DOW Drops, Gold Soars - Polidicks

[url]http://www.thetowntalk.com/article/20110808/NEWS01/110808001/1-p-m-update-Gold-soars-1-700-Dow-drops?odyssey=nav|head[/url] [quote]The U.S. stock markets dropped sharply today, with the Dow Jones industrial average falling 600 points, sinking below 11,000.At 2:30 p.m. today, the Dow was down 538, nearly 5 percent, to 10,906.35. The Nasdaq was down 153 points, or 6 percent, to 2,378.54. The S&P 500 was down almost 6 percent, or 71 points, to 1,129.079. Bank of Amerca was the worst-performing Dow stock, dropping more than 21 percent, or $1.75, to $6.41. The market drop Monday follows Wall Street's worst week since March 2009, during the recession. On Friday, S&P downgraded the nation's credit rating by a half-step from the sterling AAA to AA-plus. Gold up 3% Meanwhile, the price of gold streaked past $1,700 an ounce for the first time Monday. Gold futures for December delivery were popping $49.30 to $1,701.10 after soaring to an all-time high of $1,718.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,718.20 and as low as $1,681.70. Gold's price has nearly doubled in price since the start of 2009, and its climb accelerated this summer. Still, adjusted for inflation, an ounce of gold remains below its 1980 peak of $850, which translates into about $2,400 in today's dollars.[/quote] i think the gold increase is from investors basically becoming uncertain, dumping all their stocks in dow, nasdaq, and s&p, and switching to gold. so i guess if you got some gold lying around its gettin close to the time to sell it. [b]new source[/b] [url]http://www.cnbc.com/id/44058141[/url]

It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny

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[QUOTE=TheTalon;31609388]It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny[/QUOTE] its not expensive because people say it is, its expensive because people want it more. we should actually consider ourselves lucky a commodity like gold is the one we trade like this and not steel. if steel was as expensive as gold our cost of living would be through the roof.

That's the point though. Steel can be found everywhere, it has more uses than Gold could dream of, yet Steel or Iron is cheap cheap cheap. Iron is less than $400 a Ton I believe

[QUOTE=yawmwen;31609167][url]http://www.thetowntalk.com/article/20110808/NEWS01/110808001/1-p-m-update-Gold-soars-1-700-Dow-drops?odyssey=nav|head[/url] i think the gold increase is from investors basically becoming uncertain, dumping all their stocks in dow, nasdaq, and s&p, and switching to gold. so i guess if you got some gold lying around its gettin close to the time to sell it.[/QUOTE] Hahah, no, don't sell your gold. Keep it so you'll have some money when our economy tanks and sinks without a trace and riots spread across the states.

[QUOTE=TheTalon;31609554]That's the point though. Steel can be found everywhere, it has more uses than Gold could dream of, yet Steel or Iron is cheap cheap cheap. Iron is less than $400 a Ton I believe[/QUOTE] which is a good thing...i dont get what your implying. [editline]8th August 2011[/editline] [QUOTE=Hampants;31609581]Hahah, no, don't sell your gold. Keep it so you'll have some money when our economy tanks and sinks without a trace and riots spread across the states.[/QUOTE] no, sell your gold and buy guns

[QUOTE=yawmwen;31609652]which is a good thing...i dont get what your implying. [editline]8th August 2011[/editline] no, sell your gold and buy guns[/QUOTE] What if you already have a gun?

[QUOTE=Hampants;31609695]What if you already have a gun?[/QUOTE] buy more gun [img]http://www.cinemablend.com/images/sections/6308/_6308.jpg[/img]

[QUOTE=TheTalon;31609554]That's the point though. Steel can be found everywhere, it has more uses than Gold could dream of, yet Steel or Iron is cheap cheap cheap. Iron is less than $400 a Ton I believe[/QUOTE] Value is determined by quantity not usefulness. Also steel is a manufactured metal so no it can't be found everywhere, you're thinking of iron.

[QUOTE=TropicalV2;31216293]none of you listened to glenn beck when he told you to buy gold as protection NOW LOOK WHERE YOU ALL ARE[/QUOTE] relevant

[QUOTE=carcarcargo;31609800]Value is determined by quantity not usefulness. Also steel is a manufactured metal so no it can't be found everywhere, you're thinking of iron.[/QUOTE] no actually v= (q · s)/(c · t) quality by service divided by cost by time

[QUOTE=Hampants;31609581]Hahah, no, don't sell your gold. Keep it so you'll have some money when our economy tanks and sinks without a trace and riots spread across the states.[/QUOTE] Except if shit really goes down and the economy collapses(meaning the world economy effectively collapses) no one will give a fuck about you having gold, people will want to survive and gold has no ability to let you survive.

[QUOTE=TheTalon;31609388]It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny[/QUOTE] because gold shiny

[img]http://wwwimage.cbsnews.com/images/2009/09/22/image5329971x.jpg[/img] "What did I tell you?"

And my dad's firm only just made it through the first recession. Oh well, let us see how it goes...

[QUOTE=TheTalon;31609388]It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny[/QUOTE] If aluminum or steel was as hard to find as gold, it'd be worth more.

[QUOTE=Valdor;31611319]If aluminum or steel was as hard to find as gold, it'd be worth more.[/QUOTE] Aluminium used to be very expensive. In fact it was used as posh silverware and a tiny pyramid of it was put on top of the Washington monument before it became cheap to mass produce.

[QUOTE=Sobotnik;31611401]Aluminium used to be very expensive. In fact it was used as posh silverware and a tiny pyramid of it was put on top of the Washington monument before it became cheap to mass produce.[/QUOTE] someone read their dan brown :V:

Ha! I tolds ya I did! Y'all shoulda changed all your worthless paper money for gold years ago! Doin that and burrying it all in mah backyard was the best decision I ever done made.

[QUOTE=TheTalon;31609388]It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny[/QUOTE] The value of a material is often determined by the amount of labour it takes to gain it, and the rarity, although these two are often connected closely. Gold has a huge amount of labour behind it. Same goes for diamond.

This just further proves that america's politicians and leaders have a lack of ability to run our government.

Well it's always been a good idea to invest in gold my grandfather has ten gold ingots, they're probably worth shitloads now

Be careful jumping on the Gold bandwagon: It may turn out to be a Bubble and burst at the most unfortunate time. Leaving you without money or any return value.

[QUOTE=DarkWolf2;31612357]Be careful jumping on the Gold bandwagon: It may turn out to be a Bubble and burst at the most unfortunate time. Leaving you without money or any return value.[/QUOTE] It only leaves you without money if you freak out like everyone else and sell all of your shares. If you don't freak out and you ride it out in the long term eventually things will creep back up into the positive again. Of course that's not too handy if you're a day trader, but if you're making a long term investment it shouldn't be too difficult to deal with.

Buy gold during good times and sell it during bad times. Lodsemone.

[QUOTE=TheTalon;31609388]It's better just buying the ownership to Gold, instead of actual gold and keeping it yourself I just hate how it's so expensive, basically, because people say it is. A metal like Aluminum or Steel has far greater uses and is so much cheaper it's not funny[/QUOTE] That is the whole reason it is good. It's value remains fairly constant due to the fact that it is pretty useless unlike iron or aluminium which varies in price a lot more due to different circumstances (war, industry etc).

Sell your gold and buy bitcoins!

Now it isn't that sad that my dad is a gold miner. Even if he gets a full ounce, by that time it should be near $2000. They were saying it should jump to $2500 by the end of the year.

What I don't get about stockpiling gold is this: If shiat really goes down and paper money is next to worthless so people start trading in gold, how are you going to buy anything? Those of you who have gold, the first time you go out in public to buy something everyone who doesn't have gold is going to rob you of it. If you manage to buy something then you'll be robbed of your purchase on the way back home. Those of you who buy gold on paper but don't actually have the gold, when it goes down the people who have the gold aren't about to let you have any, assuming you can even travel to where it is. So what's the point?