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  • Paul799's Avatar
    Yesterday, 04:37 AM
    Monetary Metals Don’t Need a "Gold Standard" Proxy System Never mind the fact that the post-World War II Bretton Woods gold window that existed until 1971 was meant to ensure U.S. dollar hegemony in international trade – not sound money for the people. Sound money has intrinsic value, is stable, is trusted, is fungible, and has widespread acceptance. It need not necessarily be gold, although thousands of years of history have shown the yellow metal ably fills that role – even today. Often overlooked, even among some sound money advocates, is silver. It arguably has a longer history than gold of being circulated as money. The Founders wrote a bi-metallic gold-silver standard into the United States Constitution. Article 1, Section 10 makes it explicit: “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts…”
    18 replies | 1282 view(s)
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    07-18-2019, 05:17 AM
    Ray Dalio Dalio is the founder and co-chief investment officer of Bridgewater Associates, a hedge fund firm that manages about $160 billion in assets. The Westport, Connecticut-based company invests globally and has about 350 institutional clients including endowments, governments, foundations, pensions and sovereign wealth funds. Paradigm Shifts I think that it is highly likely that sometime in the next few years, 1) central banks will run out of stimulant to boost the markets and the economy when the economy is weak, and 2) there will be an enormous amount of debt and non-debt liabilities (e.g., pension and healthcare) that will increasingly be coming due and won’t be able to be funded with assets.
    18 replies | 1282 view(s)
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    07-16-2019, 10:10 AM
    Iran Launches Gold Backed Cryptocurrency “Covenant Iran’s move to issue cryptocurrency backed by gold reserves is to provide a way for Iran to trade around US-sponsored sanctions, which have been increasing under Donald Trump’s push to dump the Obama-era “Iran deal.” The currency, known as Paymon in Iranian (“Covenant” in English) is based on the Stellar Lumens XLM network, an open-source codebase, and will trade in “special exchange offices.” A initial 1 billion Covenants are expected to be issued in the initial offering and will be issued by the Central Bank to permit G2G trade. Countries such as China, Russia and Turkey – and several EU, Middle-Eastern and South-East Asian nations are also likely to accept the new virtual coinage. The new Cryptocurrency may also be extended for commercial and public use. In a second roll-out phase, the convenant would be traded by Iranian citizens in the country, who are also cut off from the global SWIFT network, depriving many ordinary Iranians from receiving personal remittances such as pensions and allowances from the Iranian overseas diaspora. The currency is not the first Cryptocurrency to be in use – that accolade falls to Venezuela, another oil-rich country under strict US sanctions.
    18 replies | 1282 view(s)
  • Paul799's Avatar
    07-08-2019, 11:20 AM
    Currency crises and economy crises, two different things. Economy crises... recession... depressions... how do you want to define it? Substantial / prolonged decrease of production of goods and services? Anyway, they always existed and will always exist. Currency crises is something different. It means people lose trust in money. Money loses purchasing power. Currency crises is much worse than economy crises.
    18 replies | 1282 view(s)
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    07-08-2019, 11:12 AM
    Exactly. No currency crises during the Great Depression. Thanks for strengthening my point
    18 replies | 1282 view(s)
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    07-08-2019, 10:45 AM
    This is massive news! Thanks Louis To everybody: If you want to stay informed about what's going on in the gold markets, you should bookmark https://smaulgld.com :up:
    1 replies | 100 view(s)
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    07-06-2019, 09:11 AM
    Another Swiss Bank Can't Find Their Client's Gold Egon von Greyerz: “Don’t let your bank hold your gold. They might not find it. A gold investor told us recently that his Swiss bank had moved the client’s gold from the the bank’s safe to a private vault in the name of the bank, in Zurich. The client was aware of this move. But then the problems started… The gold was allocated and the client had the bar numbers. The client wanted to store the gold through our company and instructed the bank accordingly. But the gold wasn’t there any more. The gold was supposed to be segregated but the bank had stored it in the collective vault. And the client’s allocated, numbered bars were not to be found anywhere. Presumably, the bank will accept liability and buy new bars for the client. But again this proves that it is not safe to keep your gold in a bank. We have regularly experienced similar problems with many different Swiss Banks, big or small. https://kingworldnews.com/greyerz-another-swiss-bank-cant-find-their-clients-gold/
    18 replies | 1282 view(s)
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    06-29-2019, 01:08 PM
    Paul799 replied to a thread Kinesis in Personal Prosperity
    Gold and silber becoming money again, the revival of the Gold Standard starting among the unbanked and the underbanked population. What a surprise
    38 replies | 4029 view(s)
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    06-29-2019, 01:03 PM
    Paul799 replied to a thread Kinesis in Personal Prosperity
    Kinesis, Indonesian Government Postal Service (POS Indonesia), the world’s third largest Post Office and OZL Liechtenstein, to launch the first and only purpose-built bullion vault in Indonesia London 28th June 2019 Kinesis has been closely following the development of new regulation in Indonesia as they hope to assist in the implementation of a monetary system to assist the unbanked and underbanked population in Indonesia. A key component of the new gold trading regulation in Indonesia (February 2019), with inputs by Kinesis, states that any online or exchange-based physical gold trading product must be deliverable and physically located in an Indonesian vaulting facility. Currently there is no purpose-built bullion vaulting facility in Indonesia, despite being in a major gold demand and trading centre with over 160 mt/yr gold production, 75+ mt/yr domestic demand and a 100 mt/yr capacity LBMA-approved gold refinery. Kinesis has partnered with Offenes Zolllager in Liechtenstein AG (OZL) and the Indonesian government to construct a high security, best-in-class vault facility to house the physical metal used in the Kinesis Monetary System and the Allocated Bullion Exchange (ABX) / Jakarta Futures Exchange (JFX) shariah compliant, spot physical bullion exchange. This will serve as the central bullion hub in Indonesia for both conventional and shariah compliant bullion.
    38 replies | 4029 view(s)
  • Paul799's Avatar
    06-29-2019, 12:53 PM
    Exactly So, while the US treasury is allowed to own the US gold reserves, why are you discussing if the Italian treasury should be allowed to own the Italian gold reserves? Why some of you have no problem with the US treasury owning the US gold reserves, but have one with the idea of the Italian treasury owning the Italian gold reserves? Am I the only one here sensing some hypocrisy?
    56 replies | 1584 view(s)
  • Paul799's Avatar
    06-28-2019, 10:55 AM
    By the way, when we compare precious metals and Bitcoins, let's not forget that there is not only gold. There is, e.g., silver too. So, again, under the point of view of the confiscability, is Bitcoin superior to silver? as in "Silver can be confiscated, Bitcoin can't"? Confiscating silver? e.g., as in silverware?
    88 replies | 4166 view(s)
  • Paul799's Avatar
    06-28-2019, 10:45 AM
    On the other hand, let's consider gold and Bitcoin not as money but as investments In this case, the possibility of confiscation is relevant. "Gold can be confiscated, Bitcoin can't." Is it true? Gold confiscation means the Gov going for gold depositories, vaults... etc., not search warranting private houses. Same with Bitcoin: Gov going for Exchanges, forcing public or major entities (banks, funds...) to hand out their Bitcoins (e.g. they have declared them on their balance sheets), leaving private wallets alone. So, under the point of view of the confiscation possibility, is Bitcoin superior to gold? I don't think so
    88 replies | 4166 view(s)
  • Paul799's Avatar
    06-28-2019, 10:25 AM
    I don't understand the point of the discussion. The gold reserves of a country belong to its citizens, not to a private financial entity. What is to discuss about? Whom belong USA's gold reserves? To the American people or to the FED? To the American people or to the financial houses that control the FED? To the American People or to the Central Bank of the Central Banks, the Bank for International Settlements?
    56 replies | 1584 view(s)
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    06-24-2019, 02:31 AM
    Good remark r3, this is the point. The original thesis was, Govs can't confiscate bitcoin, as if this were an advantage of Btc vs. gold. The question: can the Gov confiscate Btc? is meaningless. The main question is: can the Gov prevent Btc from being used? This is the main question because preventing Btc from being used in order to buy things brings out the same results as of confiscating it. There is x.
    88 replies | 4166 view(s)
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