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Gold is and always has been noting more than grandstanding for the wealthy. It has failed as money every time. Just look at the history of US money.

Neither money nor gold are a store of wealth. The idea that it is, is just as much a myth as greenhouse gasses causing global warming.
 

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Gold is and always has been noting more than grandstanding for the wealthy. It has failed as money every time. Just look at the history of US money.

Neither money nor gold are a store of wealth. The idea that it is, is just as much a myth as greenhouse gasses causing global warming.
Gold is the only money that has never failed.

Currencies have come and gone over the years but gold is still with us.
 

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Gold is the only money that has never failed.

Currencies have come and gone over the years but gold is still with us.
Gold has never been money for the common man. There has never been enough gold for the common man to have money.

Heck Christ wasn't even betrayed for gold.
 

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Rom 14:1, 13; Jam 4:11-12
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Gold is the only money that has never failed.

Currencies have come and gone over the years but gold is still with us.
I appreciate your post responding to PalmettoTree, who has a long track record of loving fractional reserve, fiat, debt based currency and hating its mortal enemy, real tangible money, i.e., gold and silver.
 

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Rom 14:1, 13; Jam 4:11-12
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Gold has never been money for the common man. There has never been enough gold for the common man to have money.

Heck Christ wasn't even betrayed for gold.
Once again, the unit does not matter. And again, how much of the unit there is does not matter.

What matters is that everything is based relative to the stable standard. The US dollar was officially and originally defined as grains of silver. Again, it does not matter what the unit is - provided it meets the standard definition of money (which fiat debt does not).
 

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I appreciate your post responding to PalmettoTree, who has a long track record of loving fractional reserve, fiat, debt based currency and hating its mortal enemy, real tangible money, i.e., gold and silver.
No I detest debt. I do like tangible assets. Gold and silver are tangible assets. All tangible assets vary based on demand. I have a large collection of silver. I never dispose of any gold or silver that comes into my possession. That does not mean I am foolish enough to believe either are money.


Once again, the unit does not matter. And again, how much of the unit there is does not matter.

What matters is that everything is based relative to the stable standard. The US dollar was officially and originally defined as grains of silver. Again, it does not matter what the unit is - provided it meets the standard definition of money (which fiat debt does not).
A Brief History of US Money

Continental Congress in 1775 issued the Continental Currency. The US dollar was created as the standard unit. The term dollar came from the Spanish dollar.

By 1778 the Continental Currency had lost about 5/6th of its original value. By 1780 the Continental has lost 39/40th of its face value. By May 1781 the Continental Currency was worthless. Franklin said the depreciation of the currency was the tax that paid for the revolutionary war.

After the ratification of the Constitution, Continentals were exchanged for treasury bonds at 1% of face value.

Robert Morris (Superintendent of Finance of the US) with his own money created the Bank of North America, notes issued in his own name and financing from France. Then in 1785 the Continental Congress issued the US dollar.

Because of the collapse of the Continental Currency the gold and silver clause was included in the Constitution and prohibiting states from issuing anything but gold and silver coins as legal tender for debt payments aka taxes. The argument to prohibit federal paper money was defeated.

The Coin Act of 1792 was passed creating the US Mint. The mint had the authority to stamp any precious metal into standard coinage for anyone. There was no charge except for refining as necessary to meet the standard. The Department of the Treasury was created in 1981. The dollar remained the unit of account.

The value of gold increased in relationship to silver thus resulting in the melting of gold coins in the early 1800s. (Gresham's law is a monetary principle stating that "bad money drives out good".) This caused the Coin Act of 1834 to change the silver-gold ratio from 15:1 to 16:1. Thus the weight of gold per USD was reduced.

This created a new USD backed by 23.2 grains of gold. The old weight was 24.75 grains of gold per USD. This revaluation of the USD reduced the value in gold by 6%. This temporarily made both gold and silver coins money (generally accepted as a mode of exchange for goods and services.) Silver dollar remained the same at 24.75 grains.

In 1853 the weights of all US silver coins below the US dollar was reduced. This action put the nation on the gold standard although this was not an official act. This made the USD by weight a bimetallism system, which caused the silver dollar to drop from the money supply, as was the case with gold in the early 1800s. (Gresham's law is a monetary principle stating that "bad money drives out good".) Foreign coins were widely used as money and accepted as legal tender until 1857.

By the end of the Civil War the USD had become the sole currency of the US as it is today.

The Bland-Allison Act required the government to buy between two and four million dollars per month of silver bullion at market prices and coin then into silver dollars. This was to subsidize silver producers.

When large silver deposits were discovered. Farm interest wanted to retain the bimetallic standard, which would inflate the USD and make farm debt easier to repay. Banking and commercial interest wanted to move to a gold only standard. Note the then common man wanted a non-gold standard and the wealthy wanted the gold standard. In spite of the opposition from 1873 to 1900, legislation chipped away the bimetallic system and the gold standard was adopted. With only some small changes the gold standard remained until 1971.

The Gold Standard Act was passed in 1900: “the dollar consisting of twenty-five and eight-tenths grains (1.67 g) of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard” (That is the wording it is hard for me to follow which is why I quoted it.)

The USD was guaranteed convertible to 1.5 grams of gold. This standard was suspended twice during WWI. Once was a complete suspension and once for foreign exchange. The US companies had large debts payable to Europeans. This resulted in payment of those debts in gold. At one time the British pound exchange rate was as high a $6.75 while gold was less than $4.87. Gold was gushing out of the US at every level. This resulted in the Aldrich-Vreeland Act and creation of the Federal Reserve. The new Federal Reserve was able to restore the gold standard by the end of 1914.

By neither importing nor exporting gold between 1915 and 1917 the US was the only country to remain on the gold standard. It was the Federal Reserve and President Wilson who ban gold exports and suspended the gold standard for foreign exchange.

Every major global currency abandon the gold standard during the Depression. Demand for gold threatened monetary systems. To protect the gold standard the Fed was forced to increase interest rates. Runs on US banks began and gold was hoarded removing even more gold from the system.


Because of gold deflation Congress passed a number of acts suspending the gold standard except for foreign exchange. Gold was revoked as legal tender for debts; private ownership of large amounts of gold coins was ban. In all 7 acts and executive orders were upheld by the US Supreme Court in 1935.

The $20.67 per ounce foreign exchange rate was lifted and the USD was free to float with no set value in foreign exchange markets. This lasted for a year then the Gold Reserve Act set the gold dollar value at $35/oz. (112.53¢/g). This resulted in the USD being more attractive for foreign buyers. More foreign currencies were converted from gold to USDs and the US cornered the world gold market.

Post WWII the Bretton Woods system resulted in all other currencies being valued in USDs and therefore linked to the gold standard. This became a complicated process.

This greatly complicated foreign trade and unbalanced foreign currency conversions began to show profiteering opportunities. In 1968 attempts to regulate private markets were abandon. This resulted in central bank transaction in gold were conducted separate form market place prices. Central banks continued to trade gold at $35/oz. while market prices floated. Market prices jumped to $43/oz. then steeply increased to a $70/oz. in 1972. This forced the end of the dual system and Bretton Wood system. By 1973 gold was $100/oz.

Because of inflation, oil prices, Vietnam War, and other government spending plus balance of trade deficits the USD was worth less than the gold price used to back the USD. This led to President Nixon cancelling conversion of the USD to gold.

After the collapse of Bretton woods there was a sudden increase in gold prices. This increase in inflation was a result of government spending and debt not the USD, gold, or money. As history proved before gold could not stop government spending but it could strangle the common man and the economy.

The result has been that both gold and the USD has floated based on their individual commodity exchanges.

There have been several attempts to attack the USD. The plan behind the Euro was to replace the USD as the globe’s money on which all commodities and currencies are quoted against. BRICS was an attempt by Brazil, Russia, India, China and South Africa to knock off the USD. The main reason each of these has failed is sovereignty. To work money must have one sovereign entity not several with separate interest.
 

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Rom 14:1, 13; Jam 4:11-12
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gold or silver : I am foolish enough to believe either are money.
It’s sad that you repeat this deceptive story in thread after thread.

Gold and silver have been money longer than anything else in human history.

The fraud of the Federal Reserve Act was to add greater stability to the value of gold. Over decades, there was a 10% fluctuation. Since, the FRN have lost 98% of their value - some stability.

The ‘complication’ from Breton Woods etc was exclusively due to the fraudulent ‘fractional reserve’ of diluting the money supply. When banks only have a small fraction of tangible assets to cover the fraudulent bank notes, which FRN are, of course one ought to expect a run on banks.

Fractional Reserve = Fraud.

Legal tender laws are a monopoly of the worst sort. Read An Honest Money System by Gary North.
 

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It’s sad that you repeat this deceptive story in thread after thread.

Gold and silver have been money longer than anything else in human history.

The fraud of the Federal Reserve Act was to add greater stability to the value of gold. Over decades, there was a 10% fluctuation. Since, the FRN have lost 98% of their value - some stability.

The ‘complication’ from Breton Woods etc was exclusively due to the fraudulent ‘fractional reserve’ of diluting the money supply. When banks only have a small fraction of tangible assets to cover the fraudulent bank notes, which FRN are, of course one ought to expect a run on banks.

Fractional Reserve = Fraud.

Legal tender laws are a monopoly of the worst sort. Read An Honest Money System by Gary North.
What I posted was pure honest fact.

Funny although you and I have different understandings of how the Bible speaks to us I have always taken a back seat to you on Biblical knowledge.

One thing that occurred to me as I read the complete Bible this past winter and spring was the lack of use of gold as money in scripture. Gold was always a symbol of wealth but not money. It was far more useful as a false god just as you hold it up as a false-money. Silver and bronze were most often used as money in Scriptures.

It is true in Lydia the first coins were electrum a mixture of gold and silver.

Gold has been used as money and every time failed. That is made clear in the above history of money. Even when gold was money it was fiat money. That is to say its value was set by fiat not the market place. When its market place worth to the wealthy became greater than its value by fiat it [gold] disappeared as money. This occurred time and time again before "Bretton Woods" or the federal reserve.

Gold is a commodity which has been tried as money and always failed because it is too valuable to remain in circulation as money. So gold is a FAILURE at being money. Gold's value fluctuates wildly based on its demand by the wealthy as a grandstanding ornamentation.

If you want to bad mouth government's misuse of money by fiat, I will not argue. That misuse is no argument for gold as money.
 

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Rom 14:1, 13; Jam 4:11-12
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One thing that occurred to me as I read the complete Bible this past winter and spring was the lack of use of gold as money in scripture. Gold was always a symbol of wealth but not money.

If you want to bad mouth government's misuse of money by fiat, I will not argue. That misuse is no argument for gold as money.
Friend, the 'misuse' of fiat by government IS the argument for PM (gold or silver)! There is plenty in the Bible about silver used as money. Does that mean you are in favor of silver as the unit of measure for money?

From this article, it states in the Bible, gold and silver were always synonymous with money. In my reading of the Bible, a slave in ancient times was NOT COINCIDENTLY the same price our Lord was betrayed. That really struck me when I read it. I hope you find these verses insightful.


“A false balance is abomination to the Lord: but a just weight is his delight.”
Proverbs 11:1

Your silver has become dross, your choice wine is diluted with water.
Isaiah 1:22

Behold, the wages of the laborers who mowed your fields, which you kept back by fraud, are crying out against you, and the cries of the harvesters have reached the ears of the Lord of hosts.
James 5:4

Acquire no gold nor silver nor copper for your belts
Matthew 10:9

By your wisdom and your understanding you have made wealth for yourself, and have gathered gold and silver into your treasuries
Ezekiel 28:4

The silver is mine, and the gold is mine, declares the Lord of hosts.
Haggai 2:8

But Peter said, “I have no silver and gold, but what I do have I give to you...”
Acts 3:6
 

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Who's going to buy or trade for your gold in a crash like situation? Ammo, productive land, and sources of fresh water are important then. And until then, the stock market is the surest place to make money, that's why the rich put their money there.
 

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What I posted was pure honest fact.

Funny although you and I have different understandings of how the Bible speaks to us I have always taken a back seat to you on Biblical knowledge.

One thing that occurred to me as I read the complete Bible this past winter and spring was the lack of use of gold as money in scripture. Gold was always a symbol of wealth but not money. It was far more useful as a false god just as you hold it up as a false-money. Silver and bronze were most often used as money in Scriptures.

It is true in Lydia the first coins were electrum a mixture of gold and silver.

Gold has been used as money and every time failed. That is made clear in the above history of money. Even when gold was money it was fiat money. That is to say its value was set by fiat not the market place. When its market place worth to the wealthy became greater than its value by fiat it [gold] disappeared as money. This occurred time and time again before "Bretton Woods" or the federal reserve.

Gold is a commodity which has been tried as money and always failed because it is too valuable to remain in circulation as money. So gold is a FAILURE at being money. Gold's value fluctuates wildly based on its demand by the wealthy as a grandstanding ornamentation.

If you want to bad mouth government's misuse of money by fiat, I will not argue. That misuse is no argument for gold as money.

If gold is useless as money then why do so many people around the world value it ?
 
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