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Gold is trading above $4800 and I can tell you that almost no one who actually owns physical gold is happy about this

My old boss at the hedge fund who owned a LOT of gold used to say, approximately, "Gold at $2500 is good for our investors. Gold at $5000 is bad for everyone"

in reply to Kim Scheinberg

friendica (DFRN) - Link to source

Radio Free Trumpistan

@Kim Scheinberg
I find that odd since the dollar is the benchmark currency for international trade. Now, here I was under the impression that the dollar didn't lose ground until international bond holders sold off their treasuries--and sell off they did.
@Kim Scheinberg

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in reply to Kim Scheinberg

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Hermey G

People forget that gold was required to back paper many years ago. The only reason we use notes is because carrying precious metals around in wheel barrels if impractical for modern society. Makes me wonder if the true value is actually $5000 due to it being made unnecessary by a corrupt Federal Reserve that can order the Treasury to print notes at will to bailout bankers, auto manufacturers and soon AI tech companies 🤔
@claralistensprechen5th
@Radio Free Trumpistan
in reply to Hermey G

friendica (DFRN) - Link to source

Radio Free Trumpistan

@Hermey G @Kim Scheinberg
Not forgotten, actually; it's why we have Fort Knox, preserving the paradox of gold's value being defined only by sovereign currencies, not the other way around. When you get to brass tacks, gold is just a rock.
Of course there are those attempting to elevate crypto to trade currency franca, so to speak, but we all know that's even riskier than sovereign currency.
So, if sovereign currencies are basically gold-based, higher gold value would elevate the value of the currency--and we all know that simply isn't the case. The more of a denomination you need to buy an ounce of gold, the less valuable the denomination is, so that leaves gold without an actual value, which is required to be in terms of sovereign currency. The ouroboro eats its tail here.
@Kim Scheinberg @Hermey G
in reply to Kim Scheinberg

mastodon - Link to source

Mx. Chara Aznable (they/them) of Pnictogen

speaking as someone who used to be doing electrochemical research work at the University of Washington (a good while ago now) I can tell you, nobody in the sciences is happy about this. gold is USEFUL goddamnit! it's not just shiny stuff for misers and geeklords to play around with. they're making scientific inquiry more expensive by speculating on gold.
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