Cash withdrawal limits

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March 28th, 2017 at 9:40:49 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 722
Posts: 8413
Quote: petroglyph
Then for large purchases http://www.bbc.com/news/world-europe-39409754. The phony money's cost of production means nothing. Let me print money out of thin air and I promise not to complain about the cost of doing business.



petroglyph's link was to a story about this 100kg gold coin. One was stolen from the Berlin museum.
Although the coin was probably more valuable as a coin, even melted it down it should bring in over $4 million.

All those trillions of dollars in fiat money are technically a liability to the central banks of the world. In theory people can trade them for something else.
March 28th, 2017 at 10:23:56 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 722
Posts: 8413
All the Anglo nations (UK, Australia, Canada, New Zealand) sold their gold and their politicians were roundly criticized when prices went up.

Remaining
UK 310.29 Tonnes
Australia 79.85 Tonnes
Canada zero Tonnes
New Zealand zero Tonnes

Quote: Evenbob
A laughable amount these days. Instead of spending a fortune protecting it, sell it and save millions a year.


in 1933, U.S. President Franklin D. Roosevelt issued Executive Order 6102, which outlawed the private ownership of gold coins, gold bullion, and gold certificates by American citizens, forcing them to sell these to the Federal Reserve.

For Knox has 147,300,000 troy ounces of gold, which at $35 per ounce is worth $5.1555 billion. The federal reserve notes issued by the government in 1938 were worth $4 billion.

The federal reserve notes increased from $4 billion in 1938 to $23 billion in 1945. The reserve notes were worth $45 billion in 1969 when the government promised to destroy the denominations above $100 if they could get them. The federal reserve notes were worth $117 billion when Reagan was elected, and are now about $1.5 trillion.

Price of gold per ounce
1879-1932 $20.67
1933 $32.32
1934-1939 $35.00
1940 $34.50
1941 $35.50
1942 $35.50
1943 $36.50
1944 $36.25
1945 $37.25
...
1967 $35.50
1968 $43.50
1969 $41.00
...
1973 $106.48
March 29th, 2017 at 7:50:08 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 324
Posts: 11135
Quote: petroglyph
Two one gram rounds or ingots of gold takes up very little room in a pocket or purse. Authenticity's are easily proved.


You cannot reproduce gold exactly using anything other than gold. But you can imitate it rather successfully (see costume jewelry). Absent some mark, serial number, hologram, and other security features, counterfeit gold ingots would be rampant in the economy.

The easiest way to prove it's real gold, would be to dunk the suspected ingot in nitric acid. That will dissolve most metals, including silver, but not gold (or platinum). Oh, you could just splash a drop of acid on it and see what happens. But who wants to have nitric acid around at the checkout line?
If Trump where half as smart as he thinks he is, he'd be twice as smart as he really is.
March 29th, 2017 at 10:01:38 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 722
Posts: 8413


When the Scandinavian Monetary Union was formed from 1873-1875 which fixed the krona for Denmark, Sweden, and Norway at 2480 crowns per kilogram of gold. They had gold coins made in 10kr and 20kr and later in 5kr denominations . But it was impractical to make coins in the 50kr, 100kr and 1000kr denomination as the last one would have weighed more than a pound.

People were satisifed merely by knowing it was backed by gold.



In reality a lot of 10kr and 20kr banknotes were made, because people neither wanted nor could carry that much gold.
March 29th, 2017 at 12:48:43 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 12
Posts: 2031
Quote: Nareed
You cannot reproduce gold exactly using anything other than gold. But you can imitate it rather successfully (see costume jewelry). Absent some mark, serial number, hologram, and other security features, counterfeit gold ingots would be rampant in the economy.
Somewhere near you, there is available a 50 peso silver coin. Take a look at it, do you think it is counterfeit? There are plenty of cheap and easy testers available, enough to make a metals based coinage doable. A one ounce round for this purpose will always be of the same size in circumference, so it will always be the same thickness. https://www.moneymetals.com/precious-metals-buying-guides/how-to-test-gold-and-silver-at-home

Other metals will work as well, say pure copper, nickel, or silver. The point is that the medium being used has intrinsic value and can't be faked. The .gov couldn't afford all these wars if they had to be paid for with real money. They would find some other means of diplomacy.

The wealth of the world has trickled up from the hands that produce everything , into the hands of the people who print money out of thin air. That doesn't sound like a fair trade to me. Imagine how all the peoples can be whipsawed back and forth, when the entire money supply can be changed with a keystroke. e.g. Arab Spring

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford
Everyone gets thrown from the plane to maintain altitude
March 29th, 2017 at 1:09:43 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 109
Posts: 11390
Quote: petroglyph

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford


In Ford's day, probably. Not anymore, we
understand all too well how money works
and what it is.
If you take a risk, you may lose. If you never take a risk, you will always lose.
March 29th, 2017 at 1:14:31 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 12
Posts: 2031
Quote: Evenbob
In Ford's day, probably. Not anymore, we
understand all too well how money works
and what it is.
You are giving a lot of people a lot of credit. With all the people you think are to stupid to vote, why would you think they understand why money is supposed to be tangible?

added: see sub prime home loans, zero down car loans, college loans. etc.
Everyone gets thrown from the plane to maintain altitude
March 29th, 2017 at 1:19:14 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 109
Posts: 11390
Quote: petroglyph
You are giving a lot of people a lot of credit. With all the people you think are to stupid to vote, why would you think they understand why money is supposed to be tangible?


But they don't count, morons have never
counted. It's George Bailey explaining to
his customers that he doesn't have their
money in his bank, he loaned it all to
people to build homes with. We understand
that now, in the 40's people really didn't.
If you take a risk, you may lose. If you never take a risk, you will always lose.
March 29th, 2017 at 1:22:43 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 12
Posts: 2031
Quote: Evenbob
But they don't count, morons have never
counted. It's George Bailey explaining to
his customers that he doesn't have their
money in his bank, he loaned it all to
people to build homes with. We understand
that now, in the 40's people really didn't.

I added it in my last post while you were typing. Look at subprime home loans, zero down car loans, variable rates etc. Look at the fraud on retirements, no people don't understand. Your average Joe doesn't understand money is loaned into existence.
Everyone gets thrown from the plane to maintain altitude
March 29th, 2017 at 1:39:22 PM permalink
Face
Administrator
Member since: Oct 24, 2012
Threads: 61
Posts: 3143
Quote: Evenbob
But they don't count, morons have never
counted.


I'm one of those morons.
Be bold and risk defeat, or be cautious and encourage it.
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