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Thread: Gold

  1. #41
    Advanced Member airedale's Avatar
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    Skol, where do you get your numbers from? What was the price of gold in English money 745 years ago? As Columbus had not been born, it wasn't being quoted in $US.
    If this ancient guy had left his family a paper note or metal coin, the loss of purchasing power for said money would be astronomical.

  2. #42
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    Quote Originally Posted by airedale View Post
    Skol, where do you get your numbers from? What was the price of gold in English money 745 years ago? As Columbus had not been born, it wasn't being quoted in $US.
    If this ancient guy had left his family a paper note or metal coin, the loss of purchasing power for said money would be astronomical.
    Required reading for all commodity investors:

    http://gulfnews.com/business/feature...-myth-1.585152

  3. #43
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    A gold bug in Auckland has had a 1kg ingot stolen.
    Expensive lesson, won't be the last either.

  4. #44
    Advanced Member airedale's Avatar
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    Quote Originally Posted by Skol View Post
    A gold bug in Auckland has had a 1kg ingot stolen.
    Expensive lesson, won't be the last either.
    In 745 years time who will care?:o

  5. #45
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    Jim Rogers seem to talk with forked tongue. He says buy gold and it'll be $2000 within 10 years, but then says he's buying $US. I thought gold was supposed to compensate for the coming implosion of the dollar but Rogers says the euro's going to implode, not the dollar. He says gold will go up by 6/7% per annum over the next 10 years. Aaaah, doesn't sound like a decent risk/return to me.

    He says the world is running out of oil, but most know it's not.

    How old is Rogers? Maybe time to check out the old folks homes.

    www.cnbc.com/id/35906680

  6. #46
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    Default value of gold in 1265

    In 1265 POG was 5.2 British Pounds per fine ounce.
    In 1265 you could feed an Esquire for 6 Pounds per annum, or a horse groom for 1.5.
    In 1265 you could buy a horse for 1 to 10 Pounds (depending on quality)

    So you could feed a wealthy person for a year or buy good horse for about 1 oz of gold.
    If would cost a lot more than USD 1,100 to do that today.
    This suggests that the price of gold is now lower than then.

    And looking at POG over the period from 1265 to now, climbed only gradually until steeper climb from 1973 (ie well into the age of money markets) .

    [I am not a historian. I just googled this, and was intrigued to find a complete history of the price of gold all the way from 1257]
    [And this is not particulary helpful for investment decision-making either. Just a curiousity.]

  7. #47
    action-reaction arco's Avatar
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    Quote Originally Posted by Skol View Post
    Jim Rogers seem to talk with forked tongue. He says buy gold and it'll be $2000 within 10 years, but then says he's buying $US. I thought gold was supposed to compensate for the coming implosion of the dollar but Rogers says the euro's going to implode, not the dollar. He says gold will go up by 6/7% per annum over the next 10 years. Aaaah, doesn't sound like a decent risk/return to me.

    He says the world is running out of oil, but most know it's not.

    How old is Rogers? Maybe time to check out the old folks homes.

    www.cnbc.com/id/35906680
    According to Wikipedia
    James Beeland Rogers, Jr. (born October 19, 1942) is an expatriate American investor and financial commentator based in Singapore
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  8. #48
    FEAR n GREED JBmurc's Avatar
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    Default JP Morgan an Goldmans short sell thanks to free fed funds CB with credit buy

    Central banks around the world added 425.4 metric tons of gold to their reserves last year, the biggest increase since 1964, according to the World Gold Council. That represents a 1.4 percent gain to put their holdings at 30,116.9 tons in total. The increase was the first since 1988. Central banks in India, Russia and China were among those boosting their gold reserves last year, as the precious metal jumped 24 percent, hitting a record of $1,226 an ounce in December. Central banks now possess 18 percent of all gold ever mined.

    "There's clearly been a renaissance of gold in central bankers' minds," Nick Moore, an analyst at Royal Bank of Scotland, told Bloomberg. "It's not just been central banks taking on gold, but a general shift for physical gold in the investment sector." Many are now singing gold's praises, with the precious metal up about 3 percent so far this year.

    "Gold is quietly, at the edge, becoming the world's second reservable currency, supplanting the euro and rivaling the dollar," money manager Dennis Gartman wrote in his Gartman Letter, obtained by Bloomberg. "The trend shall continue months, if not years, into the future."


    -Goldmans analyst confirms lmba gold market is ponzi Scheme

    http://www.zerohedge.com/article/for...per-gold-ponzi
    Last edited by JBmurc; 30-03-2010 at 08:32 PM.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  9. #49
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    Quote Originally Posted by tobo View Post
    In 1265 POG was 5.2 British Pounds per fine ounce.
    In 1265 you could feed an Esquire for 6 Pounds per annum, or a horse groom for 1.5.
    In 1265 you could buy a horse for 1 to 10 Pounds (depending on quality)

    So you could feed a wealthy person for a year or buy good horse for about 1 oz of gold.
    If would cost a lot more than USD 1,100 to do that today.
    This suggests that the price of gold is now lower than then.

    And looking at POG over the period from 1265 to now, climbed only gradually until steeper climb from 1973 (ie well into the age of money markets) .

    [I am not a historian. I just googled this, and was intrigued to find a complete history of the price of gold all the way from 1257]
    [And this is not particulary helpful for investment decision-making either. Just a curiousity.]
    I just want to question your calcs.

    A quick google showed in 1257 a pure gold penny weighed 45.5 grains=2.73 grams
    The gold penny was first valued at 20 pence later changed to 24 pence or 1/10th of a pound.
    Therefore a pound was 27.3 grams or about 1.1 ounce of gold in 1265.
    So an esqire would have cost 6 pounds or 6.6 ounce at nz$1577/ounce or $10408 a year to feed=$200 a week.
    Slightly more than today??
    Cheers,

  10. #50
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    Quote Originally Posted by airedale View Post
    Skol, I admire your tenacity,but wonder at your capacity for a good argument. You are already fighting against oil, gold, and just about everything else except airline shares on the Forex thread, and the POO thread. And sure and bejeez, as Paddy said, here you are opening up here on another front.
    Happy New Year to you,
    Haven't been too far wrong though airedale. Gold and oil pretty much the same as they were at the beginning of the year, XAL, airline index up nearly 12%.

    I do own other shares though but sold some VBA recently. The only oil share I own is AWE, awaiting the result of Hoki 1 (fingers crossed).

    VBA up 22% since Dec 31st.

    No gold.
    Last edited by Skol; 31-03-2010 at 09:41 AM.

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