[B][URL]http://www.bbc.co.uk/news/business-14195981[/URL]
[QUOTE]The price of gold has hit a new record price of $1,610 an ounce as debt worries in the US and Europe have intensified.[/QUOTE][/B][QUOTE]
It climbed above $1,600 for the first time on Monday, capping a record-breaking rally of 11 days of gains.
Gold is considered a safe investment and usually gains at times of global economic uncertainty.
But Spanish and Italian bond yields eased and banking shares rose, reversing large falls seen on Monday.
Government borrowing costs are continuing to rise, though. A Spanish bond auction was oversubscribed, but the government was forced to offer sharply higher returns to sell 4.45bn euros (£3.9bn) of bonds.
On the 12-month bonds, the average rate soared to 3.7% from 2.7% at the last such auction on 14 June. For 18-month bonds, the yield was up to 3.9% from 3.3% last time.
[/QUOTE]
Imma loot me some gold!:yarr:
I wish I could buy some gold
[QUOTE=wanksta11;31215150]I wish I could buy some gold[/QUOTE]i wish i can sell some gold
So how much is that per gram?
On one hand this is dire news, as it might mean a bit of a shortage and relation to the debt problems, but on the other hand it is good news for those merchants that sell the gold, since they can sell their metal for the high price of $1.6k per ounce, which sounds rather good for the merchants and gold barons.
i've been a miner for a heart of gold
Somehow I read the title as Gold [i]Shirts[/i] for $1600 an ounce.
[QUOTE=wanksta11;31215150]I wish I could buy some gold[/QUOTE]
Buy Silver instead
[QUOTE=ironman17;31215281]So how much is that per gram?
.[/QUOTE]
1 ounce - 28.35 grams
1600 dollars - 28.35 grams
28.35 grams - 1600 dollars
1 gram - x dollars
x = 1600/28.35
[B]1g Au = [U]$56.44[/U][/B]
Which is almost as much as platinum at this point, god...
Blimey, and platinum's pretty rare and expensive. 56 dollars for a gram of gold, hope this doesn't mean we're running out of the stuff. 'cause if we are, we need to invest plenty in space-tech and invent Asteroid Mining to search for gold on the Belt.
*puts on cranky oldster prospector voice* There's gold in them thar rocks! Yeehaw!
[QUOTE=ironman17;31216129]Blimey, and platinum's pretty rare and expensive. 56 dollars for a gram of gold, hope this doesn't mean we're running out of the stuff. 'cause if we are, we need to invest plenty in space-tech and invent Asteroid Mining to search for it on the Belt.[/QUOTE]
There's enough copper on Earth to last the entire duration of human civilization, but the problem is most mines are economical to mine, so we're in a situation where we might run out of copper regardless of there being tonnes of tonnes of copper in the Earth, same might apply for gold...
Also the same might be happening with what's happening to diamond with the inflation and stuff
[QUOTE=ironman17;31216129] we need to invest plenty in space-tech and invent Asteroid Mining to search for gold on the Belt.[/QUOTE]
That better not be as boring as solo mining in EVE
[QUOTE=ironman17;31216129]Blimey, and platinum's pretty rare and expensive. 56 dollars for a gram of gold, hope this doesn't mean we're running out of the stuff. 'cause if we are, we need to invest plenty in space-tech and invent Asteroid Mining to search for gold on the Belt.
*puts on cranky oldster prospector voice* There's gold in them thar rocks! Yeehaw![/QUOTE]
Its got nothing to do with us running out of it the gold company's are smart and don't over mine it so the price can stay high same concept with crude-oil
Thousands of workers on the Belt, digging out asteroids for precious metals? Sure, the job of mining sapce-rocks might be a bit monotonous, but it'll be worth it to go back to the Belter Saloons and Brothels after a hard days banging rocks and working the shafts. *snort snort* Hell, it'd probably be more interesting if the miners have to fight space octopuses from time to time.
Makes finding older computers that much harder for me....
none of you listened to glenn beck when he told you to buy gold as protection
NOW LOOK WHERE YOU ALL ARE
[QUOTE=ironman17;31216129]Blimey, and platinum's pretty rare and expensive. 56 dollars for a gram of gold, hope this doesn't mean we're running out of the stuff. 'cause if we are, we need to invest plenty in space-tech and invent Asteroid Mining to search for gold on the Belt.
*puts on cranky oldster prospector voice* There's gold in them thar rocks! Yeehaw![/QUOTE]
Really
Whats with you and going to space and mining shit
Gold's $20, what are you talking about :v:
[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]
Not buying gold because it's too expensive, proving that Beck doesn't understand economics?
Platinum is where it's all at.
[QUOTE=carcarcargo;31216534]Platinum is where it's all at.[/QUOTE]
But your a gold member?
Now it is time to sell, not to buy
It might bounce off $1580 and continue up. Otherwise, it might retrace to $1500 before we see upward movement again.
Look out for $1540 and $1526 levels as well.
[QUOTE=leach139;31215747]Buy Silver instead[/QUOTE]
Whoever rated this dumb truly IS the dumb one... Silver will reach the price of gold soon enough, and it's only at around $38. It's being named one of the best investments of the current time...
Meanwhile that eccentric old man down the street who cashed in on the 1999 price of gold is shitting his incontinent pants.
Man I wish I bought gold in 1999, I would have had a 634% profit now.
Lucky us, just yesterday I saw in the news that gold might have been discovered in Portugal.
Speaking of gold, when the fuck is the next season of Gold Rush: Alaska?
I plan on investing in gold when I get some real money. If anybody here is interested in buying gold, don't get it from goldline because they are frauds.
[QUOTE=Kendra;31216163]There's enough copper on Earth to last the entire duration of human civilization, but the problem is most mines are economical to mine, so we're in a situation where we might run out of copper regardless of there being tonnes of tonnes of copper in the Earth, same might apply for gold...[/QUOTE]
To expand upon this, it is due to a curve in which rare resources are need very little energy to get at first, but as more and more is found it takes more and more energy to get. There eventually comes a peak point where the amount of energy need to get the resource is equal to the value of the resource. After this point, it is harder and harder to get the resource without expending lots of energy. With copper, they now have to go to places that don't have much copper at all and do a whole lot of refining to get a decent amount. The copper may cost more to refine than it is worth. There is a lot of talk about peak oil, and hitting peak oil doesn't mean that we are all out of oil, it just means that oil would be harder and harder to refine making production more costly which either drives up prices a ton or causes an alternative to take the market.
[QUOTE=werner;31216760]Now it is time to sell, not to buy[/QUOTE]
Maybe in your country, but generally you want to buy gold before any money is created because any new money created will create inflation thus making your wealth less valuable. Precious metals protect from this and are almost always safe. Raising the debt ceiling is going to happen, which is just going to be creating money, which is going to cause inflation, so that's a big reason for the surge in gold.
Once everyone sells the gold, who will be laughing then? I don't see why people are so hype over gold or diamonds, Yes they are rare, but they have minimal actual "uses", so I don't see why they are like this over a thousand dollars for an OUNCE.
I know golds are a lot, but where the fuck do you actually sell them to $1,600 an ounce?
Sure as hell aren't going to sell them to gold4cash and other rip-offs that underestimates everything and e cheap bastards.
[QUOTE=Map in a box;31221183]Once everyone sells the gold, who will be laughing then? I don't see why people are so hype over gold or diamonds, Yes they are rare, but they have minimal actual "uses", so I don't see why they are like this over a thousand dollars for an OUNCE.[/QUOTE]
Because gold is considered to be valuable to most people. Paper with people's faces on it is considered to be valuable to most people as well. An item doesn't have to have a use to be of value.
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