|
G20 summit - does it make sense to start buying gold NOW?! (pg. 5)
|
View this Thread in Original format
| DrUg_Tit0 |
| I'm sure there are some middle ground scenarios that lie in between economic prosperity and a total apocalypse, and in some of them gold actually might come in handy. It's basically in situations like hyperinflation or state bankrupcy when gold is..well..golden. |
|
|
| Lebezniatnikov |
| quote: | Originally posted by Krypton
How would you obtain food? Stealing it? Even if New York were nuked, there would still be an economy, though, a prosperous one destroyed, a medium of exchange would still be necessary to obtain things like food and water. |
You have two apples? I'll give you a pair of shoes for them. |
|
|
| Capitalizt |
| quote: | Originally posted by Lebezniatnikov
You have two apples? I'll give you a pair of shoes for them. |
The reason precious metals became money is because people have always been willing to accept them in barter for practically anything. You can trade gold for apples, shoes, gasoline, whatever.. It is universally recognized and desired... If all you have to trade is shoes, your options are very limited because most people won't accept them for payment. Precious metals are different however. When people lose faith in paper, gold and silver become the natural alternative.
By the way...For anyone seriously interested in buying a few ounces, Microsoft has a killer promotion going on with their Live search program. Basically, they have partnered with Ebay/Paypal and are offering 25% cash back, up to $200 for any buy it now purchase made on Ebay. Just go to http://www.live.com and sign up for the cashback program. Then do a search on Live.com for "silver eagle" or something similar, and the first result should be a "Get 25% off Ebay" link. Click it, then choose any buy it now item and complete checkout. You can get get cashback on any Ebay item with buy it now....games, movies, cameras, etc. Just make sure you see this symbol  during the checkout process to be sure you qualify for the cashback. It should show up as "pending" on your Live account within 24 hours. They hold the funds 60 days to make sure there is no fraud going on, then they deposit them in your Paypal account. I've already done this and been paid, so it is legit. |
|
|
| Lebezniatnikov |
| quote: | Originally posted by Capitalizt
The reason precious metals became money is because people have always been willing to accept them in barter for practically anything. You can trade gold for apples, shoes, gasoline, whatever.. It is universally recognized and desired... If all you have to trade is shoes, your options are very limited because most people won't accept them for payment. Precious metals are different however. When people lose faith in paper, gold and silver become the natural alternative.
|
No, the reason precious metals became money is because somebody somewhere decided they looked pretty and started accepting them as currency. When all sense of economic order breaks down, I guarantee you that nobody will give a damn whether gold once had value.
Why would I bother with a shiny object when I can trade my sheep for a shack? |
|
|
| jerZ07002 |
| quote: | Originally posted by Capitalizt
The reason precious metals became money is because people have always been willing to accept them in barter for practically anything.
|
that doesn't even come close to answering the question as to why they have value. Precious metals aren't money simply because people recognize them as a method of bartering. Metals have been used as currency because people WANTED the metal, and recognized that other people wanted the metal. Humans don't attribute value to things simply because that's the way it has always been. Humans like gold because it's shiny and looks nice. Recognizing there is always someone who wants gold, humans realize that it's an easily tradable commodity and they are willing to accept it. Without the underlying demand for something shiny and aethetically pleasing, gold has absolutely no value at all. |
|
|
| DrUg_Tit0 |
If you wanna buy and trade gold by grams/ounces, here's a good site for it:
www.bullionvault.com |
|
|
| Capitalizt |
". Precious metals aren't money simply because people recognize them as a method of bartering. Metals have been used as currency because people WANTED the metal, and recognized that other people wanted the metal"
Exactly. It has value because it is what people have CHOSEN since the beginning of recorded history. The use of gold and silver as money predates the modern financial system. They have been money through the rise and fall of civilizations...through famines, civil wars, world wars, etc.. They will always be the currency of last resort and will still be in demand long after the dollar and euro go the way of the dodo bird. |
|
|
| Arbiter |
| quote: | Originally posted by Capitalizt
They will always be the currency of last resort and will still be in demand long after the dollar and euro go the way of the dodo bird. |
I doubt that. We can already synthesize gold, albeit at ridiculous expense considering the amount created. Considering the exponential rate of technological advancement, I expect that we will be able to synthesize gold efficiently within my lifetime. I think it's much less probable that the dollar and euro will "go the way of the dodo" within my lifetime.
Incidentally, I wouldn't want to be invested in gold when we make that particular technological breakthrough... |
|
|
| Magnetonium |
| 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 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 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. |
:stongue: I suppose owning a gun would help? :conf: Even if you had all your food and worthless money, there will be people coming to take it from you, you outta understand that. At least gold will have value ... you cant take the house with you, but you can take gold ... Isnt the currency based/backed by gold/silver? Like seriously, they dont just print money and thats it? :conf: Other than food, there will be something to "barter" with when the currency collapses, be it gold or be it platinum or whatever, I dont think thats the point ... |
|
|
| pkcRAISTLIN |
| quote: | Originally posted by Magnetonium
Isnt the currency based/backed by gold/silver? |
no.
| quote: | Originally posted by Magnetonium
Like seriously, they dont just print money and thats it? :conf: |
thats exactly what they do. |
|
|
| diesel_tron3000 |
i buried a couple gold bars in this forest near my house. treasure map and all. tru story
i don't think they will use gold or silver. there will be a new currency created that is used strictly to buy oil. i'm still working on the details. i'm not sure how OPEC countries would fit into this, any ideas?
i'm sooooooooooo down for Breton woods II |
|
|
| Lebezniatnikov |
:stongue: :stongue:
"The dollar? Bull! Yen? No thanks! Pound???? Seriously, shut the up! I only take gold, and I only pay my gun-toting babes in pure, solid, 24 karat gold. Based on those photos, pretty sure G. Gordon thinks that both dollars AND women have only been going downhill since 1989."
http://www.236.com/feed/2008/11/12/...olden_10229.php |
|
|
|
|
