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This is why I don't buy gold

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  • This is why I don't buy gold



    You wouldn't know unless you cut it open

    Here’s an unsettling story out of the U.K.:

    Last week, the gold dealer ABC Bullion received an email from one of its refinery partners warning them about a Metalor 1000gm Au bar that had been drilled out and filled with Tungsten.

    Uh Oh: Tungsten Filled Gold Bar Found in U.K.“This bar was purchased by staff of a scrap dealer in [the] UK,” the email states.

    “The bar appeared to be perfect other than the fact that it was 2gms underweight…The owner of the business that purchased the bar only became suspicious when he realized the weight discrepancy and had the bar cropped. He estimates between 30-40% of the weight of the bar to be Tungsten.”

    With the price of gold skyrocketing, should we expect to see an increase in these types of gimmicks? Probably.

    Uh Oh: Tungsten Filled Gold Bar Found in U.K.

    In fact, as the writers at Zero Hedge point out, this is the second time in two years this sort of thing has happened.

    “The last time a story of Tungsten-filled gold appeared on the scene was just two years ago, and involved a 500 gram bar of gold full of tungsten, at the W.C. Heraeus foundry, the world’s largest metal refiner and fabricator,” the Hedge reports.

    Uh Oh: Tungsten Filled Gold Bar Found in U.K.
    “So two documented incidents in two years: isolated? Or indication of the same phenomenon of precious metal debasement that marked the declining phase of the Roman empire.”
    I wear a Fez. Fez-es are cool

  • #2
    Gold is only valuable because society says it is. In and of itself it can not sustain life, it can not serve as a substitute for food or water, and can not protect the holder from an untimely death at the hands of others.

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    • #3
      Originally posted by davbrucas
      I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

      Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

      You and slow99 should date. You both have passive aggressiveness down pat.

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      • #4
        Originally posted by The King View Post
        Gold is only valuable because society says it is. In and of itself it can not sustain life, it can not serve as a substitute for food or water, and can not protect the holder from an untimely death at the hands of others.
        You can substitute the word "dollar" in for gold with your statement... just sayin'.

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        • #5
          Originally posted by The King View Post
          Gold is only valuable because society says it is. In and of itself it can not sustain life, it can not serve as a substitute for food or water, and can not protect the holder from an untimely death at the hands of others.

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          • #6
            Fiat money has an inflated value because the printing press turns the unprocessed cotton into greenbacks. The only reason it is worth more than the junk it is printed on is because the US Treasury is the only entity allowed to print the greenback. This is a MONOPOLY. This is where the fallacy lies.

            You cannot call yourself a free market advocate, and then defend a fiat money.
            Full time ninja editor.

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            • #7
              Originally posted by Denny View Post
              You can substitute the word "dollar" in for gold with your statement... just sayin'.
              Agreed

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              • #8
                Originally posted by Denny View Post
                You can substitute the word "dollar" in for gold with your statement... just sayin'.
                Isn't that also a stake in the heart of the gold argument? Who the fuck would want gold in a society with no structure by which to measure the value of a useless hunk of really soft metal?

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                • #9
                  Originally posted by majorownage View Post
                  Fiat money has an inflated value because the printing press turns the unprocessed cotton into greenbacks. The only reason it is worth more than the junk it is printed on is because the US Treasury is the only entity allowed to print the greenback. This is a MONOPOLY. This is where the fallacy lies.

                  You cannot call yourself a free market advocate, and then defend a fiat money.
                  That makes no sense. You want free and open market competition on printing a nations currency?
                  "When the people find that they can vote themselves money, that will herald the end of the republic." -Benjamin Franklin
                  "A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury." -Alexander Fraser Tytler

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                  • #10
                    Originally posted by 5.0_CJ View Post
                    That makes no sense. You want free and open market competition on printing a nations currency?
                    Sounds pretty fucking stupid.
                    Originally posted by racrguy
                    What's your beef with NPR, because their listeners are typically more informed than others?
                    Originally posted by racrguy
                    Voting is a constitutional right, overthrowing the government isn't.

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                    • #11
                      Originally posted by Slowhand View Post
                      Isn't that also a stake in the heart of the gold argument? Who the fuck would want gold in a society with no structure by which to measure the value of a useless hunk of really soft metal?
                      This is why one diversifies one's physical holdings. Make plans for any scenario.

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