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Title: The New Gold Rush
Source: NickBarisheff's Instablog
URL Source: [None]
Published: Jan 4, 2011
Author: Nick Barisheff
Post Date: 2011-01-04 16:37:20 by ghostdogtxn
Keywords: None
Views: 163
Comments: 5

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#1. To: ghostdogtxn (#0)

Today, gold is telling us that it can protect our wealth as it has successfully done for thousands of years. In such uncertain times, it is comforting to know that bullion ownership allows for sovereignty over personal economic destiny, and can change the way we view and experience economic reality.

I freely admit I know nothing of economics, but I just don't get all this hype about gold and I completely distrust it.

1. So what if gold climbed from $275 an ounce to over $1,400 since 2002? In 2002 $275 may have been worth $275. What is $1,400 worth to-day? About $275.

2. Can you eat gold? Who would trade a bag of flour for an ounce of gold in a starving world?

3. Go ahead and hoard gold and you will find out that it really has no intrinsic worth, unless governments the world over return to the gold standard for their monetary policy. That is not likely to happen in the near future, if at all.

4. The lure of gold is purely psychological.

I want either less corruption or more opportunity to participate in it. Ashleigh Brilliant

angK  posted on  2011-01-05   0:52:23 ET  Reply   Trace   Private Reply  

"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡

"The ground of liberty is to be gained by inches, and we must be contented to secure what we can get from time to time and eternally press forward for what is yet to get. It takes time to persuade men to do even what is for their own good." -- Thomas Jefferson

ghostdogtxn  posted on  2011-01-05   8:28:56 ET  Reply   Trace   Private Reply  

But being something that never loses value, it is a very useful thing to own in uncertain times.

This is where my mind boggles. Of what use will gold be when the government seizes pension funds (and they will), and they depreciate the dollar to worthlessness, (and they will), and they tax your real estate and income to such prohibitive levels that engaging in business is a waste of time.

In a time such as you describe, WHAT WILL YOU TRADE YOUR GOLD FOR? Barrels of worthless dollars? When they seize your property, will you eat gold? Your neighbours will not give you a crust of bread for all your gold.

"Uncertain times" barely covers the era which is coming. Gold will be a useless commodity. It is merely a beacon, a scam to-day, to get you to invest your money in another get rich quick ponzi scheme. All that glitters .....

I want either less corruption or more opportunity to participate in it. Ashleigh Brilliant

angK  posted on  2011-01-05   15:57:30 ET  Reply   Trace   Private Reply  

"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡

"The ground of liberty is to be gained by inches, and we must be contented to secure what we can get from time to time and eternally press forward for what is yet to get. It takes time to persuade men to do even what is for their own good." -- Thomas Jefferson

ghostdogtxn  posted on  2011-01-05   16:05:04 ET  Reply   Trace   Private Reply  

Sure they will. Russia went through such times, and so did many other European states. My neighbors will give me better than a crust of bread for the gold, because a black market will inevitably develop in necessary items. Gold will most certainly be a part of that black market, because it is 1) divisible 2) transportable, and 3) has a high relative value to it's mass. It's a lot harder to carry around a sack of flour than it is to carry around the single piece of gold that will buy you 500 lbs of the stuff.

I applaud your optimism.

I want either less corruption or more opportunity to participate in it. Ashleigh Brilliant

angK  posted on  2011-01-05   16:18:36 ET  Reply   Trace   Private Reply  

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