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202 Comments
- astronargon, on 03/18/2009, -2/+44dugg for gold
- Dingoboy, on 03/18/2009, -2/+37Well I remember a few years ago when people said your home was a safe investment!?
- katorga, on 03/18/2009, -0/+33By the time you hear or read in the press that gold is a good investment, you have already missed the boat.
- Astark, on 03/18/2009, -4/+31The best investment is always ammo.
- RunDiggMC, on 03/18/2009, -0/+27What are you, a gold digger?
- upick, on 03/18/2009, -7/+28Just like Oil, I don't think Gold will be a long last $1000 commodity
- Solkre, on 03/18/2009, -3/+21Isn't gold only valuable because we agree it is?
- casemon, on 03/18/2009, -0/+17The real value of gold hasn't changed much in 30 years... What has changed, is our ability to purchase it with US dollars, as the dollar drops in value further decreasing our purchasing power (largely due to printing more of it).
While popular, bailouts reduce the value of currency via inflation; essentially bailouts are an indirect tax that you have no choice but to pay; no public referendum, so it is not optional. Thus our ability to purchase gold is reduced, but gold's value is relatively stable.
Please don't add to the confusion. - ad5os, on 03/18/2009, -0/+16Gold has not lost nor really gained value for hundreds of years. The only thing that has changed value is the value of currency. You should look at the rise in the cost of gold and oil and other commodities as a LOSS of value in your currency be it Dollars, Euros, and Pounds.
- kaelyiesta, on 03/18/2009, -9/+25Sigh.
Do some research on the definition of money. Then you will understand what it's use as a means of reliable common exchange is. - tattertech, on 03/18/2009, -12/+28Dugg for pointing out what most people don't get:
"There is no theoretical rationale why anyone should even want to invest in it. Gold has value only because we believe it is valuable. It is a collective hallucination." - trafficlight, on 03/18/2009, -1/+15Then that's your cue to sell.
It's a bubble waiting to burst. - rjey, on 03/18/2009, -0/+11Gold is not an investment. One thing to always remember.
- DiggityDugged, on 03/18/2009, -0/+11Jim Kramer says it is, so it probably isn't.
- inajeep, on 03/18/2009, -1/+12It's valuable in other ways as well. It does not rust, it is used in electronics components heavily, it can be made into teeth and over layed on an extravagant expensive and ridiculous dessert for the rich.
- kingmanic, on 03/18/2009, -1/+121- Not really. In bad times it does because people similar to you think ti does.
2- True, unlike diamonds it can be divide or amalgamated.
3- Not really. It's very heavy.
4- True and false. It depends on the market. Gold is like any other commodity.
5. No. It's very soft and wears easily with handling.
Gold only has as much value as people put in it. It's useful for industrial purposes but when the price goes high other metals are favored. It's a commodity with some special historic place and a collective illusion of value. Remember that before you sink too much money into it. Also remember most people pushing gold own a lot of it so it's not exactly impartial information. They benifit from you buying into it late. - Jovian84, on 03/18/2009, -1/+12gold is awesome. if i was rich i would have like so much gold. i'd be like scrooge mcduck. i'd be out tryn to buy ***** with it like im a goddamn pirate or merchant.
- pstroll, on 03/18/2009, -6/+17All currencies eventually fail.
Is gold an investment? no
Is gold an insurance policy? yes - schnikies79, on 03/18/2009, -2/+12You can't eat gold.
It's only worth what someone else will pay you for it. - TheGibson, on 03/18/2009, -3/+13Right. And oil will forever be over $100 a barrel. Oh wait...
- seanstuart, on 03/18/2009, -3/+13A fascinating debate. In what form is your wealth most secure? Paper money and its electronic equivalent is nothing more than a symbol of wealth. It's only worth is what people think it is worth. So when confidence in that money diminishes (when the dollar shrinks in value), people turn to what's considered "real" wealth - gold.
But why is gold considered wealth? You can't eat it or live in it or skin a deer with it - it's just shiny - that's all. So it's really not any more valuable to a human being than a piece of paper saying "I have a picture of Andrew Jackson on me and I am worth exactly $20."
It's the same way with stocks. They're worth what people think they are worth. All these failed companies that were saddled with bad debt were essentially worthless, but their stock traded high because people THOUGHT the companies were worth a lot more. Then people saw the truth and the stock prices crashed, when there was essentially no change in the companies' worth.
Economics. Fascinating. - Conseal, on 03/18/2009, -2/+11Gold is money. And so it has been for the last 5000 years. Unlike dollars (and any other fiat currency) gold has real properties, valuable in a lot of industrial production and many common consumer products.
If I was an American i honestly wouldn't feel safe keeping my savings in dollars. The economic policies in US are bad now, and horrible long term. I would suggest getting out pretty soon, before the rally on the dollar completely tanks. - treehugger87, on 03/18/2009, -3/+11I heard it put this way. 60% of the world's gold is bought & sold by jewelers. Have a look around you and think about what the jewelry market for gold might be right now before you drop $900 on some 1 oz. gold coin. Oil at $140 a barrel probably seemed like a pretty safe bet 12 months ago, too.
- tonyteetime, on 03/18/2009, -0/+8100 years from now , you found a sunken treasure chest full of fiat paper money , while your partner found a chest full of gold coins. Which one would you rather have ?
Quick poll:
Digg up for gold , and digg down for fiat paper money - inactive, on 03/18/2009, -0/+7Shhh.... time.com is my hot investment tip sheet
- Paulish, on 03/18/2009, -5/+12Of course gold is only valueable because we agree it is. ALL value is subjective! There is not such thing as intrisic or inherent value. Take a philosphy class you and you will realize that.
Do you think your computer has intrinsic or inherent value? Nope, it doesn't. It only has the value you assign it. Do you think your car has any intrinsic or inherent value? Nope, it doesn't. It only has the value you assign it. You can see where this is going.
The labor theory of value is old and dead. All value is subjective. Gold is no exception. - ayeroxor, on 03/18/2009, -3/+10Sorry for threadjack, but this is important to understand:
IT IS NOT THE PRICE OF GOLD THAT RISES. IT IS THE VALUE OF CURRENCY THAT FALLS.
Think about it. If the dollar were still pegged to the gold standard, you would always be able to get X ounces of gold for X dollars.
The fact that you can buy less gold with the same amount of money is clear-cut proof that your government is devaluing your currency by printing it whenever it needs it.
We are living with the ramifications of a 'fiat' currency, which is money that has value only because your government says it does. Many of us do not know that our grandparents could take their money to a bank and exchange it for silver and/or gold, and that precise exchange rate never changed. The money was even stamped "Silver Certificate" or "gold certificate". This was not special money - until the destruction of the 'gold standard', this was what all money looked like.
http://upload.wikimedia.org/wikipedia/commons/0/0a ...
http://upload.wikimedia.org/wikipedia/commons/0/0a ...
great video to help clarify the present situation:
http://video.google.com/videoplay?docid=-905047436 ... - n8r0n, on 03/18/2009, -4/+11Gold is a horrible investment. The only people who will ever tell you to invest in gold are those who already have money in it or those who run the markets for gold. Historically gold has a bad track record for return. It may be hard to believe right now, given the current "recession", but the stock market has a better rate of return over the last 50 years compared to gold. Typically gold stays flat with inflation.
- Ajajadude, on 03/18/2009, -1/+8Gold isn't great for industrial purposes when the value of it skyrockets.
- zephc, on 03/18/2009, -0/+7Retarded - gold has lots of uses, not just for pretty things:
http://geology.com/minerals/gold/uses-of-gold.shtm ... - Samueul, on 03/18/2009, -0/+7The best thing to invest in is companies, even in a "bad" market.... They employ people. They provide goods which we need... The market is ripe for investment right now.
- soomprimal, on 03/18/2009, -1/+8This article takes a short term point of view. The possible losses from a speculative bubble are almost insignificant compared to the value of gold over longterm currency inflation.
Gold is a lifetime investment, not one for capital gains. - sm8385a, on 03/18/2009, -1/+7Gold (and silver) has been used as a form of currency for centuries. It is a store of value because it is a fungible commodity that is universally recognized. The growth in the amount of gold is historically steady from year to year (save a couple caveats). Ever hear someone use the expression "this is the gold standard for x,y,z..."? That expression is used because for a long time, going off the gold standard was a an event of national shame. Paper currencies were usually instituted during war time to pay off massive government debt via inflation. They hurried back to the gold standard in order to restore confidence in the currency and in the economy.
Gold is not an investment in the same way that stocks are. You do not receive dividends from your gold investments. Investing in gold protects your money from the inflationary actions of the federal government and central bank. The dollar has been devalued immensely since Nixon went off the gold standard. We just do not notice it too much because its been happening for so long. Back in the '50s, a bottle of coca cola cost like $.10. Now it costs like $1.25. Why is it that the cost of a bottle of coke has increased when we have better technology and better transportation? Because our dollars have been debased.
With the government running the printing presses as fast as they can, gold will be the only safe investment. Once consumer prices feel the effects of inflation, gold will continue to rise in value relative to the dollar. - inactive, on 03/18/2009, -1/+7It's probably a safer bet to invest in lead and brass.
- thebigredcat, on 03/18/2009, -0/+5If the economy tanks so badly that gold would be the only safe medium of exchange, you still wouldn't want gold but guns instead.
"Be still my dog of war. I understand your pain. We've all lost someone we love. But we do it my way! We do it my way. Fear is our ally. The gasoline will be ours. Then you shall have your revenge."
-The Humongous - ostracize, on 03/18/2009, -7/+12Gold has value in transactions because:
1. it carries heavy demand (ie. merchants want it for reasons 2-5)
2. it is highly divisible (nothing is lost when you need smaller amounts of it)
3. easily portable
4. high value per unit weight
5. highly durable
Facts number 2 and 5 are the reason why it's also a popular investment option. "Gold has value only because we believe it is valuable" is an outright lie. Why do we believe gold has investment value and not say, eggs, or cars? It's not a hallucination. - c010rb1indusa, on 03/18/2009, -1/+6Way things are going now, I'd invest in water...
- TyrannousDotNet, on 03/18/2009, -1/+6im investing in fresh air and water..
- bender240, on 03/18/2009, -2/+7Two quick points: Gold does have intrinsic value, as it has many manufacturing applications, which is why everyone of us reading this is doing so through a computer with some gold in it. Secondly, the steadily increasing value of gold is partially a reflection of inflation, which is why it's been heading up up up since the US abandoned the gold standard and adopted fiat money:
http://en.wikipedia.org/wiki/File:Gold_Price_(1968 ... - Grazzit, on 03/18/2009, -1/+5BINGO!
- UselessTrivia, on 03/18/2009, -2/+6I just bought wedding rings so 1000 dollar gold can just ***** right off.
- inactive, on 03/18/2009, -0/+4He's trying to say that Kanye West's grillz are recession proof.
- JigoroKano, on 03/18/2009, -0/+4"Investing" in gold is really investing in inflation. What are the interest rates right now?
- inactive, on 03/18/2009, -2/+6The price of gold is manipulated. Google Gold Rush 21. I read that a surge in gold price would significantly lower the dollar, so gold is kept lower than it actually is. Beware where you buy your gold. Do your research before investing.
- kingmanic, on 03/18/2009, -0/+4When prices get too high other metals will be favored.
- UselessTrivia, on 03/18/2009, -2/+6Source on your 60% figure?
Gold has a great many industrial purposes and is inside more products than people realize. I would be surprised if more went into jewelery than electronics and other industrial purposes. - Grazzit, on 03/18/2009, -0/+4Gold may not be the ideal investment but the worst investment is sitting on your dollars right now.
- bobartig, on 03/18/2009, -0/+4Shows what you know. Of course you can eat gold. It doesn't to crap for you, since gold is nutritionally inert, but the corollary is that you can poop gold as well.
- hokie47, on 03/18/2009, -0/+4I am shorting gold right now like what I did with oil, and going long in the market. I don't pick individual stocks, but I trade market sectors and industries to minimize unsystematic risk. Go with your gut and back it up some with numbers. It has worked for me. I call it the beanie baby test. When people like your crazy aunt are getting into something that means you should run for the hills. Perfect example is the sell your gold commercials.
- juk3box, on 03/19/2009, -0/+3that's not the best video for an explanation. The best one is the GREAT speech Ron Paul made at the "End the Fed" rally in Houston:
End The Fed - Houston Rally with Ron Paul Pt.1 http://www.youtube.com/watch?v=3qsJjTaekA8
Watch all parts. He explains the history of the monetary system in the 20th century and how it lead to the problems today. -
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