OT Pound of Gold for a Pound of Rice

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If things get bad(9 or10) in January and you haven't prepared, would you buy a pound of rice for a pound of gold? Would gold and silver be like the paper money you have now? I seem to recall that in the early 80's the same question was put to gold bugs.

-- yk2 dave (xsdaa111@hotmail.com), September 06, 1999

Answers

No I'd offer my services as a Gigolo instead :)

-- Andy (2000EOD@prodigy.net), September 06, 1999.

I, too wonder about how to determine the value of gold and silver versus a "known" value of the dollar. For instance, I raise chickens and pigs; if someone came up to me and wanted to buy a pig and I said I wanted $100 for it and he handed me a gold coin and said "This will cover it," how would I know that for sure if I couldn't check the current commodities reports on the value of gold? So, I would think that in a time of crisis, cash (dollars) would still be king since us country hicks still know the value of a pig in dollars... which ain't very much.

jw

-- J Werner (jwerner15@hotmail.com), September 06, 1999.


Pig farmers are stupid if they take fiat money instead of gold for their pig!

-- Pig (pig@farmersarestupid.com), September 06, 1999.

Andy,

Your services will be useless when you run out of Viagra.

JWerner,

Just get to know that a pound of GOLD weights 16 ounces.

-- y2k dave (xsdaa111@hotmail.com), September 06, 1999.


Funny how the goldbugs love to use that phrase "Fiat Money". Also funny how this "Fiat Money" has been acceptable for over 100 years.

If someone wanted to trade a gold coin for my chickens I would tell them to take a walk. How the hell does the average joe know what a real gold coin looks like. How do you tell it from a fake?. Only the goldbugs know.

Dont waste your time with gold. After all the people selling you the gold are gladly taking FIAT MONEY for it.

-- cash is king (cashisking@moneyisit.com), September 06, 1999.



Hey dumbass Dave. A pound of gold is 12 ounces you idiot.

-- Avoir (Dave doesn't know @ jack.com), September 06, 1999.

Avoir,

Funny that the Table of weights and measurements for the US Customary Systems states: 16 ounces = 1 pound. Now how do you suppose they came up with that measurement. I think you should call them up and let them know they are wrong. 12 ozs. LOL

-- y2k dave (xsdaa111@hotmail.com), September 06, 1999.


Hey dave with my "16 ounces" I don neeeeeeed no stinkin' Viagraaa!!!

-- Andy (2000EOD@prodigy.net), September 06, 1999.

Gold is in Troy ounces. Gold will be a store of wealth, not a trade value item. It may become worth far to much to trade for a pig, rice, etc... Gold may be for when you need an operation, buy some land, etc... Trade items are very worthwhile. Stock up on small stuff like matches, toilet paper, coffee, pints of good booze...

-- Bill (y2khippo@yahoo.com), September 06, 1999.

dave,

Sorry, but gold is VERY heavy. 12 oz. of gold is a pound.

-- Nabi Davidson (nabi7@yahoo.com), September 06, 1999.



jw,

You raise a very good point. How much should you value the gold at if you can't check the price in the morning paper, or if you're just a "regular Joe" that isn't familiar with gold or exchange rates?

I maintain that in such a situation, a person will value gold at $50 an ounce, since that is what it says on the front of a US Gold Eagle Coin. I believe that for some time to come, US Currency will still be the preferred medium of exchange, and that gold will serve as a backup form of exchange. I think that the average person will still place a premium on cash since it is MUCH more familiar to consumers and it is easier to work with. Besides, how are you going to make change for small purchases (which is what most people will be making anyway)?

Furthermore, we are in a deflationary environment, and I believe it will get much, much worse. Gold goes down in a deflationary environment.

I've asked this question before and have never received a reply, so I'll try again:

WHY DOES A 1 OUNCE U.S. GOLD EAGLE COIN HAVE $50 STAMPED ON THE FRONT OF IT?!?!

-- Clyde (clydeblalock@hotmail.com), September 06, 1999.


Nabi,

I think your mixing your units.

Gold is in Troy ounces. 16 Troy ounces = 1 Troy pound.

So, yes a pound of gold weighs more than a pound of rice.

-- LM (latemarch@usa.net), September 06, 1999.


No....No...No.. You keep your gold for when bis--is up and running agian......You keep your real cash for those who know the differance..........You by the pound of rice for 10 newly printed $20.00 bills that you just made with your Hp-2000c and HP-6200c. Y2K money, but of coarse! Water mark thing no problem, thin stripe on left of bill, peice of cake...Phony money pens, got it beat. If you think its going to be a 9-10 better stock up.

-- Les (yoyo@tolate.com), September 06, 1999.

How can you recognize a gold eagle? You take one look and know that no one could mint that and fake it. I know there are forgers making fake bills. I have not heard of gold coin forgery lately.

-- Mara Wayne (MaraWayne@aol.com), September 06, 1999.

May I respectfully recommend to everyone that you visit

www.certifiedmint.com

and I think you will get a great education on most of your questions, such as weights and measures, the symbolic value versus bullion value of a gold coin, etc., etc.

The use of gold in a post-Y2K re-build will be as a barter item initially, not in place of barter. Its value, like any item, will be negotiated. A 1/10th ounce American Eagle plus 5 gallons of diesel fuel might be worth a week's labor. Maybe.

-- Jack (jsprat@eld.net), September 06, 1999.


bold off

-- Jack (jsprat@eld.net), September 06, 1999.

WHY DOES A 1 OUNCE US GOLD EAGLE SAY $50 ON THE FRONT OF IT?

-- Clyde (clydeblalock@hotmail.com), September 06, 1999.

Mara,

That may be true, but it isn't stopping the public from using currency now. From what I've read and seen, I think that the new currency is way too difficult to counterfeit for it to be a major problem. Besides, if thigs get that bad, how will the counterfeiters practice their "craft" if the electricity is out, or they can't get supplies. They'll be in the same boat as the rest of us.

-- Clyde (clydeblalock@hotmail.com), September 06, 1999.


Clyde,

You have asked a question that has a difficult answer. before 1933, when the gold was called in and we were taken off of a "gold" standard, (no more gold certificates or gold coins) the one ounce gold coin was $20. (Actually it wasn't exactly one troy ounce, it was a little less) When the mint started making gold coins again in the '80's, they continued with the tradition of giving the gold coin a monetary face value. The platinum Eagle has $100 on it.

So you see there is really no rhyme or reason to it. The Canadian Maple Leaf gold coins have the same denominations on them as the Eagles do.

??????????????????????????

scratchin' my ear...

The Dog

-- Dog (Desert Dog@-sand.com), September 06, 1999.


Gold is measured in troy weight. A troy pound is 12 troy ounces, not 16.

-- Vic (Roadrunner@compliant.com), September 06, 1999.

I bought alot of gold in the early nineties, and I've been a rare coin collector for many years. The level of ignorance in the American population about coins and bullion is astounding, pervasive, and entrenched. Even many educated people don't know beans about gold and silver. I have lost my ass on my bullion purchases, but I held onto them because I just have this gut feeling I will need them. But DO NOT expect to use them as you would greenbacks when TSHTF. Food and fuels will be king. Start thinking food, gasoline, diesel, propane, firewood, bullets, guns, anything practical. The liberals have just about lobotomized the American sheeple, but they still get hungry, drive everywhere, and shoot each other. Oh, BTW, bullion is measured in TROY ounces which are different than regular ones for measure. Try explaining that to a K-mart cashier girl.!

-- doktorbob (downsouth@dixie.com), September 06, 1999.

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