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posted ago by EliFarQuar ago by EliFarQuar +59 / -0

The price of gold is down about $50 an ounce and silver is down about $1-$2/oz in the last week or so. We were told that the prices would go up since Biden banned Russian gold. What's going on?

Comments (58)
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Hans-Groober 27 points ago +27 / -0

In a nutshell....naked shorting by the banksters. They want to drive the price down as low as they can so they can buy up more of it. Nobody should pay attention to the COMEX paper contract prices because they're bogus and manipulated. You can tell the true value of bullions by looking at the premiums being charged....add that to the spot price to get the best approximation. The other thing is this......silver/gold stackers should focus on their stacks as a hedge against inflation or something they can use to buy essentials when SHTF. If you're in it as an investment, be prepared to endure the down cycles while shitbird cabal types continue their fuckery with price.

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EliFarQuar [S] 9 points ago +9 / -0

I only buy physical gold and silver. Until a few months ago, I had only bought silver. Kind of a bummer that I just bought some.gold, wish I had waited.

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making_upvotes 5 points ago +5 / -0

I think they are artificially keeping the price down to down play inflation. Gold price should be the one to hold fiat currencies accountable. If they were not artificially keeping it down gold should rise with inflation. If gold were to rise you would see a massive movement of people turning fiat into gold. A modern day bank run. The DS must prevent that at any cost for their own survival.

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xchainlinkx 10 points ago +10 / -0

On a fiat system the price of gold and silver can be manipulated, just like crypto

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DragonBallz 10 points ago +10 / -0

Im my humble opinion, it is blatant market manipulation. I took advantage of this opportunity to buy an extra 100 one ounce silver coins on the cheap.

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ghost_of_aswartz 2 points ago +2 / -0

Why buy coins versus bars? Easier to sell them?

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onetimeuser 3 points ago +3 / -0

Easier unit of exchange

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DragonBallz 2 points ago +2 / -0

Buying a 100 oz. bar of silver is in fact a bit cheaper than individual ounces. If I was acquiring silver for the sole purpose of investment, I would do so but, as you have suggested in your question, buying and trading using individual ounces of silver is more practical, not to mention that lugging a 100 oz. piece of silver around for the purpose of trade would be a bit unnerving.

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10lbsBass 9 points ago +9 / -0

Prices are manipulated. GET IT WHILE YOU STILL CAN!!!

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ReturnToTheHolyOne 9 points ago +9 / -0

We're in the deflation phase. We will risk banking freeze very soon.

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Fringe--dweller 9 points ago +9 / -0

cue, stage right, wait for Q/Cue

Russia, China and the BRICS will be setting the Global PM prices.

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Hans-Groober 7 points ago +7 / -0

Exactly.....unless Biden decides you can't buy or sell any Russian gold until he gets a "15% cut for CornPop".

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Kekeveli777 4 points ago +4 / -0

Gold & other commodities will be volatile and is not a risk-off investment.

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SOTUisFUBAR 4 points ago +4 / -0

It's on sale, DS dropping prices for us.

What goes down, must come up!

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redtoe-skipper 3 points ago +3 / -0

No worries.

In terms of prices, we are in lalala-land. The price is still cheap in terms of worthless fiat. Buy while you can.

The tests for cashless society are being rolled out. Then silver will come in handy to pay for shit.

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Gotrek 3 points ago +4 / -1

It’s the value of your dollar that’s dropping. Metals fluctuate to match but their buying power stays the same

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Pbman2 3 points ago +3 / -0

We knew this would happen a long time ago,it has to drop before it pops up. Right now the doller is the strongest currency of the western world. It's up to 106. Silver inverse it,when the doller crashes silver will go up.

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Gelicki88 2 points ago +2 / -0

Shill shorts. Thats why diamond hands dont fold

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ghost_of_aswartz 1 point ago +1 / -0

Same principle applies then with blipcoin

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Mr_toads_meh_ride 2 points ago +2 / -0

Precious metals go up when shtf. Relax.

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ghost_of_aswartz 1 point ago +1 / -0

Holy cow 1776

that's what gold is now

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KimJung-Un 1 point ago +1 / -0

bankers

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Fringe--dweller 2 points ago +2 / -0

rhymes with.....

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deleted 1 point ago +1 / -0
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CaptainChrisPBacon 1 point ago +1 / -0

While central banks’ purchase of gold otherwise traditionally pushed market prices up, BofA underlined that there have been signs of fading demand.

First is the pandemic, which caused a fall in world central banks’ demand for gold. It decreased by nearly 60 percent in 2020, according to the World Gold Council(WGC).

In the fourth quarter of 2020 alone, central banks bought a net of 44.8 tonnes of gold, while it was about 140.7 tonnes a year before that.

Gold’s underperformance over the year led to an increase in reserve portfolios, which led some central banks to spot “an opportune time to obtain liquidity to support their struggling economies,” during the pandemic.

For example, seven central banks around the world decreased their gold reserves over the course of 2020, according to the World Gold Council. Source:https://www.trtworld.com/magazine/why-are-gold-prices-falling-44331

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sleepydude -2 points ago +9 / -11

Go buy a loaf of bread with a gold coin.

Do you think you'd get your money's worth?

The only ones who know what gold is worth are bankers and industries which use it as a raw material.

When the lights go out, gold and silver are paperweights...

It's just common sense. Money, stocks, precious metals...

They're only worth however many calories you can milk out of them.

The Average American is currently in fear of a total economic collapse. The precious metals might help AFTER we recover, but if we never recover all that money tied up into rocks and numbers on a piece of paper are worthless compared to a sack of flour.

That's why prices are dropping across the board, while food is skyrocketing.

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10lbsBass 10 points ago +11 / -1

That is the dumbest statement I have ever heard.

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sleepydude 2 points ago +3 / -1

What's dumb about it?

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10lbsBass 6 points ago +8 / -2

All of it.

"When the lights go out, gold and silver are paperweights..."

But that is especially dumb.

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ThePowerOfPrayer 2 points ago +3 / -1

It's only worth what people will trade for it.

Assuming a complete government and economic collapse, it's worth very little until civilization starts back up and decides to use it as a unit of exchange.

Gardening tools, seeds, and hand tools will be worth much, much more, as will coffee, toilet paper, and baby wipes, amongst other things.

I read the story you linked about Venezuela. The part you're ignoring is those Venezuelan merchants who were accepting gold in place of worthless currency were trading it for American dollars or selling it directly to their government, who used it to pay other countries for goods and services.

Trump signed an Executive Order in 2019 that blocked Americans from buying the gold from Venezuelans, by the way.

https://trumpwhitehouse.archives.gov/presidential-actions/executive-order-blocking-property-government-venezuela/

After that occurred, they began trading it heavily to Turkey.

Assuming those trade lines disappeared, that gold would have been worthless in the short term. And if you have to constantly move, it's hard to justify its weight over the things you actually need to survive.

So, honestly, it all depends on what you think will happen. Do you believe the government will collapse or just the currency will? And who's going to buy the gold and silver?

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10lbsBass 1 point ago +1 / -0

"who's going to buy the gold and silver?"

Gold and Silver are money. When SHTF you won't be able to "buy" money. It will come down to those who have it and those who don't.

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ghost_of_aswartz 1 point ago +1 / -0

At least with silver, you can connect your bulloins to a car battery and make colloidal silver from the urine you solar distilled, then you can drink it, alone, in your little hole

And you'll live forever--just you, a car battery, your distilled urine and some mah precious coins rubbin em around

forget turnips

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SirPokeSmottington -3 points ago +1 / -4

10lbsBass 5 points 3 hours ago +6 / -1
That is the dumbest statement I have ever heard.

–sleepydude 2 point 3 hours ago +2 / -0
What's dumb about it?

10lbsBass 3 points 3 hours ago +3 / -0
All of it.
"When the lights go out, gold and silver are paperweights..."
But that is especially dumb.

I'm going to be harsh, but that's because you are being smug...

You're the dumb faggot that thinks I give a flying fuck about your shiny metal when the future you are LARPING occurs.

You will be lucky if I don't shoot you, if you come around in your LARPY ass future, trying to trade that worthless fucking heavy ass shit for my valuable water, food, guns and ammo.

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10lbsBass 5 points ago +5 / -0

When you run out of food, guns, and ammo. You will realize that Gold and Silver are MONEY.

Of course, everybody should have food, guns, and ammo but if you do not also have Gold and Silver you are not properly prepared. I am not going to argue with you. Thousands of years of history prove my point.

https://financialpost.com/news/economy/in-venezuela-people-break-off-flakes-of-gold-to-pay-for-meals-and-haircuts

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deleted 5 points ago +5 / -0
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ActivatedPatriot4 3 points ago +3 / -0

TN just eliminated sales tax on PMs as well (took effect a month or two ago)

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deleted 1 point ago +1 / -0
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deleted 4 points ago +4 / -0
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sleepydude 3 points ago +3 / -0

Look again at the question posed.

The price of gold is down about $50 an ounce and silver is down about $1-$2/oz in the last week or so. We were told that the prices would go up since Biden banned Russian gold. What's going on?

Why is the price not going the way people expected?

Because even though we have 5000 years of history saying gold and silver were traded for currency, it hasn't been that way for about 100 years.

People don't know what it's worth anymore.

Like I said:

The Average American is currently in fear of a total economic collapse.

Your average, modern western sap has no idea of the worth of gold and silver. Unless you trade gold and silver, it's worth next to nothing.

Just because YOU find value in it, and just because bankers and industrialists find value in it, doesn't mean the average layman does.

I'm serious here.

Go and find someone off the street and ask them how much a gold coin is worth.

They will have no clue.

100 years ago they did know what a gold coin was worth, or had some idea of it.

Not so now.

Please do your homework and stop giving people really poor advice when it comes to gold and silver.

What advice am I giving other than the obvious? You can't eat it, and the people who do happen to know its real value will not be willing to trade it for food or anything else.

To further clarify, I've not at any point said "don't invest in precious metals".

Go ahead, it doesn't matter to me. I think it's a sound investment.

But if asked "why are prices dipping?" I'd have to point out the obvious:

Westerners have been taught for about a century that precious metals have no value outside of a jewelry store.

And for that reason, they're retarded.

Doesn't mean gold and silver are worthless. It simply means gold and silver are worthless to the vast numbers of retarded people you encounter on a daily basis. All they can think is "oonga boonga, shiny" when they see gold and silver. Hell, they can't even tell what is or isn't real gold or silver. You say karats and they think "like the vegetable?"

My point still stands. It's something that's nice to have, but it's not gonna help you put food on the table when everyone is just looking to eat something that won't poison them.

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SirPokeSmottington 2 points ago +3 / -1

Go and find someone off the street and ask them how much a gold coin is worth.

You can condense all of that into:

https://www.youtube.com/watch?v=D_x8VswuLwU

https://www.youtube.com/watch?v=BgUxF7gvYeE

https://www.youtube.com/watch?v=Xzt3EcIo5tk

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sleepydude 3 points ago +3 / -0

I'd not seen these before, but yeah...

Their reaction to almost two grand worth of gold not being of equal value to a half-finished tub of ice cream is about what I figured would happen.

Oonga boonga, shiny!

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deleted 1 point ago +2 / -1
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sleepydude 3 points ago +3 / -0

I'll buy all the gold and silver you have and when the time comes we'll see who is right.

You still don't see the problem there?

In a SHTF scenario, no one is gonna give up their gold or silver. They'll sit on it.

I'm glad you can trade with your local farmers TODAY, but when they're the ones with all the food and the coin, what could you possibly offer that they don't already have in spades?

Again, I'm not saying it will be worthless in the long run.

I'm saying, the vast majority of people are more likely to stab you and just take your stuff than trade with nebulous gold and silver. They know what the cost of a sharp blade is better than precious metals.

I doubt you're gonna risk taking all your gold and silver coins to market to buy a couple tomatoes.

Don't get me wrong, I don't wanna be argumentative. I'm just looking at things realistically. I support your decision to invest in gold and silver. I'm NOT knocking the asset.

I'm knocking its ability to be traded when the lights go out.

It's exclusively a long-term investment option. It's only valuable during recovery, not in the midst of the economic collapse. You're looking at about a year, minimum, until people might start trading with it.

The biggest problem we face right now is that the majority of precious metals is in the hands of a very, very tiny minority. That's market manipulation, sure, but it's not like all that gold and silver is just gonna litter the streets suddenly and we immediately will switch to it as a primary form of currency.

Hoarders are gonna hoard, and that stubbornness is the basis for economic stagnation on a good day. Do you think they're gonna be wiling to just start offloading their gold and silver willy-nilly?

Just like land, until I'm faced with starvation I wouldn't give it up. If that were to happen, then I'm pretty sure I won't get the value back as compared to what I put in.

Long story short, don't bet all on gold and silver. Diversify your assets in anything physical. Don't put any weight in fuzzy numbers on a screen or a piece of paper. If you can hold it, and it works without electricity, it has value to someone.

Though chances are, you're gonna spend more of your resources to find someone who will take gold and silver on a fair trade than its worth lugging around.

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deleted -1 points ago +1 / -2
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ThePowerOfPrayer 1 point ago +1 / -0

Rev 17:18

And the woman whom you saw is the great city, the one having kingship over the kings of the earth.

Which city contains the United Nations and is falling apart at the seams as we speak?

You might want to read Revelation 18 and consider what's going to happen when Babylon falls, with the viewpoint America IS Babylon.

https://www.biblegateway.com/passage/?search=Revelation+18&version=KJV

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deleted 2 points ago +2 / -0
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Hans-Groober 3 points ago +4 / -1

I would disagree with you on the part about when the lights go out. Metals will be exchanged as currency for essential goods. Been that way for thousands of years and it doesn't depend on electricity or the internet being "up". Do you really think anyone is going to want to transact with a worthless Benjamin?

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sleepydude 5 points ago +6 / -1

Metals will be exchanged as currency for essential goods.

How much bread is a gold coin worth?

Go out and ask a grocery store worker how much bread they think a gold coin is worth.

Gold and silver USED to be useful, back when people knew its value.

That system has been dead for a long, long time.

Now, gold and silver are just like any other metal. Pretty, shiny, but won't fill your stomach.

Do you really think anyone is going to want to transact with a worthless Benjamin?

No. But at least I can wipe my ass with a Benjamin. Gold and silver just sit there.

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deleted 3 points ago +3 / -0
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SirPokeSmottington 0 points ago +1 / -1

I could trade gold or silver for food today with a local farmer.

We're not talking about "today", we're talking about some stupid larpy future that you people think heavy metals are going to be worth anything in.

Better trade ALL of your metal with that farmer right now... because when your LARP happens... I do not accept heavy, worthless metal.

And if you're NOT predicting a LARPY future... the S&P and DJIA have outperformed everything, buy on the dip.

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deleted 2 points ago +2 / -0
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ghost_of_aswartz 2 points ago +2 / -0

If you stow the coins in your rectum, you can absorb of of their power, transrectally

Then you'll be MINT ey fresh

mmm mmm remineralization baby

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spookyjumper 2 points ago +2 / -0

very few, if any, investors and advice givers suggest locking all your wealth in PM. The conventional recommended allocation is 5-10 per cent. Then, as Robert Kyosaki said recently, invest in cans of tuna (obviously a metaphor for building stocks of broader necessary items). Probably need to buy a lot of flour so you can bake your own bread.

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SirPokeSmottington 0 points ago +1 / -1

Probably need to buy a lot of flour so you can bake your own bread.

Your flour has gone bad. You have died of malnourishment.


If you are preparing for a food shortage larpy future, you need to store grains, not converted flour.

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ThePowerOfPrayer 1 point ago +1 / -0

Wheat berries = flour once ground