Silver coinage without gold standard?

James_Green_1982

I think one important definition of currency / money is that you can accept it in good faith, even it is stolen, and still retain good title to it - under the principle of 'overt market'.

So if you get a £10 note in your change and it turns out that exact bank note was stolen a year earlier in a robbery - the £10 note is still yours. Tough luck the robbery victim.

If you bought a painting that was stolen - even from a good open source (post 1995 law) - it still belongs to the original owner. Tough luck you the honest buyer.

I'm not sure where gold / silver coins would count in this situation. Maybe with something like sovereigns you could argue they are legal tender, and hence fungible under the law?

I watched an interesting video on Youtube ('Computerphile') regarding how this law may be applied to crypto-currencies.

James_Green_1982

AG47 wrote: »

You can sell silver for currency.

Currencies come and go but always 100% guaranteed go to their true integral value of nothing. This always has happened and always will.

The integral value of silver I why it lays hs been for thousands of years. One tenth of an ounce I worth a 12hr days wage.

Gold and silver are money and can never ever go to nothing.

Everything else ever used as a medium of exchange is just currency.

I would also add that physical gold and silver have 'survived' (although with some user difficulties) feudalism, capitalism and communism. Since they are bearer assets - so not relient on any one political or legal system.

Having said that, I have heard that in the USSR sealed bottles of vodka actually served as better currencies than the Ruble at times!

AG47

James_Green_1982 wrote: »

I would also add that physical gold and silver have 'survived' (although with some user difficulties) feudalism, capitalism and communism. Since they are bearer assets - so not relient on any one political or legal system.

The biggest news isn’t that the new Basel 3 rules mean gold and silver are now recognized as money again. Look up Basel 3 if you don’t believe me.

Does anybody else get the feeling that we are at a very important time in history for the uk.

This could be a monumental moment with incredible changes to society

House prices could fall a long way.

James_Green_1982

AG47 wrote: »

The biggest news isn’t that the new Basel 3 rules mean gold and silver are now recognized as money again. Look up Basel 3 if you don’t believe me.

Does anybody else get the feeling that we are at a very important time in history for the uk.

This could be a monumental moment with incredible changes to society
.

Away from the internet - in ''real life'' hardly anyone I know even gives gold / silver / fiat currencies the slightest thought.

So I draw two possible conclusions:

1. I'm a tin-foil hat wearing, conspiracy believing nutter.

or

2. The government, the education system and the mainstream media have all done an excellent job of distracting and misleading the public.

AG47

James_Green_1982 wrote: »

Away from the internet - in ''real life'' hardly anyone I know even gives gold / silver / fiat currencies the slightest thought.

So I draw two possible conclusions:

1. I'm a tin-foil hat wearing, conspiracy believing nutter.

or

2. The government, the education system and the mainstream media have all done an excellent job of distracting and misleading the public.

Yes here in the west hardly anybody owns real gold and silver in bullion form, they are all stuck on digital illusions of wealth

But in the east, and the rest of world they teach kids to stack real wealth.

phillw

AG47 wrote: »

Currency and money have all the same attributes except currency slowly loses value eventually to nothing, and money holds its value over thousands of years

You're wrong. Currency is just a specific type of money.

How are we meant to have a conversation if you're redefining words to mean something different?

James_Green_1982 wrote: »

I think one important definition of currency / money is that you can accept it in good faith, even it is stolen, and still retain good title to it - under the principle of 'overt market'.

You can? https://en.wikipedia.org/wiki/Market_overt That doesn't seem to be valid in england and covers property.

But you're right that stolen money that you receive in good faith isn't confiscated, while property is. Although with the crack down on proceeds of crime, you may find having to prove you received it in good faith.

AG47

James_Green_1982 wrote: »

That's just a sliver standard reliant on a government promise.
One day the government decides (without warning) that the digital currency will no longer be redeemable for physical silver.

Then it’s only as good as all the other unbacked currency like bitcoin, usd or GBP.

When another fully backed by monetary precious metals currency comes up then this I the one confidence be in.

AG47

As long as the currency is backed by money, gold or silver.

Then you can have physical gold and silver coins exchanging in local transactions or digital grams for distance transactions.

There can never ever be a truely cashless society unless governments confiscate all the gold and silver in the world

mumf

AG47 wrote: »

Yes here in the west hardly anybody owns real gold and silver in bullion form, they are all stuck on digital illusions of wealth

But in the east, and the rest of world they teach kids to stack real wealth.

I own physical silver and gold.It has made ' more' than the cash in my bank.I can still sell it for what I paid.At least.

RealElement47

mumf wrote: »

I own physical silver and gold.It has made ' more' than the cash in my bank.I can still sell it for what I paid.At least.

Yep almost zero downside risk at these low levels and huge upside potential.

If things are stable and no instability on the horizon then don't hold monetary PMs, but if the world looks like it does today the everybody should have a little in their portfolio