When did gold and silver become significant

[49er12]

Wow this is very disturbing, we must let runaway elite to dictate r world, it’s corrupt, don’t you see average person doesn’t matter in the realm of the larger picture., I don’t care if you have 500,000 dollars you can be bankrupt or defrauded by something that’s very real, and the grim reaper is much closer than you think as a matter of fact it’s the very land you live in and evil is right here no other land to blame on. Folks sometimes you have to stand for something before full control mode is enacted. Laugh it’s not that difficult to understand I don’t even have cable to that’s a beginning media news at forefront, take your life back save your soul, I’m sorry I’ve come to see the truth others deny. We are commodities like gold and silver. Except we are human beings, it’s up to you think off big picture, I’m sorry I’m not god or Jesus, money has very little true value, look at the cost going up, we work for very little, most can’t afford gold heck we save aluminum cans enough said

 

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[Old Bookaroo]

Slingshot:

$35/oz. was a fixed price - not a market price. I certainly wouldn't argue that we've had inflation since 1971 - only that using the price of gold before and after we went off the gold standard isn't the best marker.

A question I've found interesting for some time - why does gold trade for such a premium over the cost of its production?

Good luck to all,

The Old Bookaroo

 

[ARC]

Slingshot:

$35/oz. was a fixed price - not a market price. I certainly wouldn't argue that we've had inflation since 1971 - only that using the price of gold before and after we went off the gold standard isn't the best marker.

A question I've found interesting for some time - why does gold trade for such a premium over the cost of its production?

Good luck to all,

The Old Bookaroo

The same exact reason a tomato does.



:P

 

[Old Bookaroo]

AARC:

At what multiple?

Good luck to all,

The Old Bookaroo

 

[ARC]

AARC:

At what multiple?

Good luck to all,

The Old Bookaroo

Hmmm... I dont know...

How many tomatoes do you want ? ? ?



Wait !

Wanna trade for Rum ? ? ?

? ? ?

:P

 

[GoldieLocks]

One of the oldest Egyptian dynasties. But I suspect that the Romans assigned coins as valuable in mass.

 

[Old Bookaroo]

AARC:

You missed my point - or, perhaps, I didn't make it very well.

I certainly understand the need for producers to make a profit to stay in business.

But if it costs $1,000 to produce an ounce of gold, why would it sell for $1,750? That seems like quite a mark-up.

The obvious answer is that's what someone is willing to pay for it, so that's the price.

To me, there's a lot of room on the downside. We really don't need to mine any more gold - we are expert at recycling it. There's more than enough gold to meet the demand for industry, jewelry, etc.

Good luck to all,

The Old Bookaroo

 

[Red-Coat]

In the modern world, the official price for gold is set by the LBMA (London Bullion Market Association) and, although this price represents that used for contracts between its members, it’s also unofficially recognised as the benchmark for worldwide gold prices.

The LBMA sets the price (known as “Gold Fixing”) twice a day at 10:30am and 3pm GMT, apart from Christmas Eve and New Year’s Eve when there is only a morning fix. When the LBMA sets its price, it considers a number of factors, but mainly these:

Supply and demand
Economic and political uncertainty
Central bank buying and selling
Inflation and interest rates

Although the UK government has a surprisingly small reserve of gold, the Bank of England in London holds a huge amount (second only to America’s Federal Reserve) on behalf of a number of countries around the world for reputational and security reasons. That’s one of the reasons why the worldwide gold price usually follows the “Gold Fixing” price set by the LBMA. During trading hours, the majority of OTC (Over The Counter) gold purchases are settled at auction via gold bars stored in London with the advantage that, although the ownership of the gold may change hands, it doesn’t have to be geographically moved from one place to another.