Gold crash?

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Hang on to it - money is just worthless paper - gold is worth something, maybe not a whole lot, but it's worth more than paper with pretty colours and pictures printed on it.
 
True, but if you sell it at it's peak for pretty money, you can later use that pretty money to buy more gold! Just find it strange that people have confidence in the economy to recover when China is slowing down big time.

There are many nay sayers that say gold is worthless, just pretty color metal while stocks are worth more. They say that have more faith in human capital and ingenuity vs. a lump of metal, but that author had it wrong. I do have faith in human capital, sustainable human capital, and before that stock has value it has to be transfer through the medium of money. It is not the lack of faith in the company per se, but lack of the form of currency.

One thing the author who made that statement also failed to take into account is that stock companies can go bust, Enron, World Com anyone? Dot Com bubble bursts. Gold can drop a lot, even maybe 90% of the it's value but it will still have value in the foreseeable future.
 
Looks like it was the FED placing a huge short sale. Also don't confuse paper gold with the real thing. Spot price is set by the buying and selling of paper stocks, and is vulnerable to speculation just like any other stock. those that hold actual physical metal all have very strong hands at this point and are not letting go. China and others are buying up physical hand over fist. America has pinned everything on the ability to keep the dollar strong, but with all the printing that is going on they can't do it forever. If you own a dollar bill you really hold a Reserve Note which means it is a debt that someone else owes you. Everyone has to have faith that that debt will be paid. If they do not they will not accept your dollar (a promise to pay) for the actual goods they are selling you. Gold/Silver is an actual commodity that you can hold in your hands. An item, not a promise.

for those that are interested in this type of thing:

http://www.paulcraigroberts.org/2013/04/13/assault-on-gold-update-paul-craig-roberts/
 
i dont have any stock in gold much less have any gold.and unless there's a use for gold after a economic collapse or what ever..there'll be no use for it..one good use for it is.elelctric wireing,but even then..only if you can make your own wireing and insalate it.
 
True, but if you sell it at it's peak for pretty money, you can later use that pretty money to buy more gold! Just find it strange that people have confidence in the economy to recover when China is slowing down big time.

It's fascinating hindsight, this China slowing down meme has been around forever, probably going back to before the Great Wall was built. "They'll never build that wall, they are bankrupt" lol.

I have been guilty of such myself of course, typically by trusting on-line news over my own thinking processes. Simple fact is China is a military dictatorship and has been for thousands of years. What happens in their "Western front economy" can be solved with a top down revolution like Mao's, a purge of the greedy capitalist infestation lol.

But gold is always gold and even in the depths of the dark ages, hundreds of years after the collapse of the Roman empire it, in the form of old Roman coins, was used for transactions across Europe and elsewhere. People still trade even in the worst of times and some forms of money are universally accepted. A maker of wagons can only use so much wheat and oats, a farmer of oats only so many wagons.


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A lot of dust in the air after digging out 11 years old thread, isn't it?
They say those that forget the past are doomed to repeat it, so digging it up every now and then can be useful to see where we are. Thanks for the comment though, I thought I was the only one posting down here, the whole sub is pretty dusty.
 
Yes, quite. Back in the early 2000's most posters on survivalist sites denigrated gold, "you can't eat it" I think some of that may have changed over time.
 

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