Why Has Gold Been Down?

2012-01-05 • Article

It is my understanding that gold prices are determined 90% by paper transactions. Is that so? And if so, the price for those of us who only buy & sell for physical delivery is not known, except as posted by our dealers. So how do we know what the price (for us) should be? As opposed to what our dealers quote? This is an important question for me because I have 98% of my liquid wealth in hard money (gold & silver) and have recently needed to increase my soft money (paper) holdings. I play high-stakes no limit holdem poker and my cash (bankroll) can vary by $15K-25K/month. The transaction commission of 3% can get expensive. Not to mention, I cannot deal here in Vegas because of the sales tax of 8.25%. Can you make a suggestion? Why haven't GoldMoney.com offered gold denominated banking? Retail stores who will accept gold for online purchases? We could free ourselves from fiat money and bring some monetary stability. Why do hard money advocates obey irrational, immoral, destructive law? Doesn't the net allow us to break free of the banking cartel?