KB Gold

[JamesVincent]

Hey guys. Got a message about this one on Friday and wanted to see what you guys think.

http://kbedelmetallonline.com/

See, I learned my lesson, home site...lol

Apparently from the personal website I was directed to in the message you can purchase a gold-backed savings account by buying gold that is stored in Switzerland? This is an excerpt from the personal site. " Why invest in gold?
Experts agree, gold will double in value over the next 10 years and they recommend that you invest between 5 and 20 % of your assets in gold. Gold from KB Edelmetall is attractive; it is certified and made in small units. You can have your gold stored in Switzerland, and immediately converted to money, if the need arises"

Having someone else watch your gold doesnt sound like something I want to do. If I buy it I want to pull it out and play with it. And I kinda wonder where they get 24K, 999.9% pure gold but OK. If you were to purchase gold while living in the US wouldnt you still have to declare it and claim it? Even if its stored overseas?

LIke I said, thought it would be something to look at.

[Green Lantern]

I don't know abut this company, but there are several reputable ones in existence.

Having physical gold with you or in your house exposes you to theft and possible loss upon your death (the Portuguese uncle, burying his gold and silver in coffee cans around the backyard). So, some people will keep gold coins in safety deposit boxes (if you're not paranoid thinking banks will close) or in-house safes, etc.

These arrangements should be seen as hedges primarily, hence the recommendation for only 15-20% of assets in precious metals. If there is a big devaluing of, say, the USD, you can convert your gold currency once the dust settles. There will be a storage charge for your gold, however, if you keep it in Switzerland, although big depositors might be able to cut a better deal.

[Number Six]

Another company capitalizing on the gold and other precious metal mania, which has proven to be entertaining for the seasoned gold bugs. No real risk buying your own precious metals and storing them in a safe deposit box, although paranoid investors will trust no one with their precious hoard of pms, this can be an investment that alienates people from others. If you think that the precious metals are going higher, you can buy exchange traded funds without all the hastles of placing an order, wiring the funds, waiting for the pms to arrive and then storing them long enough to make a profit.

Gary North has a site where hard asset investors ask this sort of question over and over again, week after week.

[notorial dissent]

And just how is having your money in a bank account in Switzerland, no less, backed by "hypothetical" gold doing you any more favors than having warehouse receipts with our old friends at Liberty Dollar?

[BobbyB]

And just how is having your money in a bank account in Switzerland, no less, backed by "hypothetical" gold doing you any more favors than having warehouse receipts with our old friends at Liberty Dollar?

Because it is not "hypothetical" gold, it is allocated and stored for you. And you can take delivery on it whenever you want...big difference.

[LaVidaRoja]

The over-riding (and unstated) question is: If the monetary systems of the world have collapsed, a) how do you communicate to Switzerland that you want access to your gold; b) how do they deliver your gold to you; and c)what is your recourse if they don't?

[JamesVincent]

Not only those very valid points but companies that tell you the dollar is collapsing compared to other nations currency, buy all the gold you can now to avoid problems in the future. Ok, you buy gold, store it in Switzerland. You call after the US Dollar crashes and say... hey I need to cash out my gold reserves and have the money sent to me. Does it come to you in dollars or swiss francs? Right now the franc is about $1.03 american. If the dollar crashes and lets say the ratio is like one franc to $5.00. You cash it out for dollars over there and worth nothing. You cash it out for francs and send it here. Are they gonna be worth anything here? Are the banks going to accept them and convert them for you at that rate? I think the point of the gold hoarding would be that gold has its own value as a bartering tool if nothing else and gold on a different continent isnt going to help you barter. Like I said I would much rather have it here available for me when I needed it not sitting around the world unless I want to move to Switzerland, then it might be a good idea.

[Green Lantern]

Not only those very valid points but companies that tell you the dollar is collapsing compared to other nations currency, buy all the gold you can now to avoid problems in the future. Ok, you buy gold, store it in Switzerland. You call after the US Dollar crashes and say... hey I need to cash out my gold reserves and have the money sent to me. Does it come to you in dollars or swiss francs? Right now the franc is about $1.03 american. If the dollar crashes and lets say the ratio is like one franc to $5.00. You cash it out for dollars over there and worth nothing. You cash it out for francs and send it here. Are they gonna be worth anything here? Are the banks going to accept them and convert them for you at that rate? I think the point of the gold hoarding would be that gold has its own value as a bartering tool if nothing else and gold on a different continent isnt going to help you barter. Like I said I would much rather have it here available for me when I needed it not sitting around the world unless I want to move to Switzerland, then it might be a good idea.

Sounds like you shouldn't buy gold in this way! (BTW, UBS and Credit Suisse both have operations here in the U.S. and funds can be wired, even from third world countries like Switzerland.)

I always wonder how gold would help one in any event. How would Safeway make change after you plopping down your gold coin? In sugar and flour? Butter? .223 ammo? Pamela Anderson DVD's?

[notorial dissent]

Because it is not "hypothetical" gold, it is allocated and stored for you. And you can take delivery on it whenever you want...big difference.

Sure it is, it is just sitting there in little piles with your name on it, and in your case I am quite sure little is the right description. You really expect me to believe this????

Just like you can take delivery on all those Liberty Dollar warehouse receipts!!!!!!

And I still say: "the fool and his money axiom still applies" !!!!

If the bank is in Switzerland and you are here, how are you going to take delivery?

[JamesVincent]

@Lantern... lol... you know what I mean. And since a specific bank wasnt mentioned maybe their stored in the Banque de Nigeria, Zurich branch. Maybe Mr. Adam David is watching it for you. Or something else as flavorful and useless. And if you did manage to get millions of people to drop money into a gold backed account or even to buy the gold outright, wouldnt that
A. Lower the value of gold overall? Its a precious metal and the cost is based on the amount available and amount traded. Drop a bunch of it in the system and the price goes done.
B. The bank itself purchases the gold having the effect of A. and the added effect of everyone who bought said gold-backed savings account losing money by the bank itself driving the value down?

I can understand the value of gold coins as collectibles or if you do whole hog and buy some bullion and store it somewhere but anytime I see something like this just got to wonder if its a scam or if someone really is doing it and in the long run having the opposite effect of what its intended to do.

[BobbyB]

Because it is not "hypothetical" gold, it is allocated and stored for you. And you can take delivery on it whenever you want...big difference.

Sure it is, it is just sitting there in little piles with your name on it, and in your case I am quite sure little is the right description. You really expect me to believe this????

Just like you can take delivery on all those Liberty Dollar warehouse receipts!!!!!!

And I still say: "the fool and his money axiom still applies" !!!!

If the bank is in Switzerland and you are here, how are you going to take delivery?

I don't really care what you believe. You obviously have no idea what KB Gold is all about except what you have read here. Tell you what...send me an email and I will email you back a picture of me with my half-gram certified kinebar gold bar and my tenth-gram, 100% gold-back "bill". A fool and his money never part, even when the fool watches his govt. triple the amount in circulation. I am the fool who will own gold when George Soros crushes the dollar. You hang on to your "paper"....

[JamesVincent]

Thats all fine and dandy except that gold is weighed in Troy measurements, not grams. And if you do indeed have a half-gram and 1/10th gram then you have pretty much nothing. I have multiple collectable coins and other gold items, each of which probably weigh as much as what you state you have. And as far as buying it from KB gold, right now I think if you were truly concerned about the economy you would buy your gold here to keep the money in the United States. Unless you dont live here, which I would have to ask, why care.

According to the conversion calculator I found online 1 Troy ounce equals 31.1034 g. So with the prices of gold being what they are you have, what maybe $40 worth of gold? I used the price of $1300/ Troy ounce as the standing price of gold, which is where its been bouncing around. And like what was pointed out earlier, how do you spend a gold backed bill? Youd be better off going to the flea market and buying gold chains from all the people who have lost their jobs and selling everything they can to survive than buying such small amounts and then shipping them here.

And considering you actually didnt answer a single thing except to say you would send photos of a tiny amount of gold and yourself and tell everyone else that we were stupid, how are you helping the discussion? And I can guarantee every person that posted went to the website and looked around it. Because thats how we roll.

EDIT: Forgot to make one more point

[Burzmali]

You are bragging about 0.6 grams of gold, really? I think I have more than that in my computer. Hell, my wedding band weighs at least 4 grams. I've probably drank more than 0.6g of gold in Goldschlager.

[Cathulhu]

That's remarkably silly. This idiot seems to think a gram is equal to an ounce! Next he'll be trying to sell seawater for its' gold content.

edited to correct typo.

[BobbyB]

That's remarkably silly. This idiot seems to think a gram is equal to an ounce! Next he'll be trying to sell seawater for its' gold content.

edited to correct typo.

You are the idiot. Try to read something for yourself instead of following the other lemmings off the side of the cliff. They are small quantities so you could actually use them to pay for goods and services dipstick. Over 3000 retailers in Germany already accept it as payment, so put your empty head back in the sand and hope that your dollar is still worth at least 40 cents in 2 years.

Location: Earth, galactic rim, Milky Way, tridimensional universe.....Don't you have a Star Trek convention to get dressed for?

[BobbyB]

Thats all fine and dandy except that gold is weighed in Troy measurements, not grams. And if you do indeed have a half-gram and 1/10th gram then you have pretty much nothing. I have multiple collectable coins and other gold items, each of which probably weigh as much as what you state you have. And as far as buying it from KB gold, right now I think if you were truly concerned about the economy you would buy your gold here to keep the money in the United States. Unless you dont live here, which I would have to ask, why care.

According to the conversion calculator I found online 1 Troy ounce equals 31.1034 g. So with the prices of gold being what they are you have, what maybe $40 worth of gold? I used the price of $1300/ Troy ounce as the standing price of gold, which is where its been bouncing around. And like what was pointed out earlier, how do you spend a gold backed bill? Youd be better off going to the flea market and buying gold chains from all the people who have lost their jobs and selling everything they can to survive than buying such small amounts and then shipping them here.

And considering you actually didnt answer a single thing except to say you would send photos of a tiny amount of gold and yourself and tell everyone else that we were stupid, how are you helping the discussion? And I can guarantee every person that posted went to the website and looked around it. Because thats how we roll.

EDIT: Forgot to make one more point

James, look up kinebar and see what it means. Then you will know how and why you can have grams of certified 999,9 pure gold. Anything besides kinebar loses value once the integrity of the storage facility is compromised, meaning once you take it out.

[notorial dissent]

I don't really care what you believe. You obviously have no idea what KB Gold is all about except what you have read here. Tell you what...send me an email and I will email you back a picture of me with my half-gram certified kinebar gold bar and my tenth-gram, 100% gold-back "bill". A fool and his money never part, even when the fool watches his govt. triple the amount in circulation. I am the fool who will own gold when George Soros crushes the dollar. You hang on to your "paper"....

BobbyB, BobbyB, don't go making me think too hard about you and your hallucinations, you won't like it.

I have exactly no interest or concerns about your righteous indignation, your affronted dignity, or your ongoing flatulence. I’m basically a facts first sort of person, and when there aren’t any facts in evidence, then I go by smell, and in your case they don’t make a deodorant strong enough. As to KB Gold, I have more and more knowledge of it with every passing moment and every ill chosen utterance you make. You remember that smell I was talking about, well, it’s actually more of a reek at this point. I really don’t care if you have a picture of you and the Ali Pasha making out, I have just as many of the trunks of $1000 dollar bills that my great aunt Hangenfugel left me if I will just only pay the teeny tiny shipping and handling fee since everything else has already been so generously paid, or the great sealed vault boxes of missing $100,000 silver certificates that mysteriously disappeared in the Phillippines during the Japanese invasion and that now my very good next best friend is willing to let me share in if I will only just pay part of the shipping charges to get them out of the country-Phillippines one assume, but maybe somewhere closer and more convenient for shipping purposes. I have real pretty pictures of both the boxes, the seals, the authentication plates, and one of the certificates as proof of everything I’m saying, so see ya and raise ya.

That “gold backed bill” you are so happily fondling is not the least bit different or the least bit more enforceable that the super magic warehouse receipts that von Nutjob conned his victims with, and they’re more likely to see something out of it that you ever will.

Oh, and by the way, as has been pointed out previously “real” gold is only denominated in TROY OUNCES.

Thanks JV for doing the calculation, I just couldn’t work up enough interest to be bothered, since I figured it at about what you came up with, and actually I wasn’t guessing that much. Heck, I’ve got that much gold lying around in my junk jewelry collection for crying out loud. Guess I might have been wrong about him collecting it then, all they’d have to do is subtract their usage fees, conversion fees, customs fees, shipping fees, and send him the balance, maybe in postage stamps, assuming the postal network is still working after “George Soros crushes the dollar”. This just gets more and more entertaining.

Oooh oooh and didn’t I just know we were going to get the righteous indignation tantrum and sure enough, out very own BobbyB came through like trouper/sucker he is, and we did.

Yes, I am sure there are over 3000 retailers in Germany willing to take a chance on not getting stiffed in your gold scheme, just like there were hundreds of merchants all over the US willing to take Liberty Dollars-the first pre-debased coinage-worth less than what you spent for it from the get go. NOT!!!!!!!!!!!!!!!!!!

And thank you once again, now I know what to call you, Bobby Bupkis.

[Cathulhu]

Ooh, I'm so crushed. A moronic troll possessing $40 worth of debased gold is attempting to insult me, I weep. Except that I cleaned out my junk gold baggie (broken jewelery not worth repairing, old casting bits and other hobby leftovers) while gold is high and sold off some 22 grams. I actually got busy and repaired the pieces I liked, such as Boris the gold spider pin.

When I was travelling for the Feds, the American Institute in Taiwan people actually took me to a really nice jewelery shop since I wanted to get some things for my nieces, and I got gold at wonderful prices then (this was in 1999). I think my one ounce 24 carat pendant trumps your little half gram of trash. Anyone with functional brain cells is well aware that the value of gold is intrinsic in the useful, recyclable metal itself (especially if jewelery is a profitable hobby) and that any crap about value reducing when you broach the vault is made up solely to keep your money in their hands. You really are stupid!

[BobbyB]

I don't really care what you believe. You obviously have no idea what KB Gold is all about except what you have read here. Tell you what...send me an email and I will email you back a picture of me with my half-gram certified kinebar gold bar and my tenth-gram, 100% gold-back "bill". A fool and his money never part, even when the fool watches his govt. triple the amount in circulation. I am the fool who will own gold when George Soros crushes the dollar. You hang on to your "paper"....

BobbyB, BobbyB, don't go making me think too hard about you and your hallucinations, you won't like it.

I have exactly no interest or concerns about your righteous indignation, your affronted dignity, or your ongoing flatulence. I’m basically a facts first sort of person, and when there aren’t any facts in evidence, then I go by smell, and in your case they don’t make a deodorant strong enough. As to KB Gold, I have more and more knowledge of it with every passing moment and every ill chosen utterance you make. You remember that smell I was talking about, well, it’s actually more of a reek at this point. I really don’t care if you have a picture of you and the Ali Pasha making out, I have just as many of the trunks of $1000 dollar bills that my great aunt Hangenfugel left me if I will just only pay the teeny tiny shipping and handling fee since everything else has already been so generously paid, or the great sealed vault boxes of missing $100,000 silver certificates that mysteriously disappeared in the Phillippines during the Japanese invasion and that now my very good next best friend is willing to let me share in if I will only just pay part of the shipping charges to get them out of the country-Phillippines one assume, but maybe somewhere closer and more convenient for shipping purposes. I have real pretty pictures of both the boxes, the seals, the authentication plates, and one of the certificates as proof of everything I’m saying, so see ya and raise ya.

That “gold backed bill” you are so happily fondling is not the least bit different or the least bit more enforceable that the super magic warehouse receipts that von Nutjob conned his victims with, and they’re more likely to see something out of it that you ever will.

Oh, and by the way, as has been pointed out previously “real” gold is only denominated in TROY OUNCES.

Thanks JV for doing the calculation, I just couldn’t work up enough interest to be bothered, since I figured it at about what you came up with, and actually I wasn’t guessing that much. Heck, I’ve got that much gold lying around in my junk jewelry collection for crying out loud. Guess I might have been wrong about him collecting it then, all they’d have to do is subtract their usage fees, conversion fees, customs fees, shipping fees, and send him the balance, maybe in postage stamps, assuming the postal network is still working after “George Soros crushes the dollar”. This just gets more and more entertaining.

Oooh oooh and didn’t I just know we were going to get the righteous indignation tantrum and sure enough, out very own BobbyB came through like trouper/sucker he is, and we did.

Yes, I am sure there are over 3000 retailers in Germany willing to take a chance on not getting stiffed in your gold scheme, just like there were hundreds of merchants all over the US willing to take Liberty Dollars-the first pre-debased coinage-worth less than what you spent for it from the get go. NOT!!!!!!!!!!!!!!!!!!

And thank you once again, now I know what to call you, Bobby Bupkis.

BRRRRRRR!!!
That is frightening...and using big words doesn't disguise your ignorance.
What is your take on the QE2? I bet I know...
That is when the mother ship is coming down to beam you out of your mommy's basement and save you from the real world...yeah take it elsewhere you ignorant freak.

[BobbyB]

I don't really care what you believe. You obviously have no idea what KB Gold is all about except what you have read here. Tell you what...send me an email and I will email you back a picture of me with my half-gram certified kinebar gold bar and my tenth-gram, 100% gold-back "bill". A fool and his money never part, even when the fool watches his govt. triple the amount in circulation. I am the fool who will own gold when George Soros crushes the dollar. You hang on to your "paper"....

BobbyB, BobbyB, don't go making me think too hard about you and your hallucinations, you won't like it.

I have exactly no interest or concerns about your righteous indignation, your affronted dignity, or your ongoing flatulence. I’m basically a facts first sort of person, and when there aren’t any facts in evidence, then I go by smell, and in your case they don’t make a deodorant strong enough. As to KB Gold, I have more and more knowledge of it with every passing moment and every ill chosen utterance you make. You remember that smell I was talking about, well, it’s actually more of a reek at this point. I really don’t care if you have a picture of you and the Ali Pasha making out, I have just as many of the trunks of $1000 dollar bills that my great aunt Hangenfugel left me if I will just only pay the teeny tiny shipping and handling fee since everything else has already been so generously paid, or the great sealed vault boxes of missing $100,000 silver certificates that mysteriously disappeared in the Phillippines during the Japanese invasion and that now my very good next best friend is willing to let me share in if I will only just pay part of the shipping charges to get them out of the country-Phillippines one assume, but maybe somewhere closer and more convenient for shipping purposes. I have real pretty pictures of both the boxes, the seals, the authentication plates, and one of the certificates as proof of everything I’m saying, so see ya and raise ya.

That “gold backed bill” you are so happily fondling is not the least bit different or the least bit more enforceable that the super magic warehouse receipts that von Nutjob conned his victims with, and they’re more likely to see something out of it that you ever will.

Oh, and by the way, as has been pointed out previously “real” gold is only denominated in TROY OUNCES.

Thanks JV for doing the calculation, I just couldn’t work up enough interest to be bothered, since I figured it at about what you came up with, and actually I wasn’t guessing that much. Heck, I’ve got that much gold lying around in my junk jewelry collection for crying out loud. Guess I might have been wrong about him collecting it then, all they’d have to do is subtract their usage fees, conversion fees, customs fees, shipping fees, and send him the balance, maybe in postage stamps, assuming the postal network is still working after “George Soros crushes the dollar”. This just gets more and more entertaining.

Oooh oooh and didn’t I just know we were going to get the righteous indignation tantrum and sure enough, out very own BobbyB came through like trouper/sucker he is, and we did.

Yes, I am sure there are over 3000 retailers in Germany willing to take a chance on not getting stiffed in your gold scheme, just like there were hundreds of merchants all over the US willing to take Liberty Dollars-the first pre-debased coinage-worth less than what you spent for it from the get go. NOT!!!!!!!!!!!!!!!!!!

And thank you once again, now I know what to call you, Bobby Bupkis.

Oh I almost forgot...once the dollar devalues you won't be able to buy as many bags of doritos, so I would turn off the ELO album, wipe off the lipstick, put on your best pit-stained shirt and get in grandma's vega to head on out to stock up, I bet you really like the ranch flavored crumbs all over your chest. Time to shut down the computer and talk to some REAL people buddy, get a sense of what is happening above ground.