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Re: Gold 1617.20 -29.80 -1.81%

By: Decomposed in ROUND | Recommend this post (0)
Thu, 20 Oct 11 11:53 PM | 48 view(s)
Boardmark this board | De's Test Board 		Msg. 35679 of 45651
(This msg. is a reply to 35669 by clo)
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clo,

re: "It's like diamonds (to me) a luxury, that I can live without."

Diamonds aren't rare. If we backed our money with diamonds, South Africa and deBeers Corporation would have the power to crash our currency any time they chose.

Oil would be a decent way to back a currency, except that it's all but impossible to store trillions of dollars worth of it and it has huge industrial implications. Consequently, its price would be too volatile to use it as a backing material for money.

Oil also lacks the wide recognition as being "money" that gold, silver, and (if I stretch it) even diamonds have.





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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months

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The above is a reply to the following message:
Re: Gold 1617.20 -29.80 -1.81%
By: clo in ROUND
Thu, 20 Oct 11 10:05 PM 		Msg. 35669 of 45651

I'm with you, you can't eat it, cook with it, heat your home, or protect yourself from harm.

It's like diamonds (to me) a luxury, that I can live without.

A barrel of oil is another story. Most folks NEED oil, & it can be used to barter, won't go bad.

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