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Mike Mustard

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  1. Yes. It just seems to be a dogma that some people adopt without really thinking about it. Aside from the fact that it does still have industrial and medical uses gold is also highly prized for its malleability and the fact that it does not tarnish making it the choice material for much jewellery. It is also used in painting, architecture and religious iconography. It never seems to have been disregarded in all of history. Its use as money is also a sign of its value. It is a rare metal which can be standardised into coins and used as more permanent store of value than can the coins of a fiat currency. This is an incredibly useful function of the metal, particularly in unstable economic conditions. Aside from this it seems to hold a symbolic value which is immune to the passing of the ages. This alone suggests that it is pointless to suggest it is valueless by some "intrinsic" measure. i.e. It supposedly has no intrinsic value but it is always valued by most people all of the time. No one in their right mind would throw away a gold coin because it had no intrinsic value.
  2. I know there are equations used in finance to calculate the intrinsic value of an option but I do not know if this is what he is meaning. Normally I do not find it a particularly useful adjective. Maybe he means that gold doesn't increase productivity and cannot be used in machines that increase efficiency and productivity and so therefore does not contribute to GDP? But if he does mean this I am not sure it is true.
  3. Do you think the "gold money" silver in vaults is really there? Should we be suspicious of their claims and buy coins and bars instead?
  4. I am not implying that having a method would mean it is easy. In fact it might be difficult and time consuming but good enough for you to make enough profit to make it worthwhile. I don't see a totally polarized situation in which either you have and use a method and are a billionaire within minutes or else you lose.
  5. I am starting to get worn down. I am now thinking of playing a more ambitious game and trading in and out of gold as Doctor Bubb describes. By not doing this we lose the opportunity of filling our boots on the downward waves that occur inevitably in all markets. If gold is going up anyway in the long term then as long as we buy in again we won't lose our shirts. The only way we could do worse is if we sold before the peak of any particular wave and then it never quite dipped below our selling point. My problems with starting to trade is that I do not believe I have access to a method for predicting the waves that will give me an advantage over the majority of the gold traders. Therefore I suspect it would either result in a zero sum game or a series of small losses for me. If I can find a good method I might be persuaded to enjoy a gamble.
  6. This is a good point. In general the internet might not be making people more aware as many would have assumed. There is nothing worse than a forum that becomes either totally one sided or, alternatively, totally polarized into a yah boo widdling contest. None of the debates on climate for example ever involve the latest research or anyone who is really knowledgeable about the latest research. It is just two entrenched camps who could never be persuaded to change their strange minds. Also, trading just seems to be about predicting the behaviour of the herd. It is really not very interesting unless you have a bet (a bit like watching the 15:20 at Plumpton without having a wager on the winner). The discussions on longer term investments are, possibly, more interesting because they range over history, psychology, philosophy, politics, geography, conspiracy theories and economics.
  7. A courageous and commendable move. I hope it works out. (I think it will).
  8. Was just checking out coininvestdirect. It is hard to stomach the VAT you have to pay just for swapping fiat for PM coins. Britannia 1 Ounce 2 Pounds 2009 . Country: Great Britain Weight: 31.10 Gramm Purity: 958 Buy Price: £12.24 SELL NETTO PRICE: £15.29 SELL BRUTTO PRICE (incl. VAT): £17.58 Brutto Price includes 15% VAT for customers from United Kingdom Is there any way around this if I want to buy physical?
  9. The thing that astonishes me most about the UK media is how property price inflation is normally reported as a good thing. People visiting from continental Europe cannot understand why something becoming more expensive fills so many British people with glee. Welcome to Animal Spirit central.
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