questionmark Posted November 15, 2012 #1 Share Posted November 15, 2012 Global gold demand in the three months to September was 1,084.6 tonnes, down from a record 1,223.5 tonnes in the third quarter of 2011. However, demand remained above the five-year quarterly average of 984.7 tonnes. Gold buying hit a record in the 2011 period as investors sought a safe haven from an escalating eurozone crisis and steep rises in inflation. The metal is regarded by many investors as a hedge against rising prices and a safe haven during times of crisis. In value terms, gold demand was 14pc lower on a year-on-year basis at $57.6bn (£36.4bn), with the average price of the metal down 3pc to $1,652 an ounce. Read more good luck trying to get rid of it. Link to comment Share on other sites More sharing options...
+joc Posted November 15, 2012 #2 Share Posted November 15, 2012 good luck trying to get rid of it. I have always thought buying gold was stupid as an investment. And when every other commercial on the radio (which is a very expensive way of advertizing) is someone telling you why you should buy gold...from them...you have to ask...why are they so anxious to sell their gold? The reason...because they are trying to capitalize on an investment they made when the price of gold was low, low, low...and now they are selling...so why does it make sense to you or anyone else to buy gold at record high prices...it doesn't. Yeah...suckers...good luck trying to get rid of it. Besides that...if the economy collapses...what is your gold portfolio worth? ZERO unless you actually have the gold IN YOUR POSSESION...which most investors do not...where is their gold? God only knows...and god only knows if it is really gold at all....all you have in reality is a piece of paper saying you have gold and it is being held in x location. What are you going to do...go to x location and get it? Good luck with that as well. 1 Link to comment Share on other sites More sharing options...
EllJay Posted November 15, 2012 #3 Share Posted November 15, 2012 good luck trying to get rid of it. Anyone know what happened to the diamond market since Russia made it public that they had a diamond deposit in a 62-mile wide asteroid crater, with around trillions of carat? Russia is about to start tapping into a huge source of diamonds that could supply the world market for the next 3,000 years. Scientists estimate there are ‘trillions of carats’ lying beneath a 35million-year-old asteroid crater in Siberia – more than ten times the global stockpile. The Kremlin has known about the reserves under the 62-mile-wide impact zone since the 1970s. But it has kept it a secret until now because it was already reaping big profits in what back then was a heavily controlled market. Link to comment Share on other sites More sharing options...
aztek Posted November 15, 2012 #4 Share Posted November 15, 2012 all you have in reality is a piece of paper saying you have gold and it is being held in x location. What are you going to do...go to x location and get it? Good luck with that as well. everyone has that, it' s called american dollar. Link to comment Share on other sites More sharing options...
Ashotep Posted November 15, 2012 #5 Share Posted November 15, 2012 If the economy collapses the only thing that will be worth anything is food or oil. People will take that food for oil before they will that gold which you won't have in your possession anyway. Link to comment Share on other sites More sharing options...
Orcseeker Posted November 15, 2012 #6 Share Posted November 15, 2012 When it comes down to it, gold is more useful than paper money at least. Link to comment Share on other sites More sharing options...
questionmark Posted November 15, 2012 Author #7 Share Posted November 15, 2012 When it comes down to it, gold is more useful than paper money at least. Yeh, can be used to clobber somebody 'cause it is heavier. It also could make a novel paperweight, or a malleable hammer or... 2 Link to comment Share on other sites More sharing options...
questionmark Posted November 15, 2012 Author #8 Share Posted November 15, 2012 Anyone know what happened to the diamond market since Russia made it public that they had a diamond deposit in a 62-mile wide asteroid crater, with around trillions of carat? Nothing much because the exclusive world wide trading rights are still in the hands of deBeers, and they have the say what reaches the market and what not. The fact that there are lots of diamonds somewhere does not mean that they will ever be sold. Link to comment Share on other sites More sharing options...
EllJay Posted November 15, 2012 #9 Share Posted November 15, 2012 Nothing much because the exclusive world wide trading rights are still in the hands of deBeers, and they have the say what reaches the market and what not. The fact that there are lots of diamonds somewhere does not mean that they will ever be sold. Well, they dont `own´the market per se, they just manipulate it. If the Russians really wanted they could crush the market with their deposit. "– more than ten times the global stockpile." Link to comment Share on other sites More sharing options...
questionmark Posted November 15, 2012 Author #10 Share Posted November 15, 2012 Well, they dont `own´the market per se, they just manipulate it. If the Russians really wanted they could crush the market with their deposit. "– more than ten times the global stockpile." And they would benefit from that by...? Link to comment Share on other sites More sharing options...
EllJay Posted November 15, 2012 #11 Share Posted November 15, 2012 And they would benefit from that by...? In the same way DeBeers have done, they would `own`the market, or at least push DeBeers down a few notches Link to comment Share on other sites More sharing options...
questionmark Posted November 15, 2012 Author #12 Share Posted November 15, 2012 In the same way DeBeers have done, they would `own`the market, or at least push DeBeers down a few notches They would crash the market because deBeers still sits on a warehouse full of "revenge material", besides the fact that the Russians still have a contract with them for some time. Link to comment Share on other sites More sharing options...
EllJay Posted November 15, 2012 #13 Share Posted November 15, 2012 They would crash the market because deBeers still sits on a warehouse full of "revenge material", besides the fact that the Russians still have a contract with them for some time. I think that the Russians hinted back in 2000/2006 when DeBeers changed their "tune", that they was sitting on this deposit and suggested DeBeers play nice. http://en.wikipedia.org/wiki/De_Beers#Diamond_monopoly Link to comment Share on other sites More sharing options...
+joc Posted November 15, 2012 #14 Share Posted November 15, 2012 joc, on 15 November 2012 - 03:26 PM, said: all you have in reality is a piece of paper saying you have gold and it is being held in x location. What are you going to do...go to x location and get it? Good luck with that as well. That was..uh...kinda my point! When the World Economy crashes...and it will...sooner than later...the dollar will be worthless...and pieces of paper that say you own gold will be worthless as well....and yet, you have all of these brainiacs that think they are protected because they have gold. Wrong! everyone has that, it' s called american dollar. Link to comment Share on other sites More sharing options...
Bavarian Raven Posted November 16, 2012 #15 Share Posted November 16, 2012 Well the nice thing about gold is (Actual gold) that even if there was a world wide disaster that threw us into a pseudo-medieval state (extremely unlikely), gold would still be worth something as a trade item. Link to comment Share on other sites More sharing options...
A rather obscure Bassoon Posted November 16, 2012 #16 Share Posted November 16, 2012 Well the nice thing about gold is (Actual gold) that even if there was a world wide disaster that threw us into a pseudo-medieval state (extremely unlikely), gold would still be worth something as a trade item. Agreed far easier to melt gold down into usable currency. Link to comment Share on other sites More sharing options...
lightly Posted November 16, 2012 #17 Share Posted November 16, 2012 everyone has that, it' s called american dollar. ... unfortunately, the U.S. dollar is no longer redeemable for .. anything. I'm looking at a 1934 five dollar bill which says , from top to bottom; $___________________________________________________________________________________$ SILVER CERTIFICATE this certifies that there is on deposit in the treasury of THE UNITED STATES OF AMERICA FIVE DOLLARS in Silver Payable To The Bearer On Demand • $ ___________________________________________________________________________________$ At the top of paper money now it simply says , Federal Reserve Note. Link to comment Share on other sites More sharing options...
Lilly Posted November 16, 2012 #18 Share Posted November 16, 2012 Uh...anybody here doesn't want their gold can give it to me. Link to comment Share on other sites More sharing options...
A rather obscure Bassoon Posted November 16, 2012 #19 Share Posted November 16, 2012 Uh...anybody here doesn't want their gold can give it to me. They can throw a couple of bars my way as well Link to comment Share on other sites More sharing options...
Lilly Posted November 16, 2012 #20 Share Posted November 16, 2012 (edited) They can throw a couple of bars my way as well Sshhh...I thought of it first! Oh, and any of those "devalued" diamonds would be ok as well. Edited November 16, 2012 by Lilly addition Link to comment Share on other sites More sharing options...
little_dreamer Posted November 16, 2012 #21 Share Posted November 16, 2012 I got rid of most of my gold 2 years ago when the price was relatively high, for about $300. I didn't have much anyway, just a few pieces of jewelry. I have heard gold is not really a good investment bet against inflation anyway. Link to comment Share on other sites More sharing options...
Bavarian Raven Posted November 16, 2012 #22 Share Posted November 16, 2012 I'll also take any unwanted gold Link to comment Share on other sites More sharing options...
acidhead Posted November 16, 2012 #23 Share Posted November 16, 2012 (edited) I got rid of most of my gold 2 years ago when the price was relatively high, for about $300. I didn't have much anyway, just a few pieces of jewelry. I have heard gold is not really a good investment bet against inflation anyway. What you heard was poor advice. Gold has always been used historically as a hedge against inflation. There is a reason why GOV's and Central banks around the globe keep reserves of Gold in their vaults as opposed to diamonds or petroleum. Edited November 16, 2012 by acidhead Link to comment Share on other sites More sharing options...
+joc Posted November 16, 2012 #24 Share Posted November 16, 2012 Well the nice thing about gold is (Actual gold) that even if there was a world wide disaster that threw us into a pseudo-medieval state (extremely unlikely), gold would still be worth something as a trade item. The thing about a world wide economic disaster is that millions, if not billions of people will die from starvation and disease and....oh yeah...your gold...what are you going to do with it exactly? Oh, trade it for food? Maybe...but as soon as you do...word will immediately begin circulating that...'Shhh, don't tell anyone but, Bavarian Raven has gold...and then someone will kill you for it. It's not a very liquid monetary unit you know. Link to comment Share on other sites More sharing options...
+and-then Posted November 16, 2012 #25 Share Posted November 16, 2012 If I had, say, 350,000 dollars I had saved for retirement and I saw the imminent collapse of the currency I could see spending the cash to possess gold coins. Not as a way to grow money but as a way to save some of the wealth I had accumulated. If the currency goes then I lose ALL my money. If I have actual gold coins cached away in a place no one but I know of then IF the economy ever revived I can "buy back in". On the flip side, if I need seeds to grow a garden or some antibiotics to treat a child's infected leg or throat then how many of those coins am I willing to part with? It would be like raw barter with no enforceable standards. And I guess I'd better buy a gun, also.... 2 Link to comment Share on other sites More sharing options...
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