Venezulas gonna dump 80 tonnes of gold
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  1. #1

    Jan 2008
    258
    284 times

    Gold Bar Venezula's gonna dump 80 tonnes of gold

    I wonder how this is going to affect the price of gold?

    Venezuela ready to dump 80 tonnes of gold | MINING.com
    NEPADIGGER7 and Aufisher like this.

  2. #2

    May 2005
    St. Louis, missouri
    5,955
    4665 times
    Well Randy I wish they would dump it in my backyard! that would save me LOTS of gas money and STILL be home for my favorit tv shows! BUt anytime any country dumps gold / precious metals , itll effect all of us one way or the other and probly drop the value of gold!
    NEPADIGGER7, Aufisher and TAKODA like this.

  3. #3
    us
    Author of a book about finding gold in Colorado

    Jan 2012
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    If it was really dumped on the open market in a hurry it would push down the price for awhile (that's called a buying opportunity for the rest of us) however it sounds like that's not what'll happen. Looks like Bank of America agreed to buy it all so it'll just move from Caracas to Manhattan in exchange for a pile of virtual fiat currency...and the rest of the world can just ignore this transaction. What a racket: you give me tons of physical gold and I'll change some digits in a computer file for you. Wow, Right?

  4. #4
    us
    Feb 2014
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    I think it's slowly on a roll downhill towards ~800.00 oz anyway, this may just give it a little push in that direction. 80 Tonnes...fun to think about that much gold.
    Aufisher likes this.

  5. #5
    us
    Aug 2012
    SO CAL
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    Quote Originally Posted by Woody86 View Post
    I think it's slowly on a roll downhill towards ~800.00 oz anyway, this may just give it a little push in that direction. 80 Tonnes...fun to think about that much gold.
    Gold falling to $800.00 an oz....... I must respectfully disagree. Global economic slowing, an unstable Wall Street and trillions in government debt suggest otherwise. The US (and rest of the world) is teetering on the brink of deep recession which will likely happen before or shortly after the next national election. Just a hunch I suppose.
    el padron, russau and Aufisher like this.

  6. #6
    Charter Member
    us
    Nov 2010
    The Great Southwest
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    Quote Originally Posted by KevinInColorado View Post
    If it was really dumped on the open market in a hurry it would push down the price for awhile (that's called a buying opportunity for the rest of us) however it sounds like that's not what'll happen. Looks like Bank of America agreed to buy it all so it'll just move from Caracas to Manhattan in exchange for a pile of virtual fiat currency...and the rest of the world can just ignore this transaction. What a racket: you give me tons of physical gold and I'll change some digits in a computer file for you. Wow, Right?
    Thanks for the perspective Kevin. That was refreshing.

    I'm thinking you might be that one man in a million Keynes was talking about.

    From The Economic Consequences of the Peace John Maynard Keynes
    There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
    Of course the actual facts tell a different story about Venezuela's gold.

    Here a story from today (with pictures) showing Venezuela taking delivery of physical gold. Part of the delivery of another 180 tons of the total 365 tons they own. That's in addition to the 28 billion in foreign reserves they hold.

    Venezuela is far from being broke so I'm thinking there's something else to this story. Maybe it's like the 10 tons they supposedly sold (but didn't) this past April?

    I suggest all of you run out and sell your gold now. It's getting harder to find and the physical gold market would appreciate you selling it at paper market prices. Just to be fair you know.

    Heavy Pans

  7. #7
    us
    El Padron

    Oct 2010
    Southern California
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    Quote Originally Posted by Woody86 View Post
    I think it's slowly on a roll downhill towards ~800.00 oz anyway, this may just give it a little push in that direction. 80 Tonnes...fun to think about that much gold.
    Honestly are you guys kidding?

    No one likes it when I enlighten them with the following Hypothesis. I've never seen it written or published anywhere, but to me, it's very very obvious and undoubtedly true.

    Gold (As useless as it actually is, this is the stuff that everybody universally agrees stores value) will absolutely skyrocket like never before in recent history in the not to distant future.
    When it does it will happen over night.
    No doubt at all.
    It has to, or we will never again come near a balanced budget scenario. Not that it's necessary that we ever do.
    The 17 trillion dollar national debt is what keeps the dollar strong. No one DARES devalue the dollar when the US owes them 4 trillion of them.

    The 17 trillion dollar US national debt has been purposely contrived to serve as the strongest weapon in America's arsenal. It's expertly managed and distributed strategically throughout the world.
    That works very well for now, but unfortunately, that's not sustainable indefinitely either.

    This and many contributing factors ties directly into the actual definition of "money" and how that circumstance will directly affect the future price of gold

    The solution is unprecedented inflation. Bone crushing, runaway, purposely contrived, inflation.

    Inflation will explode. EXPLODE. Think 1972, 1978, 1982, etc....
    The average person will be conditioned to not mind at all because the minimum wage will be $14.
    A dozen eggs today costs $4.00 at Walmart. A bag of Oranges, $9.00.
    The average Home is $300,000 Dollars. Due to 3% interest rates Teachers and Plumbers often live in $450,000 homes.
    Trust me, I know , I sell them to them, and that is what they WANT.

    Its not sustainable.

    When interest rates hit 7% (Sound impossible huh?, LOL) look out below.........
    All this comes with unprecedented opportunity if your s*** is straight.
    It's absolutely the best time ever to be financially independent or very very poor in America

    The central middle class will build the pyramids.
    Last edited by el padron; Oct 22, 2015 at 10:13 PM.
    Why isn't every metal detector at least water resistant? A $7 drugstore flashlight is guaranteed for life to 10 feet. If a squirrel piss*s onto the face of my sov... well.... thats another forum.

    Disclaimer: Most any and all artifacts or valuables mentioned have been found on property that was originally aquired in the 1847 United States of America invasion of Mexico.

    United States Veteran, Headquarters Company, Law Enforcement Activity, Ft Campbell Ky. ARMY Military Police.

  8. #8
    Charter Member
    us
    Nov 2010
    The Great Southwest
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    7% interest rates? You are dreaming. In real life the rates spike much higher than that when the economy tanks.

    Here are the Federal Funds rates from the past. For well over a year beginning in 1980 the Fed lent overnight money to banks at nearly 20%.

    Click image for larger version. 

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    Real interest rates for consumers went north of 30%. I know I lived it. Luckily we didn't live on credit then, there was a chance of recovery. Now...

    Do you know what a 30% interest rate would do to your adjustable rate mortgage payments? We are talking nearly $11,000 monthly payments on a small $300,000 dollar mortgage. Rents and food follow along too.

    You are right that stuff happens fast. Overnight fast. 7% - that's just the trigger point for the collapse to over 30% and eventually 300% a day. It happens every few years somewhere in the world.

    Watch out what you wish for. Monetary collapse is a great equalizer. It's just that equal in a collapse means everybody is equally hungry.

    Very Heavy Pans Indeed
    Oakview2, Aufisher and bobw53 like this.

  9. #9
    us
    El Padron

    Oct 2010
    Southern California
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    Quote Originally Posted by Clay Diggins View Post
    7% interest rates? You are dreaming. In real life the rates spike much higher than that when the economy tanks.

    Here are the Federal Funds rates from the past. For well over a year beginning in 1980 the Fed lent overnight money to banks at nearly 20%.

    Click image for larger version. 

Name:	image173.png 
Views:	84 
Size:	11.2 KB 
ID:	1226317

    Real interest rates for consumers went north of 30%. I know I lived it. Luckily we didn't live on credit then, there was a chance of recovery. Now...

    Do you know what a 30% interest rate would do to your adjustable rate mortgage payments? We are talking nearly $11,000 monthly payments on a small $300,000 dollar mortgage. Rents and food follow along too.

    You are right that stuff happens fast. Overnight fast. 7% - that's just the trigger point for the collapse to over 30% and eventually 300% a day. It happens every few years somewhere in the world.

    Watch out what you wish for. Monetary collapse is a great equalizer. It's just that equal in a collapse means everybody is equally hungry.

    Very Heavy Pans Indeed
    I'm not dreaming, You'll see 7% interest rates. We probably won't see 30% and if we did getting loans at that rate would be the least of our concerns. The point is just 7% will be catastrophic to many working class people.
    We just had a total collapse. Your Wikipedia Federal funds rate chart has never previously recorded anything like that. It features economic recessions, not collapses.
    No, in real life, the economy tanks, the government steps in and rates fall to "0". Just look at your chart.
    THAT'S what happens in real life.
    No one puts a gun to your head to force a dependence on credit cards and Mortgages.
    Many have sacrificed and are now in position to reap the benefit.
    And we all lived it. Some of us have a far deeper understanding of "IT" then others. The vast majority don't care at all, it bores them terribly.
    I know interest rates and their consequences extremely well. We all have mortgage calculators.
    A lifetime career in mortgage banking has left me completely financially independent at a relatively young age.
    I personally paid 12% private bridge rates on Commercial strip centers just 7 or 8 years ago.
    Even if the Federal funds rate was 0 if you and every one else agreed to a 30% conforming mortgage interest rate, then that's what you would pay.
    Wikipedia and charts of the past Federal funds rate don't disclose anything we don't already know. The Federal funds rate relates very moderately to conforming mortgage interest rates. Those are highly determined by public demand.

    I'm pointing out the likely path gold prices will take, the reason America runs a federal deficit, and the role inevitable inflation will have in highlighting the opportunities that will exist for those that have prepared for the obvious future.
    Last edited by el padron; Oct 23, 2015 at 02:00 AM.
    Why isn't every metal detector at least water resistant? A $7 drugstore flashlight is guaranteed for life to 10 feet. If a squirrel piss*s onto the face of my sov... well.... thats another forum.

    Disclaimer: Most any and all artifacts or valuables mentioned have been found on property that was originally aquired in the 1847 United States of America invasion of Mexico.

    United States Veteran, Headquarters Company, Law Enforcement Activity, Ft Campbell Ky. ARMY Military Police.

  10. #10
    us
    Mar 2015
    Arkansas
    Whites, Garrett, Garrett Pro Pointer, gold pan, Keene High Banker,
    9
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    In 1980-81 I had three aircraft financed at 18% Damn near killed my company but we had contracts we were bound to. The banks made all the money and I got more experience that I didn't need.

    The whole thing is a game and we middle class don't know the rules.

  11. #11
    us
    El Padron

    Oct 2010
    Southern California
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    Quote Originally Posted by Helipilot View Post
    In 1980-81 I had three aircraft financed at 18% Damn near killed my company but we had contracts we were bound to. The banks made all the money and I got more experience that I didn't need.

    The whole thing is a game and we middle class don't know the rules.
    I think think timing is very important. 2009 was a really great time to buy real estate, yet very few did.
    Now would probably be a very good time to finance equipment, but amazingly enough, many business people are rightfully shy of borrowing at any cost.
    Why isn't every metal detector at least water resistant? A $7 drugstore flashlight is guaranteed for life to 10 feet. If a squirrel piss*s onto the face of my sov... well.... thats another forum.

    Disclaimer: Most any and all artifacts or valuables mentioned have been found on property that was originally aquired in the 1847 United States of America invasion of Mexico.

    United States Veteran, Headquarters Company, Law Enforcement Activity, Ft Campbell Ky. ARMY Military Police.

  12. #12
    us
    Joe

    Jul 2014
    Medina
    183
    216 times
    All Types Of Treasure Hunting
    Gold is a commodity, just like oil,gas,corn,wheat,ect.. It should be treated like a commodity. The first thing that takes a hit when the economy is going into a recession/depression. They are also the first to rebound.

  13. #13
    us
    Author of a book about finding gold in Colorado

    Jan 2012
    Summit County, Colorado
    Grizzly Goldtrap Explorer & Motherlode, Gold Cube with Banker on top, Bazooka Goldtrap sluices, Angus Mackirk Expedition, Gold-n-Sand Xtream Hand pump
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    Quote Originally Posted by Medina Joe View Post
    Gold is a commodity, just like oil,gas,corn,wheat,ect.. It should be treated like a commodity. The first thing that takes a hit when the economy is going into a recession/depression. They are also the first to rebound.
    "should be treated like a commodity"...good joke. The world is full of things that "should be" but aren't. Deal with what's real ;-)
    el padron and Clay Diggins like this.

  14. #14
    us
    Sir

    Sep 2015
    Connecticut
    Minelab
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    First, you have to get the land owner permission, then before you dig it up, decide how to sell it, and how to move it back to the United States. Good luck and share pictures. Of course the price of gold will go down. But, went that much, do not care.

  15. #15
    us
    Joe

    Jul 2014
    Medina
    183
    216 times
    All Types Of Treasure Hunting
    You can laugh all you want. But it's a commodity. Gold,Zinc,silver,copper,nickel,steel,platinum,lead . This is what I do for a living. If you buy and sell metal like I do everyday for a living.I don't care if it's pop cans to a copper coil. Metal is metal and it traded as a commodity. Run your scrap yard how you want. You would not stay in business long

 

 
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