unlike Gold which has no useful purpose for the investors.
As I explained, I buy gas because I want to make my car go, not to store it away to sell it later. Investors in soybeans, oranges, cattle, and many other commodities also expect that the commodity itself will end up being USED by someone, if not by themselves.
Gold investors are not expecting demand for the use of gold to rise, so they aren't buying it to use it themselves, OR to sell it to other people who will use it. They are buying in the hopes that someone else will pay them more, specifically so that new person can hold onto it and then sell it for more -- with no intent of ANYBODY ever using the gold.
Which makes Gold a lot more like beanie babies than oil.
The fact that gold has a lot of uses is a separate issue from why investors buy it. That at least is my assertion, and saying that gold has a lot of uses does not negate that assertion.
Which makes Gold a lot more like beanie babies than oil.
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You are entitiled to your opinion, I see no resemblance between gold and beanie babies. Gold has many uses and does not corrode or waste away. Beanie babies have no use other than as toys and have no permanence.
It is conceivable to me that some other energy source could make oil lose most of its value but I don't foresee anything replacing gold, of course I don't know it all, do you see the possibility of anything replacing gold for all its current uses?