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Author Topic: Is the United States about to remonetize gold?  (Read 192 times)
PeterTheGrape
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November 27, 2017, 11:30:09 PM
 #1

There is a pretty well made ad that is pushing some investment idea built around that idea.

A few days ago Texas state government authorized a bullion depository in a strange way, almost as if they were trying to distract.

-

There is no doubt that the United States will probably have to remonetize gold at some point, and a lot of small indicators seem to be that the point is approaching.

This might briefly lead to a surge of money away from crypto into commodities, but long term would it help crypto or the usd?
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Mad7Scientist
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November 28, 2017, 04:08:42 PM
 #2

China legalized gold and they sell it in several standard amounts at Chinese banks as of several years ago.
PeterTheGrape
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November 28, 2017, 07:14:30 PM
 #3

China legalized gold and they sell it in several standard amounts at Chinese banks as of several years ago.

The U.S. has diluted the real value of the dollar to the point where, if the country were to cash out, the dollar would be worth almost nothing in respect to gold.

The United States, despite having a more reckless monetary policy than most countries, also has huge gold reserves.

To reattach the dollar to gold, setting a very high gold price, all of the past irresponsibility by the governments would be paid for, and any future reckless spending, e.g. spending trillions to invade harmless hillbilly countries, could immediately be financially 'called and canceled' by anybody with adequate financial knowledge.

Trump is the only president in recent memory to appeal to the segment of the U.S. population that favors remonetization, and if he were to do it, a larges sector of disenfranchised domestic hillbillies would be mainstreamed, which in the current climate might be beneficial.

Whether it is about to happen, online speculation seems to be increasing and gaining credibility.

=

Regarding Asian countries, China and others, selling gold https://www.apmex.com/category/17200/gold-coins-from-asia

it's very different than https://texasbulliondepository.gov/
BeggarInCryptos
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November 29, 2017, 12:58:56 AM
 #4

The USA have to act as if Gold does not exist, since it probably does not exist inside Fort Knox any more. Otherwise someone would have been allowed to go there and audit it.

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PeterTheGrape
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November 29, 2017, 02:57:50 AM
 #5

The USA have to act as if Gold does not exist, since it probably does not exist inside Fort Knox any more. Otherwise someone would have been allowed to go there and audit it.

The opposite is much more likely.

A person can buy an ounce of gold for around a thousand dollars.

A person can only spend the dollars they have though.

The government can buy an ounce of gold at the same price, but can spend as much as they can print.

So if remonetizing gold, making the dollar backed by gold so that a dollar can be exchanged for gold, is likely then the government has probably been acquiring gold in anticipation of this.

So is it likely this remonetization will happen?

There is no other way the United States can cancel its debt, so it is probably inevitable.

Facts and opinions online seem to indicate that the remonetization talk is coming from higher credibility people than in the past.

---


How does this relate to crypto?

Normally an event like a government buying gold in anticipation of remonetization could be read by somebody with an aptitude for analyzing technical indicators. Gold purchases would seem unusually high. But at this point, because gold and crypto still appeal to similar types, i.e., a sizeable amount of gold will be sold to buy crypto, the technical signs are camouflaged.

There is more evidence that some people should notice by now, but it will be interesting to watch how it pans out.
Ck1234
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November 29, 2017, 07:56:32 AM
 #6

I doubt that the US would remonetize gold.  Right now the Federal Reserve can manipulate the economy as they see fit.  They lose control when the value of our money is determined by the silver or gold market.  So I don't see anybody relinquishing that control. 

I would however love to see the re-introduction of silver coins, it would add a very interesting twist to coin collecting, but silver is too valuable to be used for small denominations... I wonder what metals they would use.  Maybe another version of the copper large cent $.05.  Maybe a half dollar size nickel $.25.  That would be so cool.

But again, the US government makes a ton of money off of seniorage.  Seniorage is the difference between face value and what it costs to make the money.  So I don't think they want to lose that huge revenue stream either. 

Along those lines, it costs the mint around $.02 to make a penny.  So don't be surprised if we see that go away in the near future.

Mad7Scientist
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December 01, 2017, 02:38:00 AM
 #7

Along those lines, it costs the mint around $.02 to make a penny.  So don't be surprised if we see that go away in the near future.

They should surprise everyone and declare all pennies as having 2 cents of value!
PeterTheGrape
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December 01, 2017, 02:59:52 AM
 #8

I doubt that the US would remonetize gold.  Right now the Federal Reserve can manipulate the economy as they see fit.  They lose control when the value of our money is determined by the silver or gold market.  So I don't see anybody relinquishing that control. 

...

Agree w madscientist about pennies and did not know that

but

The federal reserve can manipulate the economy only up to a point.

If you looked at how the economy was responding to interest rate changes, most likely it is already at a bad level.

Following your argument, would you agree that at some point a currency has become so overcounterfeited by its government, and the government has built such a bubble under the currency, that the ability to control the value of the currency is lost?

-

The choice right now is either a) continue losing control and also losing credibility for the currency i.e., dollars, or b) make a quick step to re attach the dollar to a commodity while some credibility exists, and before other countries, including smaller countries, take a shortcut to fiscal credibility by monetizing.

If the U.S. were to monetize now while the dollar still has value there would be a seamless transition, nobody would notice. One day a loaf of bread would cost a dollar, the next day also a dollar. If the U.S. were to wait until it is forced the dollar will be just another example for future history students.

The only variable that matters is how much the U.S. would dilute the dollar to attach it to a commodity. If it were something like usd1000 per ounce of silver or usd100,000 for an ounce of gold there would be enough cushion to spend a few more years of reckless spending. Cryptocurrency is starting the process of remonetizing currency by using coins that monetize computing power, like csience and math coins. Once that process becomes more obvious the decay of non monetized fiat will accelerate.
manananggal
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December 01, 2017, 09:02:57 AM
 #9

China legalized gold and they sell it in several standard amounts at Chinese banks as of several years ago.
This might briefly lead to a surge of money away from crypto into commodities,but long term would it help crypto or the usd.
The_prodigy
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December 01, 2017, 09:06:41 AM
 #10

There is a pretty well made ad that is pushing some investment idea built around that idea.

A few days ago Texas state government authorized a bullion depository in a strange way, almost as if they were trying to distract.

-

There is no doubt that the United States will probably have to remonetize gold at some point, and a lot of small indicators seem to be that the point is approaching.

This might briefly lead to a surge of money away from crypto into commodities, but long term would it help crypto or the usd?

I think that this is a very far off claim especially that the Us would have a hard time to mo etize gold as it has more pressing issues that its so called war on cryptocurreny. I think though that they are having plans to hold of the monetization of crypto

JesusCryptos
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December 28, 2017, 08:20:45 PM
 #11

No way. The United States have to pretend that gold does not exist, because if people would start realising it exists, the dollar could suddenly start to disintegrate.

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BADecker
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December 28, 2017, 09:28:55 PM
 #12

The U.S. monetized gold and silver in the days of Ronald Reagan. The thing that Texas is doing is not entirely the same.

Legal Tender Gold and Silver



UPMA solves this issue by offering accounts denominated in U.S. Silver or Gold coin. Since the Reagan years the Treasury of the United States has minted U.S dollars in the form of gold and silver coins. These coins are considered legal tender just like Federal Reserve notes.This means that transactions made with gold or silver coins are not considered barter transactions, therefore, the transactions can not be taxed as if they were barter transactions.


Read more at https://www.upma.org/legal-tender-gold-silver/.


Cool
PeterTheGrape
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December 31, 2017, 06:56:43 AM
 #13

The U.S. monetized gold and silver in the days of Ronald Reagan. The thing that Texas is doing is not entirely the same.

Legal Tender Gold and Silver



UPMA solves this issue by offering accounts denominated in U.S. Silver or Gold coin. Since the Reagan years the Treasury of the United States has minted U.S dollars in the form of gold and silver coins. These coins are considered legal tender just like Federal Reserve notes.This means that transactions made with gold or silver coins are not considered barter transactions, therefore, the transactions can not be taxed as if they were barter transactions.


Read more at https://www.upma.org/legal-tender-gold-silver/.


Cool


The link you post is a completely different thing. You can look at how their site evolved https://web.archive.org/web/20140701000000*/https://www.upma.org/ and more importantly how long it has been in its current incarnation.

It is either a government honeypot to catch vocal rebels or a not too bright attempt to circumvent taxes.

A few generations ago the govt enforced a price for gold that would only be sustainable with responsible government. So, a $5 gold piece had roughly a quarter ounce of gold. It was the same as trading $5 worth of gold dust or flakes.

When the great  depression hit it became necessary to invigorate the economy beyond what could be produced honestly, so the government told people to turn in all their gold and from then on paper would be used as money. This tangent has gone to the extreme, to where it periodically becomes necessary, in the eyes of bureaucrats, to 'make examples' of people who don't play by the new rules.

The United States has such a vast criminal system, the percentage of innocent Americans in prison is higher that the percentage of guilty people in prison in many countries. In other words in America if you are innocent you have a greater chance of being convicted than a guilty person has in many other countries. This effort includes vast numbers of police trying to encourage all sorts of illegal activity so that an arrest can be made, and the type of person who would be attracted to your link is a favorite of the law enforcement predators.
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