Posted by Bob Huntress on December 21, 2011 at 13:17:31 from (184.41.93.233):
In Reply to: OT: Buying Gold posted by George Marsh on December 21, 2011 at 09:17:35:
Gold has artifical value. It's worth is based almost exclusively on it's limited status. I use the phrase, "You can't eat gold". Unlike silver, consumer goods are not dependent on gold. Aside from it's artifical exchange value, gold is relatively worthless. If world economies were to go completely array, as gold pimps articulate, is gold what you want to be stockpiled with? Put a different way, what happened when the housing market was inflated to levels that were completely unsupportable? What happened to this housing market when the cost of housing greatly excceded the value of the houses, due to flipping and speculating? It crashed. Those holding the inflated mortgages were stuck with a bill for a house that wasn't worth what they owed. Now everyone needs a place to live, while gold is not as necessary to support life, and if a commodity such as housing crashes when the cost excceds the value, imagine how much a crash gold will take? I'm asserting that gold is in a massive bubble, that makes the housing bubble appear to be minor. Even if the gold pimps are right and the worls economy tanks hard, gold will still crash.
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