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BarryAZ

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Message 1277947 - Posted: 31 Aug 2012, 5:44:06 UTC - in response to Message 1277897.  

So, ID, as a hypothetical, if all you had was gold (which you couldn't exchange for paper since it was worthless) and no one wanted your gold (since they might exchange it for paper and that would be worthless), no clothes, no food, no housing, no car, and so on, would you be a happy camper?


Who owns the gold? Basic and simple question.

Who owns the money in your bank account? You or the Bank?

I draw worthless paper. I cannot, at the bank, exchange one dollar for a dollars worth of gold.

Do you understand the concept of Ponzi?

Who owns the gold?

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Message 1277954 - Posted: 31 Aug 2012, 5:56:47 UTC
Last modified: 31 Aug 2012, 5:57:32 UTC

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Message 1278357 - Posted: 31 Aug 2012, 17:42:39 UTC

So this isn't going to help.....

US to return to "Gold Standard" within 2 years

If that happens, the UK will more than likely have to join.....shame a muppet sold ours cheap!
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Message 1278410 - Posted: 31 Aug 2012, 19:07:45 UTC - in response to Message 1278357.  

The gov't got off the gold and silver standard for a very simple reason. They didn't have enough Gold or silver to cover the value of the money.

Money is valued against other currencies so their really isn't any need to have a standard that fluctuates everytime some idiot starts a war in Iraq


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Message 1278433 - Posted: 31 Aug 2012, 20:03:17 UTC - in response to Message 1278422.  

There's NO GOLD!!!!! PANICCCC!!!!


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Message 1278578 - Posted: 1 Sep 2012, 3:00:48 UTC - in response to Message 1278422.  

The conspiracy theory that there is no gold left has been around for many years now. It is being continued by the anarchists that want to bring down society as we know it. And yes we have them here at Seti, even we are not immune!


The question is, "should it matter?"
Gold is pretty. It is malleable. It has low reactivity. It is a conductor.
For these reasons, it has worth.
Beyond that, it was by the choice of humanity to tie its worth to the worth of other things.
Some say that economies that have relied on paper money always fail. Always.
Is this true?
If so, why?
Part of it, they claim, is due to manipulation by governments.
Again, is this really why?
As it is, how many of us are really carrying paper money around all that often, as opposed to using a debit card, which draws directly from our checking accounts? (With some fees in certain cases.)
OK, so the US and most or all other countries detached from the gold standard in the 70s. Does it matter? Does this really mean they can no longer tell how much your work, or my work, or a loaf of bread is worth, relative to each other?
(Then again, maybe they cannot really tell, when athletes make so much, supposedly because entertainment is worth so much to so many people, 10 to 100 times as much as education, supposedly.)
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Message 1278581 - Posted: 1 Sep 2012, 3:18:10 UTC - in response to Message 1278410.  

The gov't got off the gold and silver standard for a very simple reason. They didn't have enough Gold or silver to cover the value of the money.

Money is valued against other currencies so their really isn't any need to have a standard that fluctuates everytime some idiot starts a war in Iraq



The new gold is oil. That why the price goes up every time and idiot starts a rumor of a war.
[/quote]

Old James
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Message 1279516 - Posted: 3 Sep 2012, 4:35:13 UTC

not helped, asked to not attend is more the line.
Jocks in College class rooms typically slow things down learningwise. They are forever asking questions because they just don't understand the material presented to them.

My former father-in-law was an ROTC commander. He had deals going with the basketball and football teams at the college. The jocks got C's as long as they never graced his classes with their presence.


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Message 1279578 - Posted: 3 Sep 2012, 9:22:10 UTC - in response to Message 1279162.  

Actually Platinum and Rhodium are more valuable than gold


Not so. Gold overtook platinum in value about a year ago. PGM (platinum group metal) prices are currently severely depressed. The current prices of the three metals you mentioned are:

Gold: ±USD1,689/oz
Platinum: ±USD1,541/oz
Rhodium: ±USD1,150/oz

Palladium is currently valued at ±USD631/oz.



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Message 1279797 - Posted: 3 Sep 2012, 22:12:39 UTC - in response to Message 1279162.  

OK, so the US and most or all other countries detached from the gold standard in the 70s. Does it matter? Does this really mean they can no longer tell how much your work, or my work, or a loaf of bread is worth, relative to each other?

I don't know enough to answer that one! Gold Standard


But I do not think you will find the answer to my main question at that site. (If I am wrong, please tell me, I'll go read.it.) WHY is gold assigned the worth it is assigned. beyond its intrinsic worthwhile properties?
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Message 1279966 - Posted: 4 Sep 2012, 12:50:49 UTC - in response to Message 1279797.  



But I do not think you will find the answer to my main question at that site. (If I am wrong, please tell me, I'll go read.it.) WHY is gold assigned the worth it is assigned. beyond its intrinsic worthwhile properties?[/quote]

Id like to know that answer also. Is it bankers who put the value on it?

In many so called primitive cultures they dont use any money. They barter what they raise or grow or create. I would also guess that even now those cultures are far and few between.
[/quote]

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Message 1280123 - Posted: 5 Sep 2012, 3:09:54 UTC - in response to Message 1279966.  



But I do not think you will find the answer to my main question at that site. (If I am wrong, please tell me, I'll go read.it.) WHY is gold assigned the worth it is assigned. beyond its intrinsic worthwhile properties?


Id like to know that answer also. Is it bankers who put the value on it?

In many so called primitive cultures they dont use any money. They barter what they raise or grow or create. I would also guess that even now those cultures are far and few between.[/quote]

Thanks, James. But apparently more than just bankers place a high value on it.
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Message 1280125 - Posted: 5 Sep 2012, 3:15:02 UTC - in response to Message 1279966.  



But I do not think you will find the answer to my main question at that site. (If I am wrong, please tell me, I'll go read.it.) WHY is gold assigned the worth it is assigned. beyond its intrinsic worthwhile properties?


Id like to know that answer also. Is it bankers who put the value on it?

In many so called primitive cultures they dont use any money. They barter what they raise or grow or create. I would also guess that even now those cultures are far and few between.[/quote]
It is called speculation.
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Message 1280241 - Posted: 5 Sep 2012, 12:49:06 UTC - in response to Message 1280125.  



But I do not think you will find the answer to my main question at that site. (If I am wrong, please tell me, I'll go read.it.) WHY is gold assigned the worth it is assigned. beyond its intrinsic worthwhile properties?


Id like to know that answer also. Is it bankers who put the value on it?

In many so called primitive cultures they dont use any money. They barter what they raise or grow or create. I would also guess that even now those cultures are far and few between.

It is called speculation.[/quote]

Yes I had forgotten that. People who Buy but never have to take posession on what ever they think will go up in price.
[/quote]

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Message 1280286 - Posted: 5 Sep 2012, 15:44:02 UTC - in response to Message 1280268.  

Sarge, yes, gold has value because people place value on it. It is pretty, has unique characteristics, it is pleasant to the eye, and it is limited in supply. Yes, it is a choice to tie its worth to other things. It also happens to be a very convenient thing to use to trade for other things.


Since a great many people wish to trade a great many things, something in short supply does not seem to be a very convenient thing to use in the trading.

How do I buy something from you? Suppose you have something that took you (arbitrarily) 5 minutes of labour (English spelling) to produce when the only thing I have to trade for that took me (arbitrarily) 8 hours of labor (US Spelling) to produce?


Regardless of gold, people "should" be able to find a way to make these trades equitably.
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Message 1280365 - Posted: 5 Sep 2012, 18:56:17 UTC - in response to Message 1280325.  

Regardless of gold, people "should" be able to find a way to make these trades equitably.


We have found a way. Form precious metal into thin little circles so it's easy to count and carry around in your pocket.

Guy, a problem with gold is as the economy grows the supply of gold is relatively fixed. That creates a situation of more goods and the same amount of money, hence the value of the goods will expressed in less money. That is deflation, not a good thing, probably as bad as inflation.
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Message 1280378 - Posted: 5 Sep 2012, 19:17:53 UTC - in response to Message 1280325.  

Regardless of gold, people "should" be able to find a way to make these trades equitably.


We have found a way. Form precious metal into thin little circles so it's easy to count and carry around in your pocket.

Until everyone begins to "shave" the coins.

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Message 1280439 - Posted: 5 Sep 2012, 22:59:54 UTC - in response to Message 1280325.  

Regardless of gold, people "should" be able to find a way to make these trades equitably.


We have found a way. Form precious metal into thin little circles so it's easy to count and carry around in your pocket.


OK, so you're not one of the people worried whether the US' gold is all gone or not, like I've seen a few people here post, and is covered in a few conspiracy theory type TV shows.
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