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Author Topic:   Bit Coin: 2 bit bubble
Taq
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Posts: 8488
Joined: 03-06-2009
Member Rating: 7.4


(1)
Message 93 of 178 (887290)
07-29-2021 5:14 PM
Reply to: Message 86 by Phat
07-27-2021 5:17 AM


Re: Shifty Schiff and the Financial Apologists
Phat writes:

When FDR outlawed the public possession(hoarding) of Gold and paid out $20.67 per ounce, ordering the public to surrender their metal...then raising the price to $35.00 an ounce which instantly devalued the US dollar by 60+% he had (or "they" ...Central Bankers and Governments) a reason to do so. The currencies can be manipulated. Gold and Silver cannot.

What????

First, you say "they" manipulated the price of gold so that its price went up to $35 an ounce, and they you say the price of gold and silver can't be manipulated. WHICH IS IT????

Edited by Taq, : No reason given.


This message is a reply to:
 Message 86 by Phat, posted 07-27-2021 5:17 AM Phat has responded

Replies to this message:
 Message 94 by Phat, posted 07-30-2021 8:16 AM Taq has responded

  
Taq
Member
Posts: 8488
Joined: 03-06-2009
Member Rating: 7.4


(1)
Message 98 of 178 (887305)
07-30-2021 11:56 AM
Reply to: Message 94 by Phat
07-30-2021 8:16 AM


Re: Shifty Schiff and the Financial Apologists
Phat writes:

It is a bit of both, Taq. Gold and Silver will always have an intrinsic value.

They don't have an intrinsic value. The only reason they do have value is people are willing to trade them for dollars. They are as much of a fiat currency as any other. What other function do those metals have outside of trading for currency? If silver was only sold for its use in photographic film, what would its price be? If gold were only traded for its use in products, what would its price be?

In fact, stocks have more intrinsic value than gold or silver. Business still produce things, but gold and silver do not. What does a gold bar do for you? Does it mow your lawn? Does it make cars? Is it used to build houses? What does it do, other than sit there?

It is a bit of both, Taq. Gold and Silver will always have an intrinsic value. The manipulators can never take away the value. They can, however, hold the price down and discourage the general public from investing in the metals as they would, say, Bitcoin.

You keep saying that, but offer no evidence that this is actually the case. You even make the contradictory statement that they restrict supply which increases prices.


This message is a reply to:
 Message 94 by Phat, posted 07-30-2021 8:16 AM Phat has responded

Replies to this message:
 Message 106 by Phat, posted 08-02-2021 9:34 AM Taq has not yet responded

  
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