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I never said the financial media didn't cover gold prices. Gold was not the topic of everyday conversation like Internet stocks and home prices were.
Despite your bizarre rantings against gold you have not yet shown that it was ever in a "bubble" or that it has "collapsed".
For gold to burst some sort of bubble it would have to collapse down to the price where the bubble began.
Do you know anything about gold investing?
Honestly, I have no idea of the purpose of this thread. There are many different kinds of investments and investors. Clearly this thread isn't discussing financial options. So I am not sure what this is all about either. Thought it might eventually reveal itself. It does seem anti-gold. Not sure what gold has done to the OP to deserve his malice, but a whole thread about it seems pointless.
Gold is going to head for somewhat turbulent times due to paper gold and real gold. Paper gold is just owning paper that entitles you to gold. The problem is that most of the places offering paper gold, has sold away most of it.
The crash that happened in April was caused by someone dumping paper gold on the market. As real gold and paper gold are linked, then the real gold price dropped as well. Due to the low prices people are buying more gold than selling. To keep paper gold at the same price as real gold, then someone must sell real gold and buy paper gold. It will work out, till they run low on real gold. That's when paper gold and real gold will decouple and a lot of paper gold will be dumped on the market. This is no myth, it has already happen in the silver market, but few care about the silver market.
Because of this the gold market can be quite turbulent in the near future and maybe not the wisest investment decision. But if you do buy gold, buy real gold that you can collect.
Gold is going to head for somewhat turbulent times due to paper gold and real gold. Paper gold is just owning paper that entitles you to gold. The problem is that most of the places offering paper gold, has sold away most of it.
The crash that happened in April was caused by someone dumping paper gold on the market. As real gold and paper gold are linked, then the real gold price dropped as well. Due to the low prices people are buying more gold than selling. To keep paper gold at the same price as real gold, then someone must sell real gold and buy paper gold. It will work out, till they run low on real gold. That's when paper gold and real gold will decouple and a lot of paper gold will be dumped on the market. This is no myth, it has already happen in the silver market, but few care about the silver market.
Because of this the gold market can be quite turbulent in the near future and maybe not the wisest investment decision. But if you do buy gold, buy real gold that you can collect.
From the looks of things they are already having problems fulfilling requests for possessions. Certainly, there is a distinction between the real thing and paper.
Spoken like an uninformed stereotyper whose arguments can't go deeper than ad hominem attacks.
No attacks- just observations. I have bought and used the stuff for many years, and have been through several gold booms and busts over the past 35 years.
There are many gold topics here, and I've gone into lots of detail on several of them.
I'm not uninformed- I don't think gold is a good investment. Calling someone a gold bug is not an insult- it's an old term for those who buy and promote gold as a commodity.
As far as stereotypes go- who do you think is a 'sterotyper' and who is not?
Clearly you don't know what you are talking about. Nothing like looking at a glimpse in time and butchering reality.
Thanks for proving my point with that chart - look what gold has done over the last 2 years. Not to mention the fact that that chart is pretty misleading (speaking of "butchering reality") - making it look like gold hasn't fallen as far as it has - since it doesn't show gold's REAL peak (which was nearly $1900/ounce - more precisely $1895 on Sept 5th and 6th of 2011) and stretching the chart out so far that the recent crash line just gets blended in with the right-hand side of the chart - thus disguising how far gold has really fallen from it's peak.
Honestly, I have no idea of the purpose of this thread. There are many different kinds of investments and investors. Clearly this thread isn't discussing financial options. So I am not sure what this is all about either. Thought it might eventually reveal itself. It does seem anti-gold. Not sure what gold has done to the OP to deserve his malice, but a whole thread about it seems pointless.
The point is to point out how very wrong all those silly posters were who for several years now have been going on and on and on about how the US dollar was going to collapse under Obama and gold soar as hyperinflation brought the country to its' knees.
Well, we're now five years later after all those nonsense posts began - and the dollar is still and as strong as it was before the Great Recession. There's been no hyperinflation, no crashing US dollar - and instead it's GOLD that's on a downward trend. It peaked 2 years ago and it's not going to see those highs again anytime soon - in fact, it's gonna go lower.
The point is to point out how very wrong all those silly posters were who for several years now have been going on and on and on about how the US dollar was going to collapse under Obama and gold soar as hyperinflation brought the country to its' knees.
Well, we're now five years later after all those nonsense posts began - and the dollar is still and as strong as it was before the Great Recession. There's been no hyperinflation, no crashing US dollar - and instead it's GOLD that's on a downward trend. It peaked 2 years ago and it's not going to see those highs again anytime soon - in fact, it's gonna go lower.
Ken
You'd look less foolish if you had started this thread when gold fell to near $1,100 a few weeks ago.
I notice you conveniently forget to talk about gold's recent rise back to the $1400+ level.
You'd look less foolish if you had started this thread when gold fell to near $1,100 a few weeks ago.
I notice you conveniently forget to talk about gold's recent rise back to the $1400+ level.
What's wrong...doesn't fit your weak argument?
You're confusing "foolishness" with "confidence". I'm confident it'll drop again. The recent rise is just a "dead cat bounce" (that's pretty much already out of steam) - a temporary respite before beginning the next leg down. The trend is CLEAR - and there's really no rationale anymore for gold to rise up to it's past heights - the deficit is falling, tax revenues are rising, the economy continues its (admittedly slow - though steady) recovery, and the dollar is STRONG. There's just no reason for gold to go up anymore - that's why the smart players have already gotten out of gold.
Ken
Last edited by LordBalfor; 05-13-2013 at 10:37 PM..
If the "dollar loses buying power by the minute" and gold loses ground against the DOLLAR, then gold is losing even MORE "buying power by the minute" than the DOLLAR is.
A "dollar bill" is not a "dollar."
Unit dollars were defined in 1792, as a silver coin.
Silver dollars were demonetized in the Coinage Act of 1873. This resulted in the "gold standard."
In 1913, the Federal Reserve Act authorized the issuance of Federal Reserve Notes - promises to pay face value, in dollars, on demand. That promise was repudiated in 1933.
There have been no gold dollars* in circulation since 1933.
*(FDR confiscated them all, and criminalized the possession of lawful money by "free" Americans.)
See: Coinage Act of 1792; Title 12 USC sec. 411; and House Joint Resolution 192, June 1933.
A one ounce gold coin (double eagle), has a face value of $20.
A "$20 dollar" Federal Reserve note has no par value (worthless).
That it may take 50 or more $20 paper notes to buy one double eagle (lawful money) is ironic.
Coincidentally, the honorable Congress reduced the penalty for counterfeiting coin, just before it debased the coinage in 1965.
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