Should I buy gold at its all-time high?

 It is incredible that the mainstream didn’t seriously consider the possibility of a US default until the last week or so. When I helped organize a tea party event I was called ‘racist’ for giving a speech about the urgent need to reduce the governments budget. And now president Obama has said that not raising taxes in addition to cutting the budget is ‘balancing the budget on the backs of the poor.’ Both of these completely absurd and outright irrational claims were taken as somehow true by the mainstream media. A nation in which a large percentage of the population have such a mentality is most certainly on the path to ruin.

 Gold hasn’t hit a ‘wealth high’, the same amount of Gold can buy pretty much the same amount of material things as it always could. What has happened is that the dollar has hit a new low. I think the big question is when will sellers of houses, cars, wheat, stocks and everything else stop letting themselves get ripped off by selling for dollars instead of Gold. The trick of gaining wealth by speculating on Gold will only last as long as people are foolish enough to keep selling their wealth for dollars instead of Gold. I think the American people are thick headed enough to keep doing that for the next year at least.

 Peter Schiff predicted a catastrophic collapse of the dollar in 2006 based on economic and accounting fundamentals, and has consistently stayed with that claim since. That collapse will come any day now, between tomorrow and Maybe a year or so from now. Economic and financial conditions will get ever more brutally chaotic with each day that that collapse doesn’t happen. At some point one of these 3 things will enable the collapse to happen:
a. Chinese gov free floats the rmb globally.
b. a world bank basket of currencies as world reserve gets lucky and succeeds out of pure widespread desperation.
c. Some large bank starts settling accounts in Gold, such as UBS, and merchants the world over start using GoldMoney similar to how they once used Paypal.

I think Gold will go to or even above 10k After the big dollar collapse, but it at some point it will be a mistake to sell gold for dollars, because everyone outside of the US will be looking to get rid of their dollars. I can’t recomend ‘the hyperinflation survival guide’ enough. It explains in much detail past hyperinflation conditions in South America. One of the biggest points of the book was spend your fiat money as fast as possible for physical goods. I think the thing to do is buy Gold continually, wait for the dollar collapse to happen, than sell the Gold for dollars and buy physical items as fast as possible from the many dupes who won’t drop their dollars fast enough, as in within a few hours of selling the Gold.

  The US govt is buying it’s own bonds, doesn’t take being $114 trillion in iou debt seriously and only has enough military power to force martial law on it’s own people. There is simply no way the dollar is going to survive outside of a US under martial law. China and the US may team up to temporarily attempt to globally enforce the dollar tyranny out of desperation, but even that will ultimately fail to work.

Top drawer reasoning, and on the money.  Those new to buying gold (converting paper currency to precious metal currency) are always hit with sticker shock.  In truth, buyers today have no claim on fear, no right for concern.  The folks who had a right to be frightened were the buyers of gold at $250 10 years ago, and silver at $4.50 ten years ago.  Those are the brave among us.  They were forking over what then amounted to big bucks when no one else wanted the stuff.  They took the risks, not the same that buyers today assume.  They could not turn the corner and re-sell to the next guy in line, because there was no line.  There were no other buyers out there.  The early buyers were all alone, and they alone have the claim to concern. and not those just making first purchases today.  The Chinese and Indians were not in the game 10 years ago.  Central banks were selling tonnes, not scrambling to  buy tonnes, 10 years ago.  The world seemed, somehow,to make more sense than today.  There was no Tarp, no bailout, no QE2, nor QE99 on the horizon.  The greatest nation with the prime global currency was not yet unmasked as the global deadbeat it is today.  No, buyers today have no right to claim fear of ‘high’ prices.  They are instead, fortunate that ‘prices’ are only in the hundreds for gold and the few dozens for silver, and not the tens of thousands. Yet, we know many will balk at converting their worthless Federal Reserve Notes into precious metals because they still see the dollar as worth more than the gold. They will balk until too late.  And those will not be the survivors.  
Chris McDaniel
Baton Rouge

“that fu**er FDR confiscated it”

Does “fu**er” stand for “fuhrer” or ….? They’d both fit, I guess. :)

Taxes have nothing to do with the post office. Postal $ is paid through stamps, and the only reason they are in the red is because they are forced to pay congress prefunded fees on health care that is for future retirees, something no one else is required to do. Plus Congress won’t let them go  to 5 day delivery.

UK taxpayers should buy sovereigns. HMRC regard them as coin of the realm, so they’re VAT and CGT free.