Why Gold Dropped $100+ And Oz A Few Days Ago

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Author	Replies: 6 / Views: 1,817
Conder101 Bedrock of the Community United States 17884 Posts	Posted 09/28/2011 5:42 pm I would imagine some of you have seen this already but it is worth sharing for those that haven't. http://www.youtube.com/watch?featur...=XL8vGbhpbEs Staff Edit: previous link was dead, updated with new link. Report this Post to the Staff

TNG Bedrock of the Community United States 10284 Posts	Posted 09/28/2011 6:11 pm I think she sounded rather stupid as a reporter. Gold is backed by itself. For thousands of years gold has been worth something as a tangible asset. The paper dollar is backed by the government, but so what? I am not talking doomsday, but whether I hold gold or not, I have more faith in a hunk of gold than I do in a stack of paper no matter how pretty the engraved printing is on it. Report this Post to the Staff
Ed_B Pillar of the Community United States 4008 Posts	Posted 09/28/2011 8:54 pm Wow. I've heard some idiotic comments in my life but this is definitely somewhere in the top 10. "Gold isn't backed by anything". Huh? Gold IS backing. Paper money is backed by the government and the Fed. Well, gee... let's see here. On the one hand we have the unbacked US paper dollar with about a 40 year history (prior to this is WAS backed... by gold!). Gold has a history as money that reaches back about 5,000 years and extends around the world. Gold cannot be printed until it is valueless. Light a match to a gold coin and a paper dollar. Which one looks OK 5 seconds later? Now tell me again which one is more solid. Report this Post to the Staff
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 09/28/2011 11:35 pm If I was in here presence and she said that, I would shake my head, rub my forehead and just walk away. Why even waste your time with a response..... Report this Post to the Staff
Ed_B Pillar of the Community United States 4008 Posts	Posted 09/30/2011 01:19 am I agree, Hawk. There are times when we are confronted by such monumental ignorance that we are just at a loss for relevant words. It would be a multi-year project to educate that person just up to average, let alone anything approaching real intelligence. Heh, this reminds me of Qui-Gon Jinn in Star Wars. He tells Jar Jar Binks, "Merely because you can speak does not make you intelligent". That line cracked me up... and still does! Report this Post to the Staff
DVCollector Bedrock of the Community United States 10045 Posts	Posted 09/30/2011 03:40 am Oh brother...comparing gold to the dollar, and suggesting the dollar is stabler simply because of the US govts word. That reporter must have slept through history and economics. Report this Post to the Staff
mmerlinn Valued Member United States 302 Posts	Posted 09/30/2011 05:14 am Quote: That reporter must have slept through history and economics. You are assuming that the school she went to thought those classes were important enough to offer them to her. Report this Post to the Staff
	Replies: 6 / Views: 1,817

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