You think you got it rough, try being in favor of Free Silver.
Posted on 10/23/2006 7:31:57 AM PDT by Toddsterpatriot
NEW YORK (MarketWatch) -- Gold futures fell early Monday, pulling other metals with them, as oil prices again retreated and the dollar strengthened ahead of a Federal Reserve decision on interest rates.
Gold for December delivery was last down $9.20 at $587.30 an ounce on the New York Mercantile Exchange. On Friday, the contract lost $6 of its value although it scored a modest gain for the week.
The metal was hurt by weak oil prices after the Organization of the Petroleum Exporting Countries' production cut failed to convince oil traders it would be enough to halt a slide in prices.
"The rally of late last week appears to have been a one-day wonder, for the strength that developed Thursday vanished Friday and remains 'in-hiding,' " said Dennis Gartman, editor of The Gartman Letter.
(Excerpt) Read more at marketwatch.com ...
Because it can be traded in a market.
But, but, but the "buy gold now commercials" are saying gold is going to $1,000.00 an ounce, if not more.......
RUN AWAY!
You guys headed up to Big Rock Candy Mountain too?
See ya there!
Some financial advisors make all sorts of bad recommendations, so anything is possible.
Right as rain. When things get to the point of a 'Gold' economy, it will actually be a 'Lead' economy, if you take my meaning.
As soon as I buy a new suit with an ounce of gold! Maybe I could use a pinch of dust to buy some new shoes?
Beause its PRETTY!
Because its PRETTY!
"But....But.... The guy on the television last night said that gold was set to rise - even DOUBLE!!! </s>"
Don't listen to those ads, instead listen to Bill O'Reilly who has been pushing gold as well. Trust O'Reilly, he's for the common folks.
Paper money is flat, and that's phat.
Making it phat flat fiat Fiat cash.
I am fairly certain that a lot of wise people have invested a small portion of their portfolio in PM.
Where do you draw the line between this type of invester and a goldbug?
You might be a goldbug if:
1) You use the phrase "fiat money"
2) You say gold and silver are the only "real" money
3) You say gold is a "store of value"
Food, women and/or the means to get food and women, (land, weapons, women, and ammo), women, and the means to secure your food, land, and women (weapons, women, and ammunition) have traditionally been the only items of real value when the economy completely tanks.
Thats fair. It just seems to me that anyone who has purchased PM for whatever reason is attacked on these threads. They are belittled, called names, made fun of if they stick up for gold in any manner.
Another typical goldbug behavior lies in claiming "now" is a good time to buy gold, where "now" is both a time of rising and a time of falling prices, or "now" is a boom and a recession. "No matter the current conditions, you should be buying lots of gold right now. And yes, we accept fiat money..."
It depends on the reason for the purchase. If you bought gold because you thought it would go up and are not irrationally "married" to your position, that's an entirely defensible viewpoint.
If you use those phrases I listed above, then it's open season. If you insist that gold has to hit $1650 because.....then I'm going to belittle and make fun of you. If you say that deflation would be a good thing then I am going to ridicule your economic ignorance.
You think you got it rough, try being in favor of Free Silver.
I had a teacher years ago who taught me about the real value of items.
He had a simple test: Imagine yourself on a deserted island with the item in question with no possible way to ever get off the island. If that item can reduce your workload to survive or give you sustenance or shelter then it has REAL value.
All else has fiat value.
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