Goldtent TA Paradise

what is gold

1. Electrum says:

   March 4, 2018 - 11:30 am at 11:30 am

   my answer-gold is an addiction (for some people)

2. Music Man says:

   March 4, 2018 - 12:09 pm at 12:09 pm

   That may be true but what, then, is money?

   • Music Man says:

     March 4, 2018 - 12:20 pm at 12:20 pm

     Let’s hear it from everybody. Tell us what money is. I think the USA constitution defined it, regardless of what the prevaricators tell about fiat.

3. Music Man says:

   March 4, 2018 - 12:21 pm at 12:21 pm

   Let’s hear it from everybody. Tell us what money is. I think the USA constitution defined it, regardless of what the prevaricators tell about fiat.

4. silver fox says:

   March 4, 2018 - 2:28 pm at 2:28 pm

   What is money? We have been through this before. Money can be defined by its required functions and characteristics:
   1. Medium of Exchange – something that is accepted as payment for goods and services
   2. Store of Wealth – the function of money that allows people to hold and accumulate wealth.
   3. Unit of Account – the function of money that allows us to determine easily the relative value of goods.

   Money is a necessary construct of civilization. I doubt we could have cities, towns or villages without some accepted medium of exchange. Barter is just too clumsy.
   Money is whatever we will accept as money, and what we accept as money today is fiat currency. The caveat is of course that money ought not be created out of nothing and circulated with no regard for its “earned value.” Fiat, money by decree, must and does derive its value from confidence. Therefore as long as there is confidence in the currency, fiat will thrive. When confidence is lost people might very well look to hard assets, the rare metals that have served as money for thousands of years.
   Enter the god bug. Those who can see the writing on the wall. A currency crisis due to crushing debt, persistent dept obligations (pensions for example) and wanton money creation is looming. When confidence in fiat is lost the precious metals will soar in fiat terms. It could be sudden. At least that is what the gold bugs expect, but it is necessary to get the timing right.

   None of what is written in this comment is new or original. Maybe it just needed to be said again.
   Disclosure – I am a PM bug. I think one ought to own physical metal as well as the miners as insurance against monetary hi-jinks.

   • Music Man says:

     March 4, 2018 - 2:45 pm at 2:45 pm

     I’ll buy that.

   • Fullgoldcrown says:

     March 4, 2018 - 5:12 pm at 5:12 pm

     Perfect Foxy !

   • YYZ says:

     March 5, 2018 - 4:49 pm at 4:49 pm

     Well said – nothing else to add. I too have a assembled a combination of miners and metal. Thanks sf.