I love gold GC00, +0.30%. And silver and platinum. I love them philosophically, and I also just like shiny rocks. But if you think about it, trading metals is a really weird business.
Anyway, you can go to a bullion dealer, tell them you want a 100-ounce bar, and they will charge you the spot price of silver per ounce, times 100 ounces, plus a small markup. But most people don’t sell them, and then the price goes back down, and they end up in an estate sale, and the dealer buys them back at a discount. Paraphrasing Warren Buffett, someone watching from Mars would be scratching their heads. There really is nothing more useless in the world than a shiny rock. But we love ’em.The bigger picture I am not going to get too deep into the philosophical reasons for owning shiny rocks, but briefly:• Most governments abuse their currencies.
I’m not saying that we’ll someday be reduced to a state of nature where people barter for cans of condensed pea soup with Silver Eagles. The more likely scenario is that things will mildly suck and the price of gold and silver will be a lot higher in value.
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dailydirtnap Is this a good time to buy?
dailydirtnap Well said could be the statement of this century. Never expected it from a Trump lover Murdock controlled media outlet
dailydirtnap Never got this Gold stuff. If the world goes down the tubes, people who can make soap and candles, farm and cultivate and survive will not give a shit about a lump of Gold.