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(Marketwatch)   Gold hits $940 an ounce. Shovel, pan, and donkey sales increase   (marketwatch.com) divider line
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785 clicks; posted to Business » on 06 Mar 2009 at 10:34 PM (10 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



30 Comments     (+0 »)
 
 
2009-03-06 06:00:23 PM  
Uh...subby? Yah, the price of gold DROPPED to $940 per ounce.
 
2009-03-06 06:14:02 PM  
Damn I wish I had some cash to put into a gold short option.
 
2009-03-06 10:47:40 PM  
The cash4gold.com-heavy portfolio is paying off!
 
2009-03-06 10:49:28 PM  
Great news Midas, what are you going to cash it in for hug coupons?
 
2009-03-06 10:51:14 PM  
High prices for gold prove that suckers will by any dumb shiat.

I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.

//Gold isn't worth shiat.
 
2009-03-06 10:54:25 PM  
Invest in gold-mining resources, not gold itself.
 
2009-03-06 10:56:24 PM  

t3knomanser: High prices for gold prove that suckers will by any dumb shiat.

I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.

//Gold isn't worth shiat.



Don't be a tool, gold is soft and heavy. You can easily use it to make clubs, pipes, and bullets. In a pinch, you can even make a thin rod of gold surrounded by wood and use it as a pencil. It's not as useful as graphite there, but then again what is?
 
2009-03-06 11:14:36 PM  
Didn't gold use to be over 1k/oz? We're doomed, even gold is losing its value.

/conservatively invested
//in sandwiches
 
2009-03-06 11:19:58 PM  
I've invested heavily in electrons. I mean think about it, everyone uses them every day! We're bound to run out sooner or later.
 
2009-03-06 11:28:09 PM  

Feldspar Q. Walrustitty: I've invested heavily in electrons. I mean think about it, everyone uses them every day! We're bound to run out sooner or later.


Neutrinos are the wave of the future, man. Well, particle of the future.
 
2009-03-06 11:37:31 PM  

t3knomanser: I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.


Meh. I can certainly understand the argument. On the other hand, there are a lot of people with religious programming (any of the Abrahamaic religions, Hinduism, etc) that all valued gold. If you can convince them that it's the Biblical/Koranic/Vedic store of value (which it is), and they'll trade labor/food/oil for it as a result, well, then it's valuable.
 
2009-03-06 11:54:09 PM  
The reason people buy gold during uncertain times is that gold has historically been money. As a monetary system, it's never failed whereas every fiat currency in the past has failed. Buying gold is hedging against the collapse of monetary systems, since it's very likely that people will move back to gold as money in the event that the dollar system ends (at least, that's the theory that people are acting on when they buy gold).

Contrary to popular belief, a currency collapse is not going to turn the country into Fallout 3.

I believe gold to be overvalued, but you can never tell how high things will go in a bubble.
 
2009-03-07 12:05:10 AM  

t3knomanser: High prices for gold prove that suckers will by any dumb shiat.

I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.

//Gold isn't worth shiat.


Well, gold should be valuable in the approach to the collapse. After a properly apocalyptic collapse, a gold ounce will still be worth more than a trillion US dollars, but it will still only buy a shotgun round (pre-collapse manufactured round, not homemade).

Short of a mad max-style disaster, then gold will simply match the Zimbabwe-like inflation of all nations and you'll have protected wealth and be able to convert back to monopoly money. It won't increase in value in direct proportion to the US dollar depreciation, but it'll be relatively safe.

But you're right, subterranean greenhoused farm land, built into an abandoned, nuke proof, salt mine and supplied with hydrogen powered electricity, would be worth about a billion ounces of gold. Personally, I'd pay about 6 billion ounces of gold and about 50 trillion post-WWIII US dollars for such a setup.

//keeping an eye on ebay.
 
2009-03-07 12:08:47 AM  
Not valuable worthless intrinsically useless substance that has no reason to be valuable for anyone:
nevada-outback-gems.comView Full Size


Valuable worthy supergood wonderful thing that has supervital power:
freefoto.comView Full Size
 
2009-03-07 12:21:05 AM  
So wait, the price inflated, dropped and is now inflating again?shiat, if this happens to oil the economic collapse will be complete.
 
2009-03-07 12:39:19 AM  

jack21221: Feldspar Q. Walrustitty: I've invested heavily in electrons. I mean think about it, everyone uses them every day! We're bound to run out sooner or later.

Neutrinos are the wave of the future, man. Well, particle of the future.


Well technically, also a wave.

/Schrödinger FTW
 
2009-03-07 12:50:11 AM  
It looks like brass.
 
2009-03-07 12:57:58 AM  
"The sandwich heavy portfolio pays off for the hungry investor!"
 
2009-03-07 01:08:55 AM  

t3knomanser: High prices for gold prove that suckers will by any dumb shiat.

I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.

//Gold isn't worth shiat.


Hehe your post is funny!

Back when gold was around $500/oz I bought 3 krugerrands, at this moment as I check my brokerage account and my 401k I can absolutely say that those 3 coins are the only investments I have that are worth more than what I paid for them.

When I lose my job they'll pay my rent for a 2 or 3 months, my stock in GE isn't gonna do that. If I can hold on to my job long enough for the inflation caused by the rampant printing of money to hit the gold market I may be able to pay off quite a lot of debt.
 
2009-03-07 01:17:05 AM  

Stile4aly: Damn I wish I had some cash to put into a gold short option.


Don't start shorting it till it's over $2000, which is where it hit during the big recession in the 80s (adjusted for inflation). Right now is the time to "long" gold.
 
2009-03-07 06:10:49 AM  
Ok, I may be off here, but...

Stocks are only worth what you can get the next person to pay for them.

The dollar is fiat currency that only has value based on the Government backing it up and is being devalued as billions more are being printed.

Gold is an intrinsically useless substance that has no reason to be valuable.

Yet Farkers keep talking about how much of a killing they'll make by buying stocks now and selling them 20-30 years down the road from other people with money, who's value is dropping steadily and could be Zimbabwan (if that's the term) by then.

But gold that has been the standard form of currency since as long as civilized society has used it should be considered useless for all the various reasons brought forth whenever a discussion on gold comes out (I can't remember them).
 
2009-03-07 06:31:37 AM  
So gold is about to become the next mania like real estate, or oil, or tulip bulbs, or the South Sea Company?
 
2009-03-07 08:47:21 AM  

call me sj: Ok, I may be off here, but...

Stocks are only worth what you can get the next person to pay for them.

The dollar is fiat currency that only has value based on the Government backing it up and is being devalued as billions more are being printed.

Gold is an intrinsically useless substance that has no reason to be valuable.

Yet Farkers keep talking about how much of a killing they'll make by buying stocks now and selling them 20-30 years down the road from other people with money, who's value is dropping steadily and could be Zimbabwan (if that's the term) by then.

But gold that has been the standard form of currency since as long as civilized society has used it should be considered useless for all the various reasons brought forth whenever a discussion on gold comes out (I can't remember them).


I hardly know where to begin. Gold is NOT a "useless substance". None of the devices on which or through which we are conversing right now would be possible without it. It is in my teeth, and if you are as old as I am , probably yours too. A wide variety of specialized chemicals, pharmaceuticals, and special purpose salts and alloys are made with it, and there is no substitute for it.
And of course, it always has been humanity's first choice for personal adornment.
Of course, gold isn't "worth" $800-$1000 an ounce _ that's speculative panic. But it does have a "real" worth of somewhere in the area of $300-$400 an ounce just as a commodity, absent any currency hedging. In short., gold has a very real value - it just isn't what speculators have elevated it to lately.
Of course, I may be predjudiced - I am a jeweler, and the gold I own will eventually sell for many times what I paid for it, without regard to what the price of gold does - so it's a good investment for ME.
 
2009-03-07 10:52:29 AM  
people in Zimbabwe certainly find gold valuable...

http://www.guardian.co.uk/world/video/2009/feb/11/zimbabwe-gold-pannin​g-starvat i on-food (new window)
 
2009-03-07 10:53:40 AM  
 
2009-03-07 02:39:06 PM  

Pope George Ringo: So gold is about to become the next mania like real estate, or oil, or tulip bulbs, or the South Sea Company?


Boy, I hope not. Then I would have to sell.
 
2009-03-07 08:45:53 PM  
Bottle Caps! the future is in Bottle Caps!
 
2009-03-07 10:32:59 PM  
I was sitting in the coffee shop talking to an old friend the other night. He mentioned he had some scrap silver and said I could have it if I came over and got it. Long story short, it was 5 farking pounds of it. Maybe I should sell it before the bubble bursts.
 
2009-03-08 03:00:16 AM  
plastics
 
2009-03-09 08:07:03 PM  

t3knomanser: High prices for gold prove that suckers will by any dumb shiat.

I love the morons that buy gold for when the dollar collapses. Because when the economy is so bad that we don't have a functioning currency, gold is going to be more important than arable land.

//Gold isn't worth shiat.


You should probably have some gold just in case.

I wouldn't go out of my way to NOT own any gold during times of economic turmoil. That's just retarded. You retard.
 
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