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Gold overtakes U.S. Treasuries as the largest foreign reserve asset

economictimes.indiatimes.com

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Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#181

Post by [deleted] »

ptero wrote: post #163
gpt5 wrote: post #130

Earlier quoted context omitted.

There is something awfully bad happening to the internet, including Hacker News. It seems like rage-baiting, polarizing titles and vibe based comments are being upvoted, with no interest in the facts. For example, in this case: 1. The growth of the gold reserve in comparison to US Treasuries have very little to do with growth in gold acquisition, and has everything to do with gold more than doubling in price in a yea…

I agree with your "sensationalism is bad" take; especially as meaningful, non-incendiary comments now often get quickly downvoted for viewpoint, not tone (IMO downvoting should cost 0.1-0.3 karma). But not with "nothing to see in CB gold holdings fluctuations" view: R1. But central bank gold holdings are rising organically, and partially at the expense of US treasuries. CB gold holdings have been dropping for 35 year…

[deleted]

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#182

Post by BirAdam »

logicchains wrote: post #101
andsoitis wrote: post #40

Earlier quoted context omitted.

> Gold has always been stable, because it is physically limited. Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows. The stability it’s historically shown was mostly the result of fixed monetary systems, and those are long gone.

>Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows. Those are only relevant on a shorter timescale; on a long timescale gold's held its value extremely well. The price of a loaf of bread in gold now is still similar to what it was in the Roman Empire 2000 years ago.

All value is subjective and thus at the whims of wild animal spirits.

Gold seems stable largely because the price must rise to make mining significantly more of it economically viable. Yet, were it truly stable, prices measured in terms of gold should have seen price deflation from the Roman era to now. That this is not the case proves that gold has zero intrinsic value. It may have some inherent utility, but that is not the same thing. As people want more gold for use as a conductor, or in alloys for dental prostheses, or for adornment the price will go up. Speculative demand can make the price go up. Demand for trade without USD can make the price go up.

Gold and USD prices are independent of one another. That they can be used to measure one another is also a human invention and an accident of history.

All value is subjective.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#183

Post by kilroy123 »

bdelmas wrote: post #180
gpt5 wrote: post #130

Earlier quoted context omitted.

There is something awfully bad happening to the internet, including Hacker News. It seems like rage-baiting, polarizing titles and vibe based comments are being upvoted, with no interest in the facts. For example, in this case: 1. The growth of the gold reserve in comparison to US Treasuries have very little to do with growth in gold acquisition, and has everything to do with gold more than doubling in price in a yea…

I think there are less experts on HN than years ago or a decade ago. And the culture of HN is getting slightly changing to a more Reddit culture every year. It’s too bad because it’s the only place I know where you have experts in tech but also in other industries. And where I got very interesting discussions.

I think a larger problem is that a lot of YC folks just use Bookface instead of HN.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#184

Post by C6JEsQeQa5fCjE »

9dev wrote: post #161
sph wrote: post #139

Earlier quoted context omitted.

Dreaming of the day where the average non-American doesn't know who the US attorney general is, the name of their secretary of war, and the details of every internal political machination.

I recommend dreaming of they day they don't have a secretary of war but defence again

I don't mind the name change because it more correctly signals what the position has always been -- a secretary of war with a "secretary of defense" mask on.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#185

Post by tasuki »

dannyfritz07 wrote: post #171
ferfumarma wrote: post #125

Earlier quoted context omitted.

The Clinton administration ran a budget surplus

He ran a surplus by (In Bill Clinton's own words) "ending welfare as we know it". This was his description of the Personal Responsibility Act he signed. That attack on labor and bolstering of the financial markets was a huge contributor to our economic disasters. Keynesian was never meant to be a permanent solution to a growing capitalism system. And the Hayekian system we have now is just pillaging by neoliberals.

> ending welfare as we know it

> That attack on labor

How is ending welfare an "attack on labor"?

(I live in a welfare state and am quite happy about it, despite it having very real financial consequences for me. Welfare state does not benefit "labor", but rather benefits the various people who either can't or don't want to perform labor)

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#186

Post by dannyfritz07 »

tasuki wrote: post #185
dannyfritz07 wrote: post #171

Earlier quoted context omitted.

He ran a surplus by (In Bill Clinton's own words) "ending welfare as we know it". This was his description of the Personal Responsibility Act he signed. That attack on labor and bolstering of the financial markets was a huge contributor to our economic disasters. Keynesian was never meant to be a permanent solution to a growing capitalism system. And the Hayekian system we have now is just pillaging by neoliberals.

> ending welfare as we know it > That attack on labor How is ending welfare an "attack on labor"? (I live in a welfare state and am quite happy about it, despite it having very real financial consequences for me. Welfare state does not benefit "labor", but rather benefits the various people who either can't or don't want to perform labor)

Why do laborers have to work for the right to live when capitalists only have to provide capital and are always assumed to be worthy? Capital and labor is combined to produce new capital. Yet we only expect labor to prove their worth. We're always holding labor's feet to the fire and killing them through policy that allows their poverty by assuming they are lazy.

There is basically zero consequence for capitalists when they decide to withhold capital from laborers. Therefore taking away labor's ability to generate new capital. They took down the entire rust belt by doing this. Why shouldn't we hold them accountable? Why does everyone blame labor and say welfare is only for people in poverty?

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#187

Post by em500 »

logicchains wrote: post #101
andsoitis wrote: post #40

Earlier quoted context omitted.

> Gold has always been stable, because it is physically limited. Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows. The stability it’s historically shown was mostly the result of fixed monetary systems, and those are long gone.

>Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows. Those are only relevant on a shorter timescale; on a long timescale gold's held its value extremely well. The price of a loaf of bread in gold now is still similar to what it was in the Roman Empire 2000 years ago.

> The price of a loaf of bread in gold now is still similar to what it was in the Roman Empire 2000 years ago.

That seems pretty unlikely, when the price of a loaf of bread in gold now is less than half of what it was only 3 years ago.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#188

Post by therobots927 »

dpb001 wrote: post #34
therobots927 wrote: post #19

Earlier quoted context omitted.

That’s interesting. Hadn’t thought of it that way. I can’t for the life of me figure out why more blue states aren’t taxing their wealthy occupants to cover the gap in lost federal funding from DOGE. If they were smart they would start stretching that muscle.

The union of states arrangement has the side effect of putting the states in competition with each other for things like new/expanding businesses and residents. It's relatively easy to relocate (or even remain in a state while legally "residing" elsewhere). So there are diminishing returns to raising the tax rates significantly on the upper brackets at the state level. I'm not a believer in the trickle down theory bu…

That’s never been proven. The blue states re the most objectively desirable states to live in with maybe the exception of Idaho and Wyoming and Florida. Blue states have more leverage than they apply.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#189

Post by temp8830 »

gpt5 wrote: post #130
yosefk wrote: post #108

Earlier quoted context omitted.

While we're at it, when did central banks start to buy lots of gold and under which POTUS? Could it have something to do with the freezing of hundreds of billions of some sovereign assets?

There is something awfully bad happening to the internet, including Hacker News. It seems like rage-baiting, polarizing titles and vibe based comments are being upvoted, with no interest in the facts. For example, in this case: 1. The growth of the gold reserve in comparison to US Treasuries have very little to do with growth in gold acquisition, and has everything to do with gold more than doubling in price in a yea…

Low quality: when someone insinuates that the part of the establishment who play "good cop" are not saints.

Re: Gold overtakes U.S. Treasuries as the largest foreign reserve asset

#190

Post by vitaflo »

gpt5 wrote: post #130
yosefk wrote: post #108

Earlier quoted context omitted.

While we're at it, when did central banks start to buy lots of gold and under which POTUS? Could it have something to do with the freezing of hundreds of billions of some sovereign assets?

There is something awfully bad happening to the internet, including Hacker News. It seems like rage-baiting, polarizing titles and vibe based comments are being upvoted, with no interest in the facts. For example, in this case: 1. The growth of the gold reserve in comparison to US Treasuries have very little to do with growth in gold acquisition, and has everything to do with gold more than doubling in price in a yea…

Reddit has been leaking into HN for years. It’s just finally reached equilibrium.
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