wren
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Posts posted by wren
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In 1998 oil was below $10/barrel
In 2008 oil was around $100/barrel.
While i expect a HPC and Aberdeen prices to fall - i believe that Aberdeen will outperform Scotland and the UK.
Just out of interest - i bought a 2-bed flat in 2005 for ~100k (hardly Manhattan prices)
Now valued at ~140k.
While I don't dispute the atypical economic position of Aberdeen for some several years, do the high oil prices translate into better (or even inflation matching) salaries for the oil workers who live in the locality?
I suspect not much. How's the local economy beyond oil? Some of my nephews grew up at there in the eighties, and said that outside oil it was sh!te.
Off topic: Do the the school kids there still play American football?
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IRS debt consultation ad now. This ain't my regular radio station, only the one I like don't feed right now. Must change stations.
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I'm presently listening to an Amercan radio station via the internet. WNCX-FM, Cleveland, Ohio. They just had an ad for property auctions, if your surname begins A to O, call now blah, blah, surname P to Z call blah, blah et cetera. For knock down prices!
I suppose though Cleveland is one of the worst places. -
You lot don't want much do you, if this carries on I am going to go back to lurking
No wage figures in the latter half of the 20th century as I have already explained
Ooh, thanks very much. You seem to be susceptible to the "magic word".
Could you do the whole century and a bit (1900 -2007)? Would be great.
Pretty please.
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I tried to take more than a £1000 out of Barclays on a Saturday after Christmas(£4000 to be precise) to open up an account elsewhere.They said "no",not more than a £1000.
I can understand the argument banks don't hold a lot of cash,but maybe theres more to it,like they are trying to hold onto as much on deposit as they can.
I find your experience very worrying. Let's face it, £1000 isn't such a lot of money these days. If £4000 were payed out in fifties that's only eighty pieces of paper, which doesn't occupy much space. Was this a current account?
(The equivalent in euro five hundred notes would comfortably fit into an ordinary wallet.)
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You seem to be more interested in the 1st half of the 20th century, I have created two charts showing raw data with no trends. The first is without log y and the second with log y
Thanks for the graphs. Look at what gold did in the '30s, especially the early '30s!
Could you post similar graphs for the end of the 20th century? Pretty please.
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Brown retorts "It's all the more remarkable that inflation is low and 2.1%...especially when you have rapidly rising prices"
On the question of a recession. Brown replies "The economy depends on us being able to cut interest rates, through having low inflation"
Interviewer "So there won't be a recession?"
Brown "Our aim is to keep the economy growing, its always been our aim"
Remarkable indeed. Miraculous even! It's a miracle economy!
In other news, chocolate rations are being increased from 30 g to 20 g .
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I've found two 10k reductions:
4-bedroom detached, Maidstone, Kent:
26th Jan 2008 23:08:50
* Price changed: £299,950 £290,000
4-bedroom detached, Maidstone, Kent:
26th Jan 2008 23:11:16
* Price changed: £274,995 £264,995
I only spent 5 minutes on it yesterday and today looking. There must be many, many more.
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The shame is they probably believe it's actually worth that much and will continue to increase in value. As we know they're in for who knows how many years of negative equity. Debt for life maybe.
Really they have been sucked into what is a financial mania and are buying at just the wrong time. It's very sad.
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Works great - well done to the developer. I was able to easily see today that of the 7 'new' properties in my rightmove email notification, 3 were actually price reductions on existing properties. Excellent.
Heehee. Works rather well, and the authors are to appluaded.
Free 'n all.
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Goldfinger, Guru of my life, you have made millionaires of so many of us on this thread. I worship and salute you.
p.s. FFS lets us all know when the best time is to sell and take our profit O mighty one. My ass and left eye is starting to twitch.
Prob is you need the estimate the value of your holdings.
The rest is speculation.
DYOR.
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mispost
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Bumpety bump. Because some members might find it advantageous even.
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Sorry if this is getting boring, but the Zurich vault growth is astonishing!
. $7M cash converted to Gold. Jan 25th:
London New York Zurich Dollars Euros Pounds
1,231.226 100.759 4,329.463 7,327,180.47 3,924,654.15 7,009,863.09
Oops, but whom might must one trust when it comes to money!
I wondered why the Zurich vault was so popular, am I missing something?
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Does any one know how much a tradesman got paid per day or week, in gold or silver throughout history? Im sure GOLDFINGER has a graph up his gold sleeve somewhere? Talking of sleeves....
The idea of a suit costs an ounce of gold is somewhat distorted by todays mass production. Asda do a suit for £20 I think.
I used to know numbers from ancient times to early the 20th century in terms of silver. For wage reference a good historical standard is reckoned to be a private soldier in the army. I find this plausible because the economic value is likely similar in the broad scheme of things. I lost my old files on this (a lost hard disk) but we could seek them out again. If my memory doesn't fail, a typical labourer in 19th century U.S.A. earned about one ounce of silver a day.
Anyway, let's check this out. Information does exist from ancient Roman times, Anglo-Saxon times etc. Silver was generally a good standard, although its value changed radically after the South American supplies were opened to Europe.
Re Asda: a suit of what for 20 quid, man?
The one ounce story should surely be a top-notch three piece man's suit.Really, I was trying to point out the likely radical undervaluation in 2001 and indeed as you say structural economic changes might well have invalidated that comparison. These are interesting fundamental economic considerations.
I wonder what "fair" value for an ounce of gold is?
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I agree that this deflationary talk is getting ridiculous.
Deflation of gold is to be taken most seriously, in my opinion. If your krugs, britannias or whatever start getting smaller I'd blame it on the pesky pixies.
Happy weekend, all, I'm off for a couple of (amber-coloured) shorts.
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Like any other commodity it's volatile and can rise/fall quickly.
IMO it's a neutral currency, little more.
What ever anyone believes it to be is just that, their intangible belief. In this respect it is identical to paper money.
Ultimately you sell gold for paper currency to buy something else priced in paper currency.
However, It's the next investment trend so I'm long.
It's certainly highly volatile and in modern history has been subject to decadal bear and bull markets.
In reference to the words I bolded, I believe that real physical gold cannot be inflated willy-nilly and in this respect differs radically from paper currencies.
@The original poster: you can post questions about gold in the main gold thread, which I suspect this site wants as its main theme is house prices. They're not such a frightful bunch, though some weeks you need to take care not to get hit by a wayward rocket.
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I am now teaching my 12 and 11 year old basic economics, finance and marketing so that they grow up with the knowledge to enable them to prosper in what is going to be a very uncertain future in the UK.
Teach them the history of monetary systems. It's interesting and important as well as being of historical interest. The essential ideas are simple in a way which I guess a reasonably smart 12-year old could readily appreciate (start them young).
I voted I tell those who enquire. And I've been a UK property bear since 2002
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A couple of new, round number all-time records were made today:
20 000 euros a kilo
1 000 Swiss francs an ounce
$US 912.10 as I write.
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Someone trying to construct a weekly close below $900.
Nearly that time of day. I wonder if they can come up with a good smackdown. ($ 911.90 right now)
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In honour of this the 500th page of this thread, I hereby award this (gilded) bronze medal:
And welcome to crutchley!
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And a bit of news to keep the ball rolling perhaps. Surprised nobody's mentioned it thus far:
All South African gold and platinum production ceases for '2-6 weeks'.
I was just reading about that at the BBC and assumed it had been posted here.
SA gold mines shut by power cutsSouth Africa's biggest gold and platinum mining companies have suspended production because of a spate of recent power cuts.
They took the drastic measure after state power company Eskom said it could not guarantee supplies, raising fears of miners being trapped underground.
South Africa is one of the world's biggest producers of platinum and gold.
Link: news.bbc.co.uk
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Are you guys gonna give yourselves a gold medal when you hit 500 pages.. or are you gonna save it for the round 1000?
I wonder what the correlation is between the length of this thread and the price of gold? Probably, quite high.
There's probably a long way to go in this bull, so 500 pages gets a bronze only (save silver and gold for later).
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Totally off thread, I have purchased the whole series of The Sweeney. In the second series they are investigating a series of thefts in which the information may have come from a bullion dealer. In one scene the bullion dealer says that the price of a Krugerand is now over £95... That series is from about 1975.
Interesting case of its gaining some very public attention. In real terms, due to Sterling inflation, that was followed by a bear trap in '76 and '77 !
The Great Depression Of 2008
in House prices and the economy
Posted
Looks ominously like a stupendous double top. Goldbuggies, though, might (unsurprisingly) scale it against gold and see a stupendous bulltrap.