There is really only one reason gold has value. Hypothetical for you. You are in the middle of the Sahara desert and you're offered a choice between a Quad bike with enough fuel for hundreds of miles and a trailer on the back full of water and subsistence or 10 times the value of that in gold. Which do you choose?

You are offered a case of water and a ride out of the desert or a controlling stake in every fortune 500 company. You choose the water and ride. FORTUNE 500 COMPANIES HAVE NO VALUE!!!1

Gold is valuable, but its a really ****ty investment as any sort of meaningful size hold as a % of portfolio since it earns zero and we have close to zero inflation.

The true goldbugs like the zerohedge comment section are a real good source of lolz, pretty high correlation between the use of the word fiat and idiocy.

There is literally nothing dumber that you can say. Shut down the forum and show him his prize.

Literally tens of billions of people have agreed that gold has value and your way to prove them all wrong is some bull**** about a life or death hypothetical where you literally would pick the bike and water over any amount of money ever or pretty much any item in existence. Troll on brother.

You're just flat out wrong about 0 inflation. Trillions in QE IS inflation.

Prices are rising aggressively. Gas, milk, sugar, cattle, energy, stocks, gold, are all significantly higher than they were just 5 years ago. Since then we've had like 10 trillion in currency creation worldwide. What could go wrong?

Yeah....no.

EDIT: Gold only down last year because of manipulation by the powers that be amirite?

So we can agree this next quote is bollocks then as a difference between gold and any other store of wealth.

What the hell is going on ITT?

Gold goes from $250 to 1920. 12 up years in a row. Then one down year every idiot comes out of the woodwork to say "see? Told ya so! Gold sux"

But in 2008 it was the opposite when stocks were tanking and down like 50%. "Long term stocks are good value. Blah blah blah"

Stocks=look at long term returns and ignore the fact that most companies stock ends up going to $0. Ignore transaction costs, fees, and counterparty risk.

Gold=Overvalued LDO

We're discussing the rampant fraud at The Nation's Largest Hospitals

Lol goldbugs

It wasn't me.

When confronted with the information that the world's greatest investor is diametrically opposed to his views on investing in gold Bucco takes about .7 seconds to determine that it is he, Buccosomething, Ayn Randian internet libertarian hero, and not the world's greatest investor, who has it all figured out.

Remember what I was saying about assuming the conclusion and not weighing evidence?

You gotta give it to the kid, he has HEART. Even lolikes checked out on page 1.

He's new. lolikes will still be going years after we've grinded bucco down.

Buffet fails to understand (or mention) counterparty risk. Might not mean much to him because he will be out long before any huge market meltdown since he's an insider.

If you hold physical gold your risk of going broke is literally like 1 in a billion. Your biggest and only main risk is theft over the long run.

Meanwhile bank holidays are common throughout history. So your money in the bank and shares of stock can vaporize overnight. Not sure how people haven't put 2 and 2 together, especially after Cyprus and all the warnings by the ****ing IMF that further bail ins are highly likely but apparently this is real life and people still think the FDIC/Fed has their back because that's how it always has been or something. Great, the same guy who told everyone that housing has never gone down and subprime is contained is our lender of last resort. What possibly could go wrong?

Also, your chances of that gold turning into anything other than gold are 0.

If you buy land, it could be anything. It could turn into food, it could turn into oil, it could turn into apartments, it could even turn into gold (and we know how much you've already wanted some of that).

If you actually care to learn about counterparty risk (you don't), feel free to read Berkshire's 2002 annual report, which foretold the 2008 meltdown.

http://www.berkshirehathaway.com/2002ar/2002ar.pdf

Note how the things he predicts happen, while the things you predict just cause dumb racists to make bad investments.

Always amazes/saddens me that people don't seem to understand this. People just choose their side and that's it. Who cares what works!

Sigh.

Great depression: no FDIC
Since FDIC formed: no depressions

What assumption would a reasonable, logical person come to from this? (Hint: it's the exact opposite of your conclusion)

Yeah, because no one has ever traded gold for land, oil, or anything else...

Someone told me that central banks are supposed to prevent depressions. Now I find out its actually the FDIC. Maybe after the next one it will be forcing people to hold treasuries in their retirement funds.

You act like its been smooth sailing since the FDIC was formed. We've had the oil shock/inflation of the 70s, the dot com bubble, the real estate bubble, and there are many more bubbles currently still being blown. Wouldn't surprise me at all if government changes the definition or terminology to eliminate depressions for good. Worked for inflation, might as well try!

Just stay down. You've been bludgeoned so completely over the last few days that I'm starting to get that 'making fun of the ******ed kid' feeling. You think you're holding your own but are instead actually starting to cause pity.

You really need to go out and learn about the fundamentals of political science and economics. Take a break from Mises. If Mises.org really holds all the answers you'll be able to read other stuff and not suffer any damage.

loooooooooooooooooooooooooooooooooooooooooooool

bucco, seriously, at least start digging up.