Gold is what it is and has been for 6000 years.
By Daniel at 16 August, 2008, 12:51 pm
No you can’t eat it, burn it or smoke it but its value has NEVER gone to 0 unlike lots of fiat currencies in history.
One would be well advised to have some precious metals in their portfolio. I own stocks as well as CD’s mind you but gold has had incredible value over the millinium. In fact at one time, the middle east wouldn’t sell you oil unless you paid them in gold shillings..Source(The Prize, by Danial Yergin)
As a Chemist I can tell you that it is an element, and as such can’t be made,(although many have tried) can’t be grown, once a lot of it is used for industry like silver it is gone forever. (Half of all the silver ever mined from the beginning of time is gone.
Incidentally, gold and silver and their salts, with their electromotive potential make great cathodes and anodes which would be great as a recyclable material for batteries. Which may replace oil as a fuel for transport.(one never knows) Remember, Platinum had no real value outside the laboratory until the catalytic converter was invented.
Gold and silver also have a huge heritage in many Asian countries as a store of value as well as most women in America for jewelery. The average woman in most parts of the world view her jewelery as her dowery.
Buffet, Gates, and Soro’s have long positions in gold and silver as well. Buffet took physical delivery of a massive amount of silver a few years ago.
Here are a couple of references for the group to ponder.
http://www.gold-eagle.com/editorials_05/rakhimov112305.html
http://geology.com/minerals/gold/uses-of-gold.shtml
I do agree with you about the unnecessary wars but then realize that Iraq was planning to go to the euro as a base for buying oil. Iran is planning to do the same thing. Something else to ponder for the dollar lovers. The true value and creation of the American fiat currency is explained below. If you take the time to watch this video you can see that the dollar is one giant ponzi scheme and has been since 1971.
http://www.chrismartenson.com/the_fed
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