oil..the dollar will remain. That's not to say PM's will do well, I just can't see them replacing Fiat.
The russians get the lion's share of their state revenue from oil. But they're behind the 8-ball here too. A few years ago, Shell explored, built, and trained the russian techs on the Sakhalin oil project (Russia's 1st offshore rig). Within weeks of the platform producing, Russia nationalised (read; Stole) the project, lock, stock and barrel.
Apart from what they're reverse engineering from Shell's equipment, Russia's oil industry is outdated and in need of refreshment...but not one oil company is going to spend one 'red cent' (pardon the pun) in that country.
You watch their Govt struggle as their oil revenue dries up with falling oil prices and no means to increase production. As I've shown before, it was oil that brought down the soviet union... and the same thing will bring down the Russian nation as we now know it.
Russia was the only real threat to the US's Middle Eastern oil assets. Chavez is a joke and no one is going to develop his oil after he nationalised the private oil wells there, and the Arabs are too scared of the US (regardless of their tough talk... the Iranians now have US bases just across the Iraqi boarder from them).
No, I think as long as the US controls the Oil..the dollar will remain. That's not to say PM's will do well, I just can't see them replacing Fiat.