Msg. 42831 of 45651 (This msg. is a reply to
42826 by
Decomposed)
Jump:
"Fact: If the world bids up the price of gold, all deals will be off! It would be every nation for themselves.Oil would explode in price!"
- ANOTHER, 10-19-1997
Seems incorrect to me. Gold is up about five-fold since ANOTHER wrote this. And Oil is up about four-fold. Sure, that's a big increase in the price of oil, but not what anyone would call an explosion. I think ANOTHER implied that a fairly small increase in the gold price would cause oil's price to explode. Clearly wrong...
In fact, many other commodities have outperformed oil these last 15 years. Silver, sugar, probably corn...
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
I hadn't ever heard of ANOTHER, meme. I started reading his posts at the link you provided, but as you know, there's a lot of material there.
All I've garnered so far is that starting in 1997, he was noting that the gold market had been cornered by certain oil producing nations, and that (if I understood it correctly), a rising gold price means that oil's price is falling (since the aforementioned oil producing nations are accepting gold for their oil.)
There seems to be an implication that the oil producing nations will not sell their oil if the price of gold rises too high. After all, that would mean that their oil is selling very cheaply, in gold terms. And yet, this last decade the gold price HAS risen without the oil producers refusing to sell their product. Does that show that ANOTHER is wrong?
I don't pretend to really understand what ANOTHER wrote, or agree with it. I haven't even read much of it yet. Wouldn't we know it by now if a significant amount of the world's gold had migrated to OPEC?
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