Re: Bradford and Bingley could well be next


"JakeD" <JakeD@xxxxxxxxxxxxxxxxx> wrote in message
news:46rse3tga0803tfpgalh1hd6dpmsr5nj0e@xxxxxxxxxx
On Mon, 17 Sep 2007 11:23:11 +0000 (UTC), M Holmes
<fofp@xxxxxxxxxxxxxxxxx> wrote:

Pah. I'm already in gold.

As a neophite in the speculation game, can I ask a couple of things
about this?

(a) Why is gold considered safe? After all, you can't eat it. You
can't even use it as fuel for your stove, like you can with
banknotes... It's primary use in industry seems to be making
jewellery, and who needs jewellery or gold-plated hi-fi jack plugs
when it comes to the crunch?

The same could be said for the bits of paper with £10 printed on them,
though I suppose a few bundles is useful fuel for the stove, as they found
out in Germany and now finding out in Zimbabwe.

Gold is still considered money, and unlike fiat money it's no one elses'
liability, what gives it value? The same thing that gives paper value,
perceived scarcity but unlike paper gold has some intrinsic value, if only
that means jewellery or industrial uses.


.

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