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G20 summit - does it make sense to start buying gold NOW?!

Take a look at this link. Does this ring any bells in peoples' heads here?

Imagine waking up one day to find that your dollar or Euro or whatever was worth 100 times less than it is now (and that of course gold/silver/etc was priced two orders of magnitude higher than they were the previous day).

I've already got gold/silver locked up and hidden for times like these.

quote:

Originally posted by Krypton I've already got gold/silver locked up and hidden for times like these.

Awesome. I guess the best time to have bought it was 2003 when it was under 300 USD/troy oz.

oh yes. But today is a good time to buy. Silver is a great price right now.

how on earth are the governments meant to fix the price of gold?

quote:

Originally posted by pkcRAISTLIN how on earth are the governments meant to fix the price of gold?

If the currency collapses, the price of gold/silver becomes that much more - it doesnt drop with the currency. From what I understand.

I'd say there's a potential for big earnings, but considering the current price, there's also a pretty big risk...

So how many bits o' silver an hour will minimum wage be set at?

quote:

Originally posted by Lebezniatnikov So how many bits o' silver an hour will minimum wage be set at?

if the euro and dollar both collapse a few chunks of metal really isn't going to help. in any event, which currencies would people trade the gold for, the yuan? not likely.

quote:

Originally posted by jerZ07002 if the euro and dollar both collapse a few chunks of metal really isn't going to help. in any event, which currencies would people trade the gold for, the yuan? not likely.

The currency would revert back to metals and barter.

quote:

Originally posted by Krypton The currency would revert back to metals and barter.

Which is retarded.

quote:

Originally posted by Krypton The currency would revert back to metals and barter.

you are a confusing kid. sometimes you say some pretty smart things.....then you lay down one of those.


let me ask you something. if a barter system was reintroduced, how would you barter for your energy? are you going to trade stock advice with the CEO of your power suppliers? Barter is not feasible in our economy, and suggesting its return shows a real lack of understanding of basic economics.

To be perfectly frank, for that scenario you would probably be better served investing in weapons...

quote:

Originally posted by jerZ07002 you are a confusing kid. sometimes you say some pretty smart things.....then you lay down one of those.

he's a funny one isn't he!

quote:

Originally posted by jerZ07002 you are a confusing kid. sometimes you say some pretty smart things.....then you lay down one of those. let me ask you something. if a barter system was reintroduced, how would you barter for your energy? are you going to trade stock advice with the CEO of your power suppliers? Barter is not feasible in our economy, and suggesting its return shows a real lack of understanding of basic economics.

I'm talking about a total collapse of the currency and economy. Like if nobody was accepting dollars anymore. Total economic collapse.

quote:

Originally posted by Krypton I'm talking about a total collapse of the currency and economy. Like if nobody was accepting dollars anymore. Total economic collapse.

and that chances of that are.....0.000000001%.

the government would ramp up interest rates like it had to in the 70s to prevent any kind of monetary collapse.

While the US has a significant debt burden (about 70% of GDP), Japan is much higher (176% of GDP), and no one is crying that the Yen is about to collapse. In fact, the current trend is to move to the Yen for safety.

I doubt we will ever go back to a barter system..but the currency could certainly be worth sh!t. If you owned precious metals, it should be fairly easy to exchange an ounce of silver for paper money when you needed to buy things. There will probably be "scalpers" on the street anxious to get rid of their paper for something tangible.

A stack of $20 bills for an ounce of silver? Deal.

quote:

Originally posted by jerZ07002 and that chances of that are.....0.000000001%. the government would ramp up interest rates like it had to in the 70s to prevent any kind of monetary collapse. While the US has a significant debt burden (about 70% of GDP), Japan is much higher (176% of GDP), and no one is crying that the Yen is about to collapse. In fact, the current trend is to move to the Yen for safety.

I never said it was going to collapse. You're jumping on something I never said or implied. My stash is for doomsday, if it ever comes. You know, New York City being nuked, World War III, you know...really serious sh1t going down...Price of metals would skyrocket.

quote:

Originally posted by Krypton I never said it was going to collapse. You're jumping on something I never said or implied. My stash is for doomsday, if it ever comes. You know, New York City being nuked, World War III, you know...really serious sh1t going down...Price of metals would skyrocket.

you don't have to say it will collapse, the fact that you're preparing for it is enough.

if an event occurred that was serious enough to cause a collapse of both the dollar and the euro do you really think anyone will want a piece of metal?

quote:

Originally posted by jerZ07002 if an event occurred that was serious enough to cause a collapse of both the dollar and the euro do you really think anyone will want a piece of metal?

exactly. who is gonna want gold if the world has been destroyed? i'd put all my spare dollars into frozen/canned food if i were you krypt

quote:

Originally posted by jerZ07002 you don't have to say it will collapse, the fact that you're preparing for it is enough. if an event occurred that was serious enough to cause a collapse of both the dollar and the euro do you really think anyone will want a piece of metal?

As a medium of economic exchange? In the event that a currency would collapse, or become extremely diluted in value, any commodities priced in that currency will see a proportional rise, if not exponential, in the value of that commodity. So the price of food, energy, metals, and commodities in general would sky rocket. I buy gold/silver because it's simply easy to store and is a perfect back stop in case of economic collapse.

quote:

Originally posted by pkcRAISTLIN exactly. who is gonna want gold if the world has been destroyed? i'd put all my spare dollars into frozen/canned food if i were you krypt

Don't worry m8. As soon as I can afford it I would have such a stash of emergency food. These are dangerous times we live in. Living in a country where we are in a perpetual state of war does make one paranoid like that.

quote:

Originally posted by Krypton So the price of food, energy, metals, and commodities in general would sky rocket. I buy gold/silver because it's simply easy to store and is a perfect back stop in case of economic collapse.

The price of those commodities aren't solely dependent on the value of a dollar. If something really serious went down people wouldn't give a shit about holding onto a piece of gold, which doesn't feed, shelter, or secure a family. People will want food, safe shelter, water, and security. Gold does shit for people. Gold only provides a back stop when the deflated value is caused by text book economic problems. The only benefit a gold nugget would provide in apocalyptic situation would be the ability to throw it at someone trying to rob you of your food.

quote:

Originally posted by jerZ07002 The price of those commodities aren't solely dependent on the value of a dollar. If something really serious went down people wouldn't give a shit about holding onto a piece of gold, which doesn't feed, shelter, or secure a family. People will want food, safe shelter, water, and security. Gold does shit for people. Gold only provides a back stop when the deflated value is caused by text book economic problems. The only benefit a gold nugget would provide in apocalyptic situation would be the ability to throw it at someone trying to rob you of your food.

If the apocalypse did come and I had a plentiful store of food, I would gladly trade some of my reserves for a few ounces of gold...but wouldn't give you anything for a bunch of little paper rectangles.

quote:

Originally posted by Krypton As a medium of economic exchange? In the event that a currency would collapse, or become extremely diluted in value, any commodities priced in that currency will see a proportional rise, if not exponential, in the value of that commodity. So the price of food, energy, metals, and commodities in general would sky rocket. I buy gold/silver because it's simply easy to store and is a perfect back stop in case of economic collapse.

What gives gold or silver this magical value? They don't do anything - the fact that they have any value at all is based only on a social construction. If the world ends like you suggest, bet your gold on the fact that people will be bartering for wool with apples.

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