$60b wiped off market (5 Viewers)

[Garygaz]

what did you use to measure it as 3 ounces?

 

[zombie omie jay]

water displacement and density

edit: displaced like 5ml of water. 19g/cm^3 density = 95grams?

 

[Garygaz]

i will consider, i'll talk to some people and i may be your man (no homo, just as two men doing bzns)

 

[cosmo kramer]

shane prob has a piece of painted rock that he's going to sell to you

 

[Garygaz]

would maybe consider if i had some insurance to sell back to you within 1 week if a jeweller says it isn't pure the whole way through or is fucked for one reason or another

 

[funkshen]

ol' peter costello selling our 167t of national gold reserves for $300/oz

 

[cosmo kramer]

fuck me dead funkshen are you sure youre not fern

jesus christ lol im amazed at this (not insulting you this is just incredible)

 

[funkshen]

fuck me dead funkshen are you sure youre not fern

jesus christ lol im amazed at this (not insulting you this is just incredible)

whats a fern? maybe i am but i need a bit of backstory first

 

[cosmo kramer]

whats a fern? maybe i am but i need a bit of backstory first

my buddy fernando munoz
hes from chile he lives in california and posts on another board i post at and have been posting at since 2004

he posts and writes in exactly the same way as you youre like identical in writing style / sense of humour etc

 

[funkshen]

why do you call him fern? i'd call him nandos

 

[cosmo kramer]

fern is his internet name

 

[funkshen]

fern is his internet name

nando's is fucking grouse though

 

[cosmo kramer]

yes that may be so but is it as grouse as this

 

[abbeyroad]

fuark i'm pretty sure i never said we shouldn't use gold as a store of value. but keep on saying whatever you want. let me spell it out clearly for you, because clearly you've got these pre-prepared, shit one liners in your head before you post:

1. i believe gold is overvalued and in a bubble
2. i recognize/understand golds place as a store of value yet i personally don't agree with the philosophy behind it


i'm happy to discuss with anyone why i think this is the case, but shit son, post something worthwhile.

hahahah wait what so you don't agree with the philosophy behind using gold as a store of value yet you still think that we should continue to use it as such? well then either you're contradicting yourself or your disagreement is actually disingenuous.

"hey that bike looks nice let's steal it!"

"well I don't agree with the idea of theft but ok let's do it!!!"

ahahahahahahhahaha


do you object to derivatives and shares as stores of value yes or no

 

[abbeyroad]

holy fuck you guys are incapable of having a decent discussion, you actually expect me to reply when you post shit like this? for all my apparent shit investment philosophy, maybe it'd interest you that my portfolio is up 22% from beginning of the financial year already.

lulz lulkz my porfoll up 22%11!!11 therefore I knw moar den u lulz~~1111

yeah I made hundreds of thousands speculating with my parents' money in 07 suck my dick son.

money is a direct substitute for trading by barter, everyone knows its value. people work a days work, they get an income, a value is placed on their time and hence they can buy goods/services with their EARNED cash.

yeah and gold, like securities, is a direct substitute for money. everyone knows its value, they invest in it for a period of time in the hopes that it will appreciate. a value, represented by the required rate of return, is placed on their capital and hence they can buy goods/services with their EARNED cash???

come on bro tell us how gold is different from shares and derivatives which don't really do anything either when essentially the philosophy behind them as stores of value is the same.

gold is like the housing market in 07 right now. its speculation/emotional trading run rampant. 'oh why would the housing market crash in the states, this is prime land, there's constantly population growth to put more pricing pressure on real estate, it can never go down'.






Article/graph showing massive shorting increase in gold from investment banks.

http://goldnews.bullionvault.com/gold_short_063020106

p.s i realize that article is a year old, will update, have seen recent figures, can't remember the exact site though.

hahahahahahaha are you implying that there had never been any sort of speculation in the equity and derivative markets?

no really, tell us how gold is different from index funds or derivatives for that matter? just as the price of an index fund is tied to the performance of the index which it tracks, the price of gold is tied to the performance of the economy as a whole. when the ROI in other markets is much greater, the price of gold would naturally go down. and during times of great uncertainty and decreased ROI in other markets what happens to the price of gold?

just because in your view there is a gold bubble does not mean that people shouldn't use it as a store of value. the most you can say is that it's overpriced, not that it shouldn't be used as a store of value because lulz it doesn't do anything11!!!

 

[Lolsmith]

lulz lulkz my porfoll up 22%11!!11 therefore I knw moar den u lulz~~1111

yeah I made hundreds of thousands speculating with my parents' money in 07 suck my dick son.

Is this true

If so

Can we be best friends

 

[abbeyroad]

Is this true

If so

Can we be best friends

lol

fyi I only took about 5% gave the rest bakc to teh rents. lost ~40% of that in the gfc and now I only have about $300 in my bank account. I'm actually broke as hell so no funny ideas.

 

[abbeyroad]

actually I made all of that up my parents are sanitation workers they have zero asset and I'm on centrelink please don't kidnap me.

 

[Blastus]

It's natural to be skeptical of gold or gold buying but garygaz's issues with it show an underlying ideological issue with gold

same reason buffett is irritated about gold, it's money not being invested in his index funds

 

[Blastus]

I made money in the GFC because of Peter Schiff, u mirin