What is Digg?223 Comments
- glowfood, on 03/14/2008, -12/+48Who was right......Ron Paul was!
- guestaccount, on 03/14/2008, -2/+30Gold is not soaring... the dollar is sinking.
- logicalnoise, on 03/14/2008, -4/+28so now monster HDMI cords are an even bigger waste of money?
- Cytranic, on 03/14/2008, -9/+23Glad I bought gold years ago for $350 an ounce instead of houses.
- WayneCA, on 03/14/2008, -1/+14Watch inflation rise further while our savings becomes worthless. Thanks a lot Federal Reserve! ::middle finger::
- dracostimpy, on 03/14/2008, -12/+23The gold standard IS a good idea because unlike the dollar, it's next to impossible to make gold weak as has been done to the greenback. Bernanke can't dig up $200 billion in gold in a single day, can he?
- NelsonR, on 03/14/2008, -3/+14Gold will go higher along with inflation. Thank you Federal Reserve you genius's. On the 18th of March go ahead and lower the prime to zero you dolts. Your rich friends and bankers can improve their portfolios while Joe Blowe gets screwed again.
- Daamien, on 03/14/2008, -3/+13Maybe we should invest based on fundamentals and for the long-term.
- ArmandoM, on 03/14/2008, -0/+10Better than holding it in cash and taking a huge loss due to inflation.
- Ianki, on 03/14/2008, -22/+31I think i'm almost obligated to point out that this does not mean the gold standard is a good idea, only that the dollar is weak. That is all.
- sgiffy, on 03/14/2008, -0/+9Like any capital asset you only pay taxes on it when you sell and even then at a rate much less then you pay on income. Now if you hold gold as inventory then you pay the income tax rate, but few do that.
- macman2k, on 03/14/2008, -1/+10The dollar can fall exponentially forever though. Think of the rise in gold as the "fiat money bubble" popping.
- animeguru, on 03/14/2008, -0/+8Those one ounce gold coins I've got are gonna put my kid through college!
- TomK88, on 03/14/2008, -4/+11Please post your idea on exactly how a gold-standard would work. From transitioning from our current system to how much gold each bill would be allocated and how we would go about acquiring all of this gold. How would we issue new money unless more gold was acquired?
- insomniac8400, on 03/14/2008, -1/+8Why don't they report it the way it actually is. Gold and Oil aren't going up, the dollar is becoming more and more worthless on the world market.
- rpi22, on 03/14/2008, -1/+8………../´¯/)
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….…………. - slimBoost, on 03/14/2008, -1/+8Sounds doomed anyway so go for it
- explnx, on 04/27/2009, -0/+7"We are not that far off from being able to synthesize gold."
Yeah, particle accelerators only cost a few billion dollars now, and could maybe produce gold at a rate of atoms an hour! If gold goes up another 100000%, the machine will pay for itself in 1000000 years! Call now and get a free spatula! - gquaglia, on 03/14/2008, -0/+6I got 3 ounces when it was $300. I wish I had bought more at the time.
- 955701, on 03/14/2008, -0/+6I am shorting bonds and asking customers to pay in other currencies. What else would you like to bet?
- sgiffy, on 03/14/2008, -0/+6I prefer to invest based on radio commercials.
- SugeKnight, on 03/14/2008, -0/+5To be honest, there is no way to really tell when it will stop. The dollar keeps weakening, but that does not mean that gold will continue to go up.
- MrCobaltBlue, on 03/14/2008, -0/+5Right next to your crack pipe...
Calm down bro, go outside and get some fresh air. - explnx, on 04/27/2009, -0/+5Rewarding people who don't buy stuff might have made Benjamin Franklin happy but it isn't good for the economy.
- TommyTubesteak, on 03/14/2008, -0/+5Ahhh, I remember those days. We always use to joke about how an ounce of high grade marijuannna cost more than an ounce of gold...
- TomK88, on 03/14/2008, -0/+4Are you kidding me? Deflation is one of the absolute WORST things that can happen to an economy. It's clear that you have no clue what you are talking about.
- huertanix, on 03/14/2008, -0/+4Sure is beating my $0.01/month interest payment from my savings account... heck, I've already made almost a dollar just keeping Euros in my pocket. Frickin' banks.
- sgiffy, on 03/14/2008, -0/+4No deflation encourages hoarding. Inflation encourages investment. Savings account for example are a form of investment. A really safe low return form, but investmetns none the less. Only instead of you directly investing in companies or buying assets, the bank takes your money and invests it, mostly in the form of loans.
The trick is to keep inflation at a level were sitting on money is disadvantageous, but were safe investments keep pace. - HolemCross, on 03/14/2008, -0/+4Don't you have to put that gold down on your income tax or something? I would imagine if gold's value increases, the gov would tear you a new one for its cut.
- meridian300, on 03/14/2008, -5/+9Excellent Plan! Buy high, sell low!
... - dracostimpy, on 03/14/2008, -1/+5Every time someone flips a burger, all the gold that everyone holds increases in value by a fraction of that burger flip. Thus, frugal people who save money profit from the increased buying power of each ounce they own. Those who spend like drunken sailors, on the other hand, give away the future profits they could have made from saving money.
Isn't that how it should be? Shouldn't savers rather than spenders be rewarded? When a savings account pays less in interest than the rate of inflation, people are compelled to spend money as soon as they get it since it will only buy them less the next day. All that does is cause a spending spree which leads to bubbles, which leads to ugly deflationary collapse when the bubbles burst, which I think we can all agree is FAR worse than the modest deflation of a gold standard. - inactive, on 03/14/2008, -1/+5If you're serious, then we'll see where you land on the bell curve when things shake out, friend :)
- dracostimpy, on 03/14/2008, -3/+7Or just invest in stocks of gold mining companies. Even Cramer's pimping them these days, so the lumpeninvestoriat stampede into commodities is officially under way.
Get gold now while it's still cheap, because the Fed has made it abundantly clear their plan is to spend us out of this recession. If $200 billion only bought them a 2-day reprieve from the stock market implosion, imagine how much more they'll be printing up in the weeks to come. Gold at $1k is a bargain compared to where it'll be a year from now unless the Fed abandons this dead-end path toward hyperinflation. Until the handouts and rate cuts stop, commodities of all sorts are smart investments. - inactive, on 03/14/2008, -5/+9If you really think the dollar is going permanently south you should be out shorting treasury bonds RIGHT NOW. If you aren't doing this then you have no right to make phony claims that "ron paul was right" and that the dollar is headed for a massive nosedive.
I love it when ***** with no stake in the game give investment advice based on something they read on a blog, if only because it reveals the extent to which market behavior is still governed largely by irrational beliefs, which is what allows indexers and contrarians to keep making money while everyone else says tut tut, it looks like rain. - staxofmax, on 03/14/2008, -1/+5Don't, you're already too late. Besides, gold isn't really a money-making investment, it's more a way to safeguard your wealth during times of high inflation.
- inactive, on 03/14/2008, -1/+5Buy it with cash and don't report it.
- TomK88, on 03/14/2008, -0/+4Or you could act like a rational investor and diversify your portfolio and invest for the long-term.
- TomK88, on 03/14/2008, -1/+5Bingo. No idea why you are getting Dugg down.
- StaticThunder, on 03/14/2008, -0/+3Well, if I take you at your word, than there is at least one non-hypocrite in this thread.
- TomK88, on 03/14/2008, -0/+3It's next to impossible to predict the business cycle. Do dollar-cost-averaging if you must, but waiting for it to "bottom out" isn't generally an advisable strategy.
- huertanix, on 03/14/2008, -0/+3I should also point out that the price of gold has gone up in the price in other currencies, so unless the Euro is falling too, gold is become more expensive.
- macman2k, on 03/14/2008, -4/+7Gold is the FREE MARKET currency of choice. Fait money only works by government decree. Government decree == force. Gold standard means the government cannot rob you secretly by printing as much money as it wants. Gold is the defender of property rights!
- Bcodms, on 03/14/2008, -1/+4I love converting worthless fiat currency like Federal Reserve Notes into precious metals.
- BESTenemy, on 03/14/2008, -0/+3Oil is priced in dollars. It is traded in dollars. Sure, you can go through exchanges, but you loose out every time you go through a conversion. There's a reason you see "buy" and "sell" prices when doing an exchange. The rate differs based on the demand. You don't stockpile Yen to buy a car cause there is no car market OPEC. There is no monopoly. Many countries are making cars and each one sells them in their own currency. Oil, on the other hand, only gets priced in USD. There is a monopoly.
Essentially, every buyer wants to be able to buy more oil. He picks the currency that is able to get him more of what he wants. Since USD is backed by OPEC, that offers a guarantee that as long as there is more oil being traded, there will be more demand for the dollar and it'll always be a trusted currency and a safe investment.
The crisis happens when the monopoly is lost. OPEC is an alliance. If some people (like Saddam or Chavez) pull out and offer their clientelle to buy oil for... let's say... Euros, then a whole bunch of people will start getting Euros. They're cheap, but the moment someone starts acccumulating them, there'll be an increase in demand and a rise in value. I'd sell a trillion us dollars worth of commodities for Euros to the European Union. I'd get a trillion dollars worth of Euros, but in the process I'd lower the demand for the dollar and increase the demand for Euros by affecting the amount of each in circulation. All of the sudden, I'd have more than a trillion dollar worth of purchasing power. I'd be able to get more oil from the guy offering to sell in Euros, than from the guy that was selling it in the USD. - BESTenemy, on 03/14/2008, -2/+5Falling dollar causes increased demand for other units of value, be that other currencies or precious metals. Gold standard might not be the best strategy. It's only the best when you are able to corner the market. Unfortunately we do not have the monopoly. Silver's a better alternative, cause we're able to manufacture it somewhat better than other nations.
Good standard is one that makes other people want to join in. What made the dollar great was its tie to oil trade. Everyone wanted oil, so the had to stockpile on greens in order to get it. We've had a tremendous amount of benefit come our way since switching from the gold standard in the 70's to "OPEC" dollar. If we invested it into acquiring the solid backing for out currency, we'd not be in so much trouble now. - dracostimpy, on 03/14/2008, -1/+4The Constitution mandates gold or silver to be used as currency, so there's every reason to use both = silver for the small stuff and gold for the big stuff.
- StaticThunder, on 03/14/2008, -0/+3Or you could try to predict the next bubble and ride it. Some people say alternative energy. But getting in when you KNOW there's a bubble, as proven by the crass commercial "buy gold now ads" everywhere, you're just being the greater fool.
- inactive, on 03/15/2008, -0/+3As the dollar drops in value, it takes more dollars to buy an ounce of gold, hence an increase in gold prices. That's just part of the increase, but it's something. Gold is timelessly valuable, dollars are just paper.
- inactive, on 03/15/2008, -0/+3If you think the increase in gold is huge... take a look at Rhodium over the past 5 years. It was around $400/oz as late as early-2004, but is now around $9,300.
http://www.kitco.com/charts/rhodium.html - inactive, on 03/14/2008, -0/+3Yeah, but I'd wait another couple of months until ***** are done selling.
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