Why is gold so precious?

[GoldenGriffin]

I've been buying gold for a number of years now due to rates on fiat currency being so low.

I've seen gold go from around £950 up to a high of around £1,560 within the last 2 or 3 years.

Isn't it only a metal and nothing more?

Can you only make jewellery and coins from it?

Why is it so precious?

Why are banks buying it up in vast quantities?

Why is there a world gold council?

Edited March 8, 2021 by GoldenGriffin
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[Derv]

Finite , dense , malleable , conductive + all they other good uses....

... more importantly for me.... It's lovely and gold  😊

[GoldenGriffin]

Anymore comments out there?

Let's hear your thoughts, no matter how far stretched.

@LawrenceChard I'd like to tap into your thoughts on this, with you having a relatively long, say, relationship with the metal?

Any thoughts would be welcome 😊

Edited March 7, 2021 by GoldenGriffin
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[Foster88]

I would say that most of it’s value comes from its rarity. You’d have to go back a few thousand years to see the first people who traded gold for its value and even made gold jewellery.

The Anglo Saxons, the Vikings, the Romans and the Egyptians to name but a few all traded gold.

[GoldenGriffin]

Thanks for your thoughts - I find it really interesting...

Can I stimulate any more thoughts out there, no matter how far stretched? 💡

Edited March 7, 2021 by GoldenGriffin
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[Fathallazf]

Its shiny, unique color, doest corrode and beautiful. Hard to mine and useful in many fields. 

[GoldenGriffin]

10 hours ago, Fathallazf said:

Its shiny, unique color, doest corrode and beautiful. Hard to mine and useful in many fields. 

Agree, it's beautiful, doesn't corrode, definitely hard to mine and is useful in many fields, but actually, the amount used in technology is reducing significantly, but many times more efficient.

Edited March 8, 2021 by GoldenGriffin
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[LawrenceChard]

1 hour ago, GoldenGriffin said:

I've been buying gold for a number of years now due to rates on fiat currency being so low.

I've seen gold go from around £950 up to a high of around £1,560 within the last 2 or 3 years.

Isn't it only a metal and nothing more?

Can you only make jewellery and coins from it?

Why is it so precious?

Why are banks buying it up in vast quantities?

Why is there a world gold council?

#EducationNeeded

"I've been buying gold for a number of years now"

If you ask yourself why, it may answer some of the other questions.

"due to rates on fiat currency being so low."

I don't understand what you mean, interest rates? 

"I've seen gold go from around £950 up to a high of around £1,560 within the last 2 or 3 years."

Sure, and dropped back down to about £1230 currently. As people were stampeding to buy at £1500 to £1600, it sounds relatively cheap.

"Isn't it only a metal and nothing more?"

No, it can be a liquid above 1064.18 °C, and a gas at above 2970 °C.

What else do you want?

"Can you only make jewellery and coins from it?"

No, read https://en.wikipedia.org/wiki/Gold

"Why is it so precious?"

See #1

Most of the other 7 billion people probably think the same.

Remember, there are only 2 metallic elements which are not grey coloured, one is copper, the other is gold.

When you say "precious", do you mean "valuable"? Supply and demand.

"Why are banks buying it up in vast quantities?"

Are they?

"Why is there a world gold council?"

Why not?

Read https://www.gold.org/, starting at 

Who we are
 
What we do
 
About gold

I noticed you had "world" in bold. I guess that Scunthorpe Gold Council doesn't sound as impressive. 🙂

Now, who wants to know about the meaning of life?

[5huggy]

9 minutes ago, LawrenceChard said:

"I've been buying gold for a number of years now"

If you ask yourself why, it may answer some of the other questions.

"due to rates on fiat currency being so low."

I don't understand what you mean, interest rates? 

"I've seen gold go from around £950 up to a high of around £1,560 within the last 2 or 3 years."

Sure, and dropped back down to about £1230 currently. As people were stampeding to buy at £1500 to £1600, it sounds relatively cheap.

"Isn't it only a metal and nothing more?"

No, it can be a liquid above 1064.18 °C, and a gas at above 2970 °C.

What else do you want?

"Can you only make jewellery and coins from it?"

No, read https://en.wikipedia.org/wiki/Gold

"Why is it so precious?"

See #1

Most of the other 7 billion people probably think the same.

Remember, there are only 2 metallic elements which are not grey coloured, one is copper, the other is gold.

When you say "precious", do you mean "valuable"? Supply and demand.

"Why are banks buying it up in vast quantities?"

Are they?

"Why is there a world gold council?"

Why not?

Read https://www.gold.org/, starting at 

Who we are
 
What we do
 
About gold

I noticed you had "world" in bold. I guess that Scunthorpe Gold Council doesn't sound as impressive. 🙂

Now, who wants to know about the meaning of life?

And "DOWN right WICKED " for electrical conductivity in "delicate" electronic equipment!

That can barely be beaten! 👌😉👍

[5huggy]

 

12 minutes ago, LawrenceChard said:

Now, who wants to know about the meaning of life?

42

- - BTW - I'm "hitchhiking" right now  !

 

[GoldenGriffin]

Thanks for your replies, it's really interesting to know your understanding, and understand if all questions asked you can't find an answer for 👍

[5huggy]

8 minutes ago, GoldenGriffin said:

Thanks for your replies, it's really interesting to know your understanding, and understand if all questions asked you can't find an answer for 👍

YOU think thats "HARD" to understand!?

Try working out !

HOW the "COMEX" (Crimex) get away with what they do for as long as they have!?

[GoldenGriffin]

1 minute ago, 5huggy said:

YOU think thats "HARD" to understand!?

Try working out !

HOW the "COMEX" (Crimex) get away with what they do for as long as they have!?

I don't think it's hard to understand, but I do believe there are injustices out there, in more places than you think.

[5huggy]

4 minutes ago, GoldenGriffin said:

I don't think it's hard to understand, but I do believe there are injustices out there, in more places than you think.

 

4 minutes ago, GoldenGriffin said:

I don't think it's hard to understand

NOT maybe for you or I - 👍

- but the "masses" out there!

have NO IDEA

(IMHO) 

they would rather chase a "Shoot load" of these (as I type) electronic digits - (so called bit coin et al) that they believe have an "INTRINSIC VALUE"

My Answer!

Try "HOLDING" a Bitcoin et al - in your hand!

I (amongst others) get regularly lambasted for the phrase!

IF YOU CAN'T HOLD IT - YOU DONT OWN IT!

[GoldenGriffin]

46 minutes ago, LawrenceChard said:

I noticed you had "world" in bold. I guess that Scunthorpe Gold Council doesn't sound as impressive. 🙂

Blackpool sounds better 😅

[GoldenGriffin]

6 minutes ago, 5huggy said:

 

NOT maybe for you or I - 👍

- but the "masses" out there!

have NO IDEA

(IMHO) 

they would rather chase a "Shoot load" of these (as I type) electronic digits - (so called bit coin et al) that they believe have an "INTRINSIC VALUE"

My Answer!

Try "HOLDING" a Bitcoin et al - in your hand!

I (amongst others) get regularly lambasted for the phrase!

IF YOU CAN'T HOLD IT - YOU DONT OWN IT!

Bitcoin, bitcon more like. 

Total distraction, all powerful entities involved are in it for tax relief.

I mentioned this before a recent collapse when Elon made a 1.5 billion investment.

I agree, if you don't hold it, you definitely don't own it!

Edited March 7, 2021 by GoldenGriffin
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[Tn21]

Mining gold and silver is also very energy intensive. Use of oil, water, labour etc all have to be factored in. 

Great video fyi

[GoldenGriffin]

2 minutes ago, Tn21 said:

Mining gold and silver is also very energy intensive. Use of oil, water, labour etc all have to be factored in. 

Great video fyi

Thanks TN21! 1👍

[GoldenGriffin]

Ultimately, where does gold come from?

... it's gold in colour 🧐

Edited March 8, 2021 by GoldenGriffin
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[Derv]

Datsun     😉

[5huggy]

Just now, Derv said:

Datsun     😉

So you speak Japanese like me!😉👍

Honda,Mitsubishi, Sony, Kawasaki, and thankyou ! 😉🤣🤣🤣🤣

[GoldenGriffin]

8 hours ago, Derv said:

Datsun     😉

The car maker, Datsun?

😅

Edited March 8, 2021 by GoldenGriffin
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[Derv]

1 minute ago, GoldenGriffin said:

The car maker, Datsun?

No... 😅

Sunny 🌞

[GoldenGriffin]

4 minutes ago, Derv said:

Datsun     😉

Did you catch 5 news about 12 months ago?

[5huggy]

Not like I didn't know most of this - BUT CHEERS @Tn21

Could well be a "MAJOR" benefit to the education of "Newbies"