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Costco gold bars are selling out within hours
281–290 of 515 posts
Re: Costco gold bars are selling out within hours
#282A couple days ago I was admiring the heavy aluminum pan I was throwing out because of nonstick coating issues. Over a hundred years ago, that pan would have been something only for the most wealthy in the world. Only a matter of time before the same happens to gold
People will be irrational about gold longer than civilization can remain solvent
Not if we can figure out how to bring tons of it down from the heavens
Re: Costco gold bars are selling out within hours
#283Earlier quoted context omitted.
You can see it happening right now in Argentina: the local currency is worthless, and people are flocking to ... US Dollars. Not gold, not bitcoins, but good old benjamins. So gold isn't even a good inflation hedge: if you walked the streets of a failing economy (pick one: Argentina, Venezuela, Sri Lanka, there's plenty more) and tried to exchange gold for goods, you're not gonna get far (and will probably get mugged…
Not exactly. I just sent this link to my (Argentine) friends with a different observation. My observation was: The United States is starting to look like Argentina. You must understand: Most Americans are not accustomed to shoving a third party currency under their mattress, or buying physical gold. The phenomenon of hyperinflation is foreign to them, and there's a steep learning curve. The actual significance of thi…
Well, Argentina had plenty of opportunities to get itself in order (and could still do so), but I'm not sure that the US would let things slide so badly over a long period - they (and the rest of the world) would rather take the short term pain.
Possibly being a reserve currencies adds an additional burden to US policymakers, so they can't always take the easy way out.
Re: Costco gold bars are selling out within hours
#284Earlier quoted context omitted.
I notice this when travelling the world and it's one of the main reasons I think the many of the arguments for cryptocurrency are flawed. I've used decades old dollar bills in SE Asia that have been pretty much detached from the US economy for decades and have held value better than bitcoin ever has. The value of the dollar is linked not just to the US economy but also a global black economy and that has some unoffic…
> I've used decades old dollar bills in SE Asia that have been pretty much detached from the US economy for decades and have held value better than bitcoin ever has. I'm not sure what makes you feel that way. Gold and Bitcoin are up against the dollar in the past decade, and by a significant margin. Bitcoin is up ~225x against the dollar. Gold is up ~50x against the dollar going back five decades. The US dollar is pr…
Yes… but it’s a great currency, unlike gold or Bitcoin.
You could also find individual stocks or maybe even the S&P500 and compare those to the dollar as well (and to each other).
Re: Costco gold bars are selling out within hours
#285Earlier quoted context omitted.
I’m not paraphrasing and assuming, I’m drawing conclusions from your statements. What do you mean “blocked off transport”? Is that the only form of protest deserving of harsh measures? Do you not think rioting in commercial centers and setting fire to businesses would rise to a similar level as blocking downtown streets as was done in Ottawa? Clearly you feel blocking city streets is sufficient, so burning down busin…
> I’m drawing conclusions from your statements. Flawed conclusions. > What do you mean “blocked off transport” See the upthread link to the Canadian Charter. https://en.m.wikipedia.org/wiki/Section_2_of_the_Canadian_Ch... Follow the links to see how "freedom to assemble" allows the "Right to protest" but doesn't guarantee the a right to "substantial disruption". Unions (for example) have (location dependant) a right…
I already asked if you don't consider burning down stores to be at least as impactful to commercial trade as blocking roads, but you didn't answer. I'd argue that burning down multiple businesses has a far higher impact than just blocking the street temporarily when it comes to "blocking access to a business", as you put it.
And whether or not the protest has that as the "stated goal" is irrelevant. It happened, thus in order to stop it you should be willing to apply the same force of law.
You seem fine having two different standards - one where blocking a street in protest deserves suspension of Charter rights and one where burning down businesses doesn't.
You're entitled to your belief, but I can state that it doesn't make a lot of sense.
Re: Costco gold bars are selling out within hours
#286Earlier quoted context omitted.
You can see it happening right now in Argentina: the local currency is worthless, and people are flocking to ... US Dollars. Not gold, not bitcoins, but good old benjamins. So gold isn't even a good inflation hedge: if you walked the streets of a failing economy (pick one: Argentina, Venezuela, Sri Lanka, there's plenty more) and tried to exchange gold for goods, you're not gonna get far (and will probably get mugged…
Not exactly. I just sent this link to my (Argentine) friends with a different observation. My observation was: The United States is starting to look like Argentina. You must understand: Most Americans are not accustomed to shoving a third party currency under their mattress, or buying physical gold. The phenomenon of hyperinflation is foreign to them, and there's a steep learning curve. The actual significance of thi…
> The actual significance of this is that metal is being offered at a "blue dollar" rate by one of the three largest retailers in America
Or, it’s a novelty item to get PR buzz.
Re: Costco gold bars are selling out within hours
#287A couple days ago I was admiring the heavy aluminum pan I was throwing out because of nonstick coating issues. Over a hundred years ago, that pan would have been something only for the most wealthy in the world. Only a matter of time before the same happens to gold
I'm no so sure. Gold has always been used as a mechanism for intrinsic value. While the dollar is not backed by the dollar anymore there is still sentiment around the world that gold is the relaible asset. Gold has an important economic role as a means of exchange should currency collapse. So I wouldn't see it going anywhere anytime soon. Until maybe i have a gold skillet that I'm throwing out someday!
Just a bit pick, there’s no such thing as intrinsic value. All value is subjective. Gold has strong and common utility aiding in its valuation, but there is no intrinsic value.
Re: Costco gold bars are selling out within hours
#288Earlier quoted context omitted.
> You have to figure out how to convert that gold into something somebody will actually take You need coins. You can't walk around with a gold bar. I would say silver coins to keep the value down, too. As a "my government made our money useless" back up. USD cash are good too unless you are American, obviously.
>As a "my government made our money useless" back up. I think that's where you first get into "some other governments money may be less useless" as a first stage backup. Precious metals in direct ownership are really a hedge against all or most other governments money collapsing. Until you reach a global societal collapse, having gold in your possession seems like a negative ROI and I wonder if, should that case happ…
To add on to this, when I think about a situation where you're trying to hedge against all government-backed fiat collapsing; I feel like you're already down to cold-hard bartering. The saying of "booze, bullets, and bandages" comes to mind.
Re: Costco gold bars are selling out within hours
#289Earlier quoted context omitted.
What if you hid it well? How are they going to find it?
"Hi, Costco. We would like to subpoena you for the customer records for every person that bought gold. Note that 'would like to' means 'are going to, and you will comply'. Love, the US Government."
"Hello I'm agent smith from federal agency group, costco said you bought some gold, where is it?"
"lost it"
"Mind if we search your house?"
"i've known you were going to ever since I bought the gold; knock yourself out. Just please don't disturb my antique collection of locked filing cabinets. They're all empty but the keys are in that big pile over there"
Re: Costco gold bars are selling out within hours
#290Earlier quoted context omitted.
You can see it happening right now in Argentina: the local currency is worthless, and people are flocking to ... US Dollars. Not gold, not bitcoins, but good old benjamins. So gold isn't even a good inflation hedge: if you walked the streets of a failing economy (pick one: Argentina, Venezuela, Sri Lanka, there's plenty more) and tried to exchange gold for goods, you're not gonna get far (and will probably get mugged…
Not exactly. I just sent this link to my (Argentine) friends with a different observation. My observation was: The United States is starting to look like Argentina. You must understand: Most Americans are not accustomed to shoving a third party currency under their mattress, or buying physical gold. The phenomenon of hyperinflation is foreign to them, and there's a steep learning curve. The actual significance of thi…
Comparing the US with Argentina is wild. Americans are buying gold because there's a lot of propaganda about how the country is going to hell, the economy is fucked and there's plenty of marks out there that fall for this, while unemployment is historically low and the mcdonalds close to me is offering 17 an hour for line workers.
There's been a huge increase in ads about "buying hold to protect yourself" instead of buying US government bonds, that will actually make you money, because these grifters feed off fear and there's plenty of people there that will believe in it. These people will all lose money on this gold when they decide to sell it.