tag:blogger.com,1999:blog-33825131217256115.post5533770082301028192..comments2023-07-19T09:18:00.774+01:00Comments on Ye Olde Blogge: 55,000 dollarsDPhttp://www.blogger.com/profile/01965423353442076871noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-33825131217256115.post-65298018041892448132013-12-30T18:40:11.547+00:002013-12-30T18:40:11.547+00:00Marx labour theory of value is indeed not some uni...Marx labour theory of value is indeed not some universal scientific law.<br /><br />When you wanna sell something, it is worth whatever somebody is willing to pay for. But in case you are not providing something unique, there is always somebody that will compete in terms of attempting to providing it cheaper in order to get the deal, and miners (as well as some weak hands, desperate housewifes...) are simply part of the game, even if you refuse to acknowledge. And when it comes to mining we are getting much closer to your dismissed labour theory.Ein Gastnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-14040555660053663062013-12-30T17:54:54.230+00:002013-12-30T17:54:54.230+00:00I still don't subscribe to Marx's labour t...I still don't subscribe to Marx's labour theory of value.<br /><br /><br /><br />But will buy 1/36th oz … which will have the same value.DPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-46101576641814171972013-12-30T17:13:41.607+00:002013-12-30T17:13:41.607+00:00next attempt: Would you buy an ounce of gold at &q...next attempt: Would you buy an ounce of gold at "55000 of todays dollars", whereas it can be pulled out of the ground at the same time at "<<1500 of todays dollars"?Ein Gastnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-39974421869597077012013-12-30T17:00:45.022+00:002013-12-30T17:00:45.022+00:00Tradition. :)Tradition. :)DPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-40716976149322888982013-12-30T15:42:37.487+00:002013-12-30T15:42:37.487+00:00that gold<=>oil/energy passes no reality che...that gold<=>oil/energy passes no reality check at all as well anyway.<br /><br />If anything about that Oil-Gold-Illuminati Eurogold stuff would be true, why on earth would Mrs.Merkel shut down all nuclear power suddenly (while smart Hollande keeps them running)?<br /><br /><i>"can deliver gold for USD where it's needed"</i><br />than tell me, who's stacking the gold for all that oil? Without any trace! And if these illuminati arent stacking, why bother with gold at all in the first place?Ein Gastnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-4209534747096996782013-12-30T14:57:00.509+00:002013-12-30T14:57:00.509+00:00+1 for "balloon dog? WTF?"
As long as ...+1 for "<i>balloon dog? WTF?</i>"<br /><br /><br />As long as Europe is far from energy self-sufficient, I can see them finding any way they can to ensure their supply lines will not be cut off.<br /><br /><br />While $IMFS can deliver gold for USD where it's needed, great. If/when that ceases to be the case, I am confident they will come up with a way.DPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-49163982213008589292013-12-30T14:52:06.148+00:002013-12-30T14:52:06.148+00:001.) Exactly, looks like people dont want gold just...1.) Exactly, looks like people dont want gold just for it's physical form, since you can not drink it, drive it, nor surf on the internet with it. Some/most(?) want it to hoard it and maybe later sell it <b>for cash</b> again. So they buy it with paper to sell it for paper. There is simply nothing to argue about that. And lots of people just dont want to go through the "physical" process. Will there ever be a paradigm shift in people minds? NO!!!!1111 If the last five years of financial and political turmoil hasnt changed a thing IMHO nothing can. And even if: Let's assume all paper holders will be told: "Piss off, you are getting nothing!" That does not change "the value" of the remaining physical at all. Happend troughout history of hard goldstandard that banks go bust, still gold wasnt valued higher afterwards magically. Just think of somebody selling you forrest land in china on a nice paper certificate, but somehow it turns out that it is a scam, you got nada. Why the hell do you think that therefore forrest land in china is suddenly worth more?<br />2.) That's why I dont use Apple. Simple as that. But seriously: Look at it like that, just because some dumbass burns millions on some ugly balloon dogs, does not make them a store of value, that I would buy those from him, in fact, I wouldnt even spend a penny on a ballon dog, not even the yellow one ;)<br />Greets, ADEin Gastnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-76107453093980141012013-12-30T14:32:27.908+00:002013-12-30T14:32:27.908+00:00Example: iPad AirExample: <a href="http://www.dailymail.co.uk/sciencetech/article-2488524/Apples-astonishing-129-mark-iPad-Air.html" rel="nofollow">iPad Air</a>DPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-69255853066464907372013-12-30T14:29:48.047+00:002013-12-30T14:29:48.047+00:001) I think would if/when the derivative instrument...1) I think would if/when the derivative instruments that people currently believe to be "as good as gold", prove to be far short of that. OK so you're saying "but the Western traders don't want gold, only price exposure to gold". But if the instruments you buy to get this exposure demonstrably fail to deliver to the physical buyers… the price of them will melt away to nothing, since the physical buyers will walk away to obtain what they want some other way.<br /><br />2) I don't subscribe to Marx's labour theory of value. A thing is worth only as much as someone, somewhere, is prepared to pay for it.<br /><br />Happy 2014 to you too.DPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-36092607007591275972013-12-30T12:58:56.320+00:002013-12-30T12:58:56.320+00:00"If physical gold trading were to break free ...<i>"<b>If</b> physical gold trading were to break free of derivatives,..."</i> <br /><br />that IF reminds me pretty much of Charlie Munger's "even <b>IF</b> it works..."<br /><br />1.) seriously, why ever should it? Or what circumtances would enforce it to? IMHO, the only possibility is that future/derivative trading would be abandoned by worldwide legislation of the CB that would take over as exclusive market makers. Is that realistic? Just as realistic than tomorrow aliens land in your front lawn.<br />2.) A serious question to you personally: Would you buy an ounce of gold at <i>"55000 of todays dollars"</i>, whereas it can be pulled out of the ground at the same time at <i>"<<1500 of todays dollars"</i>?<br />Happy holidays&Greets, ADEin Gastnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-22567731544949786672013-12-26T18:18:34.967+00:002013-12-26T18:18:34.967+00:00Yes, a lamentable penchant for understatement got ...Yes, a lamentable penchant for understatement got the best of me. Now, in the meantime as I work on that flaw, I was wondering if you are at all interested in making the trip to Edinburgh-I wouldn't blame you one bit if not- as I will be here with me brood until Friday and I would be delighted to spring for lunch if you have the time and inclination to get together. Drop me a note at moyer_edward@yahoo.com and pardon my paranoia, but please erase this note on the off chance some troll might latch on to it.edwardo_62noreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-82989605258486918382013-12-26T17:09:46.477+00:002013-12-26T17:09:46.477+00:00Agreed. But isn't "vastly", slightly...Agreed. But isn't "vastly", slightly understating the precariousness of the situation? :DDPhttp://barondayne.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-33825131217256115.post-60768173766702688992013-12-26T14:36:06.990+00:002013-12-26T14:36:06.990+00:00I actually think that a reval is not only fairly c...I actually think that a reval is not only fairly close at hand, but we can put a time frame on it based on what is happening in the mining space. As you know, gold mining provides most of what passes for the physical gold flow. Now that the paper gold price is trading below the cost of production, at least by most metrics. we have a sense of how much time must pass before production gets massively curtailed. To cut to the chase, it looks like twelve to eighteen months before the production from mines falls off the proverbial cliff. I don't by any means think " the world" is going to wait for that condition to fully manifest before it responds in dramatic fashion. It's 1999 redux, except the condition of the world vis a vis the $IMFS is, of course, vastly different.edwardo_62noreply@blogger.com