When did the French Franc fail, I don't remember that, and since it no longer exists, I doubt it will. In addition, those holding Francs did not lose a thing.
Just a hold over from an older time when it was used to secure a currency, act as a guarantee to redeem promises, act as a store of value. Etc. It is really no longer needed by modern economies.It may still have some value to weaker economies. Can also be considered as a bit of diversification.
Ah ha, the old Bernanke barbarous relic explanation. Which is really no explanation at all. Just nonsense the fed uses to dismiss it's actual place in the world of money.
Not at all, tell me what you think would happen if the US decided to sell all its Gold off in the next 5 years and use it to pay a portion of the debt down. Do you really think people would stop accepting Greenbacks???? Nope, nothing would change.
That would then make gold usable and valuable, right? It can be exchanged for the current reserve currency in use, so I'm thinking yes, yes it is...
Wouldn't happen, not 1 politician in Washington would keep their post, and some would probably pay the ultimate price...
The question is not whether it will happen or not. The question is what would happen if it did. I gave you my opinion, what is yours????
I am not understanding that response, No one ever said Gold has no value. It just doesn't have as much as it used to a couple years ago. In fact it has MUCH less.
Ok, and stocks have much less value than they did only a couple days ago. I can continue with this circular logic for days....
No Sir, there is no circular logic on my side. You were making a point to Jim that Gold had value, which made little sense since we all agree on that. I still don't understand why you thought that was any sort of argument at all. I just added the much less value to give you a little jab
Before you stock guys start dancing... Six of the ten largest point gains in the history of the stock market occurred between September 2008 and March 2009. That’s right. During one of the greatest market collapses in history, the market soared by 5% to 11% in one day, six times. Here are the data points: 2008-10-13: +936.42 2008-10-28: +889.35 2008-11-13: +552.59 2009-03-23: +497.48 2008-11-21: +494.13 2008-09-30: +485.21
Quite true, I remember some of those crazy days. My position is the same today as it was yesterday and it will be the same tomorrow, there is still too much to shake out before you can even think think about this thing being over, but just as it worked out in '08, the same will happen this time.
Speaking of debt, read this article, especially if you think the US has more debt problems than China. http://www.mckinsey.com/insights/economic_studies/debt_and_not_much_deleveraging
I have stocks, bonds, real estate and pm's. I want them all to go up. I don't choose a side, I don't agree or argue either side. What disappoints me is some one who plays only one side.
It'd probably be a lot easier to list the countries without debt problems than those that have them. I'll start...