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Post by Oatking on Feb 28, 2021 11:12:18 GMT -6
Investing in other bitcoin like currency companies may not be a terrible idea. I could easily see different crypto currencies operating around the world just like the U.S dollar compared to the Euro or Canadian dollar. Over time different countries may opt for there own crypto currency which will fluctuate against market conditions. ,But I sure hope a gold standard will always be the true measurement of currency.
In a way on line banking now a days is not that different , you dont see physical money transactions so a bit coin account is not that different of a scenario.
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Post by kenmb on Feb 28, 2021 11:24:47 GMT -6
I agree Oatking. The one thing wrong with crypto as of now is it is totally fictional. It needs to be linked to something tangible. It also can't vary in currency value by 10% a week. No one can use it like that. At least I can't.
Cryptos not fairing so well today. When I say let's wait and see which way the wind blows, the relationship between PM's and crypto is what I mean. I see it as a big picture view. Next week or two will be interesting. I wonder how many people will buy the bitcoin dip. Lots of hedge funds and big business getting news coverage of their recent purchases or intent to purchase in the last week or two. Place your bets. Insanity vs sanity. I bought some physical silver on Thursday from SGB, so Fridays dip was my doing for not waiting one more day. Thinking I will get some platinum coins coming on Monday. Maybe some gold too. Using credit line as always. Suppose there comes a day when you just can't pick up the phone and order platinum or gold because it is no longer a commodity but rather part of the monetary system. You can own it, but all new issuance is done through other means and therefore not as easy to obtain. Let's say it has a fixed currency value but there are 10,000 people wanting to own each coin produced so you are simply SOL. Or in a que. A commodity price varies based on supply and demand so it is easy enough to own the commodity by just paying the right amount. How does a unit of measure trade if its price is fixed, but not available because it is no longer purchased simply as a commodity. I really don't know, I suppose the best way to find out is be in a position to see. |
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Post by SWMan on Mar 5, 2021 23:17:17 GMT -6
Bought some silver from Gatewest coin because it was cheaper than SGB at the time, they said send check and when it clears they will ship the stuff out. So nothing is showing up but money out of our account, phoned and they say they have to wait a month because a bank can still pull the funds up to a month!!! Has anyone ever heard of such a thing? Sounds like BS to me, not impressed...
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nvw
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Post by nvw on Mar 5, 2021 23:27:31 GMT -6
I've never heard that myself
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Post by cptusa on Mar 6, 2021 7:52:46 GMT -6
Bought some silver from Gatewest coin because it was cheaper than SGB at the time, they said send check and when it clears they will ship the stuff out. So nothing is showing up but money out of our account, phoned and they say they have to wait a month because a bank can still pull the funds up to a month!!! Has anyone ever heard of such a thing? Sounds like BS to me, not impressed... Yes, that is true down here at least. I've never ran into the issue where someone would not ship something do to that but I know it can happen. That's one of the more occurring scams now, get a check for something sold and it clears so you release the item but in 2-3 weeks your bank pulls money back out the account because it did not clear on the other end. Now you are out money and item. It's ridiculous in this day and age that a check can not be cleared and verified in a day, should be in hours. But as we all know banks are on our side until they are not then they are on their own side, which is where they were the whole time. |
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Post by Oatking on Mar 6, 2021 8:36:51 GMT -6
Sw man I can give you some details if your interested in buying from Scotia. Yeah that sounds shady to be given the run around. At scotia you accept delivery in a small private room at the bank and the silver is examined for any scratches on the bars. You need to pay with a certified cheque and an official receipt is given.
Kind of funny when i first started buying silver in 2008 , the silver bars were placed in white cloth bags. It reminded me of the cartoons with a dollar sign printed on them. he he!
Great investment SW man. It takes about a week to get your order unless they have the product in Winnipeg.
I did find it insulting though a rep at the bank advised me to instead invest with one of there advisor instead of buying the silver. At the time, I simply said if your worth more than 10 million than i will listen to you. He went back to his little cubicle.
They say the grain market is a roller coaster ride, man if the stock market turns that drastic , how many people will be nervous with there paper shares with some banker calling the shots, yikes!
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Post by kenmb on Mar 6, 2021 9:44:21 GMT -6
We have forgotten what it was like to use cheques, but I remember times about a cheque needed to be cleared. I suppose certified cheques fix that, now they call them bank drafts. The moment the bank stamps your cheque, the funds are already allocated from your account to that cheque so the person receiving your cheque is covered.
SGB is filling my silver order, took about 5 days from payment confirmation to shipping notice. But I am only buying like 70 ozs. Buying into Pslv is a good way to avoid those premiums, but since you don't hold your silver, you are back in the position of not really buying silver, just a proxy. Pslv says they acquire silver, and if you own enough shares you can get physical back, but once again - what someone says, and what is true, has yet to be proven as fact.
Will have to see what happens next week. Maybe we see something like oil last year, people dump their paper to get into physical and get out of shorts. May see more downside yet.
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Post by kenmb on Mar 6, 2021 10:14:38 GMT -6
Found this to be an interesting article.... goldsilver.com/blog/update-gold-and-silver-could-someday-make-a-vacation-home-very-affordable/What they are doing is taking the view that gold and silver is money - an asset. And comparing it to purchasing power of another common asset - a house. Strangely enough, it's about the only article that comes to mind that I have seen that has taken such an approach. But a position I have tried to express in a number of long winded posts. We think of a dollar value of a gold coin. But in reality, the gold coin is the thing of value, the dollars are assigned to it. It's a hard concept to grasp, but if a world of sound money was ever brought in, then it would be easily understood. And if you look at the graphs, and allow for the fact that an average house of today is more elaborate, and has more features than one of 1980 which should make it more costly, you can kind of guess what a fair representation of an ounce of silver should be today. If it was money - ie a store of your labor that you can spend at a later date. A common reference point was that an ounce of silver used to be equivalent to a day of labor. Yes, it would depend on the type of work you do. But let's say average work where you get paid $20/hour. Not low end, not high end work. So a days work is let's say $150 = 1 Oz silver. In Canada, that ounce is $35 to $40 ish. For that reason, I don't buy into the notion silver will be worth $4400 because of US debt clock or whatever. But I will say $150 is reasonable. Keep in mind we are most likely in a bubble in regards to house prices/real estate inflation. A bubble only is a true thing if it pops, a bubble that doesn't pop is simply considered the new norm. So house prices could come down, and the price of the metal in the charts of the article can be reassessed, and perhaps we get close to $40 silver becoming $150. Dont remember if I mentioned my rhodium story, where I was looking at it in around 2018 or so and was going to buy a few coins at US$2000. But it was some little obscure site that I probably can't even find now. And I didn't buy because it had no monetary value, was an industrial metal, just rare. Now they are listed as us$26,000 and can't find them. Still like platinum as another "it's just an industrial commodity", that happens to have futures contracts too. Rhodium doesn't. |
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Post by SWMan on Mar 6, 2021 22:52:56 GMT -6
It's ridiculous in this day and age that a check can not be cleared and verified in a day, should be in hours. But as we all know banks are on our side until they are not then they are on their own side, which is where they were the whole time. Amen to that! Money was gone from our account within days, once it's gone it should be a done deal. Basically we lost the ability to use that money for a month because the banks can't get their act together. I once had a guy that was wiring me money for a piece of equipment from South Dakota, took over a month before it landed. Of course that's different because I never had his money, but someone in-between did... |
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Post by Oatking on Mar 13, 2021 9:46:29 GMT -6
Sw man how did the silver deal work out. The recent pullback in silver is tempting to buy now. Although I wondered if it makes more sense now to sell new crop canola at 15 dollars a bushel and sell it off in september for 13 OR LOWER TO other farmers and net the difference! Pretty high stakes gambling I would say but that would be a quick buck. Basically a put option.
Guys Have you heard of farmers success that way? I personally have never heard that working out too good.
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Post by SWMan on Mar 13, 2021 11:15:43 GMT -6
Sw man how did the silver deal work out. The recent pullback in silver is tempting to buy now. Although I wondered if it makes more sense now to sell new crop canola at 15 dollars a bushel and sell it off in september for 13 OR LOWER TO other farmers and net the difference! Pretty high stakes gambling I would say but that would be a quick buck. Basically a put option. Guys Have you heard of farmers success that way? I personally have never heard that working out too good. Silver thing we are still waiting on. If I lived closer to Winnipeg I would have gone in there and dealt with them in person, but have been busy so taking a chance and waiting. If I understand your canola idea properly I would caution you on that, basically you are speculating on the futures market. New crop futures could very well be higher later in the year than they are now if there is weather/production issues. There is a saying that: "The market can remain irrational longer than you can remain solvent". It is very true but I am not so convinced that what is going on right now is actually irrational. Someone definitely wants grain and especially oilseeds right now, hence the inverse in the futures market. Mike Jubenville was on the radio yesterday(yeah I actually listened to the radio for about ten minutes...) and he said this market is a demand driven market, but was not willing to admit that the production numbers that all these analysts make their living off of have probably been bogus for awhile too. Lots of evidence of the pipeline being empty going into next year and any production issues will mean continued "irrational" prices.  Do you want to own a bunch of futures that are $3-4+ higher that you cannot deliver on? Do you want to sell your whole crop at todays lower new crop prices which could be way higher in fall while our input prices skyrocket for coming seasons? What seems a good price today may be a terrible one six months from now in an inflationary environment. I'm not saying that this WILL happen, but it COULD happen. Manage your risk accordingly, and for a grain farmer that is heavily tied to the purchasing of next years inputs tied to current year grain sales, making sure there is a profit involved. Because most of us want to be farming another year... |
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BJT
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Bitcoins
Mar 13, 2021 19:53:44 GMT -6
via mobile
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Post by BJT on Mar 13, 2021 19:53:44 GMT -6
Sw man how did the silver deal work out. The recent pullback in silver is tempting to buy now. Although I wondered if it makes more sense now to sell new crop canola at 15 dollars a bushel and sell it off in september for 13 OR LOWER TO other farmers and net the difference! Pretty high stakes gambling I would say but that would be a quick buck. Basically a put option. Guys Have you heard of farmers success that way? I personally have never heard that working out too good. Silver thing we are still waiting on. If I lived closer to Winnipeg I would have gone in there and dealt with them in person, but have been busy so taking a chance and waiting. If I understand your canola idea properly I would caution you on that, basically you are speculating on the futures market. New crop futures could very well be higher later in the year than they are now if there is weather/production issues. There is a saying that: "The market can remain irrational longer than you can remain solvent". It is very true but I am not so convinced that what is going on right now is actually irrational. Someone definitely wants grain and especially oilseeds right now, hence the inverse in the futures market. Mike Jubenville was on the radio yesterday(yeah I actually listened to the radio for about ten minutes...) and he said this market is a demand driven market, but was not willing to admit that the production numbers that all these analysts make their living off of have probably been bogus for awhile too. Lots of evidence of the pipeline being empty going into next year and any production issues will mean continued "irrational" prices. Do you want to own a bunch of futures that are $3-4+ higher that you cannot deliver on? Do you want to sell your whole crop at todays lower new crop prices which could be way higher in fall while our input prices skyrocket for coming seasons? What seems a good price today may be a terrible one six months from now in an inflationary environment. I'm not saying that this WILL happen, but it COULD happen. Manage your risk accordingly, and for a grain farmer that is heavily tied to the purchasing of next years inputs tied to current year grain sales, making sure there is a profit involved. Because most of us want to be farming another year... So your saying maybe we shouldn’t listen the song called experts and “lock on our profit” now ? 😂 I love giving it to them on Twitter, always ask what my yield is going to be? Only way I know if price is profitable. |
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Post by shmiffy on Mar 13, 2021 20:49:56 GMT -6
If you did what the experts said, you would have signed up new crop in nov. last year and would have 1/2 or more of your new priced lower than it is today. It will be interesting when canola pipeline goes dry.
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Post by kenmb on Mar 18, 2021 9:37:20 GMT -6
Experts have been saying for about 3 years now that $15 Brown flax is best we are going to see because of increased supply from Russia and area countries as flax acres expand. And yet flax has been trending higher while these experts talk. So how come they are wrong? Or is it simply another attempt to have the "news" explain the price.
Palladium getting stupid. Up 5% yesterday, another 8% as of this morning. Found one article written yesterday, the writer (presumably an expert) said it was because of increased optimism from covid vaccines so that industrial metal of Palladium is getting attention. Although the writer never mentioned why every other industrial metal like copper, silver and gold are flat. I guess I can assume auto manufacturers are going to buy even more cheap Palladium for the car industry and stay away from expensive Platinum - you know, that industrial metal that everyone got away from.
I still think there is something to learn here. Whether or not it proves true remains to be seen. In a rigged market best one can do is see how the "house" plays it.
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Post by generalchaos on Mar 18, 2021 10:34:49 GMT -6
I went into Wpg last week and picked up a bar of silver at Gatewest. Other than having to wear a mask it was quick and painless.
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Do you want to own a bunch of futures that are $3-4+ higher that you cannot deliver on? Do you want to sell your whole crop at todays lower new crop prices which could be way higher in fall while our input prices skyrocket for coming seasons? What seems a good price today may be a terrible one six months from now in an inflationary environment. I'm not saying that this WILL happen, but it COULD happen. Manage your risk accordingly, and for a grain farmer that is heavily tied to the purchasing of next years inputs tied to current year grain sales, making sure there is a profit involved. Because most of us want to be farming another year...
