I always looked at gold as being one of the least useful of the commodities anyway....
Oil, wheat, cotton, wood, copper, etc., etc., have everyday uses that we'd miss immediately if they were gone. Most gold, (with the exception of industrial uses), is treasured just because it's "pretty!"
Once armageddon strikes, you'd be better off with fifth of whiskey and a pig than a pound of gold.
gold coins are not protection from armageddon, they are protection from what is happening now. Those that think they are the salvation from chaos will be at the mercy of the chaos.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Learned how pour lead bullets in my teens. BTW melting point of lead & gold quite close. Silver is cheaper though. OK I guess it's not that close but that forge was hot enough.
Gold is a means of exchange. That's why it's in the "metal's exchange". Money , on the other hand runs on the existence of precious metal, as it's mined, assayed, and minted, not as it were. Miners may disagree. I would if I were one.
When I was in 4th grade we carefully reviewed how there was only a 20-25 year supply of oil worldwide. I remember thinking it would be fascinating to see how we'd learn to cope without it.
Now, more than 30 years later, there is at least a 20 year supply of oil in the world......
Perhaps this particular piece of the sky is falling, but it doesn't seem to be falling all that quickly.
If you really feel a need to get worried, study what happens when biological systems experience exponential growth.
Uh....how do we "run out" of gold. Gold is infinitely recyclable and all the gold ever mined is still in existence. When your gold jewelry breaks or becomes unfashionable you sell it you don't throw it away. Gold isn't consumed in industrial applications like silver is. We mine gold out of the ground, refine it into a usable form like bullion or coins and then we put it back into the ground in a bank vault. We will never run out of gold.
<< <i>Uh....how do we "run out" of gold. Gold is infinitely recyclable and all the gold ever mined is still in existence. When your gold jewelry breaks or becomes unfashionable you sell it you don't throw it away. Gold isn't consumed in industrial applications like silver is. We mine gold out of the ground, refine it into a usable form like bullion or coins and then we put it back into the ground in a bank vault. We will never run out of gold. >>
+1
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I have not read the source article that discusses why we will exhaust gold resources in the next 20 years. That being said, as a university student of geology and environmental science, and someone keenly interested in the mining industry, that statement is either enormously misleading or flatout wrong.
<< <i>I have not read the source article that discusses why we will exhaust gold resources in the next 20 years. That being said, as a university student of geology and environmental science, and someone keenly interested in the mining industry, that statement is either enormously misleading or flatout wrong. >>
Makes sense....if demand was overwhelming supply there would be a corresponding rise in the price of the commodity
<< <i>I have not read the source article that discusses why we will exhaust gold resources in the next 20 years. That being said, as a university student of geology and environmental science, and someone keenly interested in the mining industry, that statement is either enormously misleading or flatout wrong. >>
It's simply ignorant. You can't exhaust a resource that is not consumed.
Numismatist Ordinaire See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Back when I was in high school in the mid 1960s a biology teacher told me that the crude oil supply would run out in 50 years. Economic theory tells us that virtually nothing "runs out." The prices might be higher, the good does not disappear.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
<< <i>How can the planet "run out" of gold? In what industry or natural process is gold consumed? >>
An "up and coming" industry that relies pretty heavily on gold is nanoengineering. While we only use small amounts of it per batch in my lab, eventually it all adds up. Especially when you consider all the labs out there and all the corporations that may start up in the next few years.
I know there are much more relative (amounts of gold) answers to this question, but this is one no one ever thinks of.
Edit to add: I do NOT think the world will run out of gold.
And the sky falls a wee bit more each day which enables the Telemarketers and TV Gold hucksters to rake in more profits on this "soon to disappear forever" yellow metal!
Right up there with the coffee shortages and milk butter fat shortages and missing beanie babies!
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
Comments
<< <i>Frankly not surprised. Article is below.
Article
Wonder if, in our lifetime, governments confiscate or even consider buying gold from average people like us? >>
I am sure that the talk radio gold shylocks will be running with this story.
asteroid mining
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Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Oil, wheat, cotton, wood, copper, etc., etc., have everyday uses that we'd miss immediately if they were gone. Most gold, (with the exception of industrial uses), is treasured just because it's "pretty!"
Once armageddon strikes, you'd be better off with fifth of whiskey and a pig than a pound of gold.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Silver is cheaper though.
<< <i>Hummmmmmmm......You want to find something? Raise the price of it. >>
This. Did wonders for oil.
Miners may disagree. I would if I were one.
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<< <i> BTW melting point of lead & gold quite close. >>
Sorry man, this one was just too far off the mark.
Lead melts at 327 F, gold takes 6 times as much at 1945 F.
Now, more than 30 years later, there is at least a 20 year supply of oil in the world......
Perhaps this particular piece of the sky is falling, but it doesn't seem to be falling all that quickly.
If you really feel a need to get worried, study what happens when biological systems experience exponential growth.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>Maybe they should stop wasting it on modern crap!
Thats funny......
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<< <i>Uh....how do we "run out" of gold. Gold is infinitely recyclable and all the gold ever mined is still in existence. When your gold jewelry breaks or becomes unfashionable you sell it you don't throw it away. Gold isn't consumed in industrial applications like silver is. We mine gold out of the ground, refine it into a usable form like bullion or coins and then we put it back into the ground in a bank vault. We will never run out of gold. >>
+1
<< <i>I have not read the source article that discusses why we will exhaust gold resources in the next 20 years. That being said, as a university student of geology and environmental science, and someone keenly interested in the mining industry, that statement is either enormously misleading or flatout wrong. >>
Makes sense....if demand was overwhelming supply there would be a corresponding rise in the price of the commodity
<< <i>I have not read the source article that discusses why we will exhaust gold resources in the next 20 years. That being said, as a university student of geology and environmental science, and someone keenly interested in the mining industry, that statement is either enormously misleading or flatout wrong. >>
It's simply ignorant. You can't exhaust a resource that is not consumed.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>What's the big concern, we're running out of everything. >>
My gluteus maximi don't seem to be running out of fat.
<< <i>How can the planet "run out" of gold? In what industry or natural process is gold consumed? >>
An "up and coming" industry that relies pretty heavily on gold is nanoengineering. While we only use small amounts of it per batch in my lab, eventually it all adds up. Especially when you consider all the labs out there and all the corporations that may start up in the next few years.
I know there are much more relative (amounts of gold) answers to this question, but this is one no one ever thinks of.
Edit to add: I do NOT think the world will run out of gold.
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All of my collection is in a safe deposit box!
Right up there with the coffee shortages and milk butter fat shortages and missing beanie babies!
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