Gold Monitoring Thread £ GBP only

[BLOOMMAN101]

Don't mean to get technical but it's a bit uppy and downy atm

[Dankanugget]

Last chance saloon

[HonestMoneyGoldSilver]

On 04/01/2024 at 12:09, SeverinDigsSovereigns said:

Funniest of them all is SBF who believed he needed urgently to do good to the society, then proceeded to hastily steal customers' funds. Effective altruism, eh?

Off topic but if you want to know who the biggest criminals in the world are, follow who donates the most to charity and political causes. You'll find George Soros, SBF, the Clintons, Bill Gates, etc. The same is true historically. People use philanthropy/charity as a smokescreen including allegedly Princess Diana who leveraged it for fame and adulation according to some

As the saying goes, "behind every great fortune there is a great crime", so those who can afford to donate millions or billions are kind of by default the biggest criminals to begin with

[JohnA1]

2 hours ago, Chronos said:

Outlook 2024: Gold Set to Make History:

https://www.moneymetals.com/news/2024/01/02/outlook-2024-gold-set-to-make-history-002905

While their message is not wrong, it is based on a false premise: that gold is reaching all-time highs

I find this misleading and kinda disingenuous because it is only true in nominal terms. Pretending that the 1920/1970/1980/2023 dollars are all equivalent - see, we stuck them on the Y-axis of a graph!

Once inflation adjustment is applied, the picture is very different.

Going back to 1700s on a logarithmic scale (the one above is linear)

..and once they attempt a *real* inflation adjustment the resulting graph points downhill big time, especially once they started the hanky-panky with inflation figures in the eighties

 

Gold has never been cheaper

Edited January 5 by JohnA1

[SidS]

This is why I hate graphs and see them as totally pointless, they can be manipulated to show absolutely anything.

[JohnA1]

...plus they only show (a distorted view of) the past.

Like a rear-view mirror.

Would you dare drive ahead using only the rear-view mirror?

How many races/rallies have been won by staring at the rear view mirror?

[SidS]

2 minutes ago, JohnA1 said:

...plus they only show (a distorted view of) the past.

Like a rear-view mirror.

Would you dare drive ahead using only the rear-view mirror?

How many races/rallies have been won by staring at the rear view mirror?

I'll give it a try on my way home. If you don't hear from me again, it wasn't successful. 😁

[Guest]

52 minutes ago, HonestMoneyGoldSilver said:

As the saying goes, "behind every great fortune there is a great crime", so those who can afford to donate millions or billions are kind of by default the biggest criminals to begin with

That's a very wild statement. It tells more about whoever says it than whom it says, as those who believe in this believe in none but crimes and will not hesitate to commit any should they wish. That's also how they'd justify their murderous banditry; "rich people bad" I hear they cry, "let's do whatever we want to them"

Edited January 5 by Guest

[ZRPMs]

4 minutes ago, SeverinDigsSovereigns said:

That's also how they'd justify their murderous banditry; "rich people bad" I hear they cry, "let's do whatever we want to them"

Quite 

[Agaupl]

Not at all related to gold price. But adds to the current talk. But my thought is (and it may be completely wrong) that involuntary income tax has replaced voluntary charity. 

[LemmyMcGregor]

1 hour ago, BLOOMMAN101 said:

Don't mean to get technical but it's a bit uppy and downy atm

I see that 2024 has brought up novel behaviour.

[Guest]

15 minutes ago, Agaupl said:

Not at all related to gold price. But adds to the current talk. But my thought is (and it may be completely wrong) that involuntary income tax has replaced voluntary charity. 

Tax is alright if well spent. Can't remember when that last happened in the past 20 years

[Agaupl]

53 minutes ago, SeverinDigsSovereigns said:

Tax is alright if well spent. Can't remember when that last happened in the past 20 years

42 years!

Edited January 5 by Agaupl

[HonestMoneyGoldSilver]

1 hour ago, SeverinDigsSovereigns said:

That's a very wild statement. It tells more about whoever says it than whom it says, as those who believe in this believe in none but crimes and will not hesitate to commit any should they wish. That's also how they'd justify their murderous banditry; "rich people bad" I hear they cry, "let's do whatever we want to them"

Money is not bad and rich people are not bad by default. It's the love of money and the deified pursuit of profit that is the root of all evil, not money itself. The chances of someone becoming a billionaire with their moral compass still in tact are equivalent to the odds of a camel passing through the eye of a needle

With regards property and rulers: You shall not covet, you shall not steal. You shall not remove your neighbor’s landmark. Render on to Caesar the things that are Caesar's

Edited January 5 by HonestMoneyGoldSilver

[Dankanugget]

22 minutes ago, HonestMoneyGoldSilver said:

Money is not bad and rich people are not bad by default. It's the love of money and the deified pursuit of profit that is the root of all evil, not money itself. The chances of someone becoming a billionaire with their moral compass still in tact are equivalent to the odds of a camel passing through the eye of a needle

With regards property and rulers: You shall not covet, you shall not steal. You shall not remove your neighbor’s landmark. Render on to Caesar the things that are Caesar's

Very true

[HonestMoneyGoldSilver]

2 hours ago, JohnA1 said:

 

 

Gold has never been cheaper

There's a general feeling that 1oz coins are harder to shift and will be harder to shift in future. In USD once we factor in real inflation it's true, a 1oz gold coin actually costs less than it did 10 years ago. What we're feeling and experiencing is collectively getting poorer as inflation and globalisation are shifting part of our purchasing power to the global east and south. Gold has underperformed fractionally (roughly 0.5% compound) vs USD inflation. Historically though gold in USD beats inflation along with most things other than stocks:

 

 

 

 

So yes gold is undervalued and so is silver, which is why I like to stack it 😁. When we revert to the mean (whenever that may be) then those holding gold and silver will be happy

[Chronos]

1 hour ago, HonestMoneyGoldSilver said:

When we revert to the mean (whenever that may be) then those holding gold and silver will be happy

 

[Guest]

3 hours ago, HonestMoneyGoldSilver said:

Money is not bad and rich people are not bad by default. It's the love of money and the deified pursuit of profit that is the root of all evil, not money itself. The chances of someone becoming a billionaire with their moral compass still in tact are equivalent to the odds of a camel passing through the eye of a needle

With regards property and rulers: You shall not covet, you shall not steal. You shall not remove your neighbor’s landmark. Render on to Caesar the things that are Caesar's

So people have to be evil to become billionaires, is it so?

What about £100m?

What then about £10m?

You seem to imply that there's a line to draw between evil wealth and OK wealth. Who should draw the line, and how?

Those too eager to draw the line are far more evil than those upon whom the line is drawn. They'll just have to wait and say "now you're bad, we'll take."

When you talk about bad morals, remember, "why do you see the speck that is in your brother's eye but not the plank in your own?" 

[HonestMoneyGoldSilver]

1 hour ago, SeverinDigsSovereigns said:

So people have to be evil to become billionaires, is it so?

What about £100m?

What then about £10m?

You seem to imply that there's a line to draw between evil wealth and OK wealth. Who should draw the line, and how?

Those too eager to draw the line are far more evil than those upon whom the line is drawn. They'll just have to wait and say "now you're bad, we'll take."

When you talk about bad morals, remember, "why do you see the speck that is in your brother's eye but not the plank in your own?" 

They are biblical quotes and any lines drawn were not drawn by me. The quotes specifically forbid coveting, stealing or redrawing property boundaries. Nobody is taking from anybody but that doesn't mean we can't judge the methods and lifestyle of billionaires and find them to be morally vacuous. There are 2,700 billionaires, give or take. Find me 10 righteous and I'll change my mind. 

[HonestMoneyGoldSilver]

Gold is up a fraction today in USD (+0.06%) while down in GBP (-0.20%). Silver is up 0.4% in GBP and 0.67% in USD. Makes sense as GBP is up 0.3% vs the USD today

[theman73]

3 minutes ago, HonestMoneyGoldSilver said:

There are 2,700 billionaires, give or take. Find me 10 righteous and I'll change my mind. 

A single one should be enough, but there are none.

[HonestMoneyGoldSilver]

£1608/$2045 currently

[stefffana]

2 minutes ago, HonestMoneyGoldSilver said:

They are biblical quotes and any lines drawn were not drawn by me. The quotes specifically forbid coveting, stealing or redrawing property boundaries. Nobody is taking from anybody but that doesn't mean we can't judge the methods and lifestyle of billionaires and find them to be morally vacuous. There are 2,700 billionaires, give or take. Find me 10 righteous and I'll change my mind. 

Rumours said that most of them started very low from a garage with a great idea...and borrowed few millions from their families...

Damn, I should buy a garage...!

[Chronos]

Goldback founder Jeremy Cordon talks with Mike Adams about POST-COLLAPSE money - divisibility, utility and timeless value:

https://www.brighteon.com/837b3c39-8670-4321-ac28-19507633a7d8

[Chronos]

O no.

JoeBlack is also here on this topic.

https://www.imdb.com/title/tt0119643/

Later, Death enters his home and his life, personified in a man's body: Joe Black (Brad Pitt) has arrived.

You know thing are bad with economy when Death is interested in gold ...

Edited January 6 by Chronos