GOLD PRICE

[Eurobonus]

With the chaos in the stock markets and falling oil prices, normally in such turbulent times one would normally expect gold to rise but it has fallen back a lot. I am tempted to buy physical gold and store it with a First Tier bank. I know very little about gold and never really traded any commodities so would welcome any ideas where you think gold is heading. I just want to have an insurance if paper money becomes useless. Look at how many emerging market currencies have lost so much of their values like the Turkish Lira, Lebanese Pound, Russian Rouble etc. Anyone thinks such an insurance is a good idea?

[dmedin]

That's interesting.  Why is gold valuable in a crisis when people are dying and in need of food and medicine?

In LSE did they teach you only equations and monetarist claptrap?

Go back to the beginning and read these: Smith, Ricardo, Marx.  Maybe Keynes too.  Trust me, you didn't learn economics.  You learned a dumbed down version of maths.

Edited March 18, 2020 by dmedin

[Eurobonus]

47 minutes ago, dmedin said:

That's interesting.  Why is gold valuable in a crisis when people are dying and in need of food and medicine?

In LSE did they teach you only equations and monetarist claptrap?

Go back to the beginning and read these: Smith, Ricardo, Marx.  Maybe Keynes too.  Trust me, you didn't learn economics.  You learned a dumbed down version of maths.

A. LSE has and still is very leftist and so are most of the professors there.

B. I have studied most of the economic philosophies of the left and right. You are just an arrogant know it all.What are you doing on IG if you don't believe in capitalism?

C. If you have studied history, gold has been a means of convenient exchange rather than full barter. So if paper money becomes worthless, how will trade occur? We need a mechanism for exchange and gold is limited in its volume and can be used for other purposes so will have some intrinsic value.

But you are so set in your views and conspiracy theories that it is pointless to have a rational discussion with you.

[dmedin]

5 minutes ago, Eurobonus said:

A. LSE has and still is very leftist and so are most of the professors there.

B. I have studied most of the economic philosophies of the left and right. You are just an arrogant know it all.What are you doing on IG if you don't believe in capitalism?

C. If you have studied history, gold has been a means of convenient exchange rather than full barter. So if paper money becomes worthless, how will trade occur? We need a mechanism for exchange and gold is limited in its volume and can be used for other purposes so will have some intrinsic value.

But you are so set in your views and conspiracy theories that it is pointless to have a rational discussion with you.

 

Young man!  (or woman)

 

Get thyself an education.

[dmedin]

Don't worry, toots.

Gold will make a comeback.

Soon.

Just you wait and see.