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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1806595 times)
cypherdoc
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October 23, 2012, 02:02:42 PM
 #3481

contrary to popular opinion, at least silverbox's opinion, looks like Ben Berspankme does NOT ride on a White Horse.

hallelujah!  there is a God! but it ain't Benny:  http://www.zerohedge.com/news/2012-10-23/no-third-term-chairman
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October 23, 2012, 02:15:09 PM
 #3482

MIA: 3,400 tons of German Gold

But We Can’t Let You Actually SEE the Gold: German Parliament Denied Access to Inspect German Gold Reserves Due to ‘Lack of Visiting Rooms’
from Silver Doctors:
 German Federal auditors handed in a report slamming the Bundesbank for not inspecting their foreign held gold reserves to verify their book value. The report says the gold bars “have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight.” Instead, it relies on “written confirmations by the storage sites.” The lion’s share of Germany’s gold reserves (nearly 3,400 tons estimated at $190 billion) are housed in vaults of the US Federal Reserve, the Bank of England and the Bank of France since the post-war days, when they were worried about a Cold War Soviet invasion. The Bundesbank stated, “There is no doubt about the integrity of the foreign storage sites in this regard”. In contrast with best industry practices Germany’s gold reserves do not seem to be independently verified by a third party. Philipp Missfelder, a politician from Merkel’s own party, has asked the Bundesbank for the right to view the gold bars in Paris and London, but the central bank has denied the request, citing the lack of visitor rooms in those facilities, German’s daily Bild reported. The Bundesbank won’t let German parliament members inspect the German gold vaulted abroad because the central bank vaulting facilities supposedly lack “visiting rooms.“ And yet one of those vaults, the Federal Reserve Bank of New York, offers the public tours that include “an exclusive visit to the gold vault”.
Read More @ Silver Doctors:
http://www.silverdoctors.com/german-parliament-denied-access-to-inspect-german-gold-reserves-due-to-lack-of-visiting-rooms/


FLASH: German gold report reveals secret sales that likely were part of swaps
by Chris Powell, GATA:
 Dear Friend of GATA and Gold:
With the Associated Press report appended here, the German gold audit story has just exploded into the English-language press with some important revelations: The gold vaulted by the German central bank, the Bundesbank, with the Bank of England “has fallen ‘below 500 tons’ due to recent sales and repatriations. …” So despite the lack of official announcement, Germany lately has been selling gold from London — perhaps as part of the secret “strategic activities” grudgingly acknowledged two years ago by the Bundesbank to GATA’s friend, the German financial journalist Lars Schall:
http://www.gata.org/node/9363
The lack of announcement of the sale of the German gold in London suggests that the sale was actually part of a gold swap with another central bank — like the New York Fed. That is, the powerful implication here is that German gold in London was sold at the behest of the United States and in exchange Germany took title to United States gold vaulted in the United States — or title to gold supposedly vaulted in the United States. This way the Bundesbank could continue to claim ownership of the same amount of gold without lying, at least not technically.
Read More @ GATA.org
http://www.gata.org/node/11851

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October 23, 2012, 02:19:48 PM
 #3483

MIA: 3,400 tons of German Gold

But We Can’t Let You Actually SEE the Gold: German Parliament Denied Access to Inspect German Gold Reserves Due to ‘Lack of Visiting Rooms’
from Silver Doctors:
 German Federal auditors handed in a report slamming the Bundesbank for not inspecting their foreign held gold reserves to verify their book value. The report says the gold bars “have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight.” Instead, it relies on “written confirmations by the storage sites.” The lion’s share of Germany’s gold reserves (nearly 3,400 tons estimated at $190 billion) are housed in vaults of the US Federal Reserve, the Bank of England and the Bank of France since the post-war days, when they were worried about a Cold War Soviet invasion. The Bundesbank stated, “There is no doubt about the integrity of the foreign storage sites in this regard”. In contrast with best industry practices Germany’s gold reserves do not seem to be independently verified by a third party. Philipp Missfelder, a politician from Merkel’s own party, has asked the Bundesbank for the right to view the gold bars in Paris and London, but the central bank has denied the request, citing the lack of visitor rooms in those facilities, German’s daily Bild reported. The Bundesbank won’t let German parliament members inspect the German gold vaulted abroad because the central bank vaulting facilities supposedly lack “visiting rooms.“ And yet one of those vaults, the Federal Reserve Bank of New York, offers the public tours that include “an exclusive visit to the gold vault”.
Read More @ Silver Doctors:
http://www.silverdoctors.com/german-parliament-denied-access-to-inspect-german-gold-reserves-due-to-lack-of-visiting-rooms/


FLASH: German gold report reveals secret sales that likely were part of swaps
by Chris Powell, GATA:
 Dear Friend of GATA and Gold:
With the Associated Press report appended here, the German gold audit story has just exploded into the English-language press with some important revelations: The gold vaulted by the German central bank, the Bundesbank, with the Bank of England “has fallen ‘below 500 tons’ due to recent sales and repatriations. …” So despite the lack of official announcement, Germany lately has been selling gold from London — perhaps as part of the secret “strategic activities” grudgingly acknowledged two years ago by the Bundesbank to GATA’s friend, the German financial journalist Lars Schall:
http://www.gata.org/node/9363
The lack of announcement of the sale of the German gold in London suggests that the sale was actually part of a gold swap with another central bank — like the New York Fed. That is, the powerful implication here is that German gold in London was sold at the behest of the United States and in exchange Germany took title to United States gold vaulted in the United States — or title to gold supposedly vaulted in the United States. This way the Bundesbank could continue to claim ownership of the same amount of gold without lying, at least not technically.
Read More @ GATA.org
http://www.gata.org/node/11851

The News doesn't matter.
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October 23, 2012, 02:20:05 PM
 #3484

contrary to popular opinion, at least silverbox's opinion, looks like Ben Berspankme does NOT ride on a White Horse.

hallelujah!  there is a God! but it ain't Benny:  http://www.zerohedge.com/news/2012-10-23/no-third-term-chairman

You think he would just step down? ...wow

A person running the entire developed world doesnt just give up that power and retire to Florida...
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October 23, 2012, 02:21:38 PM
 #3485

The News doesn't matter.

Right, only Ben's rambling to undisclosed friends about what he will "probably" do matters!
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October 23, 2012, 02:23:34 PM
 #3486

contrary to popular opinion, at least silverbox's opinion, looks like Ben Berspankme does NOT ride on a White Horse.

hallelujah!  there is a God! but it ain't Benny:  http://www.zerohedge.com/news/2012-10-23/no-third-term-chairman

You think he would just step down? ...wow

A person running the entire developed world doesnt just give up that power and retire to Florida...

...unless he's trying to run and hide from the realization that he's caused the greatest mess the world's ever seen.

prima facie evidence:  Alan Greenspan.
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October 23, 2012, 02:27:31 PM
 #3487

The Dash for Digital Cash.

I'm telling you.
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October 23, 2012, 02:33:47 PM
 #3488

I smell that Napalm again. 
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October 23, 2012, 02:50:52 PM
 #3489

The Dash for Digital Cash.

I'm telling you.


WAAAAT?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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October 23, 2012, 03:34:46 PM
 #3490

Gold and silver are going to go under their lows from 5 days ago (~1740 or ~34), but not below major support at ~1650 or ~30, before continuing to higher highs.

Just thought I should put one of my predictions to the test as well as bashing Cypher's Tongue

Under 1740 and 34... now to find support above 1650 and 30. Cheesy

My crystal ball is showing that the USDX just topped.  I think this week could contain one of those corners you like to look for Cypher.  Should be an exciting week.

USD moving up and through 80 with relative ease.
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October 23, 2012, 03:54:03 PM
 #3491

Gold and silver are going to go under their lows from 5 days ago (~1740 or ~34), but not below major support at ~1650 or ~30, before continuing to higher highs.

Just thought I should put one of my predictions to the test as well as bashing Cypher's Tongue

Under 1740 and 34... now to find support above 1650 and 30. Cheesy

My crystal ball is showing that the USDX just topped.  I think this week could contain one of those corners you like to look for Cypher.  Should be an exciting week.

USD moving up and through 80 with relative ease.

Break this line and I will admit defeat in my USD predictions Wink

I dont think it will, due to infinite easing.
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October 23, 2012, 04:03:26 PM
 #3492



Break this line and I will admit defeat in my USD predictions Wink

I dont think it will, due to infinite easing.


i agree, that is the line to beat.
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October 23, 2012, 06:36:23 PM
 #3493

Oh Lordy.
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October 23, 2012, 06:56:42 PM
 #3494

Oh Lordy.

Did someone said Lordi?  Smiley

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October 23, 2012, 09:03:01 PM
 #3495

Oh Lordy.

Yawn Smiley
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October 23, 2012, 09:33:42 PM
 #3496


miscreanity:  i've been meaning to ask you.  one of your basic tenets is that CB's will never allow riots in the street here in the US as an argument against deflation ever being allowed to occur (as if they could control it  Roll Eyes).

how do you  reconcile the fact that Draghi and his merry band of CB's along with the IMF/Troika-F*cks have been more than happy to impose austerity demands onto the Greeks, Spanish and Irish despite the fact that they are clearly leading to riots, rise of Nazi-like Golden Dawns, and public suicides?  seems to me as long as ECB/EMF loans get extended to the debtor countries, like Greece, and then are channeled back to the Northern European banks for debt payments, they are more than happy to let this deflation/depression grind on.

why can't that come here and lead to a deflationary collapse in gold prices?
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October 24, 2012, 03:00:22 AM
 #3497


miscreanity:  i've been meaning to ask you.  one of your basic tenets is that CB's will never allow riots in the street here in the US as an argument against deflation ever being allowed to occur (as if they could control it  Roll Eyes).

how do you  reconcile the fact that Draghi and his merry band of CB's along with the IMF/Troika-F*cks have been more than happy to impose austerity demands onto the Greeks, Spanish and Irish despite the fact that they are clearly leading to riots, rise of Nazi-like Golden Dawns, and public suicides?  seems to me as long as ECB/EMF loans get extended to the debtor countries, like Greece, and then are channeled back to the Northern European banks for debt payments, they are more than happy to let this deflation/depression grind on.

why can't that come here and lead to a deflationary collapse in gold prices?

My statements have been that deflation is occurring simultaneously with inflation. Deflation is always in effect, and inflation happens when real growth outpaces the former. There is no way to stop a deflationary collapse, only mitigate the effects. In other words: buy time.

When the body is severely injured, it attempts to shunt as much blood to the core as possible - the head and torso. The limbs are expendable when ensuring survival of the organism. This is what's happening in the western financial system - the periphery composed of the PIIGS is being sacrificed to protect the foundation in NY, London, and Brussels.

It's the whole system - global. We're in the same boat as the Greeks, facing the same riots and chaos. The difference is they're not critical to the system. You throw the weakest link under the bus to cull the herd and allow the strong(er) to go on, hoping disease hasn't spread. Remember fears of contagion? Too late.

QE has been an attempt to rehydrate a dehydrated body, but the real problem is an electrolyte imbalance. The more water put into the body, the more screwed up the levels of potassium, magnesium, and sodium get - enough to cause a heart attack. Correct action wasn't taken because in order to replenish electrolytes, continued suffering would have to be endured - potentially risking organ failure or even death. The QE quick fix was a knee jerk reaction that now has no antidote.

The futures markets have been a major tool used to store liquidity, which is why they've become increasingly volatile. The financial body is now bloated and can't function properly, even less so than it could before the 2007-08 crash. At least it's still alive...

... there is tremendous vested interest in promoting paper money.  When you have that kind of vested interest, people aren’t going to go down without a fight...

The reason physical gold won't collapse is because it doesn't rely on the financial system. Paper is just an easily reproducible representation of value held elsewhere, unlike real assets. Among real assets, few can be stored over indefinite periods of time, and fewer have a stock to flow ratio capable of storing wealth at a global scale.

Awareness is the only hurdle gold has surmounted which Bitcoin has not - it's only a matter of time, but gold's revaluation will probably happen before Bitcoin becomes commonly recognizable to the majority of people. I look at gold as a several-thousand year old, interim monetary solution - and it's soon to hand its crown off to cryptocurrencies, just not as quickly as we might like.
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October 24, 2012, 12:11:54 PM
 #3498

My statements have been that deflation is occurring simultaneously with inflation. Deflation is always in effect, and inflation happens when real growth outpaces the former. There is no way to stop a deflationary collapse, only mitigate the effects. In other words: buy time.

Biflation is a good explanation why deflation and inflation are occurring at the same time in our economies. It squashes people who are only using fiat from both sides: their debt-based assets (houses, cars) are valued less due to deflation, and at the same time their savings lose value due to inflation of commodities (food, cloths).


When the body is severely injured, it attempts to shunt as much blood to the core as possible - the head and torso. The limbs are expendable when ensuring survival of the organism. This is what's happening in the western financial system - the periphery composed of the PIIGS is being sacrificed to protect the foundation in NY, London, and Brussels.
...
Awareness is the only hurdle gold has surmounted which Bitcoin has not - it's only a matter of time, but gold's revaluation will probably happen before Bitcoin becomes commonly recognizable to the majority of people. I look at gold as a several-thousand year old, interim monetary solution - and it's soon to hand its crown off to cryptocurrencies, just not as quickly as we might like.

I like this refreshing and clear analysis of the current situation. Thanks
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October 25, 2012, 07:20:34 AM
 #3499

The News doesn't matter.
Do you mean that if we (i.e.: "the world") discovers that there is no gold in the federal reserve bank that will have no consequence on the market?

MIA: 3,400 tons of German Gold
A related article:

A German federal court has said that country’s central bank should conduct annual audits and physically inspect its gold reserves worldwide, including gold in the custody of the Federal Reserve Bank of New York. In addition to the FRBNY, Bundesbank gold is stored in London, Paris and Frankfurt.
 
For decades, the Bundesbank has relied on written confirmation of its gold holdings in London, Paris and New York. According to the report from the German audit court, the last time Bundesbank officials physically inspected the central banks gold holdings was, well, never.
(It should be stated that the folks at FT Alphaville quote a report saying an inspection took place in 1979/1980.)
Interestingly enough, the Bundesbank is apparently quite happy with taking the word of other central bankers about the existence, location and size of its gold reserves. It put out the word that it disagrees with the Audit Court, which only has advisory power and cannot force the Bundesbank to follow its recommendations, about the need for inspections. Nonetheless, the Bundesbank is actually going to follow the recommendation that it verify the gold stocks. It also has plans to ship some 150 tons of gold back to Germany for a more “thorough examination.”

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October 25, 2012, 06:08:43 PM
 #3500

<snip - German gold MIA>

I've sometimes mused about what set of events might be capable of separating Oceania and Eurasia from one another (thus completing one of the dwindling loose-ends of Orwell's dystopian vision), and wondered if a forced change of ownership of a large percentage of the physical gold holdings of one group to the other would be sufficient do produce such a rift.  Under a regime where physical gold is the commonly recognized base-line for notating the wealth of political bodies, I would not rule it out.

Nor would I rule out the potential that the EU find might find some utility in attaching to Russia in order to address a deficit in real estate and strategic nuclear capabilities.  Given the choice of joining our (the US's) future and likely ill-fated exploits in the Middle East or forging a different set of relationships I could see the latter appearing to be more palatable...for long enough to make it happen at least.


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