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Pillar of the Community
United States
931 Posts |
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Pillar of the Community
United States
4989 Posts |
It is funny that modern society chose a yellow metal with few industrial uses to serve as a proxy for money.
Current price of Gold is arguably one of the greatest bubbles in recorded history could rival Tulips and South Sea Company.
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Pillar of the Community
United States
667 Posts |
The Bubbles!
Yeah I don't think I would be out buying Gold on credit at this stage in the game.
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Pillar of the Community
United States
4989 Posts |
Gold investors may bail out the U.S. government at some point. U.S. now holds nearly 400B worth of the metal at current market values.
U.S. could run a balanced budget for 3-4 months if they sold off all reserves of the metal.
Edited by fenton
08/03/2011 3:05 pm
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Valued Member
Ireland
131 Posts |
Quote:
It is funny that modern society chose a yellow metal with few industrial uses to serve as a proxy for money. Not sure why anyone should find that strange? Gold has long been highly regarded by various civilisations as a medium of value and it actually makes more sense to have something with relatively few industrial applications as a monetary unit. What I find funny is how societies continue to persevere with fiat currencies when they have quite an abysmal track record (i.e. debasement and failure). Norm |
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Pillar of the Community
United States
830 Posts |
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It is funny that modern society chose a yellow metal with few industrial uses to serve as a proxy for money. It doesn't really matter what is chosen, what is important is controlling the quantity. |
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Pillar of the Community
United States
4989 Posts |
If Gold is chosen as the world currency, I hope everyone realizes that Peru will be the new world power. Vast, possibly endless reserves of the yellow metal and a mining industry that has yet to fully ramp up.
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Valued Member
Ireland
131 Posts |
Fret not, it won't be as it doesn't allow as much control and manipulation and that would simply never do but I'm sure you already know that.
Norm
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Pillar of the Community
United States
830 Posts |
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Vast, possibly endless reserves of the yellow metal and a mining industry that has yet to fully ramp up. Interesting, what mining companies are doing business there? I see Newmont has a nice mine there: http://www.nytimes.com/2005/10/25/i.../25GOLD.htmlEdited by GoThunder
08/03/2011 4:07 pm
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Pillar of the Community
 United States
931 Posts |
Perhaps a few shares of Newmont.Mining is in order. I get a kick out of the diamond business. They say there are years and years worth warehoused to hold up the price. CZ would probably be more expensive than diamonds if they turned them loose on the market.
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Pillar of the Community
United States
830 Posts |
I did look like the locals in Peru can be a problem though.  |
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Pillar of the Community
United States
3670 Posts |
I always say, tullips DIE, but gold is FOREVER....
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Pillar of the Community
United States
4008 Posts |
Gold prices are rising fast and it definitely IS because there is a bubble at work. Not in the price of gold but in the crummy value of most fiat currencies. I haven't checked the numbers on this but I would imagine that the price of gold in Swiss Francs is probably quite reasonable... unlike its price in US Dollars, Yen, or Euros.
Both the US and Europe have HUGE government spending bubbles in full inflation mode right now. We need a way of stopping this inflation and then letting the air out of these bubbles without producing terrible financial BANG!s that will do a lot of economic damage around the world.
I find it especially interesting that the countries contributing the least to this government bubble are also the ones whose central banks are buying the most gold. I'm convinced that they KNOW something VERY important and are acting on it while they can.
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Rest in Peace
United States
9104 Posts |
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I always say, tullips DIE, but gold is FOREVER.... A diamond is forever? Bull, just the payments on it. Give me two seconds and a ballpeen hammer in the same room as a diamond and I'll show you forever. Now try the same thing with gold or silver. |
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Pillar of the Community
United States
2589 Posts |
Portage Resources has been buying up mining concession rights in Peru like crazy. Its like a silver and gold rush is going on down there.
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Pillar of the Community
United States
931 Posts |
Fredd, can you smash a diamond? That is one thing that I've ever tried! I would imagine between a ball peen hammer and an anvil not much could keep its shape!
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Replies: 20 / Views: 2,118 |
And I am behind the 
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Posted 08/03/2011 2:58 pm
