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Post by Swampy on Feb 17, 2013 1:54:44 GMT -5
SJ, that should get your all excited about the US. ;D |
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Post by Deleted on Feb 17, 2013 2:15:51 GMT -5
A load of bullion.
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Post by Sir John on Feb 17, 2013 4:06:41 GMT -5
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Post by Deleted on Feb 19, 2013 23:43:43 GMT -5
Ancient gold mines in Africa Swampy
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Post by bluejay77 on Feb 21, 2013 5:55:49 GMT -5
Why is the gold metal, Au, precious, if not because it is an ancient tradition to consider it valuable?
I mean, the price of uranium is based on its practical value and the cost of production, mainly; but gold has a very high value -- because individuals merely think that it is precious? Gold has some uses in the industry, in the space, in medicine and so forth, but these applications, I think, do not determine its international trade value.
Psychology is important in the economy and economics.
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Post by Sir John on Feb 21, 2013 14:43:20 GMT -5
Gold has been valued for 10,000 years, both as an ornament, and as MONEY!
It is rare, hard to find, hard to process, and lasts forever. ALL gold ever mined is still in existence somewhere. It is malleable to a tiny degree, it does not rust, and retains its lustre.
It cannot be forged, and can be produced as a coin in tiny fractions of the original. I have 3x 1/25th of an ounce coins, about a centimetre in diameter.
SILVER is even better, about 50% of all silver mined each year is consumed by industry, and very little is ever recycled, the individual amounts are too tiny.
At present growth of supply and demand, silver will be in very short supply in just a few years. Silver is generally mined as a by product of lead and zinc, very few silver only mines exist.
SJ
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Post by Deleted on Feb 21, 2013 15:01:19 GMT -5
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Post by Sir John on Feb 21, 2013 16:39:00 GMT -5
Premier,
Sorry, but get back to me when you have proved that gold is as plentiful as COAL. By weight, volume or value.
SJ
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Post by Deleted on Feb 21, 2013 17:06:46 GMT -5
Links to ancient gold mines have been posted here and OTR and references to hidden gold reserves however I found a different interesting gold link www.cnbc.com/id/46603502/Gold |
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Post by Sir John on Feb 21, 2013 18:17:38 GMT -5
Premier,
I have read 1000 of these works on Gold and Silver over the past 5 years or so. I have never seen it suggested that there is a vast stock of either metal just sitting there, waiting. In fact NO central bank has silver in its vaults - NONE! Even the US Mint buys much of its silver ASE blanks from the Perth Mint. Of the 30+ million ASEs minted every year many are in fact Australian silver.
A thousand tons of Gold in nothing much today, and all the various vaults, and what is in them, are all well known to those that matter.
In my view, the upside for Silver is vastly greater than the upside for Gold, probably by a factor of 5 or more. Only the ones that own the PHYSICAL form will win the game, the holders of silver in paper form will lose their money, that paper will be as worthless as a paper US dollar.
JMO
SJ
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Post by bluejay77 on Feb 22, 2013 4:57:09 GMT -5
Gold has been valued for 10,000 years, both as an ornament, and as MONEY! It is rare, hard to find, hard to process, and lasts forever. ALL gold ever mined is still in existence somewhere. It is malleable to a tiny degree, it does not rust, and retains its lustre. It cannot be forged, and can be produced as a coin in tiny fractions of the original. I have 3x 1/25th of an ounce coins, about a centimetre in diameter. SILVER is even better, about 50% of all silver mined each year is consumed by industry, and very little is ever recycled, the individual amounts are too tiny. At present growth of supply and demand, silver will be in very short supply in just a few years. Silver is generally mined as a by product of lead and zinc, very few silver only mines exist. SJ Thank you for a really good answer. So -- en.wikipedia.org/wiki/Moneythe functions of money (after that article) are * a medium of trade * a unit of value * a lasting store of value; and * a standard unit of deferred payment. So investing in gold does make sense -- because it is an everywhere accepted form of money. It is actually a universal convention of society which makes gold precious.... In addition to other points you mention! Thanks. AJY |
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