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sharpe

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Everything posted by sharpe

  1. Sorry - I agree with you -I meant the free market idea is ivory tower
  2. It is called a free market - those externalities sure are a pain on this ivory tower idea
  3. My point is people use gold when they are free - other things are used but with less success. Empirically gold is money - other commodities do not fit the bill. Silver tarnishes, copper has too low a value to weight ratio, wheat is difficult to store and transport, paper is a promise to deliver some other thing as you know.
  4. Rubbish - very few things have the right qualities. Try storing masses of piping or using it to trade etc... Humanity uses gold as money - that is empirical. No justification is needed it is fact. All attempts otherwise have failed. Sure we can be free to use anything and when we are people use gold.
  5. All commodities are determined by what the market is prepared to trade for them. Empirically gold is money - like it or not...
  6. try getting some for free at the garden centre - I am sure they will understand
  7. good spot! - that has to be the exception rather than the rule. i do not think it changes the point
  8. how many commodities have fallen to zero value? how many paper currencies have fallen to zero value? in this case are commodities fundamentally different from fiat currencies?
  9. western people (not central banks who store it by the tonne) seem to have forgotten thousands of years of experience which say something different
  10. I have a few friends from Zimbabwe with a different experience
  11. i think the price from 1980 to 2000 only makes sense if the price was managed by the Fed through the derivatives market.... there is a motive and the means for this action, but likely no direct proof.
  12. In 1980 interest rates went to 20 percent - then gold fell. Anyone using the term "goldbug" is a VI or a loon.
  13. To be honest I am just having a bit of a joke with RB. I bought my first gold in 2003. I sold it about a year later after an article in the economist saying central banks would have their 500 tonne limit removed. The price kept going up and I only ever read negative articles on gold - especially in the economist. It reminded me of the similar spin you get on foreign policy, so I bought more. I have been buying more since - did the ecomist coin the phase "goldbug" - would not be suprised. I also read a bit of Austrian economics - the part on banking liabilities not matching assets by duration I recognised as a serious flaw from my own profession. I think a gold standard seems a good option - the supply of gold has typically risen about 2% a year, which is probably about right when compared to human progress. I also think the economics profession is an old style profession, where people talk knowledgably about things they have no clue. General Practioners used to do this, but have changed a lot now.
  14. I agree Gold now back above $1200 an ounce. Negative post from RB on gold - is a clear sign of a buy on the dip
  15. Nearly back over $1200 an ounce. Dude - you are way off on this one - just quit now before it gets more embarrassing.
  16. It sounds like you know this, but references from: -bank -employer -previous landlords Would be a good start Your friends credibility is now zero. I would agree with the other poster - prosecute her for crimminel damage - what were you thinking repairing it? Go through the courts even small claims courts. Cannot let yourself be treated like that
  17. A long term mean of 300 loaves +/-30 percent is pretty good stability in my eyes.
  18. I suppose we agree that it is possible to save for the very long term - whilst you will die - your descendants might not. Your argument seems to be that the high volatility of gold makes it an impractical means for the average person. People have tried various metals and combinations as stores of value, which might lower the volatility - though I understand all precious metals are extremely highly correlated. You might have some non precious metals - but then the quantities needed for the average person would become impractical. On an international market - I wonder what the worst ratio of gold to bread loaves is in the last 200 years? Do you have any backing data for the 300 loaves - might we not expect a trend upwards - so more loaves as agricultural technology increases and gold mines run out?
  19. I understand in Zimbabwe many people spent time panning for gold and trading it for food, as their only means of survival - I suppose you are talking about the exploitative rates those people received on the black market - if these people had better transport, though could have had rates 8 times better. I do agree the price will go up and down relative to say wheat, but the basic principle remains that is has stored value for 5000 years, and today buys similar consumables to other epochs.
  20. an ounce of gold bought a very good suit in Roman times - it still does....
  21. does the move from $300 an ounce to $1200 an ounce suggest people think 15 years is too long?
  22. which did we have between 1997 and 2010 - how did gold do relative to house prices?
  23. the person that started the thread said that low, positive, stable inflationary environment was bad for gold.
  24. there is also default risk - which is hedged by physical gold. it is this risk that makes gold good value in deflationary times - as many deflationary times are accompanied by high risk of default on bonds etc...
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