Galt's Gulch
10

Fat finger? I don't think so...

Posted by $ blarman 6 years, 9 months ago to Economics
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With everything being based on automation, I'm not buying the claim that this was a slip of the finger. What other options are there?
SOURCE URL: https://www.bloomberg.com/news/articles/2017-06-26/gold-plunges-as-1-8-million-ounces-traded-in-a-new-york-minute?cmpid=BBD062617_BIZ

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  • Posted by DrZarkov99 6 years, 9 months ago
    When precious metals take an unexpected nosedive, it's usually an indication of a big sell off. When the Soviet Union was failing and forced to sell a large part of its gold reserves, the market price of gold plummeted. When the Saudis sold a big chunk of their reserves to stay afloat due to low oil prices, the market responded downward. This might be an indication that China is dumping gold due to internal budgetary issues. The Chinese are struggling to switch from an export driven economy to a consumer economy, and spending big on military, so they may be forced to deal in hard currency.
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  • Posted by Herb7734 6 years, 9 months ago
    I was about to make (for me) a sizable purchase of a hunk of gold, but a friend residing in the Middle East said not to do it, it was about to take a plunge. Thankfully, I listened to him. It took a plunge. I e-mailed him a thank you, and asked him how he knew. Here is his reply: "I live in the holy land. God told me." I should have known better than to ask.
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    • Posted by $ blarman 6 years, 9 months ago
      Hitler picked on the Jews to target because of their wealth. In general, they do have the proclivity for acquiring it. In a nation with no oil beset all around by enemies, it is pretty amazing what they have been able to do despite all that. Tel Aviv is awash with software developers and international businesspeople. Just amazing.
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  • Posted by $ allosaur 6 years, 9 months ago
    Me dino never could get sold on gold.
    Should SHTF, can you eat it, drink it, fill it up into your emergency generator or your motorized vehicle?
    I suppose you could shoot it. Gold melts kinda easy like lead.
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    • Posted by Herb7734 6 years, 9 months ago
      It is just a yellow metal. What is valuable to me, is the beauty it can be fashioned into by a good, or if you're very wealthy, a great artisan.
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      • Posted by $ allosaur 6 years, 9 months ago
        I agree with everything you wrote.
        Gold can be assigned great value, and has been for centuries.
        Once upon a time, the USA even had a gold standard for its paper currency.
        There may come a time when trade or looting for food, water, gasoline, tools and guns reduces things made of gold into pretty but next to worthless trinkets.
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        • Posted by Herb7734 6 years, 9 months ago
          Gold, like many commodities sets its own price depending upon the willingness of people to pay for it.Gold is pretty as well as pretty rare compared to other elements. Since something has to be a standard, gold has all the qualities needed to be a standard. Beside what we have already mentioned, it is very malleable, easily divided or it can be made thinner than a layer of skin. While in reality it is just another element, in itself it is not more valuable than many other elements or combination of elements
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          • Posted by $ allosaur 6 years, 9 months ago
            Beauty is in the eye of the beholder.
            The above sentence can also start with "value," but "beholder" would have to take a plural form.
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            • Posted by Herb7734 6 years, 9 months ago
              Some beholders have pretty crappy eyesight.I took an art appreciation class and our final was to do some art on canvas. I could have gotten an A had I had my then, 5 year old make the "art."
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              • Posted by $ allosaur 6 years, 9 months ago
                I started out as an art student in college before I changed majors.
                About that time I cooked up the term "artsy-fartsy." I had good reason to
                A little later in 1974 a brother attended USC to study film making.
                Five or so years later I first heard "artsy-fartsy" used in a movie.
                I always wondered if there was a dino connection.
                As for my brother, he became a USC employee in case any one is wondering.
                He recently retired and moved to Delaware to move in with his daughter's mother.
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