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(Yahoo)   AGh and AU no   (gma.yahoo.com) divider line 243
    More: Obvious, SoftBank, hyperinflation  
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13209 clicks; posted to Main » on 15 Apr 2013 at 1:02 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-15 11:05:41 AM  
Wow. Chemistry fail, subby.
 
2013-04-15 11:11:40 AM  
FTFA: For years gold bugs have predicted economic apocalypse with hyper-inflation and a collapse of stock prices. That simply hasn't happened, and many investors have given up on gold, shifting funds out of precious metals. Last week Goldman Sachs issued a report, predicting gold prices would tumble. More volatility is expected in the days to come.

One thing I've learned as a contrarian is that if somebody's doing their damnedest to push a commodity, you can bet that commodity is due for an eventual and monumental collapse.
 
2013-04-15 11:12:31 AM  
How the hell do you have a report on the dip in gold prices without talking about Cypriot flooding the market?!

More American Media fail.
 
2013-04-15 11:16:44 AM  

The Stealth Hippopotamus: How the hell do you have a report on the dip in gold prices without talking about Cypriot flooding the market?!

More American Media fail.


images.sodahead.com
 
2013-04-15 11:19:42 AM  
but Hannity and Beck told me i couldn't lose investing in gold!
 
2013-04-15 11:20:07 AM  

Donnchadha: Wow. Chemistry fail, subby.


Maybe slubby thought since silver prices were falling, it was making the "ahhhhgh" sound.

*shrugs*
 
2013-04-15 11:22:13 AM  
Sad trombone for the gold bugs.  Anyone who couldn't see this coming really needs to let a professional handle their investing.
 
2013-04-15 11:22:56 AM  

blatz514: Donnchadha: Wow. Chemistry fail, subby.

Maybe slubby thought since silver prices were falling, it was making the "ahhhhgh" sound.

*shrugs*


Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?

There's also the double capital letters -- Gold is Au (not AU) and Silver is Ag (not AG)
 
2013-04-15 11:23:58 AM  
bad investing strategy: waiting for something to already go up by a lot, then buying it.  but that's what people do.  then, when it drops back down people think it will continue dropping to zero.  people always think whatever direction something is going, it will go that way forever.
 
2013-04-15 11:25:02 AM  
Dammit, and just when I finished my golden castle of solitude in Minecraft.
 
2013-04-15 11:30:13 AM  
All is not well. Someone is dumping a large amount of gold into the market and people who have no clue are panicking.

Supply and Demand, how do they work?
 
2013-04-15 11:34:05 AM  
Hideously overpriced market based largely on inflated perceptions and not real value crashes.  Shocking.
 
2013-04-15 11:34:46 AM  

Donnchadha: blatz514: Donnchadha: Wow. Chemistry fail, subby.

Maybe slubby thought since silver prices were falling, it was making the "ahhhhgh" sound.

*shrugs*

Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?

There's also the double capital letters -- Gold is Au (not AU) and Silver is Ag (not AG)


Oh, I recognize the errors.  Just trying to get my take on it.

Has anyone seen my beer?
 
2013-04-15 11:35:50 AM  

The Stealth Hippopotamus: Supply and Demand, how do they work?


I was told that the demand fairies meet with the supply gnomes underneath a magical mushroom and set the prices of everything for everyone.

/prove it didn't happen
 
2013-04-15 11:40:44 AM  

miss diminutive: I was told that the demand fairies meet with the supply gnomes underneath a magical mushroom and set the prices of everything for everyone.

/prove it didn't happen


Oh crap is this under the Politics Tab or the Business Tab?!

I know you're being sarky but if this ends up in the Politics Tab someone is actually going to believe you!
 
2013-04-15 11:42:25 AM  

The Stealth Hippopotamus: miss diminutive: I was told that the demand fairies meet with the supply gnomes underneath a magical mushroom and set the prices of everything for everyone.

/prove it didn't happen

Oh crap is this under the Politics Tab or the Business Tab?!

I know you're being sarky but if this ends up in the Politics Tab someone is actually going to believe you!


You realize you can look at the top and see this is going to Main, right?
 
2013-04-15 11:44:55 AM  
Here it is, your daily moment of zen:

i1212.photobucket.com
 
2013-04-15 11:50:41 AM  
I wonder how the bitcoiners, who said they were selling-off and investing in gold after last week after it's crash, feel.
 
2013-04-15 11:53:47 AM  
Copper is also falling

Poor meth heads.......
 
2013-04-15 11:55:01 AM  

impaler: I wonder how the bitcoiners, who said they were selling-off and investing in gold after last week after it's crash, feel.


Some people never learn.
 
2013-04-15 12:00:05 PM  

GAT_00: You realize you can look at the top and see this is going to Main, right?


You're not factoring in that it's monday and the Mods are hungover. Anything can happen.
 
2013-04-15 12:12:38 PM  
Here's an interesting fark thread around gold's peak
Link
 
2013-04-15 12:13:43 PM  

The Stealth Hippopotamus: All is not well. Someone is dumping a large amount of gold into the market and people who have no clue are panicking.
bplusmovieblog.files.wordpress.com


I have a suspect.
 
2013-04-15 12:30:17 PM  

Donnchadha: Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?


25.media.tumblr.com
 
2013-04-15 12:30:23 PM  
You *might* have pulled off this off, subby, if you'd paused long enough to use the right atomic symbols.
 
2013-04-15 12:43:16 PM  
Ag, Au no. Cu later...
 
2013-04-15 12:48:36 PM  

whistleridge: Ag, Au no. Cu later...


K
 
2013-04-15 12:58:17 PM  
Worst 2 days for gold since March 1983.
 
2013-04-15 01:03:41 PM  

BKITU: whistleridge: Ag, Au no. Cu later...

K


i105.photobucket.com
 
2013-04-15 01:05:32 PM  

whistleridge: Ag, Au no. Cu later...


Na
 
2013-04-15 01:07:35 PM  

Donnchadha: Wow. Chemistry fail, subby.


You mean capitalization fail, you Nazi you.
 
2013-04-15 01:07:38 PM  

BKITU: whistleridge: Ag, Au no. Cu later...

K


*golf claps*
 
2013-04-15 01:09:03 PM  
Duh.
 
2013-04-15 01:09:06 PM  
southofheaven.typepad.com
 
2013-04-15 01:09:15 PM  
Last Fall I was cleaning out the garage and came across some jewelry I'd had in high school.  Didn't think it would be worth much at all and ended up walking out of the local jewelry place with $500 in my pocket.  Put it towards a new Van Stall reel which will see its first season of action in the next few weeks.

Looks like I sold at the right time.
 
2013-04-15 01:09:59 PM  

SlothB77: but Hannity and Beck told me i couldn't lose investing in gold!


No, no.  *Hannity and Beck* can't lose if *you* invest in gold.  Focus on what's important!
 
2013-04-15 01:10:12 PM  
but but but...

I was told...

DAMMIT!!!

mjcdn.motherjones.com
 
2013-04-15 01:10:15 PM  
www.floodwerks.com
 
2013-04-15 01:11:36 PM  
While my collector plates keep going up and up.
 
2013-04-15 01:11:49 PM  
This is comedy gold!!
 
2013-04-15 01:12:36 PM  
Did you know that disco record sales are up 400% for the year ending 1976?  If these trends continue...
 
2013-04-15 01:13:56 PM  
Someone is selling all their gold to buy bitcoins.
 
2013-04-15 01:14:59 PM  

SlothB77: people always think whatever direction something is going, it will go that way forever.


On a longer time-scale, real-estate and energy prices only continue to increase. Technological innovation could cause an energy price crash in theory, but we can't fabricate more space.
 
2013-04-15 01:15:31 PM  

Snapper Carr: [southofheaven.typepad.com image 638x476]


I was going to post the same photo but then I read...

hiker9999: No, no. *Hannity and Beck* can't lose if *you* invest in gold. Focus on what's important!

 
2013-04-15 01:15:39 PM  
Called it!

Gold is a valuable metal, but most of it's rise in value has been over the past 10 years and that was part of the 2012 end of the world non-sense.  The only market for gold was for jewelers and gold buyers.  Anyone who bought gold thinking that it would be the only currency following the collapse of the U.S. Government and buried it in their backyards wasted their money since now, the gold is losing value, and that even if the government collapsed, that gold is only as valuable as the person who your are trading it to who has the food/medicine/supplies/services that the person with the gold needs.  If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.
 
2013-04-15 01:16:03 PM  
William Devane is screwed
 
2013-04-15 01:16:15 PM  

GAT_00: Hideously overpriced market based largely on inflated perceptions and not real value crashes.  Shocking.


No, the DJIA isn't crashing quite yet.
 
2013-04-15 01:16:19 PM  
You mean Glenn Beck may have lied to us?!?!? UNPOSSIBLE!!
 
2013-04-15 01:17:37 PM  
Guess I better sell my gold and buy bitcoins

oh wait, I never invested in old to begin with, never mind

/more it tanks the happier i'll be; the wife likes shiny jewelry but I haven't been willing to pay for gold
 
2013-04-15 01:17:52 PM  

Apos: You *might* have pulled off this off, subby, if you'd paused long enough to use the right atomic symbols.


Am I missing something? Ag and Au are the correct symbols for silver and gold.
 
2013-04-15 01:18:33 PM  

Great Janitor: Called it!

Gold is a valuable metal, but most of it's rise in value has been over the past 10 years and that was part of the 2012 end of the world non-sense.  The only market for gold was for jewelers and gold buyers.  Anyone who bought gold thinking that it would be the only currency following the collapse of the U.S. Government and buried it in their backyards wasted their money since now, the gold is losing value, and that even if the government collapsed, that gold is only as valuable as the person who your are trading it to who has the food/medicine/supplies/services that the person with the gold needs.  If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.


Gold rises and falls in cycles and it always crashes back down after a while.  It hit extreme highs so you can expect an even bigger fall for anyone who doesn't get out although it may already be too late.  Fools and their money.
 
2013-04-15 01:18:37 PM  

FloydA: Sad trombone for the gold bugs.  Anyone who couldn't see this coming really needs to let a professional handle their investing.


They were!  Rush Limbaugh and Glenn Beck are professional...  somethings.  There's a term for it...


Oh yeah, scam artists / scare mongers.
 
2013-04-15 01:18:38 PM  
i.qkme.me
 
2013-04-15 01:20:01 PM  
The Atlanta Braves have started the season by winning 11 of their first 12 games. If this trend continues, the Braves will win 148 games this year...
 
2013-04-15 01:21:40 PM  
This bubble lasted much, much longer than I thought it would.

The most it can logically fall from a price perspective is to around $800 an ounce, but it won't go that low.  That's the cost to produce for the most inefficient miners.  Wait four years.  That will likely be where it shoots below where it should be.
 
2013-04-15 01:21:53 PM  
It could be the beggings of a bubble burst. But 90/oz dosent seem significant if you look at 5-10year trends. It could just be a hickup or minor adjustment.
 
2013-04-15 01:22:12 PM  

Great Janitor: the only currency following the collapse


This is why I am heavily invested in fresh tomatoes.
 
2013-04-15 01:22:39 PM  

Great Janitor: If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.


I'll pay you with corn, but you ain't touchin' my cock!
 
2013-04-15 01:22:54 PM  

Sin_City_Superhero: The Atlanta Braves have started the season by winning 11 of their first 12 games. If this trend continues, the Braves will win 148 games this year...


It's the same logic that led to so many people getting screwed in the housing bubble.  "Prices will go up forever, let's borrow the maximum that we can!!!"  Not that everyone who got screwed was doing this.
 
2013-04-15 01:23:11 PM  
Silly Gold Bugs, your commodity with no intrinsic value beyond societal consensus was BOUND to have a price collpase on day.  Now me? I'm a SMART doomsday Prepper and have invested MY life savings in something valuable and SAFE that's recently seen a sudden dramatic rise in value...Bitcoins, of course, ..what that?  No I haven't checked the trading quotes for Bitcoins in a couple of day, why do you ask?
 
2013-04-15 01:24:26 PM  

Apos: whistleridge: Ag, Au no. Cu later...

Na


A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"
 
2013-04-15 01:24:57 PM  

xanadian: FTFA: For years gold bugs have predicted economic apocalypse with hyper-inflation and a collapse of stock prices. That simply hasn't happened, and many investors have given up on gold, shifting funds out of precious metals. Last week Goldman Sachs issued a report, predicting gold prices would tumble. More volatility is expected in the days to come.

One thing I've learned as a contrarian is that if somebody's doing their damnedest to push a commodity, you can bet that commodity is due for an eventual and monumental collapse.


I've been watching Goldman Sachs breathlessly push $2000+ gold for the last several years.  Now, they've cut it to $1300.  Hustlers and pimps, the lot of them.
 
2013-04-15 01:26:13 PM  

jack21221: Apos: You *might* have pulled off this off, subby, if you'd paused long enough to use the right atomic symbols.

Am I missing something? Ag and Au are the correct symbols for silver and gold.


It's the way they were written that I was referring to-though I suspect, in hindsight, that that might have been....intentional.
 
Bf+
2013-04-15 01:26:16 PM  
www.henrycounty912project.com
 
2013-04-15 01:26:51 PM  
THANK GOD.

This is going to make our research cheaper. Not much, but with the sequester @#%#@ up the grant process, we're going to to try to shave off every bit we can.

(To the point where we're scraping out the inside of the evaporator to recapture the lost gold waste)

This is quite helpful, since we were out of chloroauric acid salts...
 
2013-04-15 01:26:56 PM  
Maybe the price of ammo will come down now.
 
Bf+
2013-04-15 01:27:21 PM  

Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"



You're sure to get a lot of reactions to that.
 
2013-04-15 01:28:22 PM  

Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.



I see what you concocted there.
 
2013-04-15 01:28:22 PM  

Great Janitor: If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.


This.

Gold is, basically, just some pretty rock that someone found in the ground.  In a kind of post-apocalyptic society, it has no intrinsic value.. ZERO...   A far better metal to hoard would be gold's cousin, lead.  More specifically, enough raw supplies to make bullets, lots and lots of bullets... THOSE would have real value.  The dude with all the ammo is the dude with all the power.

Hasn't anyone watched Revolution or The Walking Dead??????
 
2013-04-15 01:28:42 PM  

I_C_Weener: The Stealth Hippopotamus: All is not well. Someone is dumping a large amount of gold into the market and people who have no clue are panicking.
[bplusmovieblog.files.wordpress.com image 590x369]

I have a suspect.


So do I.
static-imgs-acf.hereisthecity.com
 
2013-04-15 01:28:50 PM  
Not impressed.

If you take a look at the historical price of gold, 10 years ago it was under $500 (per oz), 5 years ago it was under $1000. As far as I can tell even a 10% drop doesn't come close to popping the bubble.
 
2013-04-15 01:29:24 PM  

Sin_City_Superhero: The Atlanta Braves have started the season by winning 11 of their first 12 games. If this trend continues, the Braves will win 148 games this year...


It's hard to argue with math.  I need to call my bookie.
 
2013-04-15 01:29:43 PM  
But if gold prices crash, what will happen to all the reality TV shows following morons, drunks, and con-artists in Alaska and Canada on their quests to mine gold/bilk their investors?  Damn it, what will I do with my Friday nights?
 
2013-04-15 01:29:49 PM  

Rapmaster2000: Did you know that disco record sales are up 400% for the year ending 1976?  If these trends continue...


Actually, with the upcoming release of a new Daft Punk album, I bet disco records will be at the top the charts this year.
i.imgur.com
 
2013-04-15 01:29:52 PM  
Ok, once again, here we go, repeat after me, "What goes up, must come down."
 
2013-04-15 01:30:14 PM  

Steak_Cake_Sause: It could be the beggings of a bubble burst. But 90/oz dosent seem significant if you look at 5-10year trends. It could just be a hickup or minor adjustment.


people.hofstra.edu

I think this is the Fear phase.  The Bull Trap (hiccup) ended in January.

peterlbrandt.com
 
2013-04-15 01:30:54 PM  
Couldn't be happening to nicer, more paranoid assholes.
 
2013-04-15 01:30:57 PM  

groppet: You mean Glenn Beck may have lied to us?!?!? UNPOSSIBLE!!


He got paid. One can only hope he really bought into his own BS and is taking it on the chin today.
 
2013-04-15 01:31:01 PM  

Donnchadha: Wow. Chemistry fail, subby.


Why?

AU and AG is correct.
 
2013-04-15 01:31:09 PM  
this is what happens when jackasses decide that doing fractional reserve lending on gold is a good idea
 
2013-04-15 01:31:51 PM  
As someone who bought gold thirty ounces of gold six years ago at 700 and sold it all last year at 1500, I've been laughing pretty damn hysterically this weekend.
 
2013-04-15 01:32:41 PM  

The Stealth Hippopotamus: How the hell do you have a report on the dip in gold prices without talking about Cypriot flooding the market?!

More American Media fail.


Uh, Cyprus has announced that it will sell its gold reserves, but have they actually done so yet?  If/when they do, they're not going to just "dump" it all at once.

Also, they only hold about $3 billion in gold, which is a drop in the global market.

I'd tell you to stop panicking, but I'm fairly certain you're an idiot.  So I'll suggest putting a plastic bag over your head until you calm down.
 
2013-04-15 01:33:04 PM  

Snapper Carr: [southofheaven.typepad.com image 638x476]


What a BO2B.
 
2013-04-15 01:33:10 PM  

ShawnDoc: But if gold prices crash, what will happen to all the reality TV shows following morons, drunks, and con-artists in Alaska and Canada on their quests to mine gold/bilk their investors?  Damn it, what will I do with my Friday nights?


Dogs. Shows about pampered dogs.

Make Way For Moopsie, coming this fall on Cartoon Network!
 
2013-04-15 01:34:32 PM  

Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.


mediacdn.snorgcontent.com
 
2013-04-15 01:34:47 PM  
Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?
 
2013-04-15 01:35:35 PM  
Great Janitor:   If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.

But what if I offered you a chicken made of gold!
 
2013-04-15 01:35:41 PM  

Donnchadha: Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?


Perhaps he was dictating.
 
2013-04-15 01:37:22 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


What's this 'DVD' you speak of?
 
2013-04-15 01:38:13 PM  

MassD: Great Janitor: If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.

This.

Gold is, basically, just some pretty rock that someone found in the ground.  In a kind of post-apocalyptic society, it has no intrinsic value.. ZERO...   A far better metal to hoard would be gold's cousin, lead.  More specifically, enough raw supplies to make bullets, lots and lots of bullets... THOSE would have real value.  The dude with all the ammo is the dude with all the power.

Hasn't anyone watched Revolution or The Walking Dead??????


well lead's nice, but not strictly necessary for ammo, hard wood can make a decent bullet in a pinch, as can kiln fired-clay. what you REALLY want is a stockpile of sulfur.   Charcoal's easy to make, and anyone with access to a bat-filled cave or bird nesting ground (or in a pinch human or cow manure) can refine enough nitrates, but Sulfur?  Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute.  In my vision of Post apocalyptic America I become the richest man in the US by allowing all those folks with the rapidly becoming useless glocks, ar-15's uzi's etc etc to trade them in for a muzzleloader, a bullet casting kit and a supply of blackpowder,  and then use the automatics to equip a paramilitary force to lock down all local supplies of sulfur.
 
2013-04-15 01:38:17 PM  
But I was assured by multiple commercials that the value of gold NEVER GOES DOWN!
 
2013-04-15 01:38:23 PM  
Hey -

Does this mean those bearded morons will be off my television on Friday nights?

Gold Rush ?

Should have called the series Fool's Gold.
 
2013-04-15 01:38:29 PM  
*shrug* It will go back up. It might be next week and it might be ten years but as long as you hold on to the gold long enough you'll get your money back.
 
2013-04-15 01:39:04 PM  
Silver and Platinum prizes are also following gold's free-fall. They're down about 6-8% today alone.
 
2013-04-15 01:39:09 PM  
Now tell me again why a gold-based currency would be a great idea.
 
2013-04-15 01:39:20 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


It's got all sorts of industrial uses, but the cost -even at the best of times- limits where it actually gets used.
 
2013-04-15 01:39:21 PM  

Great Janitor: If the government collapsed and two people come to me for my services as a roofer...


Make your mind up. Are you a janitor, or are you a roofer?

/Quit farking with my mind, man!!!
 
2013-04-15 01:39:42 PM  
Bah.  Gold is too heavy to easily transport, especially for caravans without wagons.  Plus it's too soft to be useful unless alloyed, and there are better metals for anything you'd make from the alloy.

If you buy leather, craft and sell garments and you'll make a mint off of most visitors.

Skip the gold and dig for malachite, tetrahedrite, galena, and hematite.  If you're lucky you'll also find some flux stone and lignite, and then you can laugh over dinner while the world burns (which will happen if a dragon drops by).

Also, word to the wise... plump helmets and rock nuts.
 
2013-04-15 01:40:51 PM  

ShawnDoc: But if gold prices crash, what will happen to all the reality TV shows following morons, drunks, and con-artists in Alaska and Canada on their quests to mine gold/bilk their investors?  Damn it, what will I do with my Friday nights?


Note to self:

Refresh before posting so you don't look unoriginal...
 
2013-04-15 01:41:09 PM  

xanadian: One thing I've learned as a contrarian is that if somebody's doing their damnedest to push a commodity, you can bet that commodity is due for an eventual and monumental collapse.


Seriously, this. If they were really expecting its value to rise, they'd be greedily buying up all they could, rather than spending tens of millions on national campaigns as well as advertising on Rush Limbaugh's radio show.
 
2013-04-15 01:41:14 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


What's a DVD?

/yes, it does have a few uses
 
2013-04-15 01:41:29 PM  

AccuJack: plump helmets and rock nuts


That sounds extremely sexual and would make a great name for a band.
 
2013-04-15 01:41:51 PM  

Dwight_Yeast: The Stealth Hippopotamus: How the hell do you have a report on the dip in gold prices without talking about Cypriot flooding the market?!

More American Media fail.

Uh, Cyprus has announced that it will sell its gold reserves, but have they actually done so yet?  If/when they do, they're not going to just "dump" it all at once.

Also, they only hold about $3 billion in gold, which is a drop in the global market.

I'd tell you to stop panicking, but I'm fairly certain you're an idiot.  So I'll suggest putting a plastic bag over your head until you calm down.


$3 billion? actually, its much less than that.

Cyprus is selling 400million euros of gold, or 75% of its reserves.

Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.
At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.


http://www.bbc.co.uk/news/business-22106187
 
2013-04-15 01:43:42 PM  

gweilo8888: Great Janitor: If the government collapsed and two people come to me for my services as a roofer...

Make your mind up. Are you a janitor, or are you a roofer?

/Quit farking with my mind, man!!!


I figure in the end of the world I'll become a roofer because I can't see the janitorial business lasting much past the death of civilization.
 
2013-04-15 01:43:48 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


Gold is a better electrical/heat conductor than copper. It's also utterly rust-proof, even better than silver (tarnish) and copper (patina). If the price drops low enough, you could (and should) put gold pipes in for cold water plumbing, and string up gold wire for Ethernet. And those fancy copper-core pots and pans would be better w/ gold, too. The reason people don't use gold for these things is b/c it costs too damn much. Similar for diamond. Diamond is an incredible heat-sink for small circuits, b/c it doesn't conduct electricity but sucks up excess heat so well. It's also the best grit substance for polishing. But its main use is still getting chicks to bang ugly dudes.
 
2013-04-15 01:43:54 PM  
Funny, go out and try and find some silver bullion. There is none to be had. People are scarfing it up at these low prices. Just like .22LR.
 
2013-04-15 01:44:03 PM  
Never mind that story. Further down TFA it mentioned that Sprint might get bought out by Dish Network, or maybe some Japanese company. I worry for the good service I've been getting since 1999.
 
2013-04-15 01:45:37 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


Yeah, it's got some uses in a high tech world, but not proportionate to its (inflated by doomspeakers) price.  Your computer's CPU probably has some gold in it, and I think there are some gold bits in catalytic converters in your car, but gold only has intrinsic value in a non-doomsday scenario where there's enough of society to actually use it.

The fun part will be when all the gold hoarders, post-doomsday, try to trade the gold for food, and get refused because the other party doesn't need gold for anything.  Then the hoarder kills them and claims, "I offered fair trade, but they were determined to rob me" to anyone listening.
 
2013-04-15 01:46:47 PM  

Pick: Funny, go out and try and find some silver bullion. There is none to be had. People are scarfing it up at these low prices. Just like .22LR.


There have been rumors of another Hunt Brothers type investment strategy for the last year or so.
 
2013-04-15 01:47:21 PM  

ralanprod: Hey -

Does this mean those bearded morons will be off my television on Friday nights?

Gold Rush ?

Should have called the series Fool's Gold.


You love watching that show 'cause they're always talking about the glory hole.  Admit it.
 
2013-04-15 01:47:32 PM  

Pick: Funny, go out and try and find some silver bullion. There is none to be had. People are scarfing it up at these low prices. Just like .22LR.


There's never much to be had, even during good times. Most silver is in old people's safety deposit boxes in the form of silver dollars. There's a lot out there, but it really only has value of it's been used for something at some point, like jewelry or coins.
 
2013-04-15 01:47:56 PM  

Rapmaster2000: Steak_Cake_Sause: It could be the beggings of a bubble burst. But 90/oz dosent seem significant if you look at 5-10year trends. It could just be a hickup or minor adjustment.

[people.hofstra.edu image 720x482]

I think this is the Fear phase.  The Bull Trap (hiccup) ended in January.

[peterlbrandt.com image 850x578]


I've seen that 2nd graph before. In 2000 I had some guy come to my house and try to sell me on something or other and he pulled out a graph chart to show how the stock market was going to grow- saying it was directly related to Baby Boomers retiring (resulting in a massive crash). The price on his graph was just like your 2nd one- with a spike really high in 2010-12 and then fell a bit, rose slightly and then bottomed out. I'd always wondered if I'd see that chart again. No, I never bought anything from him, but remained curious. So maybe he was talking about gold after all. Huh.
 
2013-04-15 01:48:12 PM  

Magorn: well lead's nice, but not strictly necessary for ammo, hard wood can make a decent bullet in a pinch, as can kiln fired-clay. what you REALLY want is a stockpile of sulfur.   Charcoal's easy to make, and anyone with access to a bat-filled cave or bird nesting ground (or in a pinch human or cow manure) can refine enough nitrates, but Sulfur?  Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute.


As in any society, the guy who knows how to make guns and ammo will go farther than the guy with a stockpile of them, or a stockpile of raw materials.  So with the stock market, a company with a bunch of smart people capable of inventing things can be a better investment in the long term than a commodity sitting around in a vault somewhere.
 
2013-04-15 01:48:23 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


About 10% of gold usage is for industrial/medical applications.
 
2013-04-15 01:49:14 PM  
Is Glenn Beck homeless yet?
 
2013-04-15 01:49:32 PM  

Dwight_Yeast: It's got all sorts of industrial uses, but the cost -even at the best of times- limits where it actually gets used.


The McLaren F-1 uses gold foil as a heat shield in the engine bay. Gotta do something to keep that BMW 6.1 liter V-12 from cooking the car's inhabitants.
 
2013-04-15 01:49:49 PM  

Nonrepeating Rotating Binary: But what if I offered you a chicken made of gold!


And if you lose the Devil gets your soul!

[fiddle solo]
 
2013-04-15 01:51:41 PM  

LoneDoggie: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

About 10% of gold usage is for industrial/medical applications.


What percent goes to India? Man, they love their gold.

richindianmanwithagoldshirt.jpg
 
2013-04-15 01:51:57 PM  

Sin_City_Superhero: The Atlanta Braves have started the season by winning 11 of their first 12 games. If this trend continues, the Braves will win 148 games this year...


Conversely the marlins have only won 2 of 10 games. They will win 27 games if this trend continues!
 
2013-04-15 01:53:16 PM  

Magorn: Silly Gold Bugs, your commodity with no intrinsic value beyond societal consensus was BOUND to have a price collpase on day.  Now me? I'm a SMART doomsday Prepper and have invested MY life savings in something valuable and SAFE that's recently seen a sudden dramatic rise in value...Bitcoins, of course, ..what that?  No I haven't checked the trading quotes for Bitcoins in a couple of day, why do you ask?


Ha, you fool!  I've already converted all of my retirement savings to precious rare beanie babies and cabbage patch dolls...  ha ha ha Ha ha Ha!!!!
 
2013-04-15 01:53:22 PM  

BKITU: whistleridge: Ag, Au no. Cu later...

K


I Pt the fools who were heavily invested in the gold market.
 
2013-04-15 01:53:37 PM  
Don't worry. Ron Paul and the "gold standard" libertarians will find a way to blame this on government intrusion. Free markets are stable!
 
2013-04-15 01:53:39 PM  
goldprice.org

No hyperinflation in gold prices here.

I foresee a major market correction, which makes senses, normally price of gold goes down when the economy get's better.

And for some reason I can see Glenn Beck acting like the Dukes at the end of Trading Places right about now.
 
2013-04-15 01:53:49 PM  

hiker9999: SlothB77: but Hannity and Beck told me i couldn't lose investing in gold!

No, no.  *Hannity and Beck* can't lose if *you* invest in gold.  Focus on what's important!


You say that like the dollar is a better investment.

turklishtefl.com

/actually I've been expecting the bottom to fall out from the gold market for a while, just never expected it to take this long
//if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true
 
2013-04-15 01:54:07 PM  

lemurs: Magorn: well lead's nice, but not strictly necessary for ammo, hard wood can make a decent bullet in a pinch, as can kiln fired-clay. what you REALLY want is a stockpile of sulfur.   Charcoal's easy to make, and anyone with access to a bat-filled cave or bird nesting ground (or in a pinch human or cow manure) can refine enough nitrates, but Sulfur?  Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute.

As in any society, the guy who knows how to make guns and ammo will go farther than the guy with a stockpile of them, or a stockpile of raw materials.  So with the stock market, a company with a bunch of smart people capable of inventing things can be a better investment in the long term than a commodity sitting around in a vault somewhere.


excellent point.  Inestment in knowledge and skills is always the safest and most portable investment possible.  Which actually leads me to an odd thought which creates a minor threadjack that someway way smarter about gunsmithing than I would need to answer: Obviously you'd need to make a whole new triger mechnaism and reciever, but would it be theorectically possible to say, take a modern high-percision rifle and retrofit it as, say, a flintlock?
 
2013-04-15 01:55:02 PM  
The good news is, if this continues, it might be a great time to buy some gold.

This news was obvious, btw, to anyone who watches commercials. For years since ~2007 we've seen nothing but commercials about places to go to sell your gold, gold-4-cash, etc... Those people have been circling like vultures to buy up the gold from people who need cash. Just this past month or so, in my local area, you start to see commercials from people both trying to buy your gold, and sell it to you.

And the price isn't crashing, it's just correcting. Yeah, it sucks for people who bought at $1800 and thought they were being smart. But really, anyone who buys at a high number while expecting it to go higher, and when they don't see their asset go higher in value they don't sell or seriously consider selling, is just being foolish.

Wait until it gets below $1000, then it *might* be safe.

/IANAFA
 
2013-04-15 01:55:04 PM  
Crude oil futures have tumbled on global markets, down to less than $89 for West Texas crude, the lowest price since December, 2012.

So...gas prices are going up, then?
 
2013-04-15 01:55:19 PM  

hdhale: //if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true


For those people who can eat and drink gold, sure.
 
2013-04-15 01:58:01 PM  
My teabag coworker is probably frantically trying to sell his silver hoard already...
 
2013-04-15 01:58:29 PM  

I Like Bread: Don't worry. Ron Paul and the "gold standard" libertarians will find a way to blame this on government intrusion. Free markets are stable!


Stability is a lie repeated so that beta males continue to produce for those who want to get wealthy. American's should have never gotten comfortable with stability. The nature of economics, like any natural system, is always towards greater uncertainty. i.e., if you want to have the best chance to land in a money-making situation in your life, improve yourself. You are the only asset you can't lose.
 
2013-04-15 01:58:40 PM  
//if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true

So you are telling me that when the whole thing crashes for ever and ever that paper currency is still valuable. Got it.
 
2013-04-15 01:58:45 PM  

grinding_journalist: SlothB77: people always think whatever direction something is going, it will go that way forever.

On a longer time-scale, real-estate and energy prices only continue to increase. Technological innovation could cause an energy price crash in theory, but we can't fabricate more space.


Always go for the crystite mines.
 
2013-04-15 01:59:50 PM  

palelizard: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

Yeah, it's got some uses in a high tech world, but not proportionate to its (inflated by doomspeakers) price.  Your computer's CPU probably has some gold in it, and I think there are some gold bits in catalytic converters in your car, but gold only has intrinsic value in a non-doomsday scenario where there's enough of society to actually use it.

The fun part will be when all the gold hoarders, post-doomsday, try to trade the gold for food, and get refused because the other party doesn't need gold for anything.  Then the hoarder kills them and claims, "I offered fair trade, but they were determined to rob me" to anyone listening.


Interestingly enough, aside from accidental losses, such as the sinking of ships or buried hordes whose locations were forgotten, the supply of gold in the world, in the world has been considered to have on increased throughout history.  The Gold mined in Roman mines in the hundreds BC is still around, and can be melted an reused, and all the new stuff we pull up everyday only adds to the supply.   Until recently, that is,  the use of gold in electronics has actually caused minor destruction in the world gold supply as the gold used in these applications is considered "consumed" because the amounts individually are too small to allow for cost-effective recovery of it when the device is no longer used.
 
2013-04-15 02:00:39 PM  

Igor Jakovsky: Conversely the marlins have only won 2 of 10 games. They will win 27 games if this trend continues!


That sounds optimistic...
 
2013-04-15 02:01:52 PM  

theorellior: hdhale: //if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true

For those people who can eat and drink gold, sure.


Don't forget Beck Et al were selling gold coins that were marked up significantly higher than bullion
 
2013-04-15 02:02:59 PM  

hdhale: hiker9999: SlothB77: but Hannity and Beck told me i couldn't lose investing in gold!

No, no.  *Hannity and Beck* can't lose if *you* invest in gold.  Focus on what's important!

You say that like the dollar is a better investment.

[turklishtefl.com image 386x350]

/actually I've been expecting the bottom to fall out from the gold market for a while, just never expected it to take this long
//if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true


When people arbitrarily assign value to paper money, that's different from when they arbitrarily assign value to certain rocks because the rocks are pretty.
 
2013-04-15 02:04:22 PM  
Back in the early 1990s when gold was about $6 an ounce my husband bought 50 LBS of silver. He sold it not too long back when silver was selling at $32.50 an ounce. He says he is waiting for silver to collapse again , so he can buy another 50 to 100lbs of the stuff and sit on it until its worth rises again. These things work in cycles. The patient will make money. The dumb will cry.
 
2013-04-15 02:04:55 PM  
well, that sucks that gold tanked today, but for those of you strangely dancing in the streets at the misfortune of others and patting yourselves on the back for not investing, I will note that even after today's steep decline I'm still in decent positive territory on my gold ETF investment.
 
2013-04-15 02:05:12 PM  
Er When SILVER was $6 an ounce to fix my typo
 
2013-04-15 02:05:57 PM  

Sin_City_Superhero: Great Janitor: If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.

I'll pay you with corn(hole), but you ain't touchin' my cock!


Power bottom??

/nttawwt
 
2013-04-15 02:06:39 PM  

basemetal: Copper is also falling

Poor meth heads.......


Us working class take a hit too. When you recycle 500 lbs from a comercial job and spread it out among the employees, the difference between $2.65/lb 3 months ago and $2.10/lb now, is huge.
 
2013-04-15 02:06:46 PM  
And now you know why they ran all those commercials hawking gold on TV.
 
2013-04-15 02:06:50 PM  

mwfark: well, that sucks that gold tanked today, but for those of you strangely dancing in the streets at the misfortune of others and patting yourselves on the back for not investing, I will note that even after today's steep decline I'm still in decent positive territory on my gold ETF investment.


Wait 3 more days.
 
2013-04-15 02:07:15 PM  

mwfark: well, that sucks that gold tanked today, but for those of you strangely dancing in the streets at the misfortune of others and patting yourselves on the back for not investing, I will note that even after today's steep decline I'm still in decent positive territory on my gold ETF investment.


25.media.tumblr.com
 
2013-04-15 02:07:24 PM  

Magorn: Interestingly enough, aside from accidental losses, such as the sinking of ships or buried hordes whose locations were forgotten, the supply of gold in the world, in the world has been considered to have on increased throughout history.  The Gold mined in Roman mines in the hundreds BC is still around, and can be melted an reused, and all the new stuff we pull up everyday only adds to the supply.   Until recently, that is,  the use of gold in electronics has actually caused minor destruction in the world gold supply as the gold used in these applications is considered "consumed" because the amounts individually are too small to allow for cost-effective recovery of it when the device is no longer used.


I outsmarted everyone and bought Monster cables.
 
2013-04-15 02:09:41 PM  

palelizard: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

Yeah, it's got some uses in a high tech world, but not proportionate to its (inflated by doomspeakers) price.  Your computer's CPU probably has some gold in it, and I think there are some gold bits in catalytic converters in your car, but gold only has intrinsic value in a non-doomsday scenario where there's enough of society to actually use it.

The fun part will be when all the gold hoarders, post-doomsday, try to trade the gold for food, and get refused because the other party doesn't need gold for anything.  Then the hoarder kills them and claims, "I offered fair trade, but they were determined to rob me" to anyone listening.


The amount of gold in a CPU (or even a whole computer) nowadays is laughably tiny. They've come up with other interconnect (manmade) materials. They use Platinum & Palladium (small amounts) in catalytic converters, not gold, if I remember my commodities with industrial uses properly.

This is kind of like diamonds being a great heat conductor. Sure, diamonds are good (heck great) at being heatsink material, but you can get artificial stuff cheaper now (if I remember properly) so why mine for it? Heck, the copies have the diamond merchants worried enough to spend tons of money identifying manmade diamonds (to protect their monopoly).

Gold is headed down the same path, but for different reasons. Industrially, it's of limited utility. For some strange reason people like the stuff, so they value it artificially high for it's uses. The current pricing is doing nothing more than driving it further out of utility and hastening manmade replacements.

Incidentally, post-doomsday: Spices folks, in particular pepper. Gold bugs seem to forget that (for centuries) pepper was priced ounce for ounce with gold. You can grow more pepper if you're smart. Let's see that gold bug try to grow more gold. Not to mention I've heard that gold flakes don't really improve the flavor of food in a world with little (or no) refrigeration.
 
2013-04-15 02:10:07 PM  
LordJiro:
When people arbitrarily assign value to paper money, that's different from when they arbitrarily assign value to certain rocks because the rocks are pretty.

My issue is that gold's physical/chemical properties make it valuable, but not nearly as valuable as jewelry. Gold is superior to copper in most ways copper is used now (except weight). But you can't use gold for electrical or plumbing b/c it's too damn expensive. Same for diamond. If you throw the damn price out the window, there's all sorts of amazing feats of engineering and science that could be done, but are cost prohibitive. We can't go back to the moon b/c of the cost, not b/c it's impossible. Star Trek really had it right.
 
2013-04-15 02:10:46 PM  

whistleridge: BKITU: whistleridge: Ag, Au no. Cu later...

K

*golf claps*


Ba. He Ti'd.
 
2013-04-15 02:12:01 PM  

hdhale: //if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true


If I actually listened to Beck, I'd kill myself.
 
2013-04-15 02:14:16 PM  

Big Man On Campus: The good news is, if this continues, it might be a great time to buy some gold.

This news was obvious, btw, to anyone who watches commercials. For years since ~2007 we've seen nothing but commercials about places to go to sell your gold, gold-4-cash, etc... Those people have been circling like vultures to buy up the gold from people who need cash. Just this past month or so, in my local area, you start to see commercials from people both trying to buy your gold, and sell it to you.

And the price isn't crashing, it's just correcting. Yeah, it sucks for people who bought at $1800 and thought they were being smart. But really, anyone who buys at a high number while expecting it to go higher, and when they don't see their asset go higher in value they don't sell or seriously consider selling, is just being foolish.

Wait until it gets below $1000, then it *might* be safe.

/IANAFA


You would have typed this exact post had the dip come any time in the last decade, wouldn't you?
 
2013-04-15 02:14:47 PM  

hdhale: //if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true


Gold is only valuable because everyone agrees that it's valuable.

If you got in on the market when Glenny Hinn was shilling it, you got in WAY too late. You'll be lucky if you break even.
 
2013-04-15 02:15:54 PM  

dumbobruni: $3 billion? actually, its much less than that.

Cyprus is selling 400million euros of gold, or 75% of its reserves.


Ah, thanks for the correction!  Don't know where got the figure I posted.

That isn't even a drop in the bucket in the global market.
 
2013-04-15 02:16:01 PM  

MrSteve007: Rapmaster2000: Did you know that disco record sales are up 400% for the year ending 1976?  If these trends continue...

Actually, with the upcoming release of a new Daft Punk album, I bet disco records will be at the top the charts this year.


I cannot wait for this album, and hopefully the tour that follows shortly after.

\threadjack over
 
2013-04-15 02:16:08 PM  

snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?


Gold-Plated Monster Cables will sell at record lows of $300 for a 6' HDMI cable.
 
2013-04-15 02:17:06 PM  
So, this is Glenn Beck's "Lonesome Rhodes not knowing the camera's on" moment?
 
2013-04-15 02:17:57 PM  

Emeraldstar: Back in the early 1990s when gold was about $6 an ounce my husband bought 50 LBS of silver. He sold it not too long back when silver was selling at $32.50 an ounce. He says he is waiting for silver to collapse again , so he can buy another 50 to 100lbs of the stuff and sit on it until its worth rises again. These things work in cycles. The patient will make money. The dumb will cry.


The whole 'im smrt ur dumb' bit means a lot more when it isn't "my husband is smarter than you".

Just for future bragging.
 
2013-04-15 02:18:05 PM  

mwfark: well, that sucks that gold tanked today, but for those of you strangely dancing in the streets at the misfortune of others and patting yourselves on the back for not investing, I will note that even after today's steep decline I'm still in decent positive territory on my gold ETF investment.


Well at least you had the common sense to invest in bullion, hopefully you have the common sense to sell it right now. I wonder how all those Beck-heads who bought those french coins from Goldline are doing on their investment?
 
2013-04-15 02:20:07 PM  
Gold commemorative Beanie Baby collector plates FTW!

/ gonna retire rich, if I can get the certificates of authenticity
 
2013-04-15 02:22:15 PM  

EyeballKid: So, this is Glenn Beck's "Lonesome Rhodes not knowing the camera's on" moment?


I don't know, but that's a hell of a reference!

/love that movie
 
2013-04-15 02:22:31 PM  

crabsno termites: Gold commemorative Beanie Baby collector plates FTW!

/ gonna retire rich, if I can get the certificates of authenticity


They're worthless until Babs dies, and she's going to live forever!
 
2013-04-15 02:22:33 PM  
Don't forget OIL SHIAT!
 
2013-04-15 02:24:46 PM  
Since all I do is piss my money away I simply invest in beer.
 
2013-04-15 02:24:57 PM  
I have invested heavily, over the years, in NASCAR die-cast cars. I'll just cash out ONE of these things, and my retirement is set:

www.kcautoacc.com
 
2013-04-15 02:25:59 PM  

Smackledorfer: Emeraldstar: Back in the early 1990s when gold was about $6 an ounce my husband bought 50 LBS of silver. He sold it not too long back when silver was selling at $32.50 an ounce. He says he is waiting for silver to collapse again , so he can buy another 50 to 100lbs of the stuff and sit on it until its worth rises again. These things work in cycles. The patient will make money. The dumb will cry.

The whole 'im smrt ur dumb' bit means a lot more when it isn't "my husband is smarter than you".

Just for future bragging.


That and 9% year-over-year while nice is still not exactly a coup.  I'd be more impressed if you did something like put your money into Pier 1 in 2009 and made 20200% off it by 2013.

That is not a typo.
 
2013-04-15 02:28:32 PM  

Rapmaster2000: Smackledorfer: Emeraldstar: Back in the early 1990s when gold was about $6 an ounce my husband bought 50 LBS of silver. He sold it not too long back when silver was selling at $32.50 an ounce. He says he is waiting for silver to collapse again , so he can buy another 50 to 100lbs of the stuff and sit on it until its worth rises again. These things work in cycles. The patient will make money. The dumb will cry.

The whole 'im smrt ur dumb' bit means a lot more when it isn't "my husband is smarter than you".

Just for future bragging.

That and 9% year-over-year while nice is still not exactly a coup.  I'd be more impressed if you did something like put your money into Pier 1 in 2009 and made 20200% off it by 2013.

That is not a typo.


Hindsight is always 20200
 
2013-04-15 02:30:56 PM  

GanjSmokr: GAT_00: Hideously overpriced market based largely on inflated perceptions and not real value crashes.  Shocking.

No, the DJIA isn't crashing quite yet.


Stocks are going down today, likely because people with margin positions in metals need the money. Expect them to go back up in short order.
 
2013-04-15 02:31:04 PM  
It ain't just gold and silver, the market had quite the selloff today
 
2013-04-15 02:31:08 PM  
My IRA has gold EFT as a hedge against inflation, so I'm not getting a kick out of this.  However, I am holding on to it for the next 30 year or so and now gold is a consumable, I feel like the price will got up before I retire.
 
2013-04-15 02:32:52 PM  

birchman: mwfark: well, that sucks that gold tanked today, but for those of you strangely dancing in the streets at the misfortune of others and patting yourselves on the back for not investing, I will note that even after today's steep decline I'm still in decent positive territory on my gold ETF investment.

Well at least you had the common sense to invest in bullion, hopefully you have the common sense to sell it right now. I wonder how all those Beck-heads who bought those french coins from Goldline are doing on their investment?


What if you have Kruggerrands and want to sell them to neo-Nazis in Idaho?
 
2013-04-15 02:33:41 PM  

Trocadero: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

Gold is a better electrical/heat conductor than copper. It's also utterly rust-proof, even better than silver (tarnish) and copper (patina). If the price drops low enough, you could (and should) put gold pipes in for cold water plumbing, and string up gold wire for Ethernet. And those fancy copper-core pots and pans would be better w/ gold, too. The reason people don't use gold for these things is b/c it costs too damn much. Similar for diamond. Diamond is an incredible heat-sink for small circuits, b/c it doesn't conduct electricity but sucks up excess heat so well. It's also the best grit substance for polishing. But its main use is still getting chicks to bang ugly dudes.



Low quality diamond is already used industrially.
 
2013-04-15 02:34:20 PM  

Magorn: lemurs: Magorn: well lead's nice, but not strictly necessary for ammo, hard wood can make a decent bullet in a pinch, as can kiln fired-clay. what you REALLY want is a stockpile of sulfur.   Charcoal's easy to make, and anyone with access to a bat-filled cave or bird nesting ground (or in a pinch human or cow manure) can refine enough nitrates, but Sulfur?  Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute.

As in any society, the guy who knows how to make guns and ammo will go farther than the guy with a stockpile of them, or a stockpile of raw materials.  So with the stock market, a company with a bunch of smart people capable of inventing things can be a better investment in the long term than a commodity sitting around in a vault somewhere.

excellent point.  Inestment in knowledge and skills is always the safest and most portable investment possible.  Which actually leads me to an odd thought which creates a minor threadjack that someway way smarter about gunsmithing than I would need to answer: Obviously you'd need to make a whole new triger mechnaism and reciever, but would it be theorectically possible to say, take a modern high-percision rifle and retrofit it as, say, a flintlock?


The easiest way to use back powder in modern guns is to just hand load your own cartridges with it. Sure, it's dirty and less efficient than the modern stuff, but it will work. Of course, that means that you have to have access to modern loading equipment and a supply of primers, bullets, and casings. I've heard of people doing this with revolvers, lever actions, and bolt actions but I doubt it would work on a semiauto since black powder is so dirty and corrosive. This is also popular using replicas of old late 1800s guns in cowboy action shooting. You can cast your own lead bullets and use them in modern guns with some drawbacks. There is a forum dedicated to doing this:  http://castboolits.gunloads.com/

If you wanted to go full flintlock, you should be able to retrofit a trigger/lock mechanism onto a modern bolt action rifle without too much trouble. Generally, the rifling twist for modern jacketed bullets is much too fast for cast lead bullets and the rifling geometry would probably gum up pretty fast but it would certainly shoot. The big issue is going to be that most modern rifles are way to small bore to be very effective with a black powder load. Keep in mind that the old black powder rifles were usually in the .50 caliber range. While there were .32 caliber rifles, these were usually boys rifles or squirrel guns.

Bottom line, you could do it, but it probably wouldn't work very well. Besides, there are absolutely tons of existing modern and primitive style muzzle loading hunting rifles already in circulation (most states let you hunt a longer season for deer if you use primitive weapons) so converting modern cartridge guns would probably be more trouble than it's worth.
 
2013-04-15 02:34:25 PM  

Worst Name I Ever Heard: whistleridge: BKITU: whistleridge: Ag, Au no. Cu later...

K

*golf claps*

Ba. He Ti'd.


F F F F F F
 
2013-04-15 02:35:42 PM  

mylonitic: Donnchadha: Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?

Perhaps he was dictating.


Isn't there a St. AGh's in Cornwall?
 
2013-04-15 02:35:45 PM  
Ha!

i.imgur.com
 
2013-04-15 02:35:54 PM  

Reverend J: My IRA has gold EFT as a hedge against inflation, so I'm not getting a kick out of this.  However, I am holding on to it for the next 30 year or so and now gold is a consumable, I feel like the price will got up before I retire.


I don't get why gold is cited as a hedge against inflation.  Anything that isn't a dollar bill is a hedge against inflation - even equities.

If your concern truly is inflation, then invest in TIPS and cover inflation directly without getting into the risks and churn of a commodities market.
 
2013-04-15 02:37:19 PM  
My grandmother had to downsize her living situation (a full house to a nice apartment in a good complex with a caregiver stopping by). She had a decent little chunk of silver ounces in her safe deposit box (mostly bullion) that we convinced her to part with.

I offered to deal with selling them (price was $38 an ounce at the time) on ebay and just send her a check when everything was sold for the difference minus shipping costs. Didn't need to. Teatard uncle bought all of it because he was being savvy.

/Grammy got a nice dinner, some cash, and a visit from a couple of grandkids out of it
 
2013-04-15 02:40:49 PM  
I understand India doesn't produce gold and has an insatiable demand for it, but it must hurt like hell having paid at the top of the market for 200 tons of gold.
 
2013-04-15 02:41:55 PM  
Back in college I worked for a small precious metals trading software company.  The folks there were fine, but some of the clients were super shady.  Proxy buyers, weird random corporation names, lots of deliveries to/from third world countries etc.  I always got the feeling that there was a lot of market manipulation going on by a few shadowy investors.

I suppose this is true of most markets, but the precious metals market was particularly opaque.
 
2013-04-15 02:43:11 PM  

McGrits: grinding_journalist: SlothB77: people always think whatever direction something is going, it will go that way forever.

On a longer time-scale, real-estate and energy prices only continue to increase. Technological innovation could cause an energy price crash in theory, but we can't fabricate more space.

Always go for the crystite mines.


I always went for smithore....
 
2013-04-15 02:43:16 PM  
HAHAHAHA

Idiots lost their money!

I haven't laughed this hard since the crash in 07, good show!
 
2013-04-15 02:43:54 PM  
fark! Now what do we use for currency when society collapses?
img3.etsystatic.com
 
2013-04-15 02:45:30 PM  

joeflood: [www.floodwerks.com image 640x449]


If that is a for-real, non-shopped photo, that's pretty awesome.
 
2013-04-15 02:45:33 PM  
Post-apocalyptic currency.www.fillthetruck.org
 
2013-04-15 02:46:00 PM  

TheShavingofOccam123: I understand India doesn't produce gold and has an insatiable demand for it, but it must hurt like hell having paid at the top of the market for 200 tons of gold.


Science has proven Indians can't feel pain the same way white men do.  I wouldn't worry too much about them.
 
2013-04-15 02:46:29 PM  

Donnchadha: blatz514: Donnchadha: Wow. Chemistry fail, subby.

Maybe slubby thought since silver prices were falling, it was making the "ahhhhgh" sound.

*shrugs*

Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?

There's also the double capital letters -- Gold is Au (not AU) and Silver is Ag (not AG)


Comedy is wasted on the pedantic.
 
2013-04-15 02:47:34 PM  
Good.   Now maybe gold will settle down at $450 per ounce where it belongs.
 
2013-04-15 02:49:02 PM  

The Stealth Hippopotamus: How the hell do you have a report on the dip in gold prices without talking about Cypriot flooding the market?!


Because they're not really flooding the market. And even without them gold has been long overdue for a nice price correction. I'm waiting to hear how many people are making out like bandits shorting gold. Indeed if you get enough people shorting it you could in theory at least cause the price to start tumbling that way.
 
2013-04-15 02:50:28 PM  
Is anyone going to volunteer to listen to Limbaugh and Beck and report back on how this is Obummer's fault?
 
2013-04-15 02:53:15 PM  

RedT: Is anyone going to volunteer to listen to Limbaugh and Beck and report back on how this is Obummer's fault?


Paging Weaver95 to the gold courtesy phone...
 
2013-04-15 02:53:35 PM  

cranked: Great Janitor: the only currency following the collapse

This is why I am heavily invested in fresh tomatoes.


And this is why I invested in Flainian Pobble Beads and Ningis.
 
2013-04-15 02:53:44 PM  
www.thebubblebubble.com
 
2013-04-15 02:56:03 PM  
Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.
 
2013-04-15 02:56:09 PM  

Reverend J: My IRA has gold EFT as a hedge against inflation, so I'm not getting a kick out of this.  However, I am holding on to it for the next 30 year or so and now gold is a consumable, I feel like the price will got up before I retire.


Gold will go back up eventually, it goes up just as quickly as it goes down. Just remember that you have 30 years to wait, time is on your side.

On a related note the manufacturer I work for is trying very very hard to remove precious metals from their production process. Even with the drop in price it's too valuable to use as a consumable. I doubt it will be used much in everyday electronics in a few years.
 
2013-04-15 02:57:20 PM  

Rapmaster2000: Reverend J: My IRA has gold EFT as a hedge against inflation, so I'm not getting a kick out of this.  However, I am holding on to it for the next 30 year or so and now gold is a consumable, I feel like the price will got up before I retire.

I don't get why gold is cited as a hedge against inflation.  Anything that isn't a dollar bill is a hedge against inflation - even equities.

If your concern truly is inflation, then invest in TIPS and cover inflation directly without getting into the risks and churn of a commodities market.


The reason gold is considered a good hedge against inflation is that it is a very stable asset. Kept in a fireproof safe it will not lose quality throughout your life. Because of this the market for gold is extremely liquid. There is really no uncertainty that the gold you have today will be worthless 20 years from now, but that digital sequence that is your bank account may be.

Having said that, investing in gold as a store for value is smart. Investing in it as a way to grow wealth is not. This is why I have no gold currently as I am trying to grow my wealth faster than inflation and gold, over the long term, can never do that.  It's defining feature is that it doesn't change.
 
2013-04-15 02:57:33 PM  
So, the people who had money in gold paid for advertising to get more people to invest in it, then when it started to peak, sold off and left the common mislead consumer holding the bag?  Didn't see that coming a mile away.
 
2013-04-15 02:58:21 PM  

Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.


The solution is to stop it with the darn pun threads.
 
2013-04-15 02:59:07 PM  

palelizard: TheShavingofOccam123: I understand India doesn't produce gold and has an insatiable demand for it, but it must hurt like hell having paid at the top of the market for 200 tons of gold.

Science has proven Indians can't feel pain the same way white men do.  I wouldn't worry too much about them.


That sounds like a blanket statement.
 
2013-04-15 03:02:27 PM  

DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.



While it's generally a good idea to buy when the market is at its lowest... the key word is 'lowest'.  Gold has a ways to go.  Also being a mined commodity throws some additional "interesting" effects in.
 
2013-04-15 03:02:41 PM  

miss diminutive: Dammit, and just when I finished my golden castle of solitude in Minecraft.


Ssssssssss......
 
2013-04-15 03:03:33 PM  

DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.


Too soon.  I bet this baby can slice off another 20%.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.

I did as well and my returns were pretty lousy.  What equities did you purchase?  That chart was flat until last November when Abe started printing money.
 
2013-04-15 03:03:53 PM  

Parthenogenetic: mylonitic: Donnchadha: Why would he write out the "ahhhhgh" sound? Wouldn't he just say it?

Perhaps he was dictating.

Isn't there a St. AGh's in Cornwall?


No that's "Auuuu" in surprise and alarm
 
2013-04-15 03:06:18 PM  

StreetlightInTheGhetto: Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.

The solution is to stop it with the darn pun threads.


I C what U did there.
 
2013-04-15 03:06:28 PM  

RedPhoenix122: So, the people who had money in gold paid for advertising to get more people to invest in it, then when it started to peak, sold off and left the common mislead consumer holding the bag?  Didn't see that coming a mile away.


No kidding.
 
2013-04-15 03:06:51 PM  

SuperNinjaToad: Donnchadha: Wow. Chemistry fail, subby.

Why?

AU and AG is correct.


No, they aren't. Au and Ag are correct symbols, but AU and AG are incorrect. Captialization matters.

Co is cobalt, but CO is carbon monoxide.
 
2013-04-15 03:08:15 PM  

Matthew Keene: Post-apocalyptic currency.[www.fillthetruck.org image 800x508]


E super-gracias de Goya!

24.media.tumblr.com
 
2013-04-15 03:09:57 PM  

Great Janitor: Called it!

Gold is a valuable metal, but most of it's rise in value has been over the past 10 years and that was part of the 2012 end of the world non-sense.  The only market for gold was for jewelers and gold buyers.  Anyone who bought gold thinking that it would be the only currency following the collapse of the U.S. Government and buried it in their backyards wasted their money since now, the gold is losing value, and that even if the government collapsed, that gold is only as valuable as the person who your are trading it to who has the food/medicine/supplies/services that the person with the gold needs.  If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.


Dude, just about everyone with a brain knew that gold was-and still is-grossly overvalued. Now, if you were able to time this and make a fortune in it by going short on gold, then yes, by all means, pat yourself on the back and let us know what a great maven you are. Otherwise, keep the pride you have in yourself in check.
 
2013-04-15 03:12:58 PM  

StreetlightInTheGhetto: Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.

The solution is to stop it with the darn pun threads.


That's rather precipitate, don't you think?
 
2013-04-15 03:13:39 PM  

MassD: More specifically, enough raw supplies to make bullets, lots and lots of bullets... THOSE would have real value.  The dude with all the ammo is the dude with all the power.


I skip a step and just stockpile the completed ammunition.
 
2013-04-15 03:17:37 PM  

palelizard: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

Yeah, it's got some uses in a high tech world, but not proportionate to its (inflated by doomspeakers) price.  Your computer's CPU probably has some gold in it, and I think there are some gold bits in catalytic converters in your car, but gold only has intrinsic value in a non-doomsday scenario where there's enough of society to actually use it.

The fun part will be when all the gold hoarders, post-doomsday, try to trade the gold for food, and get refused because the other party doesn't need gold for anything.  Then the hoarder kills them and claims, "I offered fair trade, but they were determined to rob me" to anyone listening.


i1.ytimg.com

I was paid a good amount of caps for these.
 
2013-04-15 03:20:50 PM  

Magorn: Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute


Although Sulphur strongly assists the conflagration, it is not needed for blackpowder where there is an adequate source of ignition.

www.musketeer.ch

Sulphur-free black powder is also very low-smoke, which is nice. It's just hard to ignite with a flintlock. One could conserve it by using sulphured powder only for the pan.
 
2013-04-15 03:21:25 PM  

palelizard: snowshovel: Doesn't gold have some value as a conductive metal? Or for imprinting uses on DVDs?

Yeah, it's got some uses in a high tech world, but not proportionate to its (inflated by doomspeakers) price.  Your computer's CPU probably has some gold in it, and I think there are some gold bits in catalytic converters in your car, but gold only has intrinsic value in a non-doomsday scenario where there's enough of society to actually use it.

The fun part will be when all the gold hoarders, post-doomsday, try to trade the gold for food, and get refused because the other party doesn't need gold for anything.  Then the hoarder kills them and claims, "I offered fair trade, but they were determined to rob me" to anyone listening.


"Jeez, Pops. Did you have to cave his skull in with that bar of silver?"

"Damnit, Rick. I told you silver never loses value. Now go make a fire so we can cook these people. The last of the Chumlee ran out days ago."
 
2013-04-15 03:25:26 PM  

Great Janitor: Called it!

Gold is a valuable metal, but most of it's rise in value has been over the past 10 years and that was part of the 2012 end of the world non-sense.  The only market for gold was for jewelers and gold buyers.  Anyone who bought gold thinking that it would be the only currency following the collapse of the U.S. Government and buried it in their backyards wasted their money since now, the gold is losing value, and that even if the government collapsed, that gold is only as valuable as the person who your are trading it to who has the food/medicine/supplies/services that the person with the gold needs.  If the government collapsed and two people come to me for my services as a roofer and one is willing to pay me in gold coin and the other is offering me two chickens and a drum of corn, I'm going to do the roofing job for the guy with the chicken and corn.


Also called it!

Bunch of my friends are in the finishing stages of their employed lives, and they watch hannity and the rest of Faux knews with baited breath, following every word like it was gospel. They each have a small stockpile of gold and silver, which most of them view as inviolate.  Another friend converted much of his liquid wealth(cash on hand) into silver just to take advantage of the rise.  While he did get a lot of gains from the rise, with his wife in charge of the finances, I'm guessing he is looking at a serious loss by now.  Stuck up biatch deserves it.br<br>My parents stayed out of the whole thing.  They lost a good portion of their retirement when the market crashed, and would have made bank if they'd had taken a bit of advice from yours truly, but their stock guy advised against it. After firing their stock guy, the new person has their retirement back where it should be, and considering they missed the period the gains were most evident, they went ahead and decided to forego the point of investing in Au or Ag.  Might be able to talk them into something, but the butthurt market will more than likely continue for a week or so.  Think about buying sometime after silver hits 18/oz.  16/oz is possible, but the market should recover by then.  Au is too volatile to figure out with much accuracy. If you want a figure, then here: buy when it hits 1250 or so, but be prepared to sell, because that is when the rest of the market will be flooded again by all the people who didn't act first.  The brief spike in the market will signal the hold-outs to dump what they have left.  I doubt it will be much more than a momentary spike in price, but it will be the false bottom everyone spoke of during the market crash, when day traders bought in the morning, the news agencies reported a brief swell in the market, followed almost immediately by the sudden downturn as all the day traders took advantage of the brief spike, and then sold their stocks.  Wash, sleep, repeat..br<br> you think the sudden shift in the commercials from asking for the gold(and later the same thing happened with silver) you find to wanting you to buy gold, because "This is the best time to buy gold, as it is at an all time high."  It was on an all time high.  Now it is going to drop, and those investors and companies want their money back, with interest.

/would also take the food as opposed to gold for payment
//need something fixed?  I'll take dinner for a week
///will find the gold weeks later next to your looted corpse, use it in my mechanical creations' circuit boards
 
2013-04-15 03:28:13 PM  

Rapmaster2000: This bubble lasted much, much longer than I thought it would.

The most it can logically fall from a price perspective is to around $800 an ounce, but it won't go that low.  That's the cost to produce for the most inefficient miners.  Wait four years.  That will likely be where it shoots below where it should be.


We're in bubble zone. After the pop the price will drop well below what the actual price should be. So expect 400-500 gold in the near future. That's when you should buy a little, keep in your document safe.

I've found that nothing with a mass media pitchman is worth investing in. If it's such a great thing why are you telling everyone to do it? You'll screw up the market!
 
2013-04-15 03:34:01 PM  

Matthew Keene: Post-apocalyptic currency.[www.fillthetruck.org image 800x508]


Beets? Really?
 
2013-04-15 03:38:15 PM  

Smackledorfer: You would have typed this exact post had the dip come any time in the last decade, wouldn't you?


In 2003, it was near $400 an ounce, recovering from 2001 and not making any strong moves up, so no, I wouldn't have expected a dip. Bubbles are obvious if you look at data. Avoid them when you see them.
 
2013-04-15 03:42:02 PM  
I have a bottle of this stuff on my shelf. That's real gold, biatches. I'm set...

www.thebeveragestore.com
 
2013-04-15 03:42:05 PM  

Rapmaster2000: DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

Too soon.  I bet this baby can slice off another 20%.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.

I did as well and my returns were pretty lousy.  What equities did you purchase?  That chart was flat until last November when Abe started printing money.


Hedged Wisdom Tree Japanese Equity - the key was the currency.
 
2013-04-15 03:45:40 PM  

TheDirtyNacho: DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.


While it's generally a good idea to buy when the market is at its lowest... the key word is 'lowest'.  Gold has a ways to go.  Also being a mined commodity throws some additional "interesting" effects in.


I don't know when the lowest will come - may have already.  No real way to price gold and it could go way down from here, I agree.  I just thought it was an opportunity to buy in.  "has a ways to go" I'm interested to hear what you think its fair value is and how you get there.
 
2013-04-15 03:47:18 PM  

Matthew Keene: Post-apocalyptic currency.[www.fillthetruck.org image 800x508]



in the future, as now, canned lima beans will be worth nil.

So . . . with the impending end of the world, I should move to Cleveland, and take over the salt mine under Erie?  Don't think Cargill will mind . . .
 
2013-04-15 03:48:49 PM  
If anything, this is an indicator to buy more precious metals.

The market is now over compensating, it's a good idea to buy a little bit of silver or gold periodically over the next few days/weeks (experienced investors will recognize this as dollar cost averaging), you'll more than likely end up with a profit over the long run because the prices will go back up the next time X government is in financial worries. The only thing that could permanently drive down gold or silver prices would be interstellar mining, otherwise it's a limited resource with tangible uses.

Folks just have to watch out for companies like JP Morgan farking with the metal exchanges like they've been doing.

Also, buy silver, not gold. Gold is mined for specifically seeking to find gold. Silver is usually found as a byproduct of mining for something else. Almost no one specifically mines for silver. Plus, the news rarely mentions silver prices, everyone focuses on gold. This makes it prone to be muppet bait.
 
2013-04-15 03:52:39 PM  

Magorn: lemurs: Magorn: well lead's nice, but not strictly necessary for ammo, hard wood can make a decent bullet in a pinch, as can kiln fired-clay. what you REALLY want is a stockpile of sulfur.   Charcoal's easy to make, and anyone with access to a bat-filled cave or bird nesting ground (or in a pinch human or cow manure) can refine enough nitrates, but Sulfur?  Sulfur's tricky, you have to find a supply and mine it, and there is no real substitute.

As in any society, the guy who knows how to make guns and ammo will go farther than the guy with a stockpile of them, or a stockpile of raw materials.  So with the stock market, a company with a bunch of smart people capable of inventing things can be a better investment in the long term than a commodity sitting around in a vault somewhere.

excellent point.  Inestment in knowledge and skills is always the safest and most portable investment possible.  Which actually leads me to an odd thought which creates a minor threadjack that someway way smarter about gunsmithing than I would need to answer: Obviously you'd need to make a whole new triger mechnaism and reciever, but would it be theorectically possible to say, take a modern high-percision rifle and retrofit it as, say, a flintlock?


Yes but it would be of limited value.

Bolt action could be just left forward, and a hole drilled for powder, but the caliber would be tiny.

A bolt action shotgun might work better.

But you would lose almost all advantages.

It would be better to just make your own cartridges and use those.
 
2013-04-15 03:54:02 PM  

Big Man On Campus: Smackledorfer: You would have typed this exact post had the dip come any time in the last decade, wouldn't you?

In 2003, it was near $400 an ounce, recovering from 2001 and not making any strong moves up, so no, I wouldn't have expected a dip. Bubbles are obvious if you look at data. Avoid them when you see them.


You are a millionaire then right?

Or maybe a warren buffet, who still makes mistakes?

I just love the 90%+ accuracy that folks online have in 20/20.
 
2013-04-15 03:56:00 PM  

DCSteve: TheDirtyNacho: DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.


While it's generally a good idea to buy when the market is at its lowest... the key word is 'lowest'.  Gold has a ways to go.  Also being a mined commodity throws some additional "interesting" effects in.

I don't know when the lowest will come - may have already.  No real way to price gold and it could go way down from here, I agree.  I just thought it was an opportunity to buy in.  "has a ways to go" I'm interested to hear what you think its fair value is and how you get there.


Just be careful - one rule I learned from dabbling in forex, trading on news is a dangerous game to play. Something like this though is a great sale price on hard commodities that will eventually go up. Just make sure you don't buy everything on one day - buy smaller lots periodically over the next few days/weeks (play it by ear) to spread out losses and gains.

I'll just buy some more silver coins to add to the chest (not worried about current price fluctuations, that's not why I stack bullion). This is all longterm game for me - one day I'll have a nice chest full of silver and gold, completely hidden from the eyes of the IRS. Yum.

As for price fluctuations - to quote JP Morgan - "the markets will fluctuate."
 
2013-04-15 04:00:23 PM  

Smackledorfer: Big Man On Campus: Smackledorfer: You would have typed this exact post had the dip come any time in the last decade, wouldn't you?

In 2003, it was near $400 an ounce, recovering from 2001 and not making any strong moves up, so no, I wouldn't have expected a dip. Bubbles are obvious if you look at data. Avoid them when you see them.

You are a millionaire then right?

Or maybe a warren buffet, who still makes mistakes?

I just love the 90%+ accuracy that folks online have in 20/20.


It's not difficult to recognize bubbles.  Some traits:

1.  It's at an all-time high.
2.  Supporters talk of a new paradigm.
3.  Everybody's talking about what an easy investment it is.

Gold, preceded by housing, and before that tech stocks was not a difficult bubble to see.  The people saying it was in a bubble for the last three years weren't wrong because they didn't get rich shorting it.

The problem with making money from bubbles is that it's difficult to time when they pop.  I thought housing would pop in 2005 and I thought gold would pop a few years ago.  That's why I don't short.  I'd go broke covering my positions.

Timing bubbles is more like gambling than investing.  That's why it has very few winners.
 
2013-04-15 04:03:00 PM  

Rapmaster2000: xanadian: FTFA: For years gold bugs have predicted economic apocalypse with hyper-inflation and a collapse of stock prices. That simply hasn't happened, and many investors have given up on gold, shifting funds out of precious metals. Last week Goldman Sachs issued a report, predicting gold prices would tumble. More volatility is expected in the days to come.

One thing I've learned as a contrarian is that if somebody's doing their damnedest to push a commodity, you can bet that commodity is due for an eventual and monumental collapse.

I've been watching Goldman Sachs breathlessly push $2000+ gold for the last several years.  Now, they've cut it to $1300.  Hustlers and pimps, the lot of them.



Goldman (and friends) intentionally create the "bubbles" and then intentionally "pop" the bubbles.

They make a killing on the rise, and a killing on the fall.

In the end, the wealth of the many flows into the hands of a few.
 
2013-04-15 04:15:12 PM  

scubamage: DCSteve: TheDirtyNacho: DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.


While it's generally a good idea to buy when the market is at its lowest... the key word is 'lowest'.  Gold has a ways to go.  Also being a mined commodity throws some additional "interesting" effects in.

I don't know when the lowest will come - may have already.  No real way to price gold and it could go way down from here, I agree.  I just thought it was an opportunity to buy in.  "has a ways to go" I'm interested to hear what you think its fair value is and how you get there.

Just be careful - one rule I learned from dabbling in forex, trading on news is a dangerous game to play. Something like this though is a great sale price on hard commodities that will eventually go up. Just make sure you don't buy everything on one day - buy smaller lots periodically over the next few days/weeks (play it by ear) to spread out losses and gains.

I'll just buy some more silver coins to add to the chest (not worried about current price fluctuations, that's not why I stack bullion). This is all longterm game for me - one day I'll have a nice chest full of silver and gold, completely hidden from the eyes of the IRS. Yum.

As for price fluctuations - to quote JP Morgan - "the markets will fluctuate."


Darn.  You didn't take the bait to explain your comment that "gold has a ways to go."  I work in investing and would have not have put my clients' money in this based on just a sharp sell-off, but I thought it'd be fun to take a bet - knowing full well that it's a bet.
 
2013-04-15 04:16:45 PM  

DCSteve: scubamage: DCSteve: TheDirtyNacho: DCSteve: Is anyone else buying in?  I bought IAU this afternoon.

I don't believe in the end of the world scenario (which I why I can own the ETF) but I do believe there will be some problems arising still to come since nearly everyone is printing money.

We'll see.  Besides it's fun to buy things when blood is in the streets.  I bought Japan equity after the quake and U.S. equity after the U.S. was downgraded.  Both turned out pretty well.


While it's generally a good idea to buy when the market is at its lowest... the key word is 'lowest'.  Gold has a ways to go.  Also being a mined commodity throws some additional "interesting" effects in.

I don't know when the lowest will come - may have already.  No real way to price gold and it could go way down from here, I agree.  I just thought it was an opportunity to buy in.  "has a ways to go" I'm interested to hear what you think its fair value is and how you get there.

Just be careful - one rule I learned from dabbling in forex, trading on news is a dangerous game to play. Something like this though is a great sale price on hard commodities that will eventually go up. Just make sure you don't buy everything on one day - buy smaller lots periodically over the next few days/weeks (play it by ear) to spread out losses and gains.

I'll just buy some more silver coins to add to the chest (not worried about current price fluctuations, that's not why I stack bullion). This is all longterm game for me - one day I'll have a nice chest full of silver and gold, completely hidden from the eyes of the IRS. Yum.

As for price fluctuations - to quote JP Morgan - "the markets will fluctuate."

Darn.  You didn't take the bait to explain your comment that "gold has a ways to go."  I work in investing and would have not have put my clients' money in this based on just a sharp sell-off, but I thought it'd be fun to take a bet - knowing full well that it's a bet.


Whoops - just realized that there were two different posters.  Sorry.
 
2013-04-15 04:28:39 PM  
i.imgur.com

The Republican party stopped being a political party long ago.

It is now a money-making venture for those rich/clever/unempathic enough to get in early before the bubble bursts.
 
2013-04-15 05:40:03 PM  

Carthax: StreetlightInTheGhetto: Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.

The solution is to stop it with the darn pun threads.

That's rather precipitate, don't you think?



You're compounding the problem.
 
2013-04-15 06:15:38 PM  

common sense is an oxymoron: Carthax: StreetlightInTheGhetto: Apos: Bf+: Carthax: Apos: whistleridge: Ag, Au no. Cu later...

Na

A group of Oxygen, Hydrogen, Sulfur, Sodium and Phosphorus walk into a bar.  The bartender looks up and says, "OH, SNaP!"


You're sure to get a lot of reactions to that.


I see what you concocted there.

The solution is to stop it with the darn pun threads.

That's rather precipitate, don't you think?


You're compounding the problem.


He *does* seem a bit out of his element, doesn't he?
 
2013-04-15 06:19:26 PM  
So did the gold market have advance knowledge of the imminent Boston attacks, and pull its investments early to put the money into War Bonds? Or what passes for War Bonds these days?
 
2013-04-15 06:53:42 PM  

RexTalionis: Here it is, your daily moment of zen:

[i1212.photobucket.com image 698x491]


Oh yeah. Like I didn't see THAT coming.
 
2013-04-15 06:59:33 PM  

The Stealth Hippopotamus: All is not well. Someone is dumping a large amount of gold into the market and people who have no clue are panicking.


It's the hedge funds.  Now we see the irrational market in action.
 
2013-04-15 07:27:12 PM  

theorellior: Nonrepeating Rotating Binary: But what if I offered you a chicken made of gold!

And if you lose the Devil gets your soul!

[fiddle solo]


+1, would LOL again
 
2013-04-15 09:02:11 PM  

Rapmaster2000: xanadian: FTFA: For years gold bugs have predicted economic apocalypse with hyper-inflation and a collapse of stock prices. That simply hasn't happened, and many investors have given up on gold, shifting funds out of precious metals. Last week Goldman Sachs issued a report, predicting gold prices would tumble. More volatility is expected in the days to come.

One thing I've learned as a contrarian is that if somebody's doing their damnedest to push a commodity, you can bet that commodity is due for an eventual and monumental collapse.

I've been watching Goldman Sachs breathlessly push $2000+ gold for the last several years.  Now, they've cut it to $1300.  Hustlers and pimps, the lot of them.


I remember around mid-2011, JP Morgan and Goldman Sachs were putting out reports saying they expected gold to hit $2,500.  I knew it was bullshiat because I saw them do the same thing with oil.  I figured gold would have topped out at $1,975 but I think actual number was just under $1,908.  I didn't make any money buying or shorting, but I had fun plotting trend lines using MS Paint.  Once they say a stock/commodity has gone parabolic, it's time to make a speedy exit.
 
2013-04-15 11:06:34 PM  
DCSteve: Is anyone else buying in?  I bought IAU this afternoon.DZZ
 
2013-04-16 01:03:46 AM  
i thought this had something to do with mexican water
 
2013-04-16 01:35:46 AM  

dennysgod: [goldprice.org image 450x311]

No hyperinflation in gold prices here.

I foresee a major market correction, which makes senses, normally price of gold goes down when the economy get's better.

And for some reason I can see Glenn Beck acting like the Dukes at the end of Trading Places right about now.


"Turn those machines back on! TURN THOSE MACHINES BACK ON!!"
 
2013-04-16 03:25:17 AM  
Hmm maybe if I had money this would be an opportunity for me...
 
2013-04-16 06:37:56 AM  
I'm sure you mean Agh and Au no, right subby? Right?
 
2013-04-16 08:15:51 AM  
So, I guess I was smart to sell my high school ring when I did.
 
2013-04-16 10:16:24 AM  

ciberido: cranked: Great Janitor: the only currency following the collapse

This is why I am heavily invested in fresh tomatoes.

And this is why I invested in Flainian Pobble Beads and Ningis.


Stupid me, I went with Altairian Dollars!

www.american-buddha.com
 
2013-04-16 05:24:04 PM  

hdhale: hiker9999: SlothB77: but Hannity and Beck told me i couldn't lose investing in gold!

No, no.  *Hannity and Beck* can't lose if *you* invest in gold.  Focus on what's important!

You say that like the dollar is a better investment.

[turklishtefl.com image 386x350]

/actually I've been expecting the bottom to fall out from the gold market for a while, just never expected it to take this long
//if you actually listened to Beck, you buy gold mostly because when paper currency is good for nothing but wiping your ass, gold is still valuable, which is true


if paper money becomes good for nothing but wiping your ass, gold will be good for nothing but keeping your toilet paper from blowing away. if all of society collapses, the thing that still has REAL VALUE! isn't going to be a material that is only useful for shiny trinkets and high quality electronics.

the tomato seed nutjobs were much closer to reality than the gold nutjobs. tomatos fulfill a need.
 
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