Discussion in 'Jewlag' started by Macrobius, Aug 27, 2011.
52.41 and still rising.
Gold plunges to lowest level in nearly 3 years
The price of gold sank to its lowest level in nearly three years Wednesday, in a massive meltdown of the precious metals market. Gold is suffering as investors continue to weigh comments during the past week from Federal Reserve Chairman Ben Bernanke indicating the central bank's massive stimulus might be winding down. If that's true, it spoils much of the investment thesis of gold being a safe haven because now rampant inflation appears less likely and the economy is more stable. Gold "was a bubble," says Ken Winans of Winans International. "This is the unwinding of a bubble." The price of gold Wednesday fell 3.5% to $1,229.60 an ounce, the lowest level since Aug. 24, 2010, says Bloomberg News. Gold is down nearly 23% this quarter, positioning the metal for its largest quarterly loss since 1920. Meanwhile, the price of silver is at its lowest since August 2010. Wednesday, silver fell 5.5% to $18.57 an ounce.
Gold is 53.22 today, down -3.47% in 6 months. Nowhere to go but up, eh Appy? PBR still costs 5.99 USD a sixpack.
apollonian will win this debate in the end.
Not really -- Like the Trix Rabbi said, Silly Noofie, Gold is for Jews -- and may they choke on it.
Gold is down to 41.01 now -- off 19.63% Year over Year: http://goldprice.org/gold-price-per-gram.html
Here's link of Ron Paul debating Krugman:
50.04 USD a gram. Down 12.25% in 6 months, when it was down 3.47% -- that's quite a drop from two weeks ago.
Speaking of how stable gold is, it's 49.76 USD/gram right now, about 20% off it's peak of last Fall of which decline, 13.42% has been in the last 6 months.
why is this thread all fucked up and wonky?
(poasts not in order)
for those who recall how this debate began it was basically a bet on which will be worth more in the long-run, gold or the greenback.
a mere year has gone by, there is still plenty of time for the greenback to fail and for appy to win this debate.
i'd also like to remind the audience that mac(who may still be smoking crack) believes the greenback will remain the world's reserve currency for many decades to come. This is why he's betting on the strength of the dollar over gold.
The original bet was for one year (I foresaw this dodge well in advance) if you read the thread. But gold bugs are constantly saying 'it's just around the corner'. Someday they'll even be right for a change, but most days they aren't (that's what 'commodity more volatile than the greenback' *means*. It's a risky bet that pays off only if you time it right -- with gold, you almost *always* lose, in both the long and short run.
if ur betting on the greenback to remain stronger than gold in the long-run u are going to lose. A year is nothing, i don't think anybody expected for the greenback to crash in a measly year.
i recall a year or so ago us talking about the future of the US dollar. U claimed that it would remain the world's reserve currency for decades to come. In this past year the world has done nothing but move away from the greenback as it's reserve currency. Many major players cutting deals with each other to no longer deal in the US dollar.
do u still believe today the us dollar will remain the world's reserve currency for decades to come?
Just give appy a few grams of this instead,
and problem solved.
I'm sure, considering who we're talking about, it would turn out similar to this after he snorted it the first time.
All Mac would have to do is see appy ingested a few grams repeatedly, and eventually the desired results could be obtained.
appy = long Goldschläger