Dave Ramsey's started an anti-precious metals thread...

[Peter4Paul2016]

Dave Ramsey's attacking Gold on Facebook... Just thought some of you may want to chime in!

https://www.facebook.com/daveramsey/photos/a.135002570885.111058.30592180885/10152039574805886/?type=1&theater

 

[DFF]

I'm not a sadist, but it's going to be really enjoyable listening to these anti-gold tools cry out in pain when the dollar gets devalued overnight by 25-50%.

 

[Ronin Truth]

Some of life's lessons are more expensive than others.

 

[oyarde]

I'm not a sadist, but it's going to be really enjoyable listening to these anti-gold tools cry out in pain when the dollar gets devalued overnight by 25-50%.

That could happen too .

 

[Matt Collins]

Well, Dave's first mistake is terminology. Neither gold nor Bitcoin are investments; they are speculation.

 

[oyarde]

Well, Dave's first mistake is terminology. Neither gold nor Bitcoin are investments; they are speculation.

The Dow is over 16K , gold is about $1330 . I would think , if someone has accrued a lot of wealth they may want to take some steps to preserve some of it , just in case . Not sure I would call it speculation ?

 

[Cap]

He's a friend of yours isn't he Collinz?

 

[Ronin Truth]

Well, Dave's first mistake is terminology. Neither gold nor Bitcoin are investments; they are speculation.

With gold, it's more like insurance.

 

[PRB]

Well, Dave's first mistake is terminology. Neither gold nor Bitcoin are investments; they are speculation.

aren't all investments speculation? when you put something (time, labor, cash) in with expectation of return, you're both investing and speculating.

 

[PRB]

The Dow is over 16K , gold is about $1330 . I would think , if someone has accrued a lot of wealth they may want to take some steps to preserve some of it , just in case . Not sure I would call it speculation ?

any time you do not know something, you're speculating, aren't you?

 

[Zippyjuan]

When you buy stocks, you get a piece of a company. You hope (speculate) that company will do better in the future. Buy lots of stocks (or a fund of stocks) and you are hoping (betting) that the economy will do better in the future. A stock may offer you a dividend- a guaranteed return (as long as the company keeps their dividend). Buy gold and you get a rock you hope somebody will be willing to pay you even more for in the future. No dividends.

Nothing is guaranteed on either but stocks have had more up years than gold has. Since gold was free to float against the dollar (beginning in 1972) it has been higher in half of those years and lower in half of those years. Stocks have been up most of those years.

 

[PRB]

When you buy stocks, you get a piece of a company. You hope (speculate) that company will do better in the future. Buy lots of stocks (or a fund of stocks) and you are hoping (betting) that the economy will do better in the future. A stock may offer you a dividend- a guaranteed return (as long as the company keeps their dividend). Buy gold and you get a rock you hope somebody will be willing to pay you even more for in the future. No dividends.

Nothing is guaranteed on either but stocks have had more up years than gold has. Since gold was free to float against the dollar (beginning in 1972) it has been higher in half of those years and lower in half of those years. Stocks have been up most of those years.

but stocks didn't exist until 1300s, gold has been currency forever.

 

[Zippyjuan]

Gold isn't a currency today. What countries use gold for currency?

 

[PRB]

Gold isn't a currency today. What countries use gold for currency?

gold is a currency regardless of whether people use it, ask any ancap! any country that has ancaps uses gold as currency.

 

[Zippyjuan]

gold is a currency regardless of whether people use it, ask any ancap! any country that has ancaps uses gold as currency.

Umm- no. Currency is what people use for money. If they aren't using it for money, it isn't currency. Ours is mostly electronic- like most of the rest of the world.

 

[PRB]

Umm- no. Currency is what people use for money. If they aren't using it for money, it isn't currency. Ours is mostly electronic- like most of the rest of the world.

yeah but, that's all going to collapse because paper and non-physical money always does, eventually, so we know it will, even if I never live to see it.

 

[Zippyjuan]

How many non- physical money currencies have there been and how many have collapsed?

How many metal backed currencies have collapsed?

 

[devil21]

aren't all investments speculation? when you put something (time, labor, cash) in with expectation of return, you're both investing and speculating.

I call physical PMs a "legacy investment". I don't expect a return of anything except the expectation that it will always have value.

Gold isn't a currency today. What countries use gold for currency?

Misleading question since multinational bankers don't consider themselves to be of any country. They don't mind shuffling gold around as a currency equivalent though.

RP: Is gold money? Why do banks hold it?
BB: No, it's tradition.

 

[oyarde]

aren't all investments speculation? when you put something (time, labor, cash) in with expectation of return, you're both investing and speculating.

Actually , I consider my old GM stock more speculation than a gold coin.One you actually have something that people will honor as value in your hand and the other , you do not .

 

[oyarde]

any time you do not know something, you're speculating, aren't you?

I do not really consider myself much of a speculator with the exception that I do put 3 % of my gross , pre tax into the markets and it is matched . Most of my other earnings are in a job ,land , timber , farmland , few homes..... there really is not much speculation in growing blackberries , blueberries , potatoes , tomatoes , corn , green beans , pumpkins , cucumbers , squash , onions , radishes , turnips , apples , persimmons, paw paw's etc, bacon , eggs , smoking deer , grilling doves , fileting Pumpkinseed , Crappie , Bluegill , Warmouth , security , lead , copper , silver , gold .