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Buying and selling precious metals (gold) to become illegal

supaidaaman said:
Have you guys heard about this? It seems to be all a buzz around the tin foil hat blogs.

http://goldsilver.com/news/trading-...nd-silver-to-be-prohibited-beginning-july-15/

Is this legit? Ive got a relative who is into hording precious metals for the "end of the world" If they really do make it illegal, id say thats a pretty good sign to go out and buy some guns and ammo.

what do you guys think? 😀
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I've always thought guns and ammo was a better armageddon hedge than gold. What the fuck is gold going to do for you when there are marauding bands of looters taking food and killing everyone in sight? Think people!
 
Its not legit, this is just a certain type of over the counter leveraged trading.
You will still be able to buy gold and silver bullion as usual and still able be able to buy gold and silver ETF's like the GLD and SLV.

And yeah, I like to be diversified in a portfolio of gold+silver as well as guns and ammo myself 😉
 
Yeah like gold would be worth anything if the worst happened. Gasoline, oil, water & food, medical supplies, etc will be top dogs.
 
soundforbjt said:
Yeah like gold would be worth anything if the worst happened. Gasoline, oil, water & food, medical supplies, etc will be top dogs.
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No reason not to have all of the above. Its good advice to have them all IMO.
But I'm not going to store the bulk of my wealth in food or water though, that's just not practical.
 
you guys should be careful about what you say here, your future employers might interpret your gun ownership and ideas of survivalism as violent tendencies....
 
supaidaaman said:
Ive got a relative who is into hording precious metals for the "end of the world" If they really do make it illegal, id say thats a pretty good sign to go out and buy some guns and ammo.
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You should tell him that water and food are going to be a lot more valuable.
 
supaidaaman said:
Have you guys heard about this? It seems to be all a buzz around the tin foil hat blogs.

http://goldsilver.com/news/trading-...nd-silver-to-be-prohibited-beginning-july-15/

Is this legit? Ive got a relative who is into hording precious metals for the "end of the world" If they really do make it illegal, id say thats a pretty good sign to go out and buy some guns and ammo.

what do you guys think? 😀
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What do I think?

I think free people ought to be able to buy and sell whatever legal substance they choose.

I think that any time is a good time to buy or sell more guns and ammo.
 
matt0611 said:
No reason not to have all of the above. Its good advice to have them all IMO.
But I'm not going to store the bulk of my wealth in food or water though, that's just not practical.
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My gasoline will purchase more than your gold will should all hell break lose. A gold bar didn't get you shit in the aftermath of Katrina but a gallon of gas got you food and gold. Gold is absolutely useless in scenarios like that because the only thing that matters is utility.

Fuel is king when the SHTF, much more than anything else.
 
Darwin333 said:
My gasoline will purchase more than your gold will should all hell break lose. A gold bar didn't get you shit in the aftermath of Katrina but a gallon of gas got you food and gold. Gold is absolutely useless in scenarios like that because the only thing that matters is utility.

Fuel is king when the SHTF, much more than anything else.
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Oh I agree food and water, fuel etc is king in a SHTF scenario.
Doesn't mean I'm going to store all of my wealth by buying food or gasoline and storing them in my house though. That's just not practical. (Don't get me wrong, I have those too)

A lot of bad shit can happen financially before anything in magnitude like that happens. And thats more where gold/silver come in. Instead of keeping all my wealth in stocks and bonds which have gone no where in the last 10 years I keep a decent amount in gold. Its served me pretty well in the last 10 years.

Even in a SHTF scenario would you rather have gold coins or US dollars?
I'll take the gold coins any day.

And if we go through a SHTF scenario and come out of it, you'll still have some of your wealth instead of it all evaporating if the dollar collapses.
Sure, I much rather have food, water, fuel, etc.
But as far as money goes I'll take gold over US dollar any day.
 
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Well it wouldn't be the first time. Back around Great Depression the government had passed something like this to prevent hoarding.
 
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Doesn't look like this has anything to do with gold; only paper that pretends to be gold.

But gold is all tin-foil hat anyway, so... teh aliens are trying to take your SHINY!
 
i don't get why gold is considered all that precious to begin with. there are far rarer metals that are far more useful.
 
Fenixgoon said:
i don't get why gold is considered all that precious to begin with. there are far rarer metals that are far more useful.
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There are more useful and rarer metals.

But gold is pretty much the rarest noble metal (doesn't react easily nor corrode or rust) .

I think only the only other noble metal that's rarer than gold is Iridium.
 
I don't know about you, but it seems very silly to me to believe anything about gold or silver coming from a site called goldsilver.com. Clearly gold nuts.
 
LegendKiller said:
The plot doesn't thicken, only your skull has. They are modernizing and centralizing the purchase of metal futures to reign in the rampant leveraged speculation.

Ohh gawd, they are trying to stop what all of you bitch about. Save us!
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Have any details? Sounds like way overdue good news.

Is it finally time to short gold?
 
Craig234 said:
Have any details? Sounds like way overdue good news.

Is it finally time to short gold?
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Here's what they are talking about (from Forex's website).

It appears that Forex.com's interpretation of the law stems primarily from Section 742(a) of theDodd-Frank act which "prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis."
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Hopefully this shakes out a lot of the BS In the market.
 
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