Irish gold reserves

Skr4wny

Interesting to read. If only we had what we had in 68! :-)

http://www.24hgold.com/english/stat_country_detail.aspx?titre=central%20bank%20gold%20reserves%20%28in%20ounces%29&pays=Ireland&deid=19576B1670

stackerman

Skr4wny wrote: »

Interesting to read. If only we had what we had in 68! :-)

http://www.24hgold.com/english/stat_country_detail.aspx?titre=central%20bank%20gold%20reserves%20%28in%20ounces%29&pays=Ireland&deid=19576B1670

Means f all if you don't hold it ! As the Germans have found out :rolleyes:

I wrote to the minister of Finance over a year ago suggesting he repatriated same. Polite letter back, trying very hard not to tell me I was OTT.

Not sure I look such a tool now though
Doesn't give me any satisfaction thought. SO many people, at so many levels seem to have bought into a system and can't seem to bring themselves to see it for what it actually is. Ostrich syndrome.

Skr4wny

I think most Irish people don't care to be honest as they are a bit like kids, once you give them a big tv and enough for a few pints at the weekend they are happy out.

Even those with a few more life skills and a bit more intelligence tend to believe what's on the TV but lets face it, the mainstream media is a behemoth and it belittles anyone who doesn't agree with it until they seem nuts or eccentric at best. Like CNBC when they have 4 ananlysts and only one is bearish and they get ripped to parts, but you wouldn't put someone on AtTheRaces who was telling people now wasn't a good time to bet.

Gold took a hammering today, check out the below for multiple good takes on it.

http://www.gata.org/taxonomy/term/2

Maybe they keep the fiat currencies train on the track for years to come but a carriage will fall off at some stage which will lead to a massive correction in precious metals prices.

hfallada

Im pretty sure one of the reasons why the Irish gold was sold was because it was a condition of entering the euro. Warren Buffet thinks buying gold is one of the most ridiculous things. You cant get dividends and its so volatile. Only government in countries with huge amount of inflation buy it anymore eg India, China

Skr4wny

Why would Warren Buffett tell you to buy gold when he wants you to put your money into equities and make him richer?

On your selling gold to join the euro theory, do you think it was to help reduce our decifit to make the cut as it were to be allowed to join? If that's the case we could've just lied like the greeks and kept the gold!

An Ri rua

hfallada wrote: »

Im pretty sure one of the reasons why the Irish gold was sold was because it was a condition of entering the euro. Warren Buffet thinks buying gold is one of the most ridiculous things. You cant get dividends and its so volatile. Only government in countries with huge amount of inflation buy it anymore eg India, China

Warren Buffett may be a god in certain domains but not with regards to gold or new media. He is always rolled out as an argument against gold. How is cutting down a tree, producing paper and inking it any better? Gold's usefulness and dividend are unimportant. Its its scarcity and demand that are. As Mervyn Taylor says about bank runs, it is irrational to begin one, however it is quite rational to wholeheartedly take part in one. i.e. the trend is your friend. Is gold worth x? Yes, if someone else will give you X for it.
I imagine it would be harder for a country to resurrect its own currency without larger gold reserves. At least in a 1968 mindset. However now all that would be required is a good laser printer and a government decree!!

Gold would never be considered value investing, which is all Warren focuses on IMO.

I would disagree wholeheartedly that China (and India's) motivation is to offset inflation. Its much more to do with preparing for a new world currency (basket of currencies); a world without the almighty dollar. Also, the Indian government is not particularly known for aggressive gold-buying on world markets. Its the Indian people who personally drive gold prices. However China, through state purchases and indirect goldmining acquisitions, is aggressively pursuing the accumulation of gold reserves. Well worth reading Larry Edelson in particular on this subject. Was www.uncommonwisdomdaily.com. Now back with the www.Moneyandmarkets.com team.

hfallada

Article of nobel prize winning economist paul krugmann

http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?src=me&ref=general&_r=0

Doesnt have anything decent to say about gold

Skr4wny

hfallada wrote: »

Article of nobel prize winning economist paul krugmann

http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?src=me&ref=general&_r=0

Doesnt have anything decent to say about gold

If you're of the Austrian school of economic thought, which I am, you would see Paul Krugman as so far off the mark it's hard to believe that he's not a minion of those who wish to perpetuate the current system where money printing is destroying the middle class and stealing savings from sensible people who didn't borrow excessively. He obviously has brains to be as qualified as he is so being a minion is the only logical explanation for him publicly saying what he does.

We are living in a world of spin where the truth never emerges until it's too late. I really ask you to read some economic history and not believe things just because they are said by people who are backed by a few awards and the mainstream media. Yasser Arafat won the noble peace prize, but it doesn't change that he was a terrorist. Obama said when Maggie died that she was a champion of freedom despite having assisted apartheid and helped bring about the collapse of the oldest democracy in South America.

I've posted emotively many times on here about the whole subject because I don't want people to be fooled and get screwed over, but at the end of the day I have my house in good order investments wise so when the current dow jones bubble bursts and/or the Irish/EU situation worsens again I should be in a good position not just to survive, but hopefully to profit.

I only hope other people open their eyes too.