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Posts Tagged ‘Vincent Finelli’

USA PreparesHere a summary I prepared of my December 24, 2013 appearance on USA Prepares with Vincent Finelli:

4m – Gold coins have been used for 2600 years in a wide-spread way, since the Roman Republic
4m – 40% backing of the money supply by gold in the u.s. from 1914-1933, so for every $5, they had to have $2 worth of gold
5m – 1933 gold confiscation, where most didn’t comply, and that’s good, because it was under false pretenses
5m – 1974 – Americans able to own gold again, a big increase from them until 1980, then a 21-year period of decline until around $250 USD an ounce
6m – Gold and silver confiscation show how valuable they are
6m – Numismatic gold free from confiscation
6m – Platinum as the overlooked investment metal and currency
7m – Silver’s a tighter market than gold – 70% of silver comes from base metal mining, so even when economy’s not doing so well, silver can still have a great investment value, because of tighter supply
8m – With gold, the central banks own a lot of it, in total
8m – They may want to back up IMF SDRs or other currencies with gold at some point
9m – Gold being thrown away by not recycling gold in old computers
10m – The reason why gold and silver haven’t reached the true market value they deserve is because of the paper futures market, said to be around 100 times the amount of physical gold
18m – Physical gold and silver vs digits on a computer
20m – No substitute for having actual tangible value for exchange
30m – On cash – it’s recognizable and more likely to be exchanged for smaller items than gold, and gold would be better for appreciating in value to buy more later on
31m – Big risk with cash of hyperinflation, if govt doesn’t honour its debt commitments
32m – Silver at $20 an ounce looks like a good investment to me
35m – Bitcoins introduced in January 2009, theory underlying them goes back to at least 1996
35m – Nodes facilitating transactions and being rewarded with Bitcoins for doing so
36m – The pros — privately issued, decentralized, infinitesimally low transaction costs, high divisibility, international recognition
37m – The cons — if the internet goes down, your Bitcoins are useless, govts getting concerned over their hegemony to issue money
38m – Silk Road shutdown
38m – Public record of all Bitcoin transactions — could be tied into govt intelligence operation — a giveway would be if mass media starts really promoting Bitcoin
39m – China requiring all Bitcoin users to be registered
40m – Bitcoin providing a great educational opportunity, and a great way to make (or lose) a quick buck, as these currencies are reminiscent of the Dot Com Boom (and Bust)
47m – I think the name Bitcoin, with coin in the name, was deliberately used as a marketing tool, to connote more tangible value to them
49m – From Bitcoincharts.com, it was trading that day with around 30% volatility
50m – Major U.S. retailer, Overstock.com, plans to accept Bitcoin by the second half of 2014, but will continuously convert them into dollars, to limit volatility

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