James Turk: You don't invest in gold, gold is money

bocyaj

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Quote from: jseverson on May 16, 2018, 09:53:00 AM

Things like this just prove that there's no point in playing with semantics. Everyone has different opinions, but the fact is, you can use Bitcoin as an asset, and you can use it as money, and you can use it as both. There's no need to confine it to one utility when it's clearly capable of much more.

The only time such labels really matter is on regulation, because that would obviously affect taxation and other legal stuff.

Yes.We can use bitcoin as asset and Money.To use bitcoin as money, bitcoin should be legal one in your country.If it's fail to legal,you can use bitcoin to inverse your money.From my knowledge, Gold is only asset till now.Gold is regulated asset through out the world. While Bitcoin is open source asset,people from any country can inverse in bitcoin.

jseverson

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Things like this just prove that there's no point in playing with semantics. Everyone has different opinions, but the fact is, you can use Bitcoin as an asset, and you can use it as money, and you can use it as both. There's no need to confine it to one utility when it's clearly capable of much more.

The only time such labels really matter is on regulation, because that would obviously affect taxation and other legal stuff.

Mpamaegbu

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What an interesting side of view. I am sure at some point we shall be having this type of argument around bitcoin since many already believe it is money on its own. Besides that, isn't gold a tangible substance?

ivrynx

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There is no doubt that good is a good investment, I think if we put it into analogy, for physical or tangible assets, gold is the best investment and for digital currency gold 2.0 which is bitcoin, the guy has a lot of points on why we must invest in gold, still it will all depend on what we give value to, there are times when the value of a certain coin is lower or higher, and that depends on the community, they will be the ones respinsible for the value, unlike in the stock market, the ones giving the value of their stocks are the owners since they can manipulate it.

Bianxee

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Its optional to buy gold or that physical precious metals. In that time coming to our future we can't sure that we are not using papermoney anymore much more cryptocurrency until it has not been happening yet. Gold is the most popular and powerful metals that we can consider as money like the older years how this precious metals were used.

elda34b

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Quote from: srmecdes on May 16, 2018, 07:57:35 AM

If someone know crypto currency and invest gold, I can not understand this situation. Maybe he/she does not like benefit

I can't understand your post either. Are you trying to say that someone who invest in gold even though he knows about crypto is not understandable or what?

Quote from: timerland on May 16, 2018, 05:09:25 AM

-cut-

Exactly. People forget that fiat currency may be currency, but it isn't money. Money is currency, except it is also a proven store of value in the long term which is something that fiat currency definitely is not, since there aren't any fiat currencies that have survived for long over the course of history.

I really like this point. Fiat currency is something built on top of nothing but promise, as far as I understand about it. The government can print lots of fiat, which makes inflation is not possible to be avoided.

srmecdes

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If someone know crypto currency and invest gold, I can not understand this situation. Maybe he/she does not like benefit

buwaytress

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We can say whatever we want about any asset. Physical or digital. Real or unreal. Gold or mathematics. Fact is, whatever labels economists assign to things, whatever visions creators had for their inventions, it is action that speaks louder than any label.

Asset? Currency? Money? You think people really think about these things when they decide to invest in gold and/or Bitcoin? Do you think it makes a difference if someone accepts Bitcoin, whether to be held or to be converted immediately to any other form of currency/money/asset? It doesn't. And that's why I think economic theories are only helpful to open discussions, but not further them. At least when it comes to Bitcoin...

Lagrood

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I do not khow these persons and I am sure that everything is not so easy as they told because gold is a difficult asset anyway and it is not so easy to buy and sell real metal and financial futures are incredibly difficult. There is only one way and the simpest way is a gold deposit in a bank for long time period but we also have a risk of bank reliability.
And of course ask yourself a question what will you do if gold drop to 800$? It is a possible scenario.

timerland

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Quote from: First77 on May 08, 2018, 06:38:09 AM

Gold is preserve of wealth. After 100 years of industrial revolution, Gold has seen and survived many wars, economic crashes, 9/11 terrorist attacks, economic booms, technology revolutions and more..

Gold is universal accepted investment and most liquid (convertable to cash) asset. I was able to sell 100% pure 3 ounces Silver coin without a receipt. In fact I have also sold 2 ounces of gold without purchase receipt. That is the trust bullion dealers have in 100% pure gold and silver.

Exactly. People forget that fiat currency may be currency, but it isn't money. Money is currency, except it is also a proven store of value in the long term which is something that fiat currency definitely is not, since there aren't any fiat currencies that have survived for long over the course of history.

Quote from: davis196 on May 08, 2018, 07:54:29 AM

Quote from: timerland on May 08, 2018, 06:29:59 AM

Gold has been considered to be money for millenniums. This doesn't seem to be changing in the foreseeable future, in my honest opinion. Therefore, I definitely don't disagree with the statement that gold is money, however in the current time it is definitely still a valid investment. It only depends on your definition of what an "investment" is, really.

But gold definitely hasn't really rallied for a long time, and seems to be consolidating and moving sideways exclusively recently.

It could definitely be a good time to buy some, but just like any asset, be prepared to hold it for the long run. Gold is probably more of a store of value for the long term, than a short term speculative investment.

Gold was considered as money in the past,but how about now?
If gold is really "money",can you buy food or pay the bills with a piece of gold? Grin

No,you can`t,because:
1.You will need a very little amount.
2.I don't think that any merchant will accept it as a payment.

It may not be used as money, but it is still money.

Even though I see bitcoin potentially overtaking gold in the near future as the most popular "safe haven" asset, gold will always have its place on the international stage as money. Yes, you don't use gold right now for purchases, but that's just because people are choosing not to use it, and it's not the most convenient or technologically advanced money there is. Its supply is still decentralized however, and that's still vastly superior to fiat.

markj113

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Quote from: First77 on May 11, 2018, 11:05:47 AM

Just 3 months back, Gold was $1356/ounce. How could that be 6 months high price shown by Bullionbypost yesterday

Because bullionbypost are talking £s and you are talk $s

Bullion fluctuations vary by currency, gold could be down in $ terms but up in £s.

MUG1WARA

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gold is an investment that will never run out by time because of that one really needs to consider investing in gold.
in addition to crypto I also set aside my money to buy gold even though it is in small quantities.
because gold is always a precious metal that has been used for centuries ago and always have a good price.

hatshepsut93

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Quote from: davis196 on May 08, 2018, 07:54:29 AM

Quote from: timerland on May 08, 2018, 06:29:59 AM

Gold has been considered to be money for millenniums. This doesn't seem to be changing in the foreseeable future, in my honest opinion. Therefore, I definitely don't disagree with the statement that gold is money, however in the current time it is definitely still a valid investment. It only depends on your definition of what an "investment" is, really.

But gold definitely hasn't really rallied for a long time, and seems to be consolidating and moving sideways exclusively recently.

It could definitely be a good time to buy some, but just like any asset, be prepared to hold it for the long run. Gold is probably more of a store of value for the long term, than a short term speculative investment.

Gold was considered as money in the past,but how about now?
If gold is really "money",can you buy food or pay the bills with a piece of gold? Grin

No,you can`t,because:
1.You will need a very little amount.
2.I don't think that any merchant will accept it as a payment.

This is why people came up with banknotes that could be exchanged for gold - gold it too inconvenient to use on daily basis. But later economists decided that paper money can just replace gold and that they can control the whole economy by printing more paper money, so they have proclaimed that gold is not money anymore but a commodity. Bitcoin is our chance to get back to economy with "hard" money that are not controlled by the government, and even if Bitcoin or gold are not suitable for small daily transactions, it's still good to have them for long term saving that won't get eaten by inflation, unlike fiat.

First77

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Quote from: 1Referee on May 11, 2018, 11:24:25 AM

Gold isn't being seen as money in the way that you can walk into any store and throw your rocks on the table and demand to buy a TV or whatever.I have seen myself how physical Gold transactions have been taking place where it was either to sell for fiat, or trade for a watch or car. In the same way I am sure that way larger transactions are taking place with Gold. It could be anything; real estate, cars, art, etc. It's a great tool in various circumstances as well, especially when you can avoid tax in some cases that would otherwise require you to pay tax if the transaction was completed with fiat. People should think further than just the grocery store. It's totally not about that.

Central Banks buy Gold. There is $10 to $90 worth of Gold in each computer/laptop.

1Referee

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Quote from: davis196 on May 08, 2018, 07:54:29 AM

Gold was considered as money in the past,but how about now?
If gold is really "money",can you buy food or pay the bills with a piece of gold? Grin

No,you can`t,because:
1.You will need a very little amount.
2.I don't think that any merchant will accept it as a payment.

Gold isn't being seen as money in the way that you can walk into any store and throw your rocks on the table and demand to buy a TV or whatever.

I have seen myself how physical Gold transactions have been taking place where it was either to sell for fiat, or trade for a watch or car. In the same way I am sure that way larger transactions are taking place with Gold. It could be anything; real estate, cars, art, etc. It's a great tool in various circumstances as well, especially when you can avoid tax in some cases that would otherwise require you to pay tax if the transaction was completed with fiat.

People should think further than just the grocery store. It's totally not about that.

First77

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Quote from: markj113 on May 11, 2018, 10:06:13 AM

That is a well known and trusted bullion dealer.Why is it fake news, not hard to verify the claim by just looking a gold price chart?

Just 3 months back, Gold was $1356/ounce. How could that be 6 months high price shown by Bullionbypost yesterday

markj113

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Quote from: First77 on May 11, 2018, 09:34:19 AM

Fake email alert/news I got:

That is a well known and trusted bullion dealer.

Why is it fake news, not hard to verify the claim by just looking a gold price chart?

Tankdestroyer

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Quote from: mimienamphine on May 08, 2018, 07:47:22 AM

Gold to me now is just a precious ornament or better still metal not money.

Nevertheless, gold will always have a value and it won't be volatile, and calling gold=money will still be logical even if cryptocurrencies become mainstream in the future because him calling it money doesn't necessarily mean that a thing must be used as a medium of exchange, because that is what you call currency. Money is also tantamount to wealth and gold will always be a safe haven of it.

b3j0

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everyone is free to invest anything, but gold investment has an advantage because the price of gold will always rise.

First77

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Fake email alert/news I got:

Topic: James Turk: You don't invest in gold, gold is money (Read 236 times)