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History Buff 24/7

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  • Barney Frank on Housing: No Wonder the Economy's a Mess [View article]
    Sssshhhh .... Barbi I hate to tell you this .... but ....

    Glass-Steagal was repealed on President Clinton's watch, not Bush.

    The middle class of this country was sold down the river by the Democrats and the Republicans both. And people are figuring it out, which is why incumbents of both parties are running scared about the results of the November elections.
    May 23 08:46 PM | 17 Likes Like |Link to Comment
  • The Must Know Truth About Gold [View article]
    "Less subject to manipulation" Maybe. Manipulated. Absolutely. The only reason interest rates are where they are at now is because the treasury markets are COMPLETELY manipulated. For one thing, the central banksters are buying each other's debt and then crowing about how stable everything is.

    If you or I did this with an asset we owned and then tried to pawn it off on other people we would end up in jail.
    May 23 03:38 PM | 6 Likes Like |Link to Comment
  • 10 Gold Charts Commercial Investment Firms Never Want Clients to See [View article]
    You have a bunch of options depending on what you feel like holding. If you don't mind keeping the stuff yourself or putting it in a safety deposit box (just make sure the bank doesn't go out of business!) you can buy physical coins. Companies like Apmex in Oklahoma typically have gold coins for sale for $50 over spot price per ounce, and silver coins frequently for $2 over spot. Depending on where you live you might be able to find some reputable dealers who will sell you coins without absolutely gouging you. I know a couple of years ago I was very lucky to find someone who was only charging me a $30 premium over spot for gold coins.

    In terms of funds, etfs, etc., the Canadian funds GTU and CEF both hold bullion and they are audited and apparently on the up and up. The weirdest thing about them is that the NAV fluctuates quite dramatically sometimes which can help you or hurt you. If you notice the NAV has dropped relative to the price of gold it is usually a buying opportunity but you may see either one of them do weird things such as be down quite a bit on a day when the spot price of gold is actually up. But long term, they track the price of gold reasonably well.

    You can also get into something like Eric Sprott's physical gold fund.
    May 22 01:09 PM | 1 Like Like |Link to Comment
  • 10 Gold Charts Commercial Investment Firms Never Want Clients to See [View article]
    I didn't get in to gold as early as you, J.S. (I started when it was at $650) and it has been a bumpy ride at times. Still, I am well ahead of where I would have been had I left my money in equities and gotten slaughtered two years ago.
    May 22 12:41 AM | 4 Likes Like |Link to Comment
  • Sell Gold, Buy Oil: The Numbers Are Clear [View article]
    Buy gold and oil. They're both going up in the long run.

    As for what's going to end badly, this current dollar rally is my candidate. The only thing backstopping the dollar long term is the price of paper and ink.
    May 20 01:23 PM | 12 Likes Like |Link to Comment
  • Currency Destruction Has Profound Implications for Gold [View article]
    Most of the gold that's ever been mined is being stored, right now that's 161,000 tons (I believe that's metric tons as the word "tonnes" was used in the context I saw). Sure, we can get more gold out of the ground, but it's not easy.

    We're still sitting on oceans of oil. We're burning oceans of oil to fuel our carbon based economy, but there's still a lot out there. If consumption doesn't drastically decrease in the next 40 years we may burn through all of it.

    Investments aren't as much about economics as they are about psychology. Gold is portable and valuable. Paper is portable and increasingly less valuable. Pick your poison. I'm going with the shiny stuff.
    May 17 04:19 PM | 5 Likes Like |Link to Comment
  • Finding Salvation in Gold? [View article]
    “Gold does not have a good track record as an inflation hedge. For more than two decades, it essentially stayed in the same narrow price range generating a loss of real value compared with average inflation rates. It was only after 2002-2003 when the precious metal took off and appreciated in value while stated inflation in the US was benign.”

    Four points:

    1. You start from the top of the Gold Bubble in 1980 as your base and that completely skews the statistics.
    2. In the 1980s and 1990s there was a sustainable stock market rally that didn’t top out until 2000, so gold was not as attractive.
    3. Stated inflation in the US was benign. “Stated”, right. The US government CPI numbers have been increasingly bogus ever since Nixon was in office. Look at some time if you want to see numbers that are real.
    4. If you look at the (by now) relatively well documented gold and silver price suppression schemes run by the banksters for the last 30 years, gold has been a STELLAR investment in the sense that it has risen this high with an 800 pound gorilla riding its back. If the price suppression schemes collapse gold could go to the moon.

    “Despite the worst financial crisis since the Great Depression and continued concerns over ballooning government deficits, so their argument, gold has not provided enough of a risk diversification, all things considered.”

    When almost all asset classes are hammered talking about risk diversification is a red herring. Most of these clowns don’t even understand what risk is.

    It’s not about diversification, it’s about making money, or preserving what you’ve got. Diversification has been used as an excuse to prop up all kinds of stupid investments. I think the events of 2008 should have proved to any rational person that the “diversification” we’ve been sold on doesn’t work worth squat.
    May 17 04:13 PM | 6 Likes Like |Link to Comment
  • Still in the Early Stages of Major Currency Devaluations [View article]
    IF interest rates go up we may see a brief pullback in gold. But I wouldn't worry too much about it. Given the current level of debt if interest rates go up we will start seeing cascading sovereign defaults as country after country can no longer afford to service their debt. I'm not sure what would happen to the US debt at that point since the US has not run its finances much better than Greece.

    Cascading sovereign defaults at this point = Good for Gold.
    May 17 03:57 PM | 1 Like Like |Link to Comment
  • Greece may take legal actions against U.S. investment banks that might have contributed to the country's crisis, says PM Papandreou. In the U.S. financial sector, "I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.”  [View news story]
    This comes down to:

    Do you blame the addict who was begging for the fix, or
    Do you blame the dealer that supplied it to him?

    Or do you throw both of them in jail?
    May 16 04:13 PM | 1 Like Like |Link to Comment
  • The Gold Rally in Perspective [View article]
    Prechter is a very smart guy -- and he thinks that deflation will take everything down. Mish Shedlock the same.

    I think they're wrong, I think the central bankers will get the inflation they've been praying for. I don't think they'll be able to control it once they get it, but that's another story ...
    May 16 04:01 PM | 10 Likes Like |Link to Comment
  • Gold vs. Silver: Silver Keeps Up [View article]
    He probably confused ounces with tons.

    BTW, the numbers I'm seeing are that approximately 624 million ounces of silver were mined last year -- a bit under your numbers, but close.
    May 16 03:53 PM | Likes Like |Link to Comment
  • Re: Gold. These people don't get it, they just don't get it. They've never called any other bubble correctly in history and now they're trying to say gold is in a bubble?

    At least Jim Rogers gets it.

    I would laugh about some of these statements if I weren't so sorry that there are poor saps out there that believe this trash. "There is no downside protection on investing in gold," Elser says (Susan C. Elser, quoted in the article). Like there is any downside protection to investing in the stock market? Really?

    Gold will never go to zero. I doubt we will see it below $1000 an ounce again, based on the fiscal behavior of governments all over the world. The DJIA, S&P500, Nasdaq ... who knows where they'll end up. No one has come up with a public explanation for the mysterious sell off last week, and we're supposed to believe the stock market is safer than gold. Yeah, right.
    May 14 12:48 PM | Likes Like |Link to Comment
  • The Fear Premium of Gold [View article]
    If she is quoting Jon Nadler of Kitco as a source she has zero credibility right there. For someone who is allegedly trying to sell gold, Nadler has been bashing it for longer than anyone else I can think of.
    May 14 12:38 PM | 4 Likes Like |Link to Comment
  • Precious Metals: The Safest Bet During Uncertain Markets [View article]
    The Wall Street hucksters are like car salesmen (with apologies to the car salesmen). It doesn't matter what you want or need, when you walk onto the lot they will try and sell you the vehicle that they get the highest commission on. It doesn't matter to them if that car will depreciate 90% over the next 10 years, they want to sell you what they will make the MOST on, and to heck with what you WANT or NEED.

    Even now most people are completely and utterly blind to the virtues of gold and silver. The only ones who seem to get it are the few people left who lived through the great depression, or had to escape from europe before and during WWII.
    May 14 12:35 PM | 3 Likes Like |Link to Comment
  • On Bank Profits, Widening LIBOR Spreads and the Gold / Treasury Trade [View article]
    Gold is not a currency.

    Currencies can be debased. Generally the worst thing that happens to gold is that you get 22K or 14K instead of the pure metal.

    Gold is money, however. And my guess is it will continue being money long after the US dollar, British pound, Chinese Renminbi and the Euro have been left on the ash heap of history. Gold may "just sit there" as Buffet is fond of saying, but it endures.
    May 13 07:23 PM | 2 Likes Like |Link to Comment