Speculation & Gold

[tricky]

Apologies, Steve.

[essence]

For Steve Netwriter, Tricky & Monid

Hi Guys

Just edited and "de-bolded" (word?) it for you.

When you cut & paste from original source, Steve, you'll have to edit it to suit your requirements. No other way, I don't believe.

[Steve Netwriter]

No worries tricky

OK, thanks essence. It's a bit of a pain sometimes when copying from titles and such. I often take the time to go via a text editor to rid of it all.
In this case I was in a hurry, and I didn't want to lose the indented stuff.

I'll have a play around next time and find out how to do it.

[Steve Netwriter]

There is a tendency to ignore history. We do so at our peril.
We also tend to think only recent history is relevant. This is misguided.

This is the history of gold:




Jewellery
4000 BC - A culture, centered in what is today Eastern Europe, begins to use gold to fashion decorative bjects. The gold was probably mined in the Transylvanian Alps or the Mount Pangaion area in Thrace.

First Use As Money
1500 BC - The immense gold-bearing regions of Nubia make Egypt a wealthy nation, as gold becomes the recognized standard medium of exchange for international trade.
The Shekel, a coin originally weighing 11.3 grams of gold, becomes a standard unit of measure in the Middle East. It contained a naturally occurring alloy called electrum that was approximately two-thirds gold and one-third silver.

China
1091 BC - Little squares of gold are legalized in China as a form of money.

Great Britain
1066 AD - With the Norman conquest, a metallic currency standard is finally re-established in Great ritain with the introduction of a system of pounds, shillings, and pence. The pound is literally a pound of sterling silver.
1284 AD - Great Britain issues its first major gold coin, the Florin. This is followed shortly by the Noble, and later by the Angel, Crown, and Guinea.
1377 AD - Great Britain shifts to a monetary system based on gold and silver.

US
1787 AD - first U.S. gold coin is struck by Ephraim Brasher, a goldsmith.

Default
1971 AD - On August 15, U.S. terminates all gold sales or purchases, thereby ending conversion of foreign officially held dollars into gold.



References:

The History of Gold - National Mining Association

http://www.nma.org/pdf/gold/gold_history.pdf

[Monid]

Quite so.
Is there a way to do that without going via a text editor ?

Yep, use firefox. Then get the Extended copy menu addon. This will give you in your context menu (right click) the option of copying as html if you want to preserve the formatting or copying as plain text if you do not.

Very handy extension if you are active on forums or blogs

Cheers
David

[Perry]

Steve, using either of the Post Reply options,
you'll see this little thingey up in the top-
left hand corner, where all the format icons are.

Highlight all the text you want to de-format
(is there such a word?) then click on
and all the formatting should be removed
(from what you high-lighted).

Sometimes takes two tries. Give it a go,
next time? You might get lucky.

[Baron Silas Greenback]

Steve - Cant you see that many many commodities have been used as currency over time? Land, food even water. Gold is not different, it is simply a tangible good which has the ability to be bartered. That doesnt make it money, that makes it .... a commodity!
This false differentiation is being pushed by people with a severe agenda to make a lot of money form gold over the next couple of years. I know this first hand and it makes me quite worried for people who see gold as something it simply is not. Same as people made assumptions over property... that were a bit.... naive.

[outspoken]

Steve - Cant you see that many many commodities have been used as currency over time? Land, food even water. Gold is not different, it is simply a tangible good which has the ability to be bartered. That doesnt make it money, that makes it .... a commodity!
This false differentiation is being pushed by people with a severe agenda to make a lot of money form gold over the next couple of years. I know this first hand and it makes me quite worried for people who see gold as something it simply is not. Same as people made assumptions over property... that were a bit.... naive.

Personally, I think you're right Baron, Gold just like property is a good store of value...it is not money, but in either case there is money to be made depending on how many 'people' read 'suckers' you can convince to join you.

[Steve Netwriter]

Yep, use firefox. Then get the Extended copy menu addon. This will give you in your context menu (right click) the option of copying as html if you want to preserve the formatting or copying as plain text if you do not.

Very handy extension if you are active on forums or blogs

Cheers
David

Thanks David, I'll definitely get that one

[Steve Netwriter]

Steve, using either of the Post Reply options,
you'll see this little thingey up in the top-
left hand corner, where all the format icons are.

Highlight all the text you want to de-format
(is there such a word?) then click on
and all the formatting should be removed
(from what you high-lighted).

Sometimes takes two tries. Give it a go,
next time? You might get lucky.

Thanks Perry, it would probably have taken me a while to find that symbol and what it does. I'm glad I didn't get round to trying it out before you posted

[Badger]

I see schools been on gold...

but any one into proper finance - economics knows gold is money first!

Under the present fiat system bought to you by central bankers politicians and corporations with there high priests the economists most have been brain washed into thinking commodity!

When Gold was $250 who do think was buying the gold? Like say Britians gold that Brown sold cheap? Why central bankers and powerful families bought it! Why would that be?

Its the same people conning you its a commodity...

[Baron Silas Greenback]

Stupid debate from the tin foil hat wearers again.

http://dictionary.reference.com/browse/commodity

http://www.merriam-webster.com/dictionary/commodity

In particular

1: an economic good: as a: a product of agriculture or mining

3.Stock Exchange. any unprocessed or partially processed good, as grain, fruits, and vegetables, or precious metals.

Origin: 1375–1425; late ME commodite < AF < L commoditās timeliness, convenience, equiv. to commod(us) (see commode) + -itās -ity]




we ask for a few facts, they bring conspiracy theroies. How typical. The term and definition was around well before your imaginary evils...

And as for 'proper finance'.... oh dear.. when someone disagrees.... its because they dont do 'proper finance'.

Badger - Do you consider livestock products a commodity?

[Jumpin]

Gold falls below $800

Seems the gold peddlers have gone quiet for now. Gold down 3%, Silver down 11%

http://www.stuff.co.nz/4657289a6026.html

[Steve Netwriter]

Seems the gold peddlers have gone quiet for now. Gold down 3%, Silver down 11%
http://www.stuff.co.nz/4657289a6026.html

3% ?! And the rest !

Sorry too busy elsewhere talking about it to post much on here

If you can time it right, this offers an amazing opportunity for buying.

[Steve Netwriter]

OK, a few things.

A couple of long term charts to put this into perspective:






It's becoming very difficult to buy at these prices because demand is outstripping supply, either because supply can't keep up, or because supply has been restricted.
An example from Kitco:




Anyone on margin (even worse with leverage) has probably been slaughtered. There have been plenty of warning about that.
And when they go short, they'll be slaughtered again on the way up !


If anyone thinks the fundamentals have changed, that all has been fixed, I suggest you sell your gold/silver and buy US$