Dow Jumps More Than 400 Points! - Page 21 - Mercedes-Benz Forum

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post #201 of 437 (permalink) Old 03-20-2008, 01:07 PM Thread Starter
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Originally Posted by crash9 View Post
You're off by a factor of 10. When gold became legal it was over $300 (maybe $330) and then worked down to $103 on the very day Jimmy Carter was nominated. Whatever, the current washout should be used to buy some.
For those of you that are knocking Jimmy Rodgers, I can only say you are pathetic, or have no real world understanding of what you're talking about.
There may be some outstanding values in the stocks right now, but most of the market that you'll want to own for the very long term are a long way from any significant bottom.
Some of the bank stocks have great yields and have been overdone already - BAC, USB and maybe GS is the best of the worst, but it's all very risky right now.
J - your a pauper - get used to it.
Any time ol' bear is only off by a factor of ten, that's an improvement!

And "Jimmy" Rodgers is a pathetic old fool who has no real world understanding of anything. He's just a washed-up old gold bug who has been yelling "Buy!" "Buy"! "Buy!" for the last 20 years! Sooner or later even that idiot will call one right. Stick to your country music if you want to worship "Jimmie" Rodgers

Jimmie Rodgers - The Father of Country Music

Don't believe everything you think
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post #202 of 437 (permalink) Old 03-20-2008, 01:10 PM
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Really? I never noticed!
It's just that some on here seem that it's going down is signaling the end
of the market growth for all of time.

But yet we have forum members buying new to them houses
[up grading] then remodeling.
They are buying brand new cars.
Talking about buying expensive fashion accessories.

Taking vacations and having GTG's.

Come on people the economy is bad, isn't it?
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post #203 of 437 (permalink) Old 03-20-2008, 01:29 PM
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Originally Posted by crash9 View Post
You're off by a factor of 10. When gold became legal it was over $300 (maybe $330) and then worked down to $103 on the very day Jimmy Carter was nominated. Whatever, the current washout should be used to buy some.
For those of you that are knocking Jimmy Rodgers, I can only say you are pathetic, or have no real world understanding of what you're talking about.
There may be some outstanding values in the stocks right now, but most of the market that you'll want to own for the very long term are a long way from any significant bottom.
Some of the bank stocks have great yields and have been overdone already - BAC, USB and maybe GS is the best of the worst, but it's all very risky right now.
J - your a pauper - get used to it.
Note, if you will, that I got Gold in 1974, April to be exact, Gold was between $33-35 for much of the year before the speculative run-up prior to the official "buy-in" on January 1, 1975.

Here is a little history timeline that will refresh your memory. I bolded the critical part. I am seldom, if ever off by a factor of 10 in economics.

Note also, that it did NOT hit 300 in the buy-in period, stabilizing in the $195-200 range.

Quote:
Originally Posted by FTFA
The End Of the "Fixed" Dollar
Gold War I - The "London Gold Pool" - 1961 to 1968

By the beginning of the 1960s, the $US 35 = 1 oz. Gold ratio was becoming more and more difficult to sustain. Gold demand was rising and U.S. Gold reserves were falling, both as a result of the ever increasing trade deficits which the U.S. continued to run with the rest of the world. Shortly after President Kennedy was Inaugurated in January 1961, and to combat this situation, newly-appointed Undersecretary of the Treasury Robert Roosa suggested that the U.S. and Europe should pool their Gold resources to prevent the private market price for Gold from exceeding the mandated rate of $US 35 per ounce. Acting on this suggestion, the Central Banks of the U.S., Britain, West Germany, France, Switzerland, Italy, Belgium, the Netherlands, and Luxembourg set up the "London Gold Pool" in early 1961.

The Pool came unstuck when the French, under Charles de Gaulle, reneged and began to send the Dollars earned by exporting to the U.S. back and demanding Gold rather than Treasury debt paper in return. Under the terms of the Bretton Woods Agreement signed in 1944, France was legally entitled to do this. The drain on U.S. Gold became acute, and the London Gold Pool folded in April 1968. But the demand for U.S. Gold did not abate.

By the end of the 1960s, the U.S. faced the stark choice of eliminating their trade deficits or revaluing the Dollar downwards against Gold to reflect the actual situation. President Nixon decided to do neither. Instead, he repudiated the international obligation of the U.S. to redeem its Dollar in Gold just as President Roosevelt had repudiated the domestic obligation in 1933. On August 15, 1971, Mr Nixon closed the "Gold Window". The last link between Gold and the Dollar was gone. The result was inevitable. In February 1973, the world's currencies "floated". By the end of 1974, Gold had soared from $35 to $195 an ounce.

Gold War II - The IMF/U.S. Treasury Gold Auctions - 1975 to 1979

On January 1, 1975, after 42 years, it again became "legal" for individual Americans to own Gold. Anticipating the demand, the U.S. Treasury in particular and many other Central Banks sold large quantities of Gold, taking large paper profits in the process. This had two results. It depressed the price of Gold, which fell to $US 103 in eighteen months. More important by far, it "burned" large numbers of small individual investors.

But this "pre-emptive strike" against the Gold price did not solve the imbalances inherent in the floating currency regime. As the Gold price began to recover from its August 1976 low, the (US-controlled) IMF along with the Treasury itself, began a series of Gold auctions in an attempt to hold down the price through official means. But the problem of yet another free fall in the international value of the Dollar got in the way. Between January and October of 1978, the Dollar lost fully 25% of its value against a basket of the currencies of its major trading partners. By early 1979, due to this precipitous fall, the demand for Gold was overwhelming the amount that the IMF/Treasury dared supply, and the Gold auctions came to an end.

Gold regained its ($195) December 1974 level by July 1978. It then pressed on to new highs, hitting $250 in February 1979 and $300 in July. Also in July, Paul Volcker was appointed as Fed Chairman by a desperate Jimmy Carter. Gold continued to surge, hitting $400 in October. While this was happening, Mr Volcker was attending a conference in Belgrade. There the assessment was made that the global financial system was on the verge of collapse. When Mr Volcker returned to the U.S. from Belgrade, he took a momentous step. He announced that the Fed was swiching its policy from controlling interest rates to controlling the money supply.

This new Fed policy took some time to have effect. In the meantime, Gold soared from $381 on Nov. 1, 1979 to $850 on Jan. 21, 1980. The public, who had been burned in 1975, were late on the scene. The great burst of public Gold buying came in the four weeks between Christmas 1979 and the Jan 21, 1980 high. As in 1975, they were "burned" again.
Central Bankers Against Gold - The Demonitisation Of Gold 1933-1980.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.

Last edited by mcbear; 03-20-2008 at 01:32 PM.
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post #204 of 437 (permalink) Old 03-20-2008, 01:38 PM
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Does anyone's dick still go up and down ?
Up & down and in & up. When ever lovey [my wife] provides me that opportunity.
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post #205 of 437 (permalink) Old 03-20-2008, 02:16 PM
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Originally Posted by Multipurpose View Post
It's just that some on here seem that it's going down is signaling the end
of the market growth for all of time.

But yet we have forum members buying new to them houses
[up grading] then remodeling.
They are buying brand new cars.
Talking about buying expensive fashion accessories.

Taking vacations and having GTG's.

Come on people the economy is bad, isn't it?
Yeah, I'm doing all that, but its because I sold all my stock on Nov 26.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #206 of 437 (permalink) Old 03-20-2008, 02:23 PM
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Yeah, I'm doing all that, but its because I sold all my stock on Nov 26.
Do you think all the home owners who took out ARM's were smart enough
to do that [pull out] also?
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post #207 of 437 (permalink) Old 03-20-2008, 03:04 PM
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Keep and eye on silver. There is no more silver to mine (profitably). There is only a finite amount. It is used in most industries including electronics with no good substitutions. Look carefully at who’s holding. The climb has started.
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post #208 of 437 (permalink) Old 03-20-2008, 03:12 PM
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Quote:
Originally Posted by Multipurpose View Post
It's just that some on here seem that it's going down is signaling the end
of the market growth for all of time.

But yet we have forum members buying new to them houses
[up grading] then remodeling.
They are buying brand new cars.
Talking about buying expensive fashion accessories.

Taking vacations and having GTG's.

Come on people the economy is bad, isn't it?
The economy is bad in case you haven't noticed, or should I say you want to deny? Taking the Benzworld as your target population to measure the health of our economy is stretching it a bit, don't you think? Maybe you should visit the GM and Honda Forums and get some real life answers. Or maybe you haven't noticed, the 3-pointed star still commands a certain amount of dollar to acquire and up keep. Or the world will be all driving MB now.

Oh by the way, people are doing all you mentioned because 80% of them live and die by their credit cards. Wait till that house of card crumbles, we have another mass on hands. It is not a matter of "if", it's "when".

'95 R129
'04 G35.5 BS
'10 X204
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post #209 of 437 (permalink) Old 03-20-2008, 03:16 PM
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Originally Posted by Multipurpose View Post
Do you think all the home owners who took out ARM's were smart enough
to do that [pull out] also?
It is not a matter of how smart they are. It is about how credit worthy. Many got into this mass because they should not have gotten a loan normally. With the tightening of the lending process, millions cannot refi even if they want to.

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post #210 of 437 (permalink) Old 03-20-2008, 03:22 PM
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So basically what you're saying is, that these people should try and live within their means?
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