Gold falls again but holds above $500

Yahoo! News ^ | Dec 15,2005 | Chris Flood

[vic ryan]

I always thought of an "insurance policy" as something that had no current value until a disaster happened. Then it becomes extremely valuable. Sounds pretty reliable to this doofus.

[Toddsterpatriot]

Sounds pretty reliable to this doofus.

Tell that to somebody who bought it in 1980 for $800 an ounce.

[vic ryan]

Ahha-a-a. The truth will out? This anonymous person should have bought Enron instead. Now that was a real policy.

[Toddsterpatriot]

This anonymous person should have bought Enron instead. Now that was a real policy.

Enron wasn't available in 1980.

I always thought of an "insurance policy" as something that had no current value until a disaster happened.

So, gold has no current value?

[vic ryan]

Gold always has a current value. More than I can say for a lot of investments. And if someone decides to drop their "insurance policy" in gold they will probably get most, if not all or even more of their paper with ink back. Try that with other insurance policies. Someone could have bought gold at $500 and sold it at $800 if they were so inclined in 1980 too.

If you don't like Enron how about GM or Ford?

[Toddsterpatriot]

And if someone decides to drop their "insurance policy" in gold they will probably get most, if not all or even more of their paper with ink back.

Right, like anyone who bought in 1980 at $800.

If you don't like Enron how about GM or Ford?

Let me know where anyone claimed that Enron, GM or Ford was like an insurance policy and I'll be sure to ridicule them too.

[vic ryan]

You're the one who started comparing gold to an insurance policy not me. Ignorance is not the same thing as ridicule so I don't think too many folk will be worried.

Merry Christmas to you and yours and my you receive many pieces of paper with ink on them.

[Anitius Severinus Boethius]

Gold always has a current value.

As defined by those pieces of paper with ink on them. In fact, gold only has fiat value as it is only worth what the next person ascribes it's value as.

Gold has value because people give it value. Just as a dollar has value because people give it a value. You cannot eat gold, sleep under gold, or be comforted by gold. Nor can you buy a McDonald's hamburger with gold, make a house payment with gold, or... ok, you can buy companionship with gold =)

The only thing you can exchange Gold for in our society is fiat currency. That fiat currency can be exchanged for many, many things.

[Petronski]

Right, like anyone who bought in 1980 at $800.

$898

[celmak]

Figures yould by at that price.

[Petronski]

Once again in English.

[Toddsterpatriot]

You're the one who started comparing gold to an insurance policy not me.

Actually, beaver fever in post #9 compared it to insurance. I ridiculed the comparison in post #13. You seemed to agree with beaver fever in post #14.

If you agree that it's not like "house insurance" then welcome to the club.

[celmak]

Only 4 yuo, Pretronski LOL!