So now i am a racist eh that didn't take long as to ignorance?

Yawn.

Also....bullion gold is in its purer form .999 or .99% gold where as scrap gold is 10k 0r 14k 0r 18k gold. These types of gold are only 40% - 75% gold and the rest a combo of silver, copper,etc. most rings, neclaces, jewelery, gold crown are not pure gold..

Originally posted by Alchemst7

Also....bullion gold is in its purer form .999 or .99% gold where as scrap gold is 10k 0r 14k 0r 18k gold. These types of gold are only 40% - 75% gold and the rest a combo of silver, copper,etc. most rings, neclaces, jewelery, gold crown are not pure gold..

edit on 14-1-2012 by Alchemst7 because: (no reason given)

Good point I didn't think about it from the "K" value, I was focused more on how marketers are trying to lure people into selling their personal gold.

So scarp gold would indeed be anything that is not marked as .999% pure.

Originally posted by neo96


China's Government owns to nitpick as to links other than a 4 year old wiki link heres ones:

What does this mean, is this like 'new math' except it's 'new english'

Translate please.

Realtruth, do you know how/how much and by what terms your friend pays employees in silver? He may be telling the truth, but there are a number of practicalities and business reasons why this is very unusual, and is likely only half the story or not true.

Silver in China is very expensive (read big premiums) and has a significant value-added tax on it - not to mention the spread that employees would take a hit on too when they needed cash to survive.

Let's say someone in China was earning RMB1000 a week. To pay them the equivalent in silver would cost the employer about RMB1250/week, as someone would have to shoulder the premium/tax and spread costs in order for the employees to be compensated at the going RMB rates should they need to eat, pay bills etc. as silver is not accepted as a currency in China.

So business-wise, it doesn't make a lot of sense to pay the equivalent in silver - and from an employee perspective, not likely they would want to shoulder the vat, premium and spread costs.

Originally posted by cloudbreak
Realtruth, do you know how/how much and by what terms your friend pays employees in silver? He may be telling the truth, but there are a number of practicalities and business reasons why this is very unusual, and is likely only half the story or not true.

I believe about 20 to 30% of the entire wage, so the rest is paid in yuan.

Also these workers are skilled, degreed professionals.

Originally posted by Realtruth

Originally posted by cloudbreak
Realtruth, do you know how/how much and by what terms your friend pays employees in silver? He may be telling the truth, but there are a number of practicalities and business reasons why this is very unusual, and is likely only half the story or not true.

I believe about 20 to 30% of the entire wage, so the rest is paid in yuan.

Also these workers are skilled, degreed professionals.

Ok thanks - I am not having a go at you, but trying to work out who would be getting the better end of the stick and the motives behind this scenario.

Would you know if they are paid by a set weight? i.e. say 5 ounces/mnth regardless of price, or just by say the equivalent of what 20-30% of their monthly wage is equal to in silver? (i.e. allternatively, some months they may get 2 ounces, others 5 ounces depending on silver price).

As from an employer's point of view, if it they had to pay a set (for example) 5 ounces a month, then they run the risk of if the silver price explodes, a major cost of their business, labour, consequently skyrockets too. This doesn't make good business sense neccessarily, unless the employer thought silver prices were to stagnate or decline.

However, if the employer pays just the equivalent of that 20-30% portion of their wage in the amount of silver that portion would buy at each month end, then some months they'd get 2 ounces, some months 5 (as a rough extreme in this scenario)...so, the employees run the risk of earning less (or more) silver depending on where the silver price is that month. If this were the case, there seems little need or incentive to be paid in silver, given employees can just go ahead and convert their wages on the same day they are paid to silver by themselves, or...they could hold off converting to silver that month if they believed prices were going down...thus the benefit of not having an employer dictate at what time point they pay you in silver.

There is nothing wrong with the US dollar. Its still the reserve currency of the world an no it still will be for decades. to come. US bond yields are still at lows and still have high demand. The Us is the safest place to store money.
This whole gold thing is just a fad.

I hope some day we all grow a damn brain and realize that gold and silver are just another metal, and hoarding it and using it as currency rather than their COUNTLESS other beneficial uses is probably mankind's biggest "LOLWTF was we thinkin guyz?" moment.

As Cassius pointed out the dollar is oil backed (sorta).
Saddam wasn't smacked for wanting to go gold, he was smacked for wanting to go euro.
Changing the material of the token doesn't change anything.

For illustration: I want to buy a new computer.
How much should I spend? 10 grams, 20? 50? 100? 500?
Funny enough even Goldbugs need to convert gold into real money to be able to answer that question.

Originally posted by Realtruth
I haven't asked the question, but I will now to all of our foreign friends elsewhere in the world.

Is your area/government promoting the selling or buying of precious metals?

Thanks in advanced.

RT

Germany: Buy silver. Since 2008 we get advertisements with a chart on it how much the silver price raised since 2000. Scary... They try to sell you silver coins (overpriced) with markings on the edge (probably) for trading issues and against fakery

It's really simple. Selling gold leaves the people with worthless paper money and buying gold allows you to trade worthless paper money for a substance that has lasting value.

Problem is collecting enough worthless paper money to make it worth the price you need to buy enough gold to replace all that paper money. You'll never really come out on top unless the dollar drops more and more. Perhaps that's why there is a drive to devalue paper money.

It's a crooked system. Gold is a good idea but it's still not got all the answers unless you wipe out all paper money.. We need a new system based on new tangible substance to back whatever money we are using. Paper money doesn't work, gold doesn't work, it's heavy, hard to carry around, hard to store. We need something the likes of a system and currency no one has ever thought of before.

The trick is getting banks to accept it, businesses to accept it for goods and services. Think.. what do people want or need that they can value as highly as they do money or gold that they might be willing to trade for. Find That and you can solve the worlds problems.

Originally posted by narwahl
For illustration: I want to buy a new computer.
How much should I spend? 10 grams, 20? 50? 100? 500?
Funny enough even Goldbugs need to convert gold into real money to be able to answer that question.

Very good point!

Sooner or later it will need to get converted over to paper, but not if paper becomes worthless, or extremely devalued by hyperinflation.

US Currency is not "backed by nothing". It is backed by the enslavement of a person. For example $10 of paper money is backed by 1 hour of work. When US population goes up, Fed can print more money. More slaves = more money.