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Some bozo on the internet told you that so OF COURSE you BELIEVE it.
Use a little common sense. 100 ounces of gold won't even buy TODAY what it bought a MERE 2 YEARS AGO (or even 2 MONTHS ago for that matter) and I'm supposed to beleive that it buys the same today as it did in 1913?
Gold prices bounce around WAYYYYY too much to make silly statements like that.
Ken
Actually it is a fact. You could look it up yourself.
Or you could prove me wrong:
What was the cost of your average American home in 1913?
What was the price of an ounce of gold in 1913?
Trust me...you can't win this argument. The facts are the facts.
Decisions, decisions....
What do I want to hold onto?
[] A piece of paper that loses buying power by the minute, declared non-redeemable in 1933, and underwritten by over 300 million "human resources" via FICA.
OR
[] A precious metal coin.
Buy as much gold as you want. I'd be willing to bet that it'll be worth a lot less 1 year from now and 2 years from now, and 5 years from now than it is TODAY.
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.
The ONLY way gold doesn't lose value is IF it gains against the dollar - and if it's not doing that (or at least maintaining it's price), then it's losing value EVEN FASTER than the dollar - and for the last 2 years it's been losing value even faster than the dollar - and from the look of things that will continue.
Buy as much gold as you want. I'd be willing to bet that it'll be worth a lot less 1 year from now and 2 years from now, and 5 years from now than it is TODAY.
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.
The ONLY way gold doesn't lose value is IF it gains against the dollar - and if it's not doing that (or at least maintaining it's price), then it's losing value EVEN FASTER than the dollar - and for the last 2 years it's been losing value even faster than the dollar - and from the look of things that will continue.
Ken
You forgot "or it gains against another currency or metric."
I'm not a gold bug. I just think the dollar is overvalued.
Gold has some adjustments depending on when you buy just like stocks, however, overall it has gained dollar value. Gold Price History
Gold sat for nearly 25 YEARS and gained virtually NOTHING at all - and consequently lost ground (because of inflation) against virtually EVERYTHING (including HOME PRICES). The fact that it's just come off a BUBBLE is supposed to prove that gold keeps it's value over time? It was a BUBBLE - it's TEMPORARY - and it's now popping - and when it's done popping - and gold is sitting somewhere around $1100/ounce or so, it will probably sit there for another quarter-century until people forget how badly they got burned the last time around and buy into the stooopid gold nonsense all over again.
Gold sat for nearly 25 YEARS and gained virtually NOTHING at all - and consequently lost ground (because of inflation) against virtually EVERYTHING (including HOME PRICES). The fact that it's just come off a BUBBLE is supposed to prove that gold keeps it's value over time? It was a BUBBLE - it's TEMPORARY - and it's now popping - and when it's done popping - and gold is sitting somewhere around $1100/ounce or so, it will probably sit there for another quarter-century until people forget how badly they got burned the last time around and buy into the stooopid gold nonsense all over again.
Gold sat for nearly 25 YEARS and gained virtually NOTHING at all - and consequently lost ground (because of inflation) against virtually EVERYTHING (including HOME PRICES). The fact that it's just come off a BUBBLE is supposed to prove that gold keeps it's value over time? It was a BUBBLE - it's TEMPORARY - and it's now popping - and when it's done popping - and gold is sitting somewhere around $1100/ounce or so, it will probably sit there for another quarter-century until people forget how badly they got burned the last time around and buy into the stooopid gold nonsense all over again.
Ken
History is what shows the value of gold over time. True there are all kinds of bubbles being blown. Plenty of people have done fine with gold, as well as burned. Investments of any kind are no guarantee. Especially, in a heavily controlled market.
The US dollar has not risen ANYWHERE NEAR the amount that gold FELL over the last 2 years - just as the US dollar had not fallen ANYWHERE NEAR the amount that gold ROSE over the previous 5 years. Yes, the dollar is rising and that undermines faith in gold (mainly because people holding gold are doing so because they were EXPECTING the dollar to fall) - but the idea that "gold doesn't change in value" is just plain silly.
If you were to use BREAD as your currency gold STILL fell (you'll get less bread for an ounce of gold than you used to), if you were to use oil as your currence gold STILL fell (you'll get less oil for an ounce of gold than you used to), if you were to use cans of soup as your currency gold STILL fell, if you were to use the Yen as your currency gold STILL fell (it takes less Yen to buy an ounce of gold than it used to (even taking into account the fact that the Yen has fallen against the US dollar) - and in fact, the price of gold is down from it's peak against ALL major currencies - so it isn't just THAT THE DOLLAR HAS RISEN.
Ken
This is really a moronic argument on your part, your using a very short term rise/drop to make a grand statement.
If gold spikes up tomorrow would you jump on the forums and say the dollar is doomed?
It's akin to saying it was warmer today than yesterday so global warming must be true.
bill
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