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

(Yahoo)   AGh and AU no   (gma.yahoo.com) divider line 243
    More: Obvious, SoftBank, hyperinflation  
•       •       •

13201 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»



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

Archived thread

First | « | 1 | 2 | 3 | 4 | 5 | » | Last | Show all
 
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?
 
Displayed 50 of 243 comments

First | « | 1 | 2 | 3 | 4 | 5 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report