Announcement

Collapse
No announcement yet.

iTulip.com Gold Myths Cheat Sheet

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #46
    Re: iTulip.com Gold Myths Cheat Sheet

    Originally posted by ThePythonicCow View Post
    For reference, I suppose you refer to these definitions from the post you reply to:
    1. Gold is a meta-currency, a means of exchange between currencies.
    2. Currencies are used as a means of exchange for goods and services.
    3. Gold is not used as a means of exchange for goods and services.

    These definitions are stated too broadly. More precise statements would include such qualifications as "efficient", acknowledging that spending a 1000 dollar's worth of gold (is that a 1 oz coin?) for 50 dollars worth of gas is not efficient.

    That in mind, the primary use of that gold piece today is as a store of wealth, which is another purpose of money not listed above. I did not list that purpose because my point, seemingly lost earlier in this tread, involved the particular word 'currency', which as we are learning the hard way, is not a good store of wealth ;).

    In particular, that coin may be a form of wealth that better holds its value past the substantial world currency upheavals that we fear happening. In that event, that coin might serve as an instance of the first definition, a meta-currency, and it would be in that role that your fine looking coin better preserves your wealth.


    Words have many meanings. In some contexts, "dollar" would mean a paper Federal Reserve Note, rather specifically. In other contexts, "dollar" would mean all things physical and electronic that all parties are confident all other parties will readily exchange (perhaps indirectly via some routine action of yourself, such as taking cash from an ATM machine) on equal parity with a dollar. That second definition is situationally specific. If all the ATM's are shut down for a week by a bank holiday or a electromagnetic pulse (EMP) nuclear explosion over Kansas, then people will tighten up their working definition of what is a "dollar" when it comes time to buy groceries.

    (Did you ask this question just for the pleasure of posting pictures of fine gold coins? )
    Hi TPC

    I did not ask for the pleasure of posting the picture, although it did bring me some I must say ;)

    The questions were posed because as you say words have meaning and definition, they convey ideas and preceptions, in fact words are meaningless without. If ones understanding of that idea is shrouded in ambiguity because one is unable to define properly and tie down the meaning of words it can allow and provide the vehicle for, fraud and abuse, this was the reason I posed the questions, as food for thought.

    Sapiens forum offers some on the topic.
    "that each simple substance has relations which express all the others"

    Comment


    • #47
      Re: iTulip.com Gold Myths Cheat Sheet

      What I'm glad about this is that I could increase my position before the devaluation of Mexican Peso in October 2008 and in early December 2008 just below US$750.

      I've posted before that according to Mexican Laws, Gold and Silver are still part of the Monetary system, but the definition is obscure for the average street dweller. What I'm counting on is about the increase in consciousness and demand that the future can bring. Anyway, knowing the past performance of Mexican Peso, still is a no loss bet.

      What I'm waiting is a future opportunity to increase the position and being aware of the signals to get out before the stop or reverse in the actual long term trend.
      sigpic
      Attention: Electronics Engineer Learning Economics.

      Comment


      • #48
        Re: iTulip.com Gold Myths Cheat Sheet

        Doug Casey on Gold

        ... you might like this one TPC

        Comment


        • #49
          Re: iTulip.com Gold Myths Cheat Sheet

          Originally posted by Fiat Currency View Post
          Doug Casey on Gold

          ... you might like this one TPC
          Mr. Casey is "talking his book" (selling gold), as he usually is.
          Most folks are good; a few aren't.

          Comment

          Working...
          X