Don’t worry. The Lord will smite your enemies, plus that’s a gift for his beloved son. He’ll be able to share it with the poor, something the unchristians of today refuse to do.
Well, it doesn’t rust or tarnish, so it’s good for jewelry, and it conducts electricity well, too, so it’s excellent for circuit boards.
However, since the present market is being artificially inflated by skeezy gold hucksters and their hirelings at Fox News, it is as certain as anything can be in economics that the bubble will burst in time.
I don’t know much about economics, but I know enough not to fall in the trap of those “buy gold!” fat cats.
If huge amout of average joes decide to but gold (like they are coaxing us to do) the prices will rise some more and those who bought gold when it was low (them), will be able to sell it. Little people will remain with gold in their pockets while the prices go down.
This is a bubble, people. Everything that goes up must come down.
What Jae’da is referring to, john, is the fact that Glenn Beck is simultaneously talking up the forthcoming economic apocalypse (and they blame us liberals!) AND shilling for Gold Line, both on the show and on commercials – if it isn’t dishonest, it is certainly sleazy. See Jon Stewart’s takedown here: http://tinyurl.com/y92gnvg
fennec
Gold sorta like war huh? “What is it good for..absolutely NOTHING!!”- Edwin Starr
As an educated man as yourself you know the benefit that gold has in a volatile market. Obvious to its worth is it’s durability and rarity. Do you have a gold ring perhaps? Beats one of regular carbon steel or surely copper huh? Addressing its value, if there were suddenly a massive gold find, and the supply doubled, you guessed it! The price would FALL. (read Charlie555’s post, gotta LOVE supply and demand huh?) Of course, your flippant put down, followed by your dismissive’
“Think maybe our priorities are a bit screwed up?”
adds nothing to the discussion. (That is, unless you would argue that we should use COTTON as a hedge against inflation because it DOES make great clothes.)
Silly isn’t it.
Ngiyabonga, siyabonga, dankie, ngiyathokoza, ke a leboga, ke a leboha, inkomu, enkosi.
The Republic of South Africa thanks you. Despite diversifying its economy so it is no longer as dependant on gold, it is still very important.
Although the Rand/Dollar exchange fluctuates too, the weaker dollar meaning in real terms the gold price didn’t rise all that much, overall the surge in gold price is helping pay for all those useless stadia.
“You missed my point, john. It is that gold is a symbol. In and of itself, it has very little of value (excepting the uses cited by rri0189). It is a human construct to designate value and nothing more.”
No my friend, to the contrary, your point is that gold is a symbol….” …to designate value, nothing more…” Lets revisit this. Lets say you are unsure exactly where the worth of the dollar will stand say in six months, a year, no matter the time. You look at your options to protect your assets, specifically the value of your dollars, currency. You may choose any vehicle to help protect your assets of course, but for its durability, historical strength in markets over the long term you choose to buy gold at $1000 an ounce. Now, we can fill in the blank that causes the dollar to depreciate say 20% - 25%. Now that $1000 ounce of gold will sell for $1250 - $1333, at least keeping your asset value on a par with inflation. Your turn to explain how I “missed your point”. “It has very little value in and of itself.”
No. Not because I say ‘no’ but because it has stood the test of time. It has served well as the basis of stabilization of many a countries currency, been used extensively with jewelry for its beauty and durability, and as of late shown its value in electronics as an indestructible conductor. Could other elements serve in its place? Sure, but again, it has stood the test of time, and remains ‘king’ (or queen if you prefer) of the hill.
Your comment “…Think maybe our priorities are a bit screwed up? ” Nah.
I was born in the world’s largest gold producing country (now relegated to 2nd place last year by, you’ve guessed it, China!) where its price was followed closely daily by the general public and therefore understand its economic value; yet I also understood fennec’s point perfectly.
I’ve been to the former Zaire a few times but I was born a little further south. It was the world’s largest producer since 1905 for 100 years, apparently. ;-)
And correction: as of last month, new line up:
”China is the world’s number-one producer of the precious metal, with South Africa – which was the top gold-producing country for more than 100 years – slipping to fourth place.”
”Australia held the title as the world’s second-largest gold producer in 2005 behind South Africa, but it was overtaken by the US in 2006, and by China in 2007, putting it back to fourth place, explained Surbiton Associates director Dr Sandra Close”
Not sure where the DRC lies in the tables. Perhaps it potentially has the largest new source in Africa but hasn’t started producing yet?
Seems Fox News is the whipping boy of the liberals. The Neilsen Ratings do not reflect the political viewpoint of those that watch TV programs; however, if you despise Fox News and go there just to get pissed off, you’re increasing the ratings of those programs and their advertising revenue. If you don’t watch Fox News and make derogatory remarks based on what others have said, you’re not being true in passing judgment. I’m pretty sure that the Glenn Beck and Bill O’Reilly shows have a much larger viewing audience than Keith Olbermann. I’m sure Keith Olbermann would love to have the same viewing numbers as Glenn Beck and Bill O’Reilly, the ones that are the frequent subjects of his “most stupid persons in the world” list. They are laughing all the way to the bank and quite frankly, they don’t give a rat’s bleeep what liberals think about their programming. I am a liberal and simply choose to ignore Fox News.
@Omq R I took a course on Sub Sahara Africa. My professor who was from the ivory coast and told us that the DRC was loaded with gold and (to my surprise) oil. As you said before no production due to the fact that nations as well as corporations are trying to steak their claims. But this was years two years ago.
“….and as of late shown its value in electronics as an indestructible conductor. …..”
We’re actively finding ways to replace it with Copper.
The rest of what you said works well.
“My point stands, john. You still don’t understand it though.”
Of course it does. I understand fully well that you are intransigent and accept no point contrary to your intellectually steeped observation…
comparing gold to food, building material, and clothing makes as much sense as suggesting “what is aspirin good for….you can’t pour syrup over it and eat it for breakfast…etc etc….” I outlined why gold IS valued since I didn’t buy into your … “Think maybe our priorities are a bit screwed up?
What did I miss with your summation?
d_legendary1 over 14 years ago
Don’t worry. The Lord will smite your enemies, plus that’s a gift for his beloved son. He’ll be able to share it with the poor, something the unchristians of today refuse to do.
Jaedabee Premium Member over 14 years ago
Just ask the folks at Fox News in bed with Gold Line to spread more fear so gold will continue to go up in price.
John W Kennedy Premium Member over 14 years ago
Well, it doesn’t rust or tarnish, so it’s good for jewelry, and it conducts electricity well, too, so it’s excellent for circuit boards.
However, since the present market is being artificially inflated by skeezy gold hucksters and their hirelings at Fox News, it is as certain as anything can be in economics that the bubble will burst in time.
CorosiveFrog Premium Member over 14 years ago
I don’t know much about economics, but I know enough not to fall in the trap of those “buy gold!” fat cats.
If huge amout of average joes decide to but gold (like they are coaxing us to do) the prices will rise some more and those who bought gold when it was low (them), will be able to sell it. Little people will remain with gold in their pockets while the prices go down.
This is a bubble, people. Everything that goes up must come down.
johndh123 over 14 years ago
Jae’da said, about 7 hours ago
“Just ask the folks at Fox News in bed with Gold Line to spread more fear so gold will continue to go up in price.”
Jae’da comeon. Gold has always been a hedge against a volatile currency. Here Jae’da, pulled up this on a CBS affiliate…
http://moneywatch.bnet.com/economic-news/video/why-gold-prices-are-sky-high/370479/
Motivemagus over 14 years ago
What Jae’da is referring to, john, is the fact that Glenn Beck is simultaneously talking up the forthcoming economic apocalypse (and they blame us liberals!) AND shilling for Gold Line, both on the show and on commercials – if it isn’t dishonest, it is certainly sleazy. See Jon Stewart’s takedown here: http://tinyurl.com/y92gnvg
johndh123 over 14 years ago
fennec Gold sorta like war huh? “What is it good for..absolutely NOTHING!!”- Edwin Starr As an educated man as yourself you know the benefit that gold has in a volatile market. Obvious to its worth is it’s durability and rarity. Do you have a gold ring perhaps? Beats one of regular carbon steel or surely copper huh? Addressing its value, if there were suddenly a massive gold find, and the supply doubled, you guessed it! The price would FALL. (read Charlie555’s post, gotta LOVE supply and demand huh?) Of course, your flippant put down, followed by your dismissive’ “Think maybe our priorities are a bit screwed up?” adds nothing to the discussion. (That is, unless you would argue that we should use COTTON as a hedge against inflation because it DOES make great clothes.) Silly isn’t it.
Flag
OmqR-IV.0 over 14 years ago
Ngiyabonga, siyabonga, dankie, ngiyathokoza, ke a leboga, ke a leboha, inkomu, enkosi. The Republic of South Africa thanks you. Despite diversifying its economy so it is no longer as dependant on gold, it is still very important. Although the Rand/Dollar exchange fluctuates too, the weaker dollar meaning in real terms the gold price didn’t rise all that much, overall the surge in gold price is helping pay for all those useless stadia.
parkersinthehouse over 14 years ago
love and have a merry christmas marshall ramsey and Canuck ºO U and jae’da and bruce and omQR and fennec thinginthebasement and rri0189!
Jaedabee Premium Member over 14 years ago
Merry Christmas to you, too, christmasinthehouse. :)
davesmithsit over 14 years ago
1oz. of gold is worth one weeks wages always has been always will be. Now the dollar on the other hand fluctuates constantly.
johndh123 over 14 years ago
fennec said, 2 days ago
“You missed my point, john. It is that gold is a symbol. In and of itself, it has very little of value (excepting the uses cited by rri0189). It is a human construct to designate value and nothing more.”
No my friend, to the contrary, your point is that gold is a symbol….” …to designate value, nothing more…” Lets revisit this. Lets say you are unsure exactly where the worth of the dollar will stand say in six months, a year, no matter the time. You look at your options to protect your assets, specifically the value of your dollars, currency. You may choose any vehicle to help protect your assets of course, but for its durability, historical strength in markets over the long term you choose to buy gold at $1000 an ounce. Now, we can fill in the blank that causes the dollar to depreciate say 20% - 25%. Now that $1000 ounce of gold will sell for $1250 - $1333, at least keeping your asset value on a par with inflation. Your turn to explain how I “missed your point”. “It has very little value in and of itself.” No. Not because I say ‘no’ but because it has stood the test of time. It has served well as the basis of stabilization of many a countries currency, been used extensively with jewelry for its beauty and durability, and as of late shown its value in electronics as an indestructible conductor. Could other elements serve in its place? Sure, but again, it has stood the test of time, and remains ‘king’ (or queen if you prefer) of the hill. Your comment “…Think maybe our priorities are a bit screwed up? ” Nah.
Flag
OmqR-IV.0 over 14 years ago
I was born in the world’s largest gold producing country (now relegated to 2nd place last year by, you’ve guessed it, China!) where its price was followed closely daily by the general public and therefore understand its economic value; yet I also understood fennec’s point perfectly.
d_legendary1 over 14 years ago
^So you were born in the Democratic Republic of Congo?
OmqR-IV.0 over 14 years ago
I’ve been to the former Zaire a few times but I was born a little further south. It was the world’s largest producer since 1905 for 100 years, apparently. ;-) And correction: as of last month, new line up:
”China is the world’s number-one producer of the precious metal, with South Africa – which was the top gold-producing country for more than 100 years – slipping to fourth place.”
”Australia held the title as the world’s second-largest gold producer in 2005 behind South Africa, but it was overtaken by the US in 2006, and by China in 2007, putting it back to fourth place, explained Surbiton Associates director Dr Sandra Close”
Not sure where the DRC lies in the tables. Perhaps it potentially has the largest new source in Africa but hasn’t started producing yet?
Wow, from 1st to 4th in 4 years. Oh dear.
burenar over 14 years ago
Seems Fox News is the whipping boy of the liberals. The Neilsen Ratings do not reflect the political viewpoint of those that watch TV programs; however, if you despise Fox News and go there just to get pissed off, you’re increasing the ratings of those programs and their advertising revenue. If you don’t watch Fox News and make derogatory remarks based on what others have said, you’re not being true in passing judgment. I’m pretty sure that the Glenn Beck and Bill O’Reilly shows have a much larger viewing audience than Keith Olbermann. I’m sure Keith Olbermann would love to have the same viewing numbers as Glenn Beck and Bill O’Reilly, the ones that are the frequent subjects of his “most stupid persons in the world” list. They are laughing all the way to the bank and quite frankly, they don’t give a rat’s bleeep what liberals think about their programming. I am a liberal and simply choose to ignore Fox News.
Dtroutma over 14 years ago
Actually, believe Keith’s award is for the “worst person in the world”, and I don’t even get MSNBC.
d_legendary1 over 14 years ago
@Omq R I took a course on Sub Sahara Africa. My professor who was from the ivory coast and told us that the DRC was loaded with gold and (to my surprise) oil. As you said before no production due to the fact that nations as well as corporations are trying to steak their claims. But this was years two years ago.
Kylop over 14 years ago
“….and as of late shown its value in electronics as an indestructible conductor. …..” We’re actively finding ways to replace it with Copper. The rest of what you said works well.
However I still look at it as a bubble.
johndh123 over 14 years ago
fennec said, 1 day ago
“My point stands, john. You still don’t understand it though.”
Of course it does. I understand fully well that you are intransigent and accept no point contrary to your intellectually steeped observation… comparing gold to food, building material, and clothing makes as much sense as suggesting “what is aspirin good for….you can’t pour syrup over it and eat it for breakfast…etc etc….” I outlined why gold IS valued since I didn’t buy into your … “Think maybe our priorities are a bit screwed up? What did I miss with your summation?