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Sign of the times, from Tupperware Parties to Gold Parties

businessshrink.biz — Move over Tupperware, there's a new party in town. With climbing gas prices, a dropping dollar and soaring gold valuations, people are starting to rummage through their jewelry boxes, heirlooms and stashes to bring their gold to the party down the street. Gold parties around the country are playing middle man and cashing in on the gold craze.

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  • madwaxer, on 05/24/2008, -4/+14just wait till rapper start ryming about how much platinum and gold the've been selling on the markets.
    now is a good time for any average joe to jump a drug dealer on the corner.
    • thedoubler, on 05/24/2008, -1/+0Here's some help for those interested:
      http://www.funnyordie.com/videos/2f86affb68
    • PeppermintPig, on 05/24/2008, -2/+2While many drug dealers are armed and ready for action as a consequence of their profession's outlawed status, which leads other more reckless individuals to even attempt what you are suggesting, the matter still remains that you are advocating the mugging of a non-violent individual. Are you sure you want to set that precedent?

      That would be like me saying 'it's early in the morning, now would be a good time to break into madwaxer's home, hold him hostage, and take his valuables.'
      • Godlesswanderer, on 05/24/2008, -0/+1I'm sure he was only joking.
  • optimusprime01, on 05/24/2008, -8/+9I would say buy gold and store in a safe deposit box because the way economy is doing dollar will be close to nothing, but gold has a universal value and if God forbid depression hits, you can still use it.
    • ssn697, on 05/24/2008, -3/+18To do what? Sell it when you need money? For what? Dollars?
      • shutaro, on 05/24/2008, -1/+25No, man, save it for when we're reduced to roving tribes and use it to fashion objects that advertise your prowess as chieftain.
      • palehorse864, on 05/24/2008, -3/+3No, bottlecaps.

        Actually, you should save all your bottlecaps now.
      • DMCer, on 05/24/2008, -0/+4Dumbest idea ever. Why would you actually buy the damn stuff when you could just invest in the gold commodity ETF, which determines the price of gold in the first place. When the value suits you, you can just remove your money, rather than trying to bring a chunk of gold to the bank and looking like an idiot.
    • siszam, on 05/24/2008, -3/+7Don't store gold or silver in a safety deposit box. If the government does another confiscation they can freeze your box and deny you access. Always keep your commodities at home where you can access them to trade or sell and don't tell others that you have them. During the great depression the majority of people did not turn in their metals. There were some fools just like today who worship the government and rushed to obey but the government can't steal from you what they can't find.

      ssn697, When the dollar drops commodities go up in value. The silver I bought years ago has tripled. It can be traded for dollars to immediately buy goods or bartered for food, shelter, etc.
      • ssn697, on 05/24/2008, -6/+8So you are saving silver, to trade for dollars, when dollars are worthless. Yeah, uh huh, okay...
        • StingingNettle, on 05/24/2008, -5/+2I have paid for items with silver rounds before (when silver was 7 an ounce). Not everyone gets it, but as people are finding out how much silver and gold had gone up vs the dollar more people are willing to except it as money or barter for it.
        • palehorse864, on 05/24/2008, -3/+4When money becomes worthless (or as people here are talking about, worth less, though a lot less) you trade in your gold and get a lot more of the miniscule value dollars but they add up to the value of your gold.

          Say your gold maintains a standard value of one bunch of grapes (just an example to set a standard item). When you first buy your gold, these grapes cost one dollar. As your commodity of gold remains the same value however while the dollar plummets, these grapes now cost a thousand dollars (The units of dollars you pay has gone up, but it's like a quarter used to buy you a lot, now it buys you very little but people get paid more.)

          Ok, now take your gold. While the dollar plummeted, let's say your gold maintained its value. Your commodity of gold maintained its value and didn't inflate or deflate. When you first got the gold, it was worth one dollar. If you trade it in at the end, you are given a thousand dollars. Those thousand are still the same value as the one dollar initially, in other words, they buy the same amount of stuff. But had you held onto your first dollar instead of bought gold with it, hadn't invested it, etc. that dollar would remain a dollar and would be worth 1/1000 of what it was originally worth.
        • PhilLesh69, on 05/24/2008, -3/+3When dollars are worthless, you can trade your gold for many more dollars than you could when you bought the gold.

          Get it?

          If it costs $1,000 to buy a loaf of bread, while everyone else is taking their wheelbarrows full of money to the grocery store, you can walk in with an ounce or two of gold, and get that loaf of bread.
        • jvittetoe, on 05/24/2008, -4/+2youz dumb dood. what ever made you think paper had value. duuuur.
        • ssn697, on 05/24/2008, -2/+7LOL. I love all these arguments. I heard them in the late 70's as well. I really love the 1000/1 claims. If our economy goes belly up, the world economy goes belly up. We aren't Zimbabwe.

          If you bought gold in 1987, and sold it today, you made a 50% gain. If you invested in a NASDAQ index fund, your investment grew 8 fold.

          This "Gold is the only good investment" stuff is for chumps. I made more on AAPL options in three months, then investing in Gold for 8 years.

          Now, if you are one of those "the world is coming to an end, and only Gold and Silver will have value" people, more power to you. I don't buy that crap for an instant.

          But please, just admit that is what your real issue is. You believe our economy is going to collapse, and we are going to be bartering with gold and silver (hard to even type that with a straight face). Because, you CERTAINLY aren't giving good investment advice. Gold hasn't even come CLOSE to keeping up with inflation.

          Do you have gold bars in your cellar? Are you going to break off a chunk? Will you be hunting for pelts as well? Maybe salt trading? We Montanan's ask that you stay the ***** away...

          Oh, I almost forgot this gem:

          "When dollars are worthless, you can trade your gold for many more dollars than you could when you bought the gold"

          Thank you for making my point for me. So, you say dollars will be worthless, and you are going to trade in your Gold for those worthless dollars.

          Quality stupidity right there. You can't even keep from talking in circles, but you don't realize it.
        • jvittetoe, on 05/24/2008, -2/+2You big goof! If I have to sell my gold for dollars I will, but when business start excepting gold ( when they realize the dollar is just ***** paper ) I will use my gold instead. ¿Comprende?
        • ssn697, on 05/24/2008, -2/+4@jvittetoe

          You are being sarcastic, right? You can't really be serious. Let me get this straight: You believe America is going to crumble so disastrously, cash, credit cards, electronic payment in general is going to disappear (forget the rest of the world)?

          You are going to carry around differing weights of gold, used at the grocery store, to pay for goods? That is your story? So, you have a couple hundred thousand dollars worth of gold at your house right now? Really? That is your story?

          So, the truth is that you expect the entire world economy to crumble, and anarchy to reign. That is the only way your gold as barter works as a premise.

          You should put Mad Max in again. It seems to be the reality you live with...

          I am going to bed. I have a flight to Vegas in 8 hours. Going to spend more of those dollars, before airlines demand gold bars! Can't wait to go to Vegas and gamble with real gold!

          Thanks for the laugh...
        • palehorse864, on 05/24/2008, -1/+4ssn I think you could have used a few more "That is your story?" sentences in your second paragraph.
        • jvittetoe, on 05/25/2008, -0/+1When did I say I expecting the entire world to fold into lawlessness and its economy to collapse? When the DOLLAR collapses, other currencies and commodities will rise. As you can look back over the past 10 years and see this occurring.

          Going to Vegas to gamble? Are you sure you understand money? Come back and tell me how much paper you lost.
    • KMye, on 05/24/2008, -0/+6In a globalized economy, those kind of actions (like confiscating gold) hold much higher costs for our government and nation than any benefits they could ever reap. Try hedging your paranoia with a little common sense.
      • PhilLesh69, on 05/24/2008, -5/+2Common sense? Common sense tells me that if the government ever confiscated gold when it costs approximately $930 an ounce, the government stands to accumulate a very significant amount of value.

        It doesn't matter if we live in a globalized or localized economy. Gold has intrinsic value, unlike the dollar, which has a speculative value.

        By the way, localized economies respond better to the real world, where natural disasters, economic forces and labor all create the economic realities for that localized area. Some areas rise while others fall. Globalizing it only takes away the power of a region or locality to function with the facts on the ground for that area.

        That is sort of why the Club of Rome, the Council on Foreign Relations and Bilderberg and several other globalist organizations all talk about the need to convince people that they must give up some or all of their national sovereignty.
        • KMye, on 05/24/2008, -2/+3The stupidity of truthers honestly never ceases to amaze me. If you really think it would be a positive outcome for the US govt to attempt to seize all citizens' gold and silver holdings and say ***** to most all foreign investment, then, what can I say? 9/11 was an inside job!
        • Lyph5, on 05/24/2008, -4/+1Gold only has value because people want it. Why do they want it? Because it has value. Nothing about gold has 'value.' A pound of milled flour has more 'worth' than a one pound brick of gold, since all you can make something to eat with the wheat, while the gold is just shiny.
        • KMye, on 05/24/2008, -0/+6@lyph5 - I appreciate the general perspective you're coming from, but your argument is flawed. It would be the same as saying a pound of advanced plutonium, or a pound of advanced microprocessors is worth less than a pound of flour because one can't eat the former two.
        • PhilLesh69, on 05/24/2008, -1/+2KMye, you should be certain that you are are responding to a "truther" before you open your mouth.

          It isn't an inside job of 9/11 to know that the government has, in fact, recalled gold.

          < Executive Order: By virtue of the authority vested in me by Section 5(B) of The Act of Oct. 6, 1917, as amended by section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; That the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.
          "Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government. All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories, and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.
          "Your possession of these proscribed metals and/or your maintenance of a safe-deposit box to store them is known to the Government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of The Internal Revenue Service.
          "By lawful Order given this day, the President of the United States."
        • KMye, on 05/24/2008, -1/+2"KMye, you should be certain that you are are responding to a "truther" before you open your mouth."

          I made the judgment off of your digg history. If you're not one, you're doing a good job of playing the role. Nevertheless, I'm sorry to call you such a horrible name if you're not.

          Anyway, my point wasn't that we hadn't done it before, but that the consequences of such an act would be much different today. And seeing as we're not on a gold standard today, we wouldn't be forced to take such an action anyway.
        • PhilLesh69, on 05/25/2008, -0/+1The irony of calling someone a "truther" is that it implies that you do not want to know the truth, that you wish to continue believing whatever your favored political party is telling you in order to retain your support for them.

          It is sort of like you believe "War is peace. Freedom is slavery. Ignorance is strength."

          Here's a few more quotes from an author you should look into:

          During times of universal deceit, telling the truth becomes a revolutionary act.

          In our age there is no such thing as 'keeping out of politics.' All issues are political issues, and politics itself is a mass of lies, evasions, folly, hatred and schizophrenia.

          Nationalism is power hunger tempered by self-deception.

          All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome.

          But if thought corrupts language, language can also corrupt thought.

          All the war-propaganda, all the screaming and lies and hatred, comes invariably from people who are not fighting.

          Every war when it comes, or before it comes, is represented not as a war but as an act of self-defense against a homicidal maniac.

          Freedom is the right to tell people what they do not want to hear.
        • KMye, on 05/25/2008, -1/+1***** hilarious. You're lecturing me on truth when you lie about being a truther for no discernable reason. You're absolutely right; there's extreme irony in the truther label, but you're finding it in the wrong place.

          1984 is one of my favorite novels; I've read it at least four times. Typical truther/Paulite MO to assume just because someone has called you out on your paranoid stupidity that someone is a mindless sheep. Speaking of which, your silly quoting didn't make me miss the fact that you didn't reply in the slightest to the original thread of discussion. It's fine if you've realized you were talking out of your ass, but just once I'd love to see a truther on digg acknowledge "Oops, I'm sorry, I opened my mouth before I realized I didn't know what the ***** I was talking about." Everyone can dream, can't they?
    • scubajim, on 05/24/2008, -0/+9Sounds just like when gold hit a high of $800 and people were buying like crazy. (early to mid 1980's) Those people lost their shirts.
      • Lyph5, on 05/24/2008, -2/+2Because they bought high? Who says "Oh, wow, that stock hit a high, I should buy it NOW!"?
        • darkciti2, on 05/24/2008, -1/+2They fell for the people saying, "Gold is rare! Buy it while it's still affordable!". Like this story.

          I bought my G when it was around $300/Oz. I've made a pretty penny since 2005 (no pun intended).
        • WilliamDavis, on 05/24/2008, -2/+2darkciti2: You didn't read the article at all, did you?
    • tattertech, on 05/24/2008, -1/+6So wait. Prepare for ***** to hit the fan by stockpiling on a luxury good that people can do without? Brilliant.
      • PhilLesh69, on 05/24/2008, -4/+3Gold is a luxury good?

        Jewelry is a luxury good, sometimes made with gold.

        Gold Bullion is an investment instrument, not a luxury good.

      • jvittetoe, on 05/24/2008, -3/+5What are you ***** clueless? Did you fail history? You must have been a graduate of the american educational system, or maybe you're still in school. Gold is not a luxury good. It's money...always has been, always will be. Read history, please, for your own good.
        • Lyph5, on 05/24/2008, -1/+6And money only has worth because people give worth to it. Gold is only worth what people agree it's worth. And unlike food, water, or land, gold simply sits around and looks good. I'd rather have 10 acres of farmable land than a ton of gold. The 'worst case' the 'buy gold' folks talk about is if the dollar becomes worthless, well, I'll be able to grow my own food and get water from my own well on my property. What good does a shiny metal do for anybody if the economy is destroyed?

          I'll never understand humanity's obsession with shiny things.
        • ssn697, on 05/24/2008, -0/+6No, gold hasn't always been money. Read history yourself, before looking like a retard, calling other people names. GRAIN was the earliest form of money. It was even stored in banks. Cowries were the longest standing form of money. What? Never read a history book?

          And, WTF does your comment have to do with anything at all? If the economy crashes, who the ***** is going to want gold, over wheat, rice, water, etc?

          Thanks for adding nothing to the conversation.
        • tattertech, on 05/24/2008, -2/+2Apparently you're the ***** moron. Things only have value when they're in demand. Gold is in demand as a luxury good. Same reason why people ***** paid each other in salt for much of history. Guess you didn't read that far back though?
        • jvittetoe, on 05/25/2008, -0/+1Sorry for being a ***** moron. Gold is in demand because its 900 dollars and going to 5000+.
  • nahsrocketeer75, on 05/24/2008, -3/+4I'm so going to one of these ... as soon as I find some gold.
    • darkciti2, on 05/24/2008, -0/+2Erhm, you don't need to find it if you know where the partys at. ;)
    • heyblue, on 05/24/2008, -0/+2When I was 6 years old I asked the mall Santa for a box of gold for Christmas. He told me that gold wasn't an appropriate Christmas present for a 6 year-old. I was very disappointed. I really thought I'd figured out a way to beat the system.
      • Rhino2, on 05/24/2008, -0/+1That's awesome. "Alright Elves, we need 10 elves on wooden trains, 5 on wooden boats, 2 on wooden planks and then we also need a dozen of you to go down to the gold mines."
  • FlyingSpaghetti, on 05/24/2008, -3/+10I loooove gooooooooooold!
  • StingingNettle, on 05/24/2008, -3/+9I love that the people who were gold bugs for the last 8 years have been called crazy. What's even more amazing is that they are still for the most part ignored.
    • Locke2053, on 05/24/2008, -2/+3Long after the economic cycle turns and gold starts underperforming every other asset, they will still be ranting about gold and they will still be crazy. A stopped clock is right twice a day.
      • jvittetoe, on 05/24/2008, -1/+3No they wont. They will sell it when the time is right. Gold isn't going to go up forever. But it will be for a good number of years in the future. As long as helicopter Ben is at the helm. Running his printing press on high.

        Look, its supply and demand. The more of something you have, the cheaper it gets. Why would one think it to be any different with paper dollars?
        • Locke2053, on 05/24/2008, -1/+1"they will sell it when the time is right."

          Goldbugs don't sell. They don't invest. They just hoard gold. That's why they're called goldbugs.

          "The more of something you have, the cheaper it gets"

          So while the gold mines churn out more gold every day, gold should get cheaper? Go back to econ 101, kid.
        • jvittetoe, on 05/25/2008, -0/+1yea, clearly gold is being produced at the same rate dollars are printed. kid.
      • PeppermintPig, on 05/24/2008, -0/+2Someone sounds bitter that they didn't buy gold earlier.

        That said, this article is an advertising scheme. Foolish people selling valuables in exchange for short term spending.

        There's a whole other part of this issue that suggests the economic hardship is currently being suspended by those trying to avoid the creation of debt, while, ironically, the government is creating a whole bunch more debt.
    • PhilLesh69, on 05/24/2008, -0/+1If you had put a million dollars in gold in 2003, you would now have around 3 million dollars.
      • Lyph5, on 05/24/2008, -0/+1And if you used a million dollars to buy farmable land that you used to raise cattle or grow corn, you'd be able to get money or gold or exchange of services in exchange for food.

        Gold is only worth something because people THINK it's worth something. Your day sucks if you don't eat a meal. Your day isn't ruined by not handling a gold brick.
        • darkciti2, on 05/24/2008, -0/+2If you have a million dollars to invest in bullion, you're probably well diversified in other areas as well.
  • mclev, on 05/24/2008, -2/+21I'm waiting for the day when this comes full circle and rappers start wearing tupperware chains.
  • jollyholly, on 05/24/2008, -3/+18Would it be ironic if gold kept going up in price, and the american dollar became.. worthless?
    • PhilLesh69, on 05/24/2008, -0/+1The dollar will never be absolutely, completely, 100% worthless.

      But Gold will always rise, over time. It's like investing in GE back in the day. It always goes up.
      • MikeFallopian, on 05/24/2008, -1/+0But neither does it gain interest. The best gold can do is keep steady with inflation, while smart investing can do much better than that.
      • Lyph5, on 05/24/2008, -1/+3Gold, itself, has no worth. It's the worth that people apply to it that makes it something to be desired. But the dollar only has worth because people apply worth to it.

        If I could turn lead into gold, I could flood the gold markets.

        There is one resource we're not getting any more of: land. Invest wisely.
        • knight666, on 05/24/2008, -0/+1That's right, invest in tulips!
          Tulips are very valuable and can only go up!
  • jvontayes, on 05/24/2008, -3/+1Very nice.
    • crazyjake, on 05/24/2008, -0/+1thanks for contributing to the conversation!
  • speedracer17, on 05/24/2008, -1/+4I'm just mad that I didn't come up with the idea first. With gold prices higher, it only makes sense that a somebody would create a home based business opportunity. kudos.

    This weekend I need to come up with a biz op for water powered cars, solar powered homes and recycling oil. Only wish I was that smart.
    • PhilLesh69, on 05/24/2008, -0/+2Don't wish. Do something about it.

      Everyone has the same potential, they just need to do something about it.
  • koob, on 05/24/2008, -7/+8Things needed to survive the downfall of the United States: god, guns, grub, and gold. Are you ready?
  • juttman, on 05/24/2008, -1/+4I wonder if I can hire Mr. T for my party, he's probably not busy
  • fubuvsfitch, on 05/24/2008, -2/+1Valuations?
  • warlokaz2004, on 05/24/2008, -1/+3Its not just gold...thanks to copper prices copper tubing and components are getting stolen from places like parks, construction sites, etc. There was even something in the news on how theives will hit cars...not for the radios but for the catalytic converters.
    • slifty, on 05/24/2008, -2/+1Those silly people, someone should tell them that you can get 100 copper discs for just 1 dollar!
      • Professr, on 05/24/2008, -1/+3They aren't copper anymore...
        • slifty, on 05/24/2008, -0/+1I knew someone would say that... but it was too late, my mind was made up :(
    • darkciti2, on 05/24/2008, -0/+1They aren't taking the catalytic converters for copper.

      Some older catalytic converters contain Platinum and Rhodium.

      At last check, Rhodium's spot price was $9,785.00 / Oz. and Platinum is around $2,500 per ounce.
  • SillyDigger, on 05/24/2008, -1/+19Gold parties you say?

    This an odd request but where can I buy a ski mask and can anyone tell me where these parties are being held?
  • fearofsociety, on 05/24/2008, -3/+4We're living in scary times.
    • darkciti2, on 05/24/2008, -0/+1We've been living under Republican "leadership" without Rule of Law since 2000.
  • Buu700, on 05/24/2008, -3/+1@Marx931

    I guess, but then you'd have to hide her leg somewhere...
  • KMye, on 05/24/2008, -2/+5I'm always so conflicted when these gold-related stories come up. One one hand, my livelihood is very heavily-influenced by the price of gold, so I want to tell everyone when I see these "Buy Gold Now!" stories come up to do so. But on the other hand, I don't want to be a total dick, so I usually post something along the lines of "If you invest in gold as a commodity right now, you're a ***** idiot." If I thought the average digger actually had enough to money to invest to influence the market, it would be a much tougher decision.

    Along the same lines, my own personal interest would have me say not to sell gold at any of these parties or in other situations. But the reality is, if you and/or your family is facing tough times right now, in the short or medium term, gold is an excellent holding to sell. Just make sure you're not earning much less than the going price/t oz.
    • Rhino2, on 05/24/2008, -0/+1Yea; my bet is these refiners are code for "re-screw-ya".
    • Sogui, on 05/24/2008, -0/+2Spies sapping mah gold party!
  • Ne007, on 05/24/2008, -3/+3You'd be stupid to get rid of your gold now. You should be getting rid of your dollars for gold, not the other way around.

    Let's see. The value of the dollar is plummeting and the value of gold is skyrocketing. Which would you rather have?

    Don't listen to what the TV tells you. Don't be selling or trading in your gold. The value of the dollar is not going to go back up and the value of gold isn't going to come back down.
    • PeppermintPig, on 05/24/2008, -0/+1'Wow, I didn't know my jewelry was worth that much!'

      It's a disturbing trend on many levels. 1. Sheer stupidity of some sellers. 2. Trying to hold back personal debt while the gov creates massive amounts of it, inviting a crash.
  • Owwmykneecap, on 05/24/2008, -4/+3Gold really isn't a very attractive metal, useful as a conductor sure and with its low reactivity can be useful for connections, i don't actually fancy it around me.

    Silver is far more attractive to me.
  • CaviMike, on 05/24/2008, -1/+6What's really funny is how many people don't realize gold isn't actually worth more, the (US)dollar is worth less. Why are people so naive? Keep your gold, it's the only real international currency you own.
    • jvittetoe, on 05/24/2008, -0/+4It's true. 1 ounce of gold today buys the same thing it did 2000 years ago. A suit/toga, a nice pair of shoes and a belt. Paper is worthless.

      Inflation is not rising prices, it is the devaluation of your currency. Rising prices is simply a side effect.
  • RationalXubrnce, on 05/24/2008, -1/+5 They're selling too early.
  • onetimer, on 05/24/2008, -5/+6Got to love the "survivalist economists" on this website who somehow think that after the "apocalypse", that people are suddenly going to be trading in gold. As if a brick of gold has more intrinsic value than a dollar (people won't be concerned with wires or jewelry).

    If it's your mindset that civilization is really going to collapse, you'd be *far* better of investing in things like salt, and yes, clean water.
    • ssn697, on 05/24/2008, -5/+6I get the impression these guys have two movies in their collection: Road Warrior, and Waterworld. And they think those movies are real.

      Or, they think we are going to magically regress to the 1400's. Luddite's Unite!
    • jvittetoe, on 05/24/2008, -1/+4Who's calling for an apocalypse? Turn off you MSNBC and quit listening to people who don't give two ***** about YOU. I'm sure you'd take a brick of gold over a dollar any day.
      • onetimer, on 05/24/2008, -3/+2Who? It seems like a growing number of posts are people complaining how the dollar will literally one day be worthless, because civilization is *going* collapse. Something like that.

        Again, your gold isn't going to be worth ***** if civilization ever really does collapse. I'll take salt, water, and wood (hell i'd even take the dollar bills - just so i could use them to feed a fire) than a 120lb of gold.
        • Rhino2, on 05/24/2008, -1/+2After it all goes down, a system will come about that is better then bartering your salt and water for someone's goats and wheat. They theory is that eventually a money system [based on gold/silver] would come about once the "after math" has cleared.
        • PeppermintPig, on 05/24/2008, -1/+1Yes Rhino2.

          The assumption onetimer makes is to not only poke fun of fatalist survivalists, but to give this argument some measure of credibility by assuming a crash would lead to 'lawlessness', which he uses to refute anybody showing an inkling of support for gold and other commodities that might currently lack the means to 'move' financially as fast as credit or cash currently.

          Granted, there's some measure of violence as a CONSEQUENCE to the establishment of foolish practices and departure from them, particularly by the government itself (entitlement society), but there's no reasonable way to argue that a well armed populace would reduce itself to a mad max world. Rather, all the ***** which government claims is 'necessary' would disappear, and so too would the taxes, and people would be better off for it. The necessities of commerce would still exist because people would still have the incentive to ensure their existence toward what the market can bear.
      • ssn697, on 05/24/2008, -4/+4I don't watch TV. I wouldn't trade a brick of Gold for 900 bucks right now. I would take that 900 dollars, and turn it into 1500 dollars WAY faster than investing in gold. If I listened to you "only gold is a good investment" schlubs, I would have made 8 times LESS money in the last 9 years.

        But yes, I will trade a brick of gold for a dollar. Then, I will immediately sell it, and invest that money elsewhere. By all means, you go ahead and put all your eggs in one basket. GREAT investment strategy there (face palm).

        The POINT is, unless you are counting on a collapse of civilization, you don't have a couple hundred thousand dollars of gold stored at your house. Add in you have to exchange gold for currency, and this whole gold thing is pure idiocy.

        So, do you have a couple hundred k worth of gold at your house, or are you just full of *****? I am going with the latter...
        • drudometkin, on 05/24/2008, -0/+2Not many people will recommend investing all your money in precious metals. 10%-20% is a good idea IMO.
        • jvittetoe, on 05/25/2008, -0/+1I'm actually well diversified. Gold, Silver, Uranium, Euros, Yen, Australia dollar, Yuan. Most importantly, 0 dollars.
      • wadge22, on 05/24/2008, -1/+5Your salt, water, and wood can't sit around forgotten in your basement for four decades without getting moist, bacteria infested, and decomposed. Gold would indeed be worth something if civilization collapsed, because everyone'd know we'd all get back together and start some kind of new economy, and things that had always had value would have value again. "Civilization collapsing" isn't what most people are afraid of, it's the economy collapsing or changing drastically. It could happen. It's happened in westernized nations in our lifetime.

        Gold isn't the only good investment, of course. It's pretty much the only investment with certain qualities, though. It's high value to size/weight, got indefinite shelf-life, accepted the world over without need for transfers, and has a very stable value over the long term. I don't think there are a lot of people with hundreds of thousands of dollars in bars in their basement. I think most of these people have a few coins and maybe some small silver bars in a lockbox under their bed. They probably have a checking and savings account at a bank, as well, and maybe some stocks or mutuals. I know I personally keep a little bit of foreign paper currency around that I consider sort of an investment/hedge. It helps offset losses from my bank account if inflation is bad, I can have a little fun buying and selling and pretend I'm a speculator, and yes, if the US economy goes into a bad recession or collapse I will be glad I have some other form of money. Maybe you should view only being invested in US dollars as having your eggs in one basket.

        Most people on Digg don't have a couple hundred k of anything anywhere, anyhow.
        • Rhino2, on 05/24/2008, -0/+2I agree with you. It's bad to put all your money in gold and it's equally as bad to put all your 401K into one stock.

          also:
          > I know I personally keep a little bit of foreign paper currency around that I consider sort of an investment/hedge.

          If you want to do that get a ***** bank account in the currency of your choices. You get the money (like you do nows), but you also gain interest on it.

          Having Euros in a 3% savings account for example.

          If the dollar is weak, then you would make a killing on the Euros AND then get the interest too ( a double whammy). If the dollar is strong then you lose on the Euro value, but you gain some interest so it doesn't hurt " as much".







    • darkciti2, on 05/24/2008, -1/+2Out of curiosity, why salt?
      • wattersm, on 05/24/2008, -0/+1It's a preservative, and essential to human life.
  • wiskerbiscuits, on 05/24/2008, -3/+1A NEW GOLD SEIZURE: POSSIBILITY OR PARANOIA? http://www.newswithviews.com/Vieira/edwin34.htm

    Here is a good example of the testing of those old waters:
    In an unprecedented move on or just before Wednesday May 9th, 2007, the United States of America has forced Omnipay et al E-gold to redeem all the gold backing the 58 previously frozen accounts owned by e-gold, 1mdc, icegold and a handful of other exchangers and customers to be liquidated effective immediately to a us dollar account owned by the federal government.

    According to the reduction in the gold bar list, the bar count
    has dropped by 48 bars of approximately 400 oz each between May 3, and May 9.

    This redemption totals USD $11.357 Million.

    Date Gold Grams ($ Value)
    03-05-07 3,489,436 77.015 Million
    09-05-07 2,974,871 65.668 Milllion

    Gold Bars value Sold: USD 11.357 Million

    MoneyNetNews has learned from a reliable source that e-gold has been ordered
    to hand over a fresh copy of the customer database when the redemption
    is completed.

    MoneyNetNews cannot confirm if all of the 48 bars redeemed account for
    the forfeiture action of the United States. It is possible that a part
    of this activity can be accounted for by increased volatility in e-gold's
    general market.

    Not only was E-gold / Omnipay ordered to convert gold (and silver) holdings
    in the seized accounts into US Dollars, but that included their own
    (Omnipay's, and E-gold's) frozen (seized) accounts. This will ultimately
    result is great losses of value over time even if the victims of the seizures
    are found to be innocent due to the in progress bull market in gold and bear
    market in US Dollars.

    The seizure order appears to be unrelated to the criminal case in progress
    against E-gold and OmniPay in that the seizure of the accounts by the government
    was done under a (separate) civil case, for which the Government has yet to file
    anything.

    By doing so, the government was able to seize accounts without having
    to reveal anything to the owners of the accounts themselves. By law,
    the government has 30, and possibly up to 90 days to file a complaint.

    Until the government civil filing is done, none of the victims of the seizures
    can possibly do anything to defend themselves, not even obtain information as
    to why their accounts have been seized, or what they would have done wrong.

    None of the victims of the account seizures have been advised of anything
    officially at this time.

    http://www.moneynetnews.com
    Copyright 2008 MoneyNet News . All rights reserved.
  • waynetheman, on 05/24/2008, -0/+1Well, when the whole world is selling, those of us who recognize the signficance will, instead, buy.
  • darkciti2, on 05/24/2008, -0/+1Tazer parties, FTW!

    http://gizmodo.com/gadgets/dubious-trends/women-di ...
  • isaactwito, on 05/24/2008, -0/+1Acapulco gold parties are better.
  • charmaniac, on 05/24/2008, -2/+1Hey guys, please do not get caught up in the gold frenzy. It is overvalued at this point and you will most likely lose money. Same with oil. Both are about to drop in price drastically. The U.S. dollar is poised to make a comeback in the next 2 years. As a result, these two asset classes will go down in price.

    We are going to have a severe global recession, but we will survive. If you really think economic armageddon is inevitable, then you should buy dry food stocks, water, a few cheap fire arms and a good deal of ammunition. Gold is worthless when you are starving.
    • Rhino2, on 05/24/2008, -0/+2Yea, I'm going to take investing advice from a two paragraph digg comment.

      I know at least 5 invest professionals that told me not to buy gold/oil back in 2003. They ALL told me to invest in real estate.

      So... how did that work out for all of you? My returns on gold/oil have been amazing.
      • charmaniac, on 05/24/2008, -0/+1Yes, if this were 2003, I would agree that there is upward potential. However, gold and oil have seen a parabolic rise in price which is unsustainable. If you are smart, you will sell a good portion of your holdings/contracts now at the top. Don't believe the hype. U.S. oil consumption is declining as we speak, and the rest of the world will consume less as their economies are still tied to ours, despite what the media is saying.
    • drudometkin, on 05/24/2008, -0/+1Why will the dollar will "make a comeback?" All signs point to the continued decline of the dollar. The growing trade deficit, the fed printing more money, US foriegn policy. the world would be better off without the dollar, and they soon are going to wake up and realize that.
    • bipolarruledout, on 05/24/2008, -0/+0Usually when demand for fungible commodity such as oil goes up so does the price, particularly when said commodity is in short supply. The US has had it too good for too long and the rest of the developing world wants a piece of prosperity. Time the face the music and get used to it.
      The best things we can do are to start manufacturing more of our own goods and develop a real energy policy. We also need to stop subsidizing corn so that people pay the true costs of corn ethanol.
      We still have it really good in this country but we are going to have to learn to adapt…. I’m no economics expert but I’m also not an idiot.
  • rdotson, on 05/24/2008, -0/+2According to an article I read the other day pawn shops are doing a booming business.
  • zobobob, on 05/24/2008, -0/+0In my head this whole article was narrated in a Robin Leech voice.
  • n8o8, on 05/24/2008, -0/+1MR T would make BANK!
  • Sogui, on 05/24/2008, -2/+2Oh yes, gold is a ***** amazing investment:

    http://en.wikipedia.org/wiki/Image:Historical_pric ...
    http://en.wikipedia.org/wiki/Gold_as_an_investment ...

    Oh wait, it was worth more in 1980 than it is today. Meaning if you were a gold nut back in 1980, your investment would actually have LOST value in today's dollar. Meanwhile if you had invested in the American economy (stocks), the same one that is currently powering the dollar, you would have increased the your net worth several-fold in today's dollars.

    Now that gold is peaking against like it did in 1980, it must be the perfect time to invest and watch your investment devalue over the next decade!
    • bipolarruledout, on 05/24/2008, -0/+0Past performance does not equal future performance. The world changes and if you drive with your eyes closed then you are going to crash.
  • drudometkin, on 05/24/2008, -0/+1To me that wikipedia chart shows that gold is going to go up a lot more.

    BTW, I currently own 10oz. Au, 500 Ag, and wish I had much more than that...
  • wassim2k, on 05/24/2008, -0/+1I love how they use buzz words like "craze" and "forget _____". This is just like the "forget tupperware, stun gun parties is where all the soccer moms are"
  • kd1s, on 05/24/2008, -0/+1Yes, and would someone please tell me that we're NOT going head first into a depression? All the indicators appear to be pointing in that direction.
  •  

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