Gold: $470.60/oz

[Gabo]

Energy doesn't make sense for use as a currency because it can be created (thus causing inflation).

And gold is inflated when it is dug out of the ground and minted.  That is the same thing.

The difference is that energy is useful in ALL situations, whereas gold is only valuable because people think it is pretty.

What happens to the economy when they finally figure out cold fusion, or hot fusion for that matter?
What happens when we get government off the backs of the nuclear power plants and power becomes cheaper?

What happens?  We all become wealthy and better off.
The more energy we can create, the more prosperous our society becomes.

This is called "progress", something mankind achieves when government doesn't suck it all away.

How do you carry it? Would you drive around with an 18-wheeler carrying a big battery?

I am speaking theoretically.
The use of energy as a currency would not be practical until it can be easily stored and exchanged.

Gold's most useful quality, with respect to currency, is the stability of the amount of it out there.

The amount of gold is always increasing, and the demand for it fluctuates continually.

Energy is much different.
It is easily consumed to create any types of products or services, and the demand for it is insatiable.

[Michael Fisher]

$570.40!!!

Remember it fell back down to $540 or so, when the interest rates went up. But it's back up now and very stable.

We'll see $600 before the end of the month (FEB).

Tracy

Our economy is dead!

[Russell Kanning]

I guess I am not that worried.

[tracysaboe]

Apparently governments are selling their gold stashes to try and obvuskate the inflation indicators. In other words, the supply of Gold is inflating too. Which means inflation is really a lot worse then what the price of Gold indicator says it is. (And it indicates it's bad.)

So inflation, instead of bad, must be really bad!

(Yes, really bad is a technical term 

Tracy

[KBCraig]

I just invested in some gold. Diamonds, too. And roses and chocolate.

Today is our 4th anniversary. The return on the gold and diamonds is definitely worth it. 



Kevin

[Pat McCotter]

I just invested in some gold. Diamonds, too. And roses and chocolate.

Today is our 4th anniversary. The return on the gold and diamonds is definitely worth it. 



Kevin

Ain't it though?

Happy 4th!

[Michael Fisher]

Au: $586.30
Ag: $11.61



Perhaps consequentialists are not wrong, but they're simply ignoring the big picture. In the short term, statism seems to work to those who do not know any better.

But in the long term, these are the practical effects.

[Fluff and Stuff]

Are you investing in gold or something?

That's the sound of the US dollar collapsing.

Who doesn't own gold and silver bullion?  ???

Me.  I also don't plan on getting any.  I don't plan on putting solar collectors on my house or setting my car to run off of cooking oil.  I am not interested in farming or a earthship either   

OK.  I was wrong and I did get a little silver but much later 

[Kat Kanning]

Gold $597
Silver $12.04

[Michael Fisher]

Gold $597
Silver $12.04

Woohoo!  Goodbye, US government.  *waves*

[Michael Fisher]

Au: $599.20
Ag: $12.75

This is insane!

So how many months do you think it will be before the US' final economic disaster?

I say less than a year.  I've been wrong before.

[Fluff and Stuff]

Au: $599.20
Ag: $12.75

This is insane!

So how many months do you think it will be before the US' final economic disaster?

I say less than a year.  I've been wrong before.

No.  It is not insane.  Gold got to over $800 before (over $3,000 in today's money) and silver was over $50 (several 100 in today's money) and they economy did not fall apart.

[DC]

Au: $599.20
Ag: $12.75

This is insane!

So how many months do you think it will be before the US' final economic disaster?

I say less than a year.  I've been wrong before.

No.  It is not insane.  Gold got to over $800 before (over $3,000 in today's money) and silver was over $50 (several 100 in today's money) and they economy did not fall apart.

If gold goes to $3000 I will be so rich that I will not care if the economy falls apart. Interest rates went to 20%. Our economy and housing bubble can't handle that today. The government needs 2.5 billion dollars a day to finance our debt. Thats not being financed by Americans because our savings rate is 0. When the government and the consumers borrow from the future , the thing about the future is it eventually gets here.  I don't know if we are at the breaking point but I am watching closer now.

[tracysaboe]

Au: $599.20
Ag: $12.75

This is insane!

So how many months do you think it will be before the US' final economic disaster?

I say less than a year.  I've been wrong before.

No.  It is not insane.  Gold got to over $800 before (over $3,000 in today's money) and silver was over $50 (several 100 in today's money) and they economy did not fall apart.

There were different factors that time though. See for several decades individuals had not even been allowed to legally own gold for some time + currency had been inflating rapidly even though "officially" gold was worth $47 an once or whatever. When Nixon went off the silver standard and it became legal to own gold again the market quickly corrected to that rediculously high gold price. But it was a bubble cause by a government caused gold opposite-of-bubble prior.  The market quickly corrected once things became more liberalized and wage and price controls went away.  Mining companies quickly started searching for gold and gradually the price of gold came back down -- that doesn't mean that there wasn't a lot of inflation.

We don't have that same distorsion that we did that time. If gold got up to $800/oz it would be for real this time -- as opposed to a bubble caused by previous distortions like it was the last time.

Tracy

[cpmarch]

  GOLD
614.50
+18.20
+3.05%

  SILVER
13.37
+0.48
+3.72%

  PLATINUM
1094.00
+23.00
+2.15%

  PALLADIUM
356.00
+12.00
+3.49%

What a day...