Since I'm stupidly out of town at the moment (and on a slow unsecured network) could you give me a quick review. Danged youtube won't load.....
The video said that they were not sure what Gold was backed by! But the paper dollar is backed by the Federal Reserve :dead-horse:
the way I see it, gold is like leaning on a peice of steel. it will hold you up. whereas the usd is like leaning on a peice of paper, you fall right through is. Nice laugh for tonight though
From The Treasure of the Sierra Madre by B. Traven, published in 1935: Anyway, gold is a very devilish sort of a thing, believe me, boys. In the first place, it changes your character entirely. When you have it your soul is no longer the same as it was before. No getting away from that. You may have so much piled up that you can't carry it away; but, bet your blessed paradise, the more you have, the more you want to add, to make it just that much more. Men, Christians and Jews alike, are so greedy or brave where gold is at stake that, regardless how many human beings it may cost, as long as the gold itself does not give out and disappear, they will risk life, health, and mind, and face every danger and risk conceivable, to get hold of the precious metal. Not dirty, baby. No, not dirty. Only I know whom I am sitting here with by the fire and what sort of ideas even supposedly decent people can get into their heads when gold is at stake. The gold worn around the finger of an elegant lady or as a crown on the head of a king was more often than not passed through hands of creatures who would make that king or elegant lady shudder. There is little doubt that gold is oftener bathed in human blood than in hot suds. A noble king who wished to show his high-mindedness could do no better than have his crown made of iron. Gold is for thieves and swindlers. For this reason they own most of it. The rest is owned by those who do not care where the gold comes from or in what sort of hands it has been.
I've seen some fairly ditzy things in my life but making the comment that "some investors are concerned over what gold is backed by" has got to be the absolute lamest thing I've ever seen! Hopefully the reporter will file a follow up story with "O ma gawd! What was I theenking?"
I liked at the end "no matter what happens with the economy you know that a year from now the dollar will be there". But will it be worth anything? And just where do you expect gold to be? "some investors are concerned over what gold is backed by" And then the next line "In fact gold isn't backed by anything at all!" You hear that and your jaw just drops.
And the Federal Reserve is backed by the U.S. Department of the Treasury, the US Mint and the Bureau of Engraving and Printing....these entities just make more money, more money.
Ever since I read "A Mathemetician Reads the Newspaper" I chuckle at the talking heads. The author, (a renowned mathemetician), proves that with so much news going on every day, and people's lives changing, its almost mathermatically impossible for a large market to be flat from day to day. Regardless, every single night the news programs have to put someone on the air to explain "why" the market went up or down today, as if there is a single reason. You can probably count on one hand the days the Stock market had a SINGLE reason why they went up or down per year, yet the news makes us think there is always a "culprit", and they are smart enough to figure it out. Like I said, makes me laugh at the thought, but sad for the fact most Americans buy it. Nowadays its even worst, any idiot with a webcam can post something on Youtube and SOMEONE will believe him, and even worst, another may believe he was "put up' to it to try to destroy investor confidence in gold. Sometimes an idiot is an idiot. Chris
Well, actually she wasn't far off the comment about investors being worried about what is backing gold. Every commodity has something propping it up...even gold. Right now thats nothing more than fear and speculation. To me, as an investor, thats not a very sound backing, and not one that will last forever. Guy
Oh dear, the little lady should have done her homework. Apparently she's clueless when it comes to economics and world currencies......
