G0ldfinger

OK, I guess it is really that we get bored by the same questions over and over again. A monetary commodity has the signature that its readily available above ground supplies are huge in comparison to what is newly created (mined) every year, and what is used up (consumed, destroyed) every year. Gold is pretty much the only commodity that ticks this box. Furthermore, it's the only commodity central banks have on their balance sheets. The other boxes a commodity that wants to be money has to tick are: - homogeneity - divisibility - durability - scarcity The precious metals all make fairly good money. But gold has been chosen by the market to be their king.

Anyway, why do you worry about gold if you can invest in facebook? Or, instead, you could go and start shorting stocks of securities firms and military equipment. I heard the Earth will be an entirely peaceful and safe place from now on.

I did not delete anything. So, better get your computer skills sorted (besides the use of times). You asked why IS gold money. I said because it has been for 6,000 years. Then you said only because people have done bad things during the past 6,000 years it wouldn't mean that you personally would do so in the future. With that statement you suddenly changed the time in question from present to future, so you made a first mistake. The second, logical, mistake was of course that it doesn't matter at all what you in particular will do. But I granted you the mistake and explained in laymen's term that something humanity has done for 6,000 years it won't drop that easily (even in the future), and pointed to the fact ("newspaper") that in the case of people doing bad things, it was still going on and that there was no evidence whatsoever that the doing of bad things would stop. Then you apparently really wanted to start counting beans, by pointing out that a newspaper reports news of the (immediate) past. This however, I pointed out, was a pretty weak argument as the newspaper is clear evidence that bad things are still going on in the world and that there is no evidence that this will stop anytime soon. Your arguments make no sense.

You're a wise guy, eh? But you make one mistake after the other. It was you who used the present time in the original question. And now you seem to blame me that you did not use the right time. Did you go to school or the uni in the UK by any chance? Edit: I take the question back since I don't want to be controversial.

Thanks a lot. I stick with silver. http://news.silverseek.com/SilverSeek/1294236772.php

Here is some hard evidence of the systemic afternoon CRIMEX smackdown: http://gold.approximity.com/since2006/Gold_USD_PMAM.html http://gold.approximity.com/since2006/Gold_USD_AMPM.html

On a time horizon of 6,000 years, a newspaper tells you about the present.

http://gold.approximity.com/gold-silver_watch.html

http://gold.approximity.com/gold-silver_watch.html

http://gold.approximity.com/since1999/UK_H...es_in_Gold.html

That's a poor argumentation. That people have been raping and killing for more than 6,000 years simply means that they will continue to do so, no matter what you personally do. Proof: Open a newspaper. Q.E.D.

Spotted on JSMineset: The price action over the last week confirms this. Gold may soon correct upwards.

Yes, this could happen.

The free market has decided so during the past 6,000 years.

People are showing me information that gold and gold mining as a share of global financial assets [excl. gold] are still at an all time low of below 15% or so, while at previous peaks this ratio was over 100% (i.e. gold-related investments making up more than half of all financial assets at a gold market top). No bubble in sight. WE ARE STILL AT AN ALL TIME LOW FOR GOLD INVESTMENTS, FFS!!!! (Sorry, but sometimes it has to be said loud and clear.)

Shocking (or sweet) to read that $1,370/oz is now considered a record low for gold. A few more such record lows ($1,650, ...), and a few people on here will be able to retire early.

Look, they UK's current "austerity" still means a huge deficit while the economy is just in pain and retail price inflation is well and alive. Now you expect me the pound to strengthen against gold? I'd rather believe in Santa.

They're all going to have a surplus suddenly! There will be real austerity! Come on, you can't be serious.

Good call.

It looks a little like some capping efforts are being made in gold, which looks a little as if ready to correct upwards.

Look at this chart. The biggest turds have performed best today, while the "harder" currencies (gold, Swissie, Loonie) got punished. http://www.kitco.com/gold_currency/charts.htm?EUR

Sweet!

http://gold.approximity.com/since1968/UK_H...ces_in_USD.html http://gold.approximity.com/since1968/UK_H...ces_in_EUR.html

How about this: nationalize the mortgage business at fixed rates of 10% percent, state guaranteed, like in the US (and run by the now on 25K/year salary banksters). Everyone with a 25% deposit gets a 3-times income loan. House prices would possibly crash 67%, but many more people could afford one on a sound financial basis. Back to my points before, for a proper solution, the state would have to jump in with emergency loans, but not to banks who just carry on as before, but to the businesses themselves, using the state-owned banks, whose banksters now get public level salaries (or, better, slightly less). Furthermore, bankster brain drain really has to be encouraged. We don't want these brains, they have ruined us.