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Dennis | 03-23-2006 07:17 PM
Question and Answer Quiz! I believe I have solid answers to the following questions. I would like to hear what you all think and why? (1) What is wealth? (2) What is "real" money? (3) Why is silver and gold going up in terms of U.S. dollar standards? (4) How high will silver and gold go? (5) What is the history of paper money? Let's discuss the preceding.

Ponce Cuba | 03-23-2006 07:29 PM
Re: Question and Answer Quiz! Lol Dennis, with two posts you are really going to town :aetsch: welcome to GIM :applause_ :applause_ :applause_

Ash_Williams | 03-23-2006 07:51 PM
Re: Question and Answer Quiz! Wealth is power. Money is whatever those in power say it is, on the condition that people accept it. Money is whatever can be traded for goods and services but is not "goods" it's self. Money is a bluff. Gold walks a fuzzy line because it acts as money but also has industrial uses. Silver and Gold rise compared to the US dollar for two reasons. The first is simple supply and demand. People want gold, and when people want to buy something more than people want to sell something, the price increases. This is why gold increases compared to all (or maybe most, I don't know of any exceptions, however) currencies. The second reason is that the bluff of the US dollar is failing. People need to recognize that there is power behind the money and that everyone will accept that money. Otherwise it is no longer money. People see the US unable to do what they said they'd do in Iraq. Where's the power? Look at the size of the States on the globe compared to Iraq. The Nukes aren't power anymore, because anyone who uses them screws themselves. People aren't seeing a superpower backing up that dollar anymore. People look at the streets of American and see a bunch of fat people waddling around, mixed in with the druggies and hookers. 1 oz of silver will become the equivilent of 1 day's wage some time again. A dollar value is useless because the dollar is falling. 1oz of silver is worth 1 oz of silver. 1 oz will be the denomination accepted by people when all else fails. The history of paper money is neat. Someone else might have the time to write it as they wish.

NUTS! | 03-23-2006 07:56 PM
Re: Question and Answer Quiz! Quote:
Originally Posted by Dennis I believe I have solid answers to the following questions. I would like to hear what you all think and why? (1) What is wealth?
The length of time in which one can survive on existing resources without having to labour. Quote:
(2) What is "real" money?
Anything that can be traded for a desired object. FRNs are real money in that they can currently be traded for goods and services. The fact that they devalue through an increase in the supply of them doesn't make them any less qualified as money-- it just means you get less per unit. Precious metals make ideal money because they can't be diluted at little or no cost. Quote:
(3) Why is silver and gold going up in terms of U.S. dollar standards?
Demand and an increase in the supply of dollars. And I'd also say that it might be better to say that the US dollar is going down in terms of gold and silver. Quote:
(4) How high will silver and gold go?
Does it even move at all? Perhaps the question should be "how low will the dollar go?" It's not backed by anything and the supply is exponentially increasing, so I'd say it's heading towards a limit approaching zero. At such a time, the currency will either completely collapse and gold and silver could buy an infinite number of dollars. It theoretically could take another hundred years or it could happen soon. Quote:
(5) What is the history of paper money?
Started off to make the transport of precious metals by merchants more safe. Used to be directly linked to commodities. Currently is only backed by the confidence and taxation power of nations and their economies. That's the short version anyway.

naccarato | 03-23-2006 09:16 PM
Re: Question and Answer Quiz! Here's my opinion, (1) when things are swell (2) Copper, Silver, Gold (3) More buyers than sellers worldwide (4) Gold to around 3,ooo dollars, Silver to around 160 dollars (5) I'm in agreement with NUTS! on that one

AuNuggets | 03-24-2006 10:11 AM
Re: Question and Answer Quiz! I'll take a quick stab at question #1, and leave the others open for others to debate. What is Wealth ? I have a beautiful wife, five healthy kids, a wonderful daughter-in-law, and my first grandson. My oldest is currently stationed at Camp Liberty in Baghdad, daughter-in-law and grandson within half a days drive. Debt free, home on 5 acres bought and paid for. Good job and good pay with health and retirement benefits. Approx. $150K in PMs with an open personal credit line of another $100K "just in case". Vehicles bought and paid for. Currently able to pay all monthly obligations and feed/clothe/entertain my family on 1/2 of my salary, other half into savings/investments. My one brother, mother, and father are still living and in relatively good health. The Good Lord continues to bless us all. Retirement for me is within sight (@ age 55, next 6 years) at approximately 80% of my average base working salary at initiation. Minimal needs, minimal worries. Life is good. That's what "wealth" is all about.

AuNuggets | 03-24-2006 10:15 AM
Re: Question and Answer Quiz! Quote:
Originally Posted by naccarato (3) More buyers than sellers worldwide
A fundamental impossibility. There is (must) always be a 1:1 balance between buyers and sellers in any market or any commodity. Just a basic economic concept. "Price" is the great equalizer.

sgflaherty | 03-24-2006 11:05 AM
Re: Question and Answer Quiz! Quote:
Originally Posted by AuNuggets I'll take a quick stab at question #1, and leave the others open for others to debate. What is Wealth ? I have a beautiful wife, five healthy kids, a wonderful daughter-in-law, and my first grandson. My oldest is currently stationed at Camp Liberty in Baghdad, daughter-in-law and grandson within half a days drive. Debt free, home on 5 acres bought and paid for. Good job and good pay with health and retirement benefits. Approx. $150K in PMs with an open personal credit line of another $100K "just in case". Vehicles bought and paid for. Currently able to pay all monthly obligations and feed/clothe/entertain my family on 1/2 of my salary, other half into savings/investments. My one brother, mother, and father are still living and in relatively good health. The Good Lord continues to bless us all. Retirement for me is within sight (@ age 55, next 6 years) at approximately 80% of my average base working salary at initiation. Minimal needs, minimal worries. Life is good. That's what "wealth" is all about.
I want to be AuNuggets when I grow up. Congratulations on all that good news. I'm starting out on the other end of the spectrum (embarking on a profession, married just over three years to the love of my life, some babies who are the joy of their folks' lives, a couple ozs of PMs), but your post ran like a checklist of where I would like to end up. What a country, and what a life we've been given.

Ragnarok | 03-26-2006 01:52 PM
Re: Question and Answer Quiz! Your questions: (1) What is wealth? Physical wealth is the physical manifestation of the sweat of your labors and what you are given by others, that you hold at any moment, viewed from the perspective of someone else. (2) What is "real" money? Whatever two people involved in a trade transaction involving it agree that it is. Anything tangible can be "real" money. (3) Why is silver and gold going up in terms of U.S. dollar standards? It's not that they are going up. The value of the metals is fairly constant in perpetuity. The nothing-backed fiat dollar, measured against that stable reference, is approaching it's true worth - the paper it's printed on. (4) How high will silver and gold go? See above answer to #3, as the perceived value of the dollar is inverse to that of gold and silver - or anything else. (5) What is the history of paper money? Tragic, unjust, wasteful, marginalizing, corrupt... shall I go on? Ragnarok

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