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This guy doesn't like precious metals.
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<p>[QUOTE="jolumoga, post: 1635645, member: 41780"]I'm shocked that some people are arguing that gold and silver are not money, but I accept a difference of opinion. The reality is, gold has a high value in every country in the world, and is being accumulated by central banks. Notice that the central banks are not accumulating seashells, ink, pencils, fedora hats or other items that can be regarded as finite. There is obviously something that objectively differentiates gold, even if what is decreed in societies as money is somewhat arbitrary. </p><p><br /></p><p>Silver happens to be more affordable for the masses, and as I argued before has had its value suppressed by powerful institutions. It has similar properties to gold, though. </p><p><br /></p><p>Sure, most people do not use gold for commerce, but then again they will follow what institutions tell them to do, even if it will damage them in the long run. Also, gold is now too expensive for most of the world to use as a medium of exchange.[/QUOTE]</p><p><br /></p>
[QUOTE="jolumoga, post: 1635645, member: 41780"]I'm shocked that some people are arguing that gold and silver are not money, but I accept a difference of opinion. The reality is, gold has a high value in every country in the world, and is being accumulated by central banks. Notice that the central banks are not accumulating seashells, ink, pencils, fedora hats or other items that can be regarded as finite. There is obviously something that objectively differentiates gold, even if what is decreed in societies as money is somewhat arbitrary. Silver happens to be more affordable for the masses, and as I argued before has had its value suppressed by powerful institutions. It has similar properties to gold, though. Sure, most people do not use gold for commerce, but then again they will follow what institutions tell them to do, even if it will damage them in the long run. Also, gold is now too expensive for most of the world to use as a medium of exchange.[/QUOTE]
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