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(Yahoo)   AGh and AU no   (gma.yahoo.com) divider line 243
    More: Obvious, SoftBank, hyperinflation  
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13204 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 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.
 
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