Buffet Sells The Banks And Buys GOLD!

[rcooled]

Originally Posted by pavulon

So when gold hits 5K and it's time to sell it and the dollar is "toilet paper", what do you take as payment?

[tabs]

Originally Posted by RWebb

Well..Mr Webb, I give you a prognosis backed up with a rational based upon the data, events, and mindset of the world really. In that rational I take into account historical precedence. Historical precedence does not indicate a pretty outcome where everything turns out swell.

So you apparently like every other time in history this sort of thing happens think "It will be different this time" That in of itself is an arrogance, and which is in fact a causative factor of decline and collapse.

Given that, in your postings you give NO alternate scenario, let alone be backed up with any sort of articulated reasoning. All we get from you is what amounts to a snide Meme which infers a pejorative opinion of my prognosis and rational. This gives myself nothing to hang a hat on. In essence yo are saying my prognosis is wrong and or is faulty "JUST BECAUSE." Your opinion as such is an absolute NOTHING. which has no veracity nor can be given any credibility.

So excuse me if I discount anything that you have to say.

[tabs]

Originally Posted by rcooled

Fact..we have seen a huge FALL OFF IN VALUE of Bitcoin back when the Equity markets were crashing and burning in March. Need I say that this event does not inspire confidence in Bitcoin as an alternative currency.

Then one has to wonder what happens to Bitcoins let alone their value if the Grid goes down and or the electric power goes off? That lost of electric power is a fact, as this past weekend in San Diego County and in Northern Cal in the recent past. So there is a very real probability that that can occur give a dire set of economic, political or social factors.

Given that I discount the viability of Bitcoin as a alternative currency.

Given the long term tendencies of human nature, mankind wants to have something one can hold in their hands that they percieve as being of ever lasting value. Hence the attraction to Gold, Silver, precious gems over more than 5000 years of human history. Those assets have a UNIVERSAL appeal to mankind.

[varmint]

Originally Posted by pavulon

So when gold hits 5K and it's time to sell it and the dollar is "toilet paper", what do you take as payment?

Silver?

Real estate?

[tabs]

Of course Silver...

RE...has limited liquidity..there are problems associated with RE. Taxes, destruction of the improvements, poisoning the land (the Romans salted Carthage land so that nothing would grow), political and social instability, who might have the where with all to purchase, and or the financial institutions where by payments can be made..

With commercial property who is the potential rentor?

A farm that you can live on and work can provide you with shelter and sustenance, however the above mentioned risks are a potential downside. In the USSR in the late 20's the Soviets confiscated and collectivized farms particularly in the Ukraine. Where they starved to death a whole class of Middle Class farmers..some 20 million of them.

[cstreit]

Originally Posted by tabs

Buffet unloaded his Wells Fargo.and JP.Morgan picking..up 563M in Barrick Gold.

That should tell ya sumthin. He wants to remain rich in the coming collapse. Also that move is indicitive of his prognosis for the American economy..

You e been talking about the collapse for 15 years. Keep going. Eventually you’ll be right.

[MRM]

Buffet also just sold all of his airline stock - that he paid approximately $8 billion, and got about $4 billion back. https://www.forbes.com/sites/sergeiklebnikov/2020/05/02/warren-buffett-sells-airline-stocks-amid-coronavirus-i-made-a-mistake/#3e1b93195c74

Since then those stocks are up a little less than 100%. As Michael Burry found in The Big Short, being early is the same thing as being wrong. Buffet might be right in his gold play, but you can look at his record and he hasn’t been right about much other than Apple in the last several years.

[Arizona_928]

I don't buy gold. I buy lead...

[tabs]

Originally Posted by cstreit

You e been talking about the collapse for 15 years. Keep going. Eventually you’ll be right.

Actually 40 years..

Well that goes to show you i can see what is going to happen way down stream. Which makes it obvious that you need a seeing eye dog and a white cane with a red tip. Which means your utter lack of foresight and wisedom is in the end one of the causative factors in the coming collapse.

So i am light years ahead of everyone else, and especially a person like yourself.

It is just a matter of seeing how the dominos are lining up and understanding that human nature is so predictible.

[tabs]

What it comes down to is people lack of understanding the consequences of their losing their ethical and moral centers of gravity. Instead people have given into materialism and greed while elevating the status of the secular science and technology to God like status.

What your shortsightedness is turning everything you have striven and chased for in your lives is ashes

[flatbutt]

Who other than the truly rich can afford to but gold? I remember thinking back when it was $900 that there was no way I could afford it.

[aschen]

It's a gold mining company, not physical gold assets, not really at odds with his track record of saying he doesn't endorse buying shiny things that don't produce anything

[tabs]

Originally Posted by flatbutt

Who other than the truly rich can afford to but gold? I remember thinking back when it was $900 that there was no way I could afford it.

You can buy Silver you know. I have been saying for 12 years that it would be a good idear to buy some Gold and or Silver as a hedge just in case.

My message has been you have to play the game like the music is going to last forever, but to be prudent you need to create a hedge of some sort just in case. The probability of a US collapse 20 or 30 years ago was remote..not impossible though. Starting in 08 the unthinkable suddenly became a real possibility, As time has elapsed the debt and the printing presses have run, where it becomes more and more of a probability. Now with this CV crisis the FED and Government has thrown caution to the wind and moved all in to backstop the economy. We are now in a Twilight Zone limbo with all the moratoriums and forbearance on bills and debt. We are waiting for the other shoe to drop when all those accommodation programs run their course. Then the tsunami of default will start to really hit the economy. In essence it is game over, none of the chasing of the almighty buck matters anymore.. The system is ethically, morally, spiritually and economically BK.

If a person were of the religious persuasion they would not be wrong in thinking that we are going to feel the wrath of GOD. We will be left with sack cloth and ashes of what once was.

[flatbutt]

Originally Posted by tabs

You can buy Silver you know. .

exactly what I've done.

[G50]

Originally Posted by tabs

Of course Silver...

RE...has limited liquidity..there are problems associated with RE.
. . .
In the USSR in the late 20's the Soviets confiscated and collectivized farms particularly in the Ukraine. Where they starved to death a whole class of Middle Class farmers..some 20 million of them.

Yes, the biggest problem, by far, with RE is it’s too easy to steal. It’s a sitting duck and one of the first “populist” targets.

It of course happened during the Russian Revolution, but it’s also been slowly happening here in different forms in the US, in places like Washington state (and it’s accelerated and become more brazen under the cover of the virus).

[G50]

“There’s room for 13 families in this house”

Your property can be taken without your name being taken off the deed. In fact, that’s the better way. Only the upside is taken, as the “owner” your responsible for the downside.

[petrolhead611]

I presume from his 100% conviction in his being right all the time that Tabs must be a very very rich man, able to dispense his long winded ramblings from the
position of his enormous success

[tabs]

Originally Posted by petrolhead611

I presume from his 100% conviction in his being right all the time that Tabs must be a very very rich man, able to dispense his long winded ramblings from the
position of his enormous success

I am retired living on a small pension.

[cstreit]

Originally Posted by tabs

Actually 40 years..

Well that goes to show you i can see what is going to happen way down stream. .

I predict the sun Will die out. That the earth will succumb. That a black hole will swallow the universe. It will, eventually. Doesn’t make me an astrophysicist....

[Purrybonker]

Originally Posted by tabs

If a person were of the religious persuasion they would not be wrong in thinking that we are going to feel the wrath of GOD. We will be left with sack cloth and ashes of what once was.

My good buddy Midas, really nice guy. Small town king, he was generous as he could be to his people. He loved his flower gardens and only wanted to make his people better off.

He was generous to the satyr Pan when he was needy, and started to party with him. Pan introduced him to Dionysus. Dionysus and Pan had a musical competition where Dionysus (obviously) blew Pan out of the water, yet Midas cheered for Pan, his friend.

Dionysus cursed Midas with the golden touch out of spite for his support of Pan.

Midas was ruined, his beloved flowers, his wife, his children were turned to gold.

Eventually, Dionysus relented and granted Midas a way to recover his beloved family and flowers.

There is a lesson to be learnt here about the ultimate utility of gold.