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To: #3Fan
It's trading for $300+ an ounce. Duh. What it doesn't have is INTRINSIC value. But we're giving it a lot of value. Important to understand the difference between intrinsic value and accepted value. Good currency doesn't have intrinsic value, things with intrinsic value are useful and it's bad when people start using your money as something other than money.
259 posted on 07/24/2002 9:10:57 PM PDT by discostu
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To: discostu
There are two types of value: intrinsic and represational.

EVERYTHING has intrinsic value. Intrinsic value is what the commodity itself is worth. Some things also have represational value (stock certificates, paper money, etc.). These items trade for the intrinsic value of the commodity they represent rather than their own intrinsic value.

261 posted on 07/24/2002 9:20:51 PM PDT by Deuce
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To: discostu
It's trading for $300+ an ounce. Duh. What it doesn't have is INTRINSIC value.

Melt a gold coin and you can still sell it for 300 dollars an ounce. Burn a dollar bill and it's worthless. It has intrinsic value because it's basic building block is an element. And that element is used for jewelry, electronics, and space equipment.

But we're giving it a lot of value. Important to understand the difference between intrinsic value and accepted value. Good currency doesn't have intrinsic value, things with intrinsic value are useful and it's bad when people start using your money as something other than money.

No it's good, like I said, because no matter what happens, you can always get value for it.

267 posted on 07/25/2002 1:45:27 AM PDT by #3Fan
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