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Good as GoldFollow

#1 May 05 2011 at 9:44 AM Rating: Sub-Default
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http://www.cnbc.com/id/42909399

Will it go to 2k an ounce? That's what i'm waiting for to sell.

#2 May 05 2011 at 9:56 AM Rating: Good
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Very unpatriotic of you, to throw away the $US and back the same thing China is backing.
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#3 May 05 2011 at 9:58 AM Rating: Good
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Pretty sure it was already a well established fact that varus hates America, and all things American.
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#4 May 05 2011 at 10:00 AM Rating: Good
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I just like reminding him how much he stands against the country in which he claims hes all for.
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#5 May 05 2011 at 10:09 AM Rating: Good
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Considering his goldfish-like memory, you're much nobler than I am when undergoing that kind of monumental task.
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#6 May 05 2011 at 10:19 AM Rating: Good
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I'm going to laugh if the bubble pops before he reaches his sell point.
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#7varusword75, Posted: May 05 2011 at 10:23 AM, Rating: Sub-Default, (Expand Post) Sweety,
#8 May 05 2011 at 10:25 AM Rating: Excellent
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Hope you make some money Varus. Everything is a gamble, and if it works out for you, that's great.

You can use the money to pay Joph his $50 when Obama wins in 2012.
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#9 May 05 2011 at 10:49 AM Rating: Good
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varusword75 wrote:
Very unpatriotic of you liberals that have put someone in the whitehouse that has made this possible.
I didn't pout anyone in the White House. I put a conservative in Sussex Drive though.
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#10 May 05 2011 at 10:59 AM Rating: Good
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I've got a hand full of American Gold Eagles that I have accumulated over the last 20 years or so (I haven't added to the collection in the last 5 years). I won't be getting rid of them any time soon, but they'd have to find a gold deposit the size of Texas for me to lose any money on them.
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#11varusword75, Posted: May 05 2011 at 11:20 AM, Rating: Sub-Default, (Expand Post) Moe,
#12 May 05 2011 at 11:30 AM Rating: Good
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varusword75 wrote:
Then you've lost out.

Not really. I didn't buy them to make money on them.
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#13 May 05 2011 at 12:22 PM Rating: Good
Edited by bsphil
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varusword75 wrote:
Then you've lost out.
Buy high, sell higher? Man if you think that's a good idea, I've got some houses you can invest in.
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#14 May 05 2011 at 1:09 PM Rating: Default
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Considering that our money is really worthless and has nothing to back it these days?
Investing in gold is never a bad idea. I'd rather be paid in gold than paper money any day.
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#15 May 05 2011 at 1:11 PM Rating: Excellent
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Tailmon wrote:
Considering that our money is really worthless and has nothing to back it these days?
Investing in gold is never a bad idea. I'd rather be paid in gold than paper money any day.


It's difficult to buy groceries or pay your bills that way, though...
#16 May 05 2011 at 1:22 PM Rating: Excellent
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Tailmon wrote:
Considering that our money is really worthless and has nothing to back it these days?
Investing in gold is never a bad idea. I'd rather be paid in gold than paper money any day.
Currently, gold is about $1500 per troy ounce. Globally, around 2000 tons of gold are produced a year. This would be 64,301,493 troy ounces.

1,500*64,301,493 = $96,452,239,500.

Right now, US GDP growth is at about 1.8%. The 2010 US GDP was 14.72 trillion. 1 percent of that is 147 billion.

Even with a growth rate at a record low, and gold at a record high, the global output of gold still wouldn't match the growth of our economy. So, to make it work, we'd have to set the value of gold ourselves rather than go by its intrinsic value.

Welcome to fiat currency.

edit: **** long division

Edited, May 5th 2011 2:27pm by Sweetums
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#17 May 05 2011 at 1:25 PM Rating: Excellent
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Sweetums wrote:
Tailmon wrote:
Considering that our money is really worthless and has nothing to back it these days?
Investing in gold is never a bad idea. I'd rather be paid in gold than paper money any day.
Currently, gold is about $1500 per troy ounce. Globally, around 2000 tons of gold are produced a year. This would be 64,301,493 troy ounces.

1,500*64,301,493 = $96,452,239,500.

Right now, US GDP growth is at about 1.8%. The 2010 US GDP was 14.72 trillion. 1 percent of that is 147 billion.

Even with a growth rate at a record low, and gold at a record high, the global output of gold still wouldn't match the growth of our economy. So, to make it work, we'd have to set the value of gold ourselves rather than go by its intrinsic value.

Welcome to fiat currency.


Thanks for making me look stupid, Sweetums. Compared to this post, mine was the equivilant of "Uhhh, durrrrrrr." /drool. >:(

<3 how smart Sweetums is...

Edited, May 5th 2011 3:26pm by Belkira
#18 May 05 2011 at 1:29 PM Rating: Good
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At least fix my misplaced decimal :(

Thank you <3

Edited, May 5th 2011 4:47pm by Sweetums
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#19varusword75, Posted: May 05 2011 at 1:33 PM, Rating: Sub-Default, (Expand Post) phil,
#20 May 05 2011 at 1:34 PM Rating: Default
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I often wonder how my old college roommate is doing these days. He always bought gold and had quite a
stash of it back when it was rather inexpensive. He also wanted to have something that always would
be worth something if our monetary system crashed.
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#21 May 05 2011 at 1:39 PM Rating: Excellent
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Tailmon wrote:
He also wanted to have something that always would be worth something if our monetary system crashed.
Did he consider working on getting a skill set?
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#22 May 05 2011 at 1:49 PM Rating: Excellent
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Uglysasquatch wrote:
Tailmon wrote:
He also wanted to have something that always would be worth something if our monetary system crashed.
Did he consider working on getting a skill set?

That was my exact though, haha!
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#23 May 05 2011 at 3:43 PM Rating: Good
Edited by bsphil
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Tailmon wrote:
Considering that our money is really worthless and has nothing to back it these days?
Investing in gold is never a bad idea. I'd rather be paid in gold than paper money any day.
Aside from the worthless part. There are a wealth of reasons as to why we've created a system of currency though. Bartering sucks.

varusword75 wrote:
phil,

Quote:
Buy high, sell higher?


http://www.the-privateer.com/chart/gold-pf.html

You're just p*ssed because you didn't buy gold when I suggested it over 5yrs ago.
No, we invested in it around 2000 when it was under $300/ounce, lol.




Edited, May 5th 2011 4:44pm by bsphil
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Almalieque wrote:
If no one debated with me, then I wouldn't post here anymore.
Take the hint guys, please take the hint.
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I'm not getting my news from anywhere Joph.
#24 May 05 2011 at 3:47 PM Rating: Good
varusword75 wrote:
Sweety,

Quote:
I'm going to laugh if the bubble pops before he reaches his sell point.


Luckily as long as Obama's in the whitehouse that's not something i'm going to have to worry about considering he's doing everything in his power to kill the dollar.

If Obama's loses his re-election bid i'll sell the next day.



Ugly,

Quote:
Very unpatriotic of you


Very unpatriotic of you liberals that have put someone in the whitehouse that has made this possible.



varusword75 wrote:
phil,

Quote:
Buy high, sell higher?


http://www.the-privateer.com/chart/gold-pf.html


You're just p*ssed because you didn't buy gold when I suggested it over 5yrs ago.

So people should have bought gold when Bush was in office, when the dollar first stated getting weaker? Oh, I always forget, the downturn that started under Bush is all Obama's fault.
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Edited, Mar 21st 2011 2:14pm by Darqflame Lock Thread: Because Lubriderm is silly... ~ de geso

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#25 May 05 2011 at 3:53 PM Rating: Good
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Lubriderm the Braindead wrote:
Oh, I always forget, the downturn that started under Bush is all Obama's fault.


No, no. That one was Clinton's fault. Smiley: tongue
#26 May 05 2011 at 3:58 PM Rating: Good
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Lubriderm the Braindead wrote:
Oh, I always forget, the downturn that started under Bush is all Obama's fault.


No, no. That one was Clinton's fault. Smiley: tongue
You forgot Carter.
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Edited, Mar 21st 2011 2:14pm by Darqflame Lock Thread: Because Lubriderm is silly... ~ de geso

Almalieque wrote:
I know what a glory hole is, but I wasn't sure what the business part was in reference to.

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