Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Elroy Jetson who wrote (29604)	5/8/2005 5:46:29 AM
From: shades	Read Replies (2) of 116555

Ok gold has purchasing power over time in some places, I agree, I want you to give me your best guess from all your vast knowledge why in some places gold thrived and in other places it was sea shells or beads? Even in places where gold was in the local environment there were times in history where it was not used as the store of value. Why not? This is very important I feel. What did these people miss that other people understood? That gold was not gonna last longer than a sea shell or bead? Greenspan says durable and long lived - wasn't gold durable and long lived in the places it was not used - how did they make such a mistake? Pearly button made a good case for gold over on the boom thread today in that gold was required for the longest lived CD's - up to 300 years - but I am not gonna spend the extra money for 300 years of storage because I won't live that long and I don't do a lot of archiving so I still see no reason to value gold besides the fact it is just a rare element. financialsense.com Jim Puplava does an audio show every weekend on investing in gold to preserve wealth. I have listened at it a long time now. Your charts on gold are great, but I want to get to the ROOT of the issue - deeper down into the fundamentals - why does gold become valuable to a human over their lifetime? Greenspan gave a few reasons. I dont want the arguement because it always did in Rome. We are not born thinking gold is good for us - we learn that - why did some places learn it and some did not? I want an in depth look at when greenspan says some places adopted gold, some did not - I want to know what memes were going around in the heads of the peoples that did and the ones that didn't. Back to preserving purchasing power - the speach you gave from 66 greenspan says if you do find something to save your wealth, in a society rigged to take wealth from the savers and give to all - how do you expect to really stay above the crowd - as history has proven and greenspan said - the gubbment will simply make gold ILLEGAL to own right? So if things do get that bad - how does it help me and you if the laws change? I have my gun as jefferson and others said, but Mr. Waco texas has shown its not really gonna help when the gubbment can order in tanks is it? Yet mogambo I think only half jokes that he has a lot of guns down in his bunker - like that will really help if the gubbment decided to come take his gold. What do I believe can preserve my purchasing power better than gold? That is a great question. Personally I wish I had a nice cellar with a lot of wine and barrels of gas - how did that do in the depression?, but as I said earlier, cocaine was found in the mummies that was 5000 years old and still potent, it is not LEGAL like wine or gold are RIGHT NOW (though they could be made illegal like they have in the past) but it does seem to hold its purchasing power very well. Buffet believes in buying companies that will make great earnings in the future, recently he also seems to be buying currencies that are not riddled with debt. But if the whole system goes down between us and china like it did with britain and the USA - so much for paper right? But assuming everythings works out some how because it is different some time or even if it doesnt and we rebalance and hit the reset key, in 30 years when I am retiring (i hope) and everyone is on the web trading swords of power in everquest or songs or videos or old BBS messages by some prophet named Elroy on SI - why will they need to worry themselves of gold? Because the romans did and because the 1920's americans did?

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