News Reporter: Gold isn't backed by anything [video]

[libertybrewcity]

http://www.youtube.com/watch?v=aWyrjwXoIqA&feature=player_embedded

[pcosmar]

Duh,,,
Wut?

[Austrian Econ Disciple]

Well, hey might as well laugh as we watch the retards collapse the country? Right...right? ._.;

[Sola_Fide]

http://www.youtube.com/watch?v=aWyrjwXoIqA&feature=player_embedded

Oh dear...

[specsaregood]

Well, hey might as well laugh as we watch the retards collapse the country? Right...right? ._.;

Maybe she was talking about the paper gold market, in which case she is spot-on.

[Acala]

Lol! The US Dollar will be here a year from now while gold might be . . . um . . . gathered up by aliens and taken to a distant galaxy! So investors are more comfortable with the dollar which is, you know, backed by the US government and stuff.

[specsaregood]

Lol! The US Dollar will be here a year from now while gold might be . . . um . . . gathered up by aliens and taken to a distant galaxy! So investors are more comfortable with the dollar which is, you know, backed by the US government and stuff.

There are millions more dollars traded on the paper gold market daily than the physical gold market. And she is correct, it ain't backed by squat.

[Dr.3D]

Maybe she was talking about the paper gold market, in which case she is spot-on.


There are millions more dollars traded on the paper gold market daily than the physical gold market. And she is correct, it ain't backed by squat.

That's exactly what went through my mind when I heard her say "not backed by anything". Of course the paper market isn't really backed by anything but paper.

[Seraphim]

This is Canadian Broadcasting.

I hang my head in shame. Wait...no I don't. Expected!

[Sola_Fide]

Maybe she was talking about the paper gold market, in which case she is spot-on.

I don't know. In her defense of FRN's, she said they were backed "by the Federal Reserve" like that was a good thing...

[AGRP]

http://www.youtube.com/watch?v=lj3iNxZ8Dww

[specsaregood]

I don't know. In her defense of FRN's, she said they were backed "by the Federal Reserve" like that was a good thing...

yes, well I gave her my best possible defense. :)

[enjerth]

I'll back gold!

What's the dollar worth, 3% of it's value from 100 years ago?

I'll guarantee anyone that I'll purchase your gold for ____ get this, it's a great deal in comparison ____ 6% of it's value 100 years ago! That's twice as good as the dollar itself!

So an ounce of fine gold would be around $22.50 100 years ago, I'll guarantee you that I'll pay $1.35 an ounce. You get that? A dollar is just $1, but an ounce of gold for $1.35! That's 35% higher than the dollar!

[Travlyr]

TPTB to the poeple: Gold is too volatile to use as money. Buy Bonds! Preferably 30 year bonds.

[Acala]

TPTB to the poeple: Gold is too volatile to use as money. Buy Bonds! Preferably 30 year bonds.

Here, we'll help you by converting your IRAs and 401ks to US bonds.

[Acala]

yes, well I gave her my best possible defense. :)

There is a job for you in spin doctoring!!!

[Travlyr]

Here, we'll help you by converting your IRAs and 401ks to US bonds.

Online from the comfort of your own home in minutes.

[pcosmar]

yes, well I gave her my best possible defense. :)

But,,, Why?

[specsaregood]

But,,, Why?
Everybody deserves some benefit of the doubt and a chance at the best possible defense. This woman didn't do anything to harm anybody here, I figured I'd throw out some reasonable doubt for the forum jury. Plus, my points were valid and factual.

And plus, I really like screwing with the echo chamber from time to time.

[pcosmar]

This woman didn't do anything to harm anybody here, I figured I'd throw out some reasonable doubt for the forum jury.

The propaganda of the MSM could be considered harm.
Disinformation is harmful.

Though I can appreciate "screwing with the echo chamber" I would posit we get enough of that from the trolls.

[linusPAULing]

Maybe she was talking about the paper gold market, in which case she is spot-on.

If I had to wager money on it (no pun intended,) I'd guess that she wasn't spilling the beans on the paper gold market :)

[specsaregood]

Though I can appreciate "screwing with the echo chamber" I would posit we get enough of that from the trolls.

Are we not all trolls at one point or another?

Plus, maybe some uninformed person reading this thread might have had a spark put in their head when I spoke of the paper market vs. physical market.


If I had to wager money on it (no pun intended,) I'd guess that she wasn't spilling the beans on the paper gold market :)
Yeah, not taking you up on that wager. :) I would however wager that she had no idea what she was saying and was just reciting her script.

[pcosmar]

Are we not all trolls at one point or another?
Well I have lived under a bridge once or twice, and I have eaten goat. (curried)
But that is another issue.


Plus, maybe some uninformed person reading this thread might have had a spark put in their head when I spoke of the paper market vs. physical market.


That part was a good point, and worth the time to make.
It doesn't make her any less the idiot.

[mello]

Wow. That chick is fantastically stupid.

[devil21]

The only thing the dollar is backed by is machine guns.

[Kludge]

So... what is gold backed by? Limited supply? Show of hands -- who here has purchased or sold to someone who purchased gold for a reason other than its "ability to store wealth," be made into jewelry, or just to make a wager on future fear?

The US dollar is backed by a powerful government (really, many governments) which does not want to see their tax revenue dry up in a hyperinflationary or hyperdeflationary environment. The USD is not at all volatile compared to PMs, and can be used to purchase virtually every good or service in the US (and many places aside). Yes, the USD is pretty much always in decline, but it's a fairly gentle, predictable decline. It's not hard to factor inflation costs into your investments to determine what you're really spending to - for instance, give out a long-term loan. Despite constant criticism against Bernanke and wild claims his ideas will lose the trust of investors and devalue the currency, confidence in the USG is skyrocketing (as evidenced by plummeting interest rates on USG debt) and the USD hasn't entered into the death spiral alarmists have been screaming about.

-Devil

[Sola_Fide]

So... what is gold backed by? Limited supply? Show of hands -- who here has purchased or sold to someone who purchased gold for a reason other than its "ability to store wealth," be made into jewelry, or just to make a wager on future fear?

The US dollar is backed by a powerful government (really, many governments) which does not want to see their tax revenue dry up in a hyperinflationary or hyperdeflationary environment. The USD is not at all volatile compared to PMs, and can be used to purchase virtually every good or service in the US (and many places aside). Yes, the USD is pretty much always in decline, but it's a fairly gentle, predictable decline. It's not hard to factor inflation costs into your investments to determine what you're really spending to - for instance, give out a long-term loan. Despite constant criticism against Bernanke and wild claims his ideas will lose the trust of investors and devalue the currency, confidence in the USG is skyrocketing (as evidenced by plummeting interest rates on USG debt) and the USD hasn't entered into the death spiral alarmists have been screaming about.

-Devil

Thank you Devil. What does your evilness think about the USD losing its status as the world reserve currency?

[devil21]

So... what is gold backed by? Limited supply? Show of hands -- who here has purchased or sold to someone who purchased gold for a reason other than its "ability to store wealth," be made into jewelry, or just to make a wager on future fear?

The US dollar is backed by a powerful government (really, many governments) which does not want to see their tax revenue dry up in a hyperinflationary or hyperdeflationary environment. The USD is not at all volatile compared to PMs, and can be used to purchase virtually every good or service in the US (and many places aside). Yes, the USD is pretty much always in decline, but it's a fairly gentle, predictable decline. It's not hard to factor inflation costs into your investments to determine what you're really spending to - for instance, give out a long-term loan. Despite constant criticism against Bernanke and wild claims his ideas will lose the trust of investors and devalue the currency, confidence in the USG is skyrocketing (as evidenced by plummeting interest rates on USG debt) and the USD hasn't entered into the death spiral alarmists have been screaming about.

-Devil

Is that directed at me? Unclear on the Devil part. Anyway, paper gold isn't backed by anything other than a promise to pay, which is essentially the same thing the dollar is backed by. Physical gold is backed by history more than anything else, such as visual appeal, density and portability. In practice, the dollar is backed by the threat of violence against any individual and/or country that dares to attempt not to use it. The dollar has been in a death spiral for a long time and the new threats and invasions against countries that dare challenge it (Iraq, Libya, Iran, etc) is testament to the desperation starting to set in. The real goal of these invasions is to establish western controlled central banks that also operate by fiat to keep the hegemony alive and ultimately allow for the smooth transition to the next fiat currency once the dollar is completely dead.

[Sola_Fide]

Where is anarcho-fascism when you need it???

[nobody's_hero]

Everyone knows if you don't keep gold in a freezer, it melts. Come on people, let's find something that'll be around for at least a year.

[Dr.3D]

Everyone knows if you don't keep gold in a freezer, it melts. Come on people, let's find something that'll be around for at least a year.
Oh come on,.... I've got ice in my freezer that's older than that.


:D

[nobody's_hero]

Oh come on,.... I've got ice in my freezer that's older than that.


:D

Now see, if gold were backed by ice, then we could use it as currency.

[Dr.3D]

Now see, if gold were backed by ice, then we could use it as currency.

But does it weigh the same as a duck?

http://www.youtube.com/watch?v=zrzMhU_4m-g

[libertybrewcity]

http://www.youtube.com/watch?v=lj3iNxZ8Dww

lol, i was thinking the same thing!