$850/ Troy Oz. in 1980 dollars. Even discounting that last year of Carter-flation, that would require a spot price of $2,073.2/ Troy Oz. today to break even if you bought
"The price is an omen of rampant inflation; bonds are doomed; the dollar is about to fall prey to the United States' reckless deficits; the euro will shortly be revealed as a worthless creation of bureaucrats.
Only the last will prove true....
I never understood the "barbarous relic" nickname.
Does anyone know WHY gold should or might be considered a "barbarous relic"?
I've never heard one of the gold hucksters on radio fail to proclaim that now was the time to buy gold.
If some wag posts pictures of swelling breasts, I for one will be offended. So I'm going to keep checking back to make sure that doesn't happen.
I always laugh when I hear the ads on radio telling me what a great investment gold is.
Usually by a company who is in the business of selling gold.
If it's so great, why are they selling it instead of hoarding it?
Does gold as a monetary standard terrify so-called "economists" so much because it provides a currency whose value cannot be manipulated for political ends?
Is that the real reason?
So....time to buy puts with a $450 strike?
Anyone who calls gold a "barbarous relic" isn't likely to have much command of the concept of "inflation", either. ;)
Oh, sorry. I thought this story was about Kim Jong Il...
Meanwhile, gold made an end run around naysayers today and broke past the New York $500 price for daylight. With no defenders in sight it looks like a downfield run for the goal line.
If gold keeps going up, I may be able to get my money back on the gold I bought in the 80's!
Something in that *ballpark* is realistic, yes. Much higher than today, iow.
"Let's see....
$850/ Troy Oz. in 1980 dollars. Even discounting that last year of Carter-flation, that would require a spot price of $2,073.2/ Troy Oz. today to break even if you bought"
Well, I didn't buy at 850, I bought at 290 in 2000. It was easy for me to see that gold was a good buy then. It's not Google, but I take a double every 5 years.
HaHAHAHAHAHAHAHA.
Bought all I own between 240 and 300.
You could make the same idiotic comparison by comparing buying stocks only at the peak of the NASDAQ. The trick you see is to Buy Low and Sell High.
Bump for later
And $850 in 1980 would only be worth $396 in 2005 thanks to the loss of purchasing power, even at 3% inflation.
That price was due to two famous brothers trying to corner the metals markets.