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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 09/18/2009 : 11:33:31
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I was watching these two guests debate the future value of gold on CNBC (I think it was the Dennis Neal show).
The one guest said he thinks that gold will eventually become worthless because it has few industrial uses and is grossly overvalued now. I had never heard this argument.
The other guest asked him if he wanted to wipe out 5,000 years of history where gold has been a true currency and store of value.
What are your thoughts on that argument that gold has very few industrial uses and is grossly overvalued.
One of the other guests arguments was that based on inflation, gold should be valued in the $2,000 range?
Did anyone else see this show 2 days ago? It shocked me that someone would argue that gold would become worthless.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Nickelless
Administrator
USA
5580 Posts |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/18/2009 : 12:13:02
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The funny thing is the anti-gold guy said he would invest in aeriable land and food over gold.
The pro-gold guy said how would you barter with aeriable land when you need to go to the grocery store to barter when/if the US fiat currency is worthless.
And obviously food keeps for just so long so not like that is a good store of value. |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 09/18/2009 : 12:14:23
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My Magic 8-Ball says:
1)Gold will retain it's historical value
2)Gold will increase in U$ofA Dollar price, $2K/oz may not be the ceiling
3)Silver will have a higher percentage increase over time than Gold
4)It doesn't know what the Lotto numbers will be tonight
I did not see the show you mention, but there will always be somebody to voice an extremely silly idea to grab their 15 minutes of fame. |
There's profit if you melt things!!
8{> |
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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 09/18/2009 : 12:14:51
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So gold jewelry will be as cheap as costume jewelry? Everyone will have gold teeth? Less critical electrical contacts will all be gold?
I normally try to choose my words carefully and wisely, but that guy is an idiot!
Gold will always have a buyer and a seller. His argument means that there will be no buyers. |
goto the new and improved realcent: http://realcent.org |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/18/2009 : 14:01:30
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If you ever get to watch CNBC at 4 or 5PM (larry kudlow and dennis neal), there are always the gold bugs vs the gold haters.
Its always interesting to hear the debates that ensue.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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fb101
Administrator
USA
2856 Posts |
Posted - 09/18/2009 : 15:32:01
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| I suggest that the gold bear position has few intelligent uses and is grossly overvalued now, hence that opinion is already worthless. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 09/18/2009 : 16:10:59
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| I agree that gold has been worth something for 5000 years with few industrial uses that it with still be worth something in the near and far future. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 09/18/2009 : 16:24:16
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| Gold still has industrial uses that no other element can come close to replicating. |
Trolling is an art. |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 09/18/2009 : 16:43:20
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the only reason why gold has few industrial uses is because it's too damn expensive to use solid gold parts. It's why everything is gold PLATED.
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keys
Penny Collector Member
383 Posts |
Posted - 09/19/2009 : 10:40:37
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"The one guest said he thinks that gold will eventually become worthless because it has few industrial uses"
Oh what fools these mortals be!
You must be logged in to see this link.
gold's uses in-
electronics
computers
medicine
aerospace (spacecraft & sattelites)
even glassmaking
Best quote from the article-
Future Uses of Gold
Gold is too expensive to use by chance. Instead it is used deliberately and only when less expensive substitutes can not be identified.
As a result, once a use is found for gold it is rarely abandoned for another metal. This means that the number of uses for gold have been increasing over time.
Most of the ways that gold is used today have been developed only during the last two or three decades. This trend will likely continue. As our society requires more sophisticated and reliable materials our uses for gold will increase. This combination of growing demand, few substitutes and limited supply will cause the value and importance of gold to increase steadily over time. It is truly a metal of the future.
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I change with the times-
but like silver coins found in your change
I stay the same.
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The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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keys
Penny Collector Member
383 Posts |
Posted - 09/19/2009 : 10:48:50
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"It shocked me that someone would argue that gold would become worthless."
It shouldn't be too shocking since Keynesians at one time suggested that everyone dump gold, 'the barbarous relic', into the sea.
Considering the inflation that Keynesian economics has created, it has been suggested by a few gold bugs we should dump Keynesians into the sea.
Gold is The enemy of Wall Street, public enemy #1 in fact. If you buy gold you don't buy the junk Wall Street has to offer, so what better way to keep the greater fools, er, investors, to keep buying CDOs, MBS's, junk bonds, etc. than to make gold look useless?
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I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/19/2009 : 14:23:30
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Years ago the communist said that in the future gold would be used as bathroom fixtures. China must have plans for a lot of new bathrooms the way they are buying gold.
True, gold is not considered to be an industrial metal such as copper or even silver, but if the world ever needed gold as a monetary metal that time is now. |
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Think positive. |
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CNBC Debate Gold Future Value
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