Last week, an 18 year old, shot and killed ten, and injured more. News shows predicted that he will get “life,” with no chance of parole. A conservative estimate of the yearly cost of imprisonment, is $50,000. If the 18 year old, lives 60 more years, my third grade arithmetic, says that will cost in the neighborhood of $3 million, but inflation will make it a lot more. Why not the gas chamber or electric chair? How about a chemical execution, which doesn’t hurt, but simply puts the prisoner to sleep? More and more states have outlawed capital punishment. Even with a couple of appeals, capital punishment saves big bucks, frees prison cells, and is far more humane than being locked up in a cell for the rest of one’s life. If you are a Christian, capital punishment is even Biblical! So much for the stupidity of most governments at any level. A retired police officer was killed trying to kill the shooter. How sad for the victims, and how outrageous are the prohibitions against capital punishment. No wonder the Texas sheriff, said to be sure to shoot to kill, as it saves a lot of court time.
A friend of mine, and I am certain, hundreds and even thousands, bought Bit Coin when it was $38,000 last week, as it seemed to be OK, since it had been a lot higher. The next day it went down to $28,000, and came up to $30,000 on Friday. $30,000 for a coin? Nope. Just a computer entry, promising that you own one non-metallic coin, which is somewhere, if it exists at all. I have no idea whether he paid cash for his $38,000 coin, or bought it on time. I haven’t spoken to him since, but I am, certain he is not happy about it. He doesn’t have the damned thing, and most people forget, that at its inception, its name told the story. It was a little ‘bit’ of a coin. People forget that, just like they forget that the current virus which has killed and injured tens of millions, bankrupted thousands of businesses, and precipitated unknown hardships; originated in communist China. People still buy gobs or trinkets, toys, tools and abut every other item, made in China, from big box stores, without even thinking that their purchase may make communist China wealthier, or allow them to buy another rocket or gun to harm America.
At the same timer that Bit Coin was crashing, gold and silver took a dive as well. No one can tell what will happen in any market even 30 seconds from now. My gold and silver went down ae well, but at least I have them in my possession, and at any price, it is still outstanding insurance against any government or any other manipulation, by any entity. I have the gold and silver, and since it is insurance, the physical policy is in my possession, not a paper policy. I am not worried. Is there any reason why gold and silver will not go up in dollars, or any other currency? Not unless the world’s history is lying, because all paper currencies, eventually go to absolute zero, without exception, and our dollar has lost 95% of its purchasing power, if you are as old as me, or even if you aren’t.
I have no idea whether there are futures contracts on Bit Coin, like there are on all other items, from wheat, corn, oil, gold, silver, or pork bellies. Buying a futures contract, doesn’t appeal to me, because a gold futures contract, doesn’t give you possession of the gold. You are betting on what it will be at a future time, and there may be 30% of actual, physical gold, backing a futures contract. If the economy went into a tailspin, and it will eventually, futures contract holders would not get their pork bellies, gold, silver, corn, or wheat. Probably just a check from the outfit, which may or not be good. In history, millions if not billions of bank checks, have been worthless, but your gold and silver are yours to have and hold, barter with, or just enjoy the fact that you are well insured! The peace physical ownership of an insurance policy which protects you against most anything I can think of, is very comforting! Other insurance policies depend on trust of the corporation issuing the policy. Lots of them have gone bust, but gold and silver cannot go bust.
I’d love to have one of those stickers of Biden pointing to a gas price, and it says “Biden Did It!” Hilarious.
-Don Stott, don@coloradogold.com