If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Marketwatch)   Gold futures shrivel up, as does Glenn Beck's junk   (marketwatch.com) divider line 80
    More: Fail, futures contracts, U.S. stocks, short position, contrarians, U.S. dollar, Chicago Mercantile Exchange, deflation, relative volatility  
•       •       •

4326 clicks; posted to Business » on 28 Nov 2012 at 6:52 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



80 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | » | Last | Show all
 
2012-11-28 11:05:50 PM  

Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.


You might want to research Zimbabwe and how they need gold to buy bread.

A drop around thirty dollars for gold is nothing. It rises and falls that amount in one day moves all the time. Funny how Fark has these silver/gold bashing threads on the down days but never has them on the many up days.
 
2012-11-28 11:25:16 PM  

Mija: You might want to research Zimbabwe and how they need gold to buy bread.


Tell us another one, Gramps. What a wonderful altered reality you live in.
 
2012-11-28 11:53:22 PM  

Mija: Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.

You might want to research Zimbabwe and how they need gold to buy bread.

A drop around thirty dollars for gold is nothing. It rises and falls that amount in one day moves all the time. Funny how Fark has these silver/gold bashing threads on the down days but never has them on the many up days.


The gold deniers think there are only two modes to an economy: Copacetic or Road Warrior. Either we'll be humming along without a care or we'll be slaughtering our neighbors for the meat. In either case, gold will be unnecessary. The thought that there might be some economic state in between these two extremes where gold would be a better store of value than a rapidly-inflating currency seems to be outside their ability to envision.
 
2012-11-29 12:00:20 AM  

GoodyearPimp: Mija: You might want to research Zimbabwe and how they need gold to buy bread.

Tell us another one, Gramps. What a wonderful altered reality you live in.


Actually, Zimbabwe effectively adopted the US dollar as its currency, but the principle is the same: use something stable and non-manipulable (at least non-manipulable by you) as the basis for your money.
 
2012-11-29 12:05:41 AM  
You're hungry after the apocoplyse. You have gold coins. The guy next to you is hungry too. He has a loaded gun. Who do you think farmer Jones is going to give his prize pig to?
 
2012-11-29 01:19:15 AM  

jjorsett: Mija: Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.

You might want to research Zimbabwe and how they need gold to buy bread.

A drop around thirty dollars for gold is nothing. It rises and falls that amount in one day moves all the time. Funny how Fark has these silver/gold bashing threads on the down days but never has them on the many up days.

The gold deniers think there are only two modes to an economy: Copacetic or Road Warrior. Either we'll be humming along without a care or we'll be slaughtering our neighbors for the meat. In either case, gold will be unnecessary. The thought that there might be some economic state in between these two extremes where gold would be a better store of value than a rapidly-inflating currency seems to be outside their ability to envision.


Perfectly stated. Another possible reason for the abundance of gold haters - they missed the big price moves in 2009, 2010 and 2011 and now they can't afford to get in. So rather than acknowledge their missed opportunity, they instead cast gold investors as ignorant followers of Glenn Beck or whacked out doomsday preppers. They are incapable of imagining that someone buying gold might be a completely normal, rational investor who isn't stupid enough to pay 80% over spot price, and who doesn't believe in the the near term end of civilized society.

I think the reason we don't see too many gold threads when gold goes up is because most of the big moves are down. But yeah, $30 down isn't that bad for gold. I'm certainly not concerned. But then again, I wasn't too concerned in Q4 of 2011 when gold started to drop from its record nominal highs. Seems like 90% of the people commenting about gold at that time were convinced that the bubble had popped and gold was due to drop to sub-$1,000 in the near term. I still think the gold bull maket has some life left, and the really big moves up will coming up in the next 2 years.
 
2012-11-29 01:35:18 AM  

Atomic Spunk: Perfectly stated. Another possible reason for the abundance of gold haters - they missed the big price moves in 2009, 2010 and 2011 and now they can't afford to get in. So rather than acknowledge their missed opportunity, they instead cast gold investors as ignorant followers of Glenn Beck or whacked out doomsday preppers. They are incapable of imagining that someone buying gold might be a completely normal, rational investor who isn't stupid enough to pay 80% over spot price, and who doesn't believe in the the near term end of civilized society.

I think the reason we don't see too many gold threads when gold goes up is because most of the big moves are down. But yeah, $30 down isn't that bad for gold. I'm certainly not concerned. But then again, I wasn't too concerned in Q4 of 2011 when gold started to drop from its record nominal highs. Seems like 90% of the people commenting about gold at that time were convinced that the bubble had popped and gold was due to drop to sub-$1,000 in the near term. I still think the gold bull maket has some life left, and the really big moves up will coming up in the next 2 years.


We just are skeptical about the long term prospects for gold as an investment. There have been big crashes in the past, like what happened in the 80s, and all this talk about gold haters not being able to afford to get in reminds me a lot of all those pre-crash housing market threads where we were assured by people buying houses back in 2006 that the gravy train was just getting started. The gold market just smells like a huge bubble. Props to you if you got in early and made a quick buck, but it just seems too much like the housing market at the height of the bubble, and I'm just waiting for the sob stories in a few years about all these poor retirees who put their life savings into gold aright about now and got wiped out.
 
2012-11-29 02:06:35 AM  

Nadie_AZ: Gold for December delivery dropped $25.80, or 1.5%, to settle at $1,716.50 an ounce on the Comex division of the New York Mercantile Exchange.

I saw an episode of 'Preppers' and the guy was melting down all his gold into a huge 'ingot'. He said this way he could use this to barter for anything- food, ammo, clothing, medicine, etc. My first thought was 'you'd spend that entire ingot on a bag of corn? you won't get change back'.

I'll trust my small collection of bottle caps in case those times ever arise. Now to gather snowglobes and bobbleheads with magical properties.


I saw an episode (same one?) where the guy was making his own ingots, and while they weren't stupid large he was still bragging about how they were worth a few thousand bucks and how he was going to use them to buy everything he needed, and I was left with the distinct impression that he had not thought his cunning plan through.

I've only seen one person on that show stockpile booze, which is the way to go, and no one stockpile knowledge/books. Oh, and on the latest episode these two guys were getting giant boners about the homemade IEDs they planted on their ranch, and how they were going to shoot any survivors from their hunting blind. The one guy then fires a shot in the enclosed space and the other guy went temporarily deaf. It was hilarious.
 
2012-11-29 02:16:24 AM  

Mad_Radhu:

We just are skeptical about the long term prospects for gold as an investment. There have been big crashes in the past, like what happened in the 80s, and all this talk about gold haters not being able to afford to get in reminds me a lot of all those pre-crash housing market threads where we were assured by people buying houses back in 2006 that the gravy train was just getting started. The gold market just smells like a huge bubble. Props to you if you got in early and made a quick buck, but it just seems too much like the housing market at the height of the bubble, and I'm just waiting for the sob stories in a few years about all these poor retirees who put their life savings into gold aright about now and got wiped out.


I agree with much of what you've said. At current prices, I also don't think gold is a great long term investment. Nevertheless, I think most people should at least consider allocating 10-15% of their investment portfolio to precious metals not so much as an investment, but more like insurance against the possibility of inflation. Or consider it to be something purely for speculation, like I do.

I also agree that there will be a gold bubble that will grow swiftly then pop. I've spoken to a couple older, more seasoned investors who lived through the '79-'80 gold bubble and they've told me that we're nowhere near the level of excitement over gold now as it was at the peak back then. People nowadays laugh at gold investors even though gold has been had better returns that the broad US equities markets over the last decade. When I start hearing newbie gold investors trying to give me advice about precious metals, then I will start to seriously consider selling.
 
2012-11-29 02:19:16 AM  

miniflea:

I've only seen one person on that show stockpile booze, which is the way to go, and no one stockpile knowledge/books. Oh, and on the latest episode these two guys were getting giant boners about the homemade IEDs they planted on their ranch, and how they were going to shoot any survivors from their hunting blind. The one guy then fires a shot in the enclosed space and the other guy went temporarily deaf. It was hilarious.


Read this book yet? What you just described reminds me a lot of the main characters in the book, just with less common sense.

d.gr-assets.com

This book basically centers on a survivor of a superflu epidemic and his survivalist friend who basically shoots anyone that approaches first and asks questions later. And then the main character takes the corpses and turns them into jerky for his dog. It's a very literary post-apocalyptic novel, similar to The Road, but with a lot more hope for humanity towards the end, despite the really grim beginning and heartbreaking middle.
 
2012-11-29 03:11:07 AM  

Nadie_AZ: Rev. Skarekroe: Nadie_AZ: I saw an episode of 'Preppers' and the guy was melting down all his gold into a huge 'ingot'. He said this way he could use this to barter for anything- food, ammo, clothing, medicine, etc. My first thought was 'you'd spend that entire ingot on a bag of corn? you won't get change back'.

If the sh*t were to hit the fan tomorrow, gold would be worthless anyway. The guy with the food, ammo, clothing, medicine, etc. is going to own your ass as slave labor for a few decades before an economy based on money evolves again.

The guy who is charismatic and able to unite people will be the one that rules- not some hermit who has to hide to protect his survival cache.


www.washingtonpost.com

ohai thar
 
2012-11-29 04:05:44 AM  
I just need to find a place for my fish farm.

I can replace with muscle power what electrical power does, until I can swap food --> generator.

I have friends with guns and practical engineering know-how, they'll be in with me, and we can coordinate with other settlements for the common defence.

(And the fish farm ties into so many other industries it's almost not even funny)
 
2012-11-29 05:23:23 AM  
For there to be a barter for this gold, there would have to be a need for this gold..IF people are
hungry,cold, sick, etc.. they sure do not need gold..They need food,clothes/blankets/shelter and
medicine. WTF is gold going to do for you when it's not a solution?
 
2012-11-29 06:28:19 AM  

jjorsett: Mija: Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.

You might want to research Zimbabwe and how they need gold to buy bread.

A drop around thirty dollars for gold is nothing. It rises and falls that amount in one day moves all the time. Funny how Fark has these silver/gold bashing threads on the down days but never has them on the many up days.

The gold deniers think there are only two modes to an economy: Copacetic or Road Warrior. Either we'll be humming along without a care or we'll be slaughtering our neighbors for the meat. In either case, gold will be unnecessary. The thought that there might be some economic state in between these two extremes where gold would be a better store of value than a rapidly-inflating currency seems to be outside their ability to envision.


holy cow. A farker who is actually a thinker? Amazing, glad to meet you. We need more people like you around here.
 
2012-11-29 07:05:27 AM  

Rev. Skarekroe: If the sh*t were to hit the fan tomorrow, gold would be worthless anyway. The guy with the food, ammo, clothing, medicine, etc. is going to own your ass as slave labor for a few decades before an economy based on money evolves again.


You obviously know nothing about human history.
 
2012-11-29 07:21:57 AM  
Funny if I followed Art Bell investment advice and bought gold between the Area 51 and alien stories I would be rich.

Instead I followed Motley Fools and CNBC and flew the MCI stock and other "new blue chips " into the ground.

Not to mention every five to ten years a major corruption case of inside tradings and manipulation from our esteem trading houses..

How your holdings in Corzine's MF Global doing these days ?
 
2012-11-29 07:38:28 AM  
I would really like it to go down soon. And possibly faster. Please? It's kind of making nanophysics research more expensive.

/We like gold. Has nice optical and electrical properties, and while silver is better for Surface Plasmon Resonance, gold doesn't oxidize....
 
2012-11-29 07:45:02 AM  
Meh. Index funds are where it's at. Cheap, simple, and no trying to outsmart the market.

It makes diversifying trivial: buy a "broad market US" fund, a "developed countries, non-US" fund, a "developing countries" fund, one or more bond funds and presto -- diversified, sensible portfolio. Maybe add in a dividend-specific fund like VIG or SCHD or something. Set the funds to reinvest dividends automatically and rebalance maybe once or twice a year. Easy.

/checks the markets about once a week or so. Short term variations are basically noise so I don't bother with them.
 
2012-11-29 08:43:48 AM  
If you bought 16oz of gold 10 years ago for about $6,000, your gold would be worth $27,400 today.

If you bought $6,000 of a Dow Jones Indexed fund 10 years ago, it would be worth $8,800

Or in other words instead of being able to buy 16oz of gold in 2002, with your money you have now after 10 years in a DJ fund, you can now buy about 5oz of gold.


But really there's no issue with the devaluation of our currency.


If you put $6,000 in your mattress for 10 years it lost 20%+ purchasing power.
 
2012-11-29 09:06:06 AM  

MugzyBrown: If you bought 16oz of gold 10 years ago for about $6,000, your gold would be worth $27,400 today.

If you bought $6,000 of a Dow Jones Indexed fund 10 years ago, it would be worth $8,800

Or in other words instead of being able to buy 16oz of gold in 2002, with your money you have now after 10 years in a DJ fund, you can now buy about 5oz of gold.


But really there's no issue with the devaluation of our currency.


If you put $6,000 in your mattress for 10 years it lost 20%+ purchasing power.


But the federal reserve is good!! It prevents depressions!!
 
2012-11-29 09:12:42 AM  
But the federal reserve is good!! It prevents depressions!!

Except for the great depression and the great "recession" and the dot-com bubble. But other than that, smooooth sailin
 
2012-11-29 09:14:33 AM  
This is rather humorous. A 1% drop in a commodity is a calamity?

Glen Beck's idiocy aside, this is nothing.

Call me when it hits 10%, and I'll buy an even larger stake. Given the continual devaluation of the dollar, gold has nowhere to go but up, long term. It's made me a LOT of money. 

Tardmitter is a tard.
 
2012-11-29 09:37:57 AM  

giftedmadness: MugzyBrown: If you bought 16oz of gold 10 years ago for about $6,000, your gold would be worth $27,400 today.

If you bought $6,000 of a Dow Jones Indexed fund 10 years ago, it would be worth $8,800

Or in other words instead of being able to buy 16oz of gold in 2002, with your money you have now after 10 years in a DJ fund, you can now buy about 5oz of gold.


But really there's no issue with the devaluation of our currency.



If you put $6,000 in your mattress for 10 years it lost 20%+ purchasing power.

But the federal reserve is good!! It prevents depressions!!


...what if you had bought Apple stock?
 
2012-11-29 10:07:00 AM  
...what if you had bought Apple stock?

What if you invested in zombo-com
 
2012-11-29 10:17:46 AM  

MugzyBrown: If you bought 16oz of gold 10 years ago for about $6,000, your gold would be worth $27,400 today.

If you bought $6,000 of a Dow Jones Indexed fund 10 years ago, it would be worth $8,800

Or in other words instead of being able to buy 16oz of gold in 2002, with your money you have now after 10 years in a DJ fund, you can now buy about 5oz of gold.


But really there's no issue with the devaluation of our currency.


If you put $6,000 in your mattress for 10 years it lost 20%+ purchasing power.


$8,800 plus the regular dividends over 10 years, which gold doesn't pay. I can continue to hold the index fund and it will slowly increase in value while paying dividends. I can also hold the gold which won't pay dividends, but is a place people like to park their money when they're freaked over a recession. So it'll go up in hard times and allow for quick sell-offs to buy more, cheap stocks.

/You actually are allowed to invest in more than one investment vehicle at a time.
 
2012-11-29 10:27:29 AM  

Mija: Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.

You might want to research Zimbabwe and how they need gold to buy bread.

A drop around thirty dollars for gold is nothing. It rises and falls that amount in one day moves all the time. Funny how Fark has these silver/gold bashing threads on the down days but never has them on the many up days.


People with all their money in depreciating houses trying to feel better about the biggest farkup of their lives, no doubt.
 
2012-11-29 06:00:07 PM  

Calmamity: No one is going to give a sh*t about your smudgy yellow metal when we're hungry.

Morons.

is that the excuse you tell yourself. my gold has done very well. I guess i'm the moron.
 
2012-11-29 06:13:13 PM  

Mad_Radhu:

We just are skeptical about the long term prospects for gold as an investment. There have been big crashes in the past, like what happened in the 80s, and all this talk about gold haters not being able to afford to get in reminds me a lot of all those pre-crash housing market threads where we were assured by people buying houses back in 2006 that the gravy train was just getting started. The gold market just smells like a huge bubble. Props to you if you got in early and made a quick buck, but it just seems too much like the housing market at the height of the bubble, and I'm just waiting for the sob stories in a few years about all these poor retirees who put their life savings into gold aright about now and got wiped out.



I bought gold once I learned about how are monetary system works. For long term prospects of gold, well the look real good. The dollar is a failing system and it will end its reserve status some day. Why do you think our economy is the way it is?
 
2012-11-29 08:10:47 PM  

pmdgrwr: I bought gold once I learned about how are monetary system works. For long term prospects of gold, well the look real good. The dollar is a failing system and it will end its reserve status some day. Why do you think our economy is the way it is?


Investor speculation overvaluing the housing market, which triggered a recession, and the government had to step in to avoid a deflationary spiral that would have ushered in a huge depression? Most of the price inflation that has happened recently has been less due to the dollar failing and more to do with speculators driving up oil and commodity prices, as there are few other safe options for making a quick dime.

And what is going to replace the dollar as reserve currency? The Euro? The EU is on the verge of being torn apart by the financial crises in the PIIGS, and austerity has screwed up economic growth in a major way. The Yuan? China has been suffering from their own economic slowdown. The US actually isn't in as bad a shape as is commonly believed, and will probably recover pretty nicely if the Fiscal Cliff standoff doesn't fark everything up again, or the rest of the world doesn't implode and drag us down.
 
2012-11-29 11:04:26 PM  

MugzyBrown: But the federal reserve is good!! It prevents depressions!!

Except for the great depression and the great "recession" and the dot-com bubble. But other than that, smooooth sailin


The Fed had very little power in 1929, the Great Recession was caused by deregulation and the dot-com bubble was a cyclicial recession.

The Fed regulates the money supply. It, sadly, has no regulatory power over the banking and finance industry. The power to regulate those lies in Congress and they have deligated to at least a half a dozen different bodies covering different areas.

But other than that, what you made was a factual statement.
 
Displayed 30 of 80 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report