Do you think gold is money, Veeky Forums?

do you think gold is money, Veeky Forums?

Money is gold retard.

No, for the same reason bitcoin isn't money. They're both commodities.

the entire reason money exists is to trade commodities. its to streamline trade by installing a "universally valuable" material that can work in any situation.

No. Shit's notoriously hard to use without getting jewed by 5 different cunts at the same time

Money is a store of value (like gold), but unlike gold it can also be used as a medium of exchange.

Go to your grocery story and try buying some food with a gram of gold.

it's probably also worth mentioning that gold fails as a unit of account as well

we never recorded debts and credits in gold

you can't print gold

CHECKMATE

The question to ask is do the Chinese think gold is money? Do the Russian's think gold is money? Do the Central Bank's think gold is money.

Talk like that in recession, your nice 100 dollar bills with be useful for the fireplace to keep you warm eating a nice bowl of potato soup.

>Talk like that in recession
You mean like the period between summer 2007 and summer 2009 in the US? The period they call the "Great Recession"? Yeah, sure, it's common knowledge that everyone just burned up all those useless dollar bills...

gold is gold
it's an element born of dying stars

money is an abstract concept

how could they compare?

>gold is a hedge against a falling market
can we please end this meme

yeah gold is shit in deflation/recession

The dollar could fail in a decade. its a small chance, but it could happen. dont forget that.

Well, it's historically been negatively correlated with the stock market, so there's some sense to it. The problem is it's horribly illiquid. People who buy gold don't usually sell it when it a crisis does finally roll around and inflate the gold price. It's bad to speculate with, but it can be somewhat acceptable as a long-term low-risk investment. In theory it should at least keep up with inflation. You just need to realize your profits some day.

>In theory it should at least keep up with inflation.
barely keeps up with the official inflation, shadow stat inflation leaves it in the dirt.

Gold = Money

Why?

Because like the sun it gives birth to and sustains all life.

Take it away and all goes poof.

Define money

>No, it's a precious metal.
>Would you say treasury bills are money?

store of value
medium of exchange
unit of account

what i use to buy whores and drugs

Nope, "money" is supposed to be a gold backed standard but it pretty much isn't anymore since the jews control all the central banks.

the firm i work at includes gold in our universe of tradeable currencies.

Gold has been a commodity literally since we first learned to how build civilisations you asinine nigger

Gold has been money for 5000 years. Show me a fiat currency with that kind of staying power.

>humans rode horses for thousands of years, show me a car with that staying power.

you forgot legal tender which is the most important part of the definition.

>The question to ask is do the Chinese think gold is money?

China's government has been buying gold.

>Do the Russian's think gold is money?

Russia's government has been buying gold.

>Do the Central Bank's think gold is money.

Most central banks hold some amount of gold.

It's debatable that they think it's money but they certainly think it has some kind of monetary utility.

>if car based systems had repeatedly collapsed that would be a good analogy

Horses are still used throughout the world, even the developed world. Gold cannot be obsoleted because of its very nature. You can't mass-produce a rare metal with intrinsic value. You can mass produce paper and ink. Dumb fuck americunt
Think that's what he was implying

gold is still used in the developed world too for the most part, just not as money :^)

for an economy that grows, you need a supply of money that grows. at this point, we don't have enough gold to cover the U.S. economy, so it's obsolete as a form of...wait for it...

...keep waiting...

money

you obviously haven't driven a VW before

tell me though, what are you going to do with gold in a panic? how are you going to meet the demand?

Then you reduce the size of it you nigger. If you had passed kindergarten you might have learned about division.

No, for me they're collectibles.

Price of Gold in $:
>1Y: +9.69%
>10Y: +90.43%
>1970: +3307.44 %
What are your "shadow inflation stats" for the same time period?

>you forgot legal tender
Certain Gold bullion is legal tender in my country.

>at this point, we don't have enough gold to cover the U.S. economy
I never understand this argument. Not at the historical price of $35/Ounce or even today's price. But if you wanted the Dollar to return to a Gold standard you simply increase the exchange rate to $10,000 or $20,000 or whatever absurdly high number would be needed. Which would change depending on whether you wanted a 30, 50 or 100% (or whatever) Gold/Dollar backing. Then, if you print more Dollars you... shock horror... REVALUE the price of Gold. As Nixon did a couple of times to $38 then $42. In other words, you devalue the Dollar against Gold.

Of course, to return to a Gold standard now, you'd require International agreement by the G20 or IMF and everyone would have to agree to the terms and exchange rates or peg their currencies to the Dollar. So, it's impractical and likely impossible but for different reasons to the one you gave.

The short answer is that gold CAN be money. As in, gold can be turned INTO money. Don't we have spendable coins in the US that are made at least partially of gold?

That being said, you can also turn copper, silver, nickel and (hold onto your hats) even PAPER into money as well!

Isn't that interesting?

>Certain Gold bullion is legal tender in my country.
then it's money alright go ahead buy a few hamburgers with it!

>The short answer is that gold CAN be money. As in, gold can be turned INTO money.
pretty much this, you can use gold to make money out of it. but you can also use a piece of plastic.

it looks roughly like this

and this