Gold spikes as recession fears spread

I sure do wish I had more faith in the people in Washington. It is times like these that I wish we had some basic minimum requirements for anyone who was thinking of running for office. We need some hard nose experienced business people to make decisions which will encourage business growth. Instead we have a community organizer and a bunch of political hacks running things.

The recent debt ceiling debacle showed the entire world how inept they are. It was obvious to everyone that nobody really wanted to address and fix the problem. Did they really think anyone would buy into their plan of raising the debt ceiling now and cutting spending and waste later? This was a golden opportunity to make real cuts and they didn't have the guts to deal with the real problem of runaway government spending.

The USA is by far the wealthiest country in the world and we cannot live within our means. It is embarrassing. We should throw the whole bunch of politicians out and start over.

Fools_gold I hope your not serious, gold has been highly valued throughout mans history and is worth far more than the paper we entrust today, governments have collapsed and risen yet gold has always been strong and your a fool if you think its going to change.. 

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Unless gold is driven by investor sentiment. Which it is. (And, was it strong in the 80s?)

There's little industrial usage of gold, in fact, there's little real demand for gold. Despite all the reports, central banks are selling just as much gold as they are buying, there's always an oversupply of gold because it's never consumed unlike many other resources. All that means sentiment what drives the price and really nothing else. Which means gold could become less valuable for whatever the whim might be.

If there's actually the kind of government default globally, gold is not very liquid at all. And in such an environment where you'd expect crime, shortages of fuel, and all other interesting problems to occur

1) Will someone accept your gold in exchange for actual goods and services? --- There's really no gold coin currency anymore. So what are you going to give them? A whole bar? (You'd have to have a source making gold currency)

2) What's to stop people from just taking your gold?

If you really believe a government default will happen, a better investment might be learning trades (carpentry, home repair, metalworking, farming, hunting, weapons, etc) rather than accumulating gold.  

I'm aware of some of the highlights and the twilights of Gold.

In my opinion(whoops, IMO) discussions pro and con are really unwinnable and debates for the most part, are futile.

Yes much of the value of Gold is based on perceptions.

Mankind has been chasing the elusive dream for centuries.Let's be HONEST.

Many rich people around the World have hoards or investments in PM's; Bullion,coin,etc,etc​.

Central banks go on buying sprees and "specific selling" adjustments.

Not to only possibly take some profits, but to some ends back their currencies or Wealth of their Nations.?  If someone thinks differently, please enlighten myself and others.

Gold does have some industrial applications and uses; But, because of valuations,those uses are waning. Not Gone completely.

The production of gold at this time and in the past occasionally, can not meet demand.

Some might say there is not much Gold left in the World, NOT EXACTLY TRUE.

There is Gold almost everywhere in the World. Locating it and then extracting it, is the prime problem.

When the extracting and processing and delivery cost per oz. exceeds the value paid on the open market....Mines are closed or abandoned sometimes forever or on a temporary basis.

That can depend on gold value in mine,grams per ton of ore processed or just a played out mine, that is not worth mining any more. Larger companies will not expense or develope these areas.

Smaller prospectors or hobbyist might ??

And at that point, the provider of the equipment, tools and leases are the ones that are making the money; Unless someone gets real lucky.

Although Gold holds up fairly well as jewelry and some collectible coins. As value and Au oz.

Much of that can depend on quality or karat allocation? Such as 10k-24k.

There has always been a demand for the precious metal and probably will be for centuries to come, unless something takes it's place, so far nothing has sustained itself to that end.

So IMO, Gold is not worthless and will always be worth the price that people are willing to pay.

And I'm sure IMO, that the price will always fluctuate?? And Gold will always be valued.

You ignorant people that come back with the same argument that you can't eat gold or it won't be worth anything during apocalyptic events just don't get it.  The people that have gold ALREADY have guns and ammo, food and probably land to sustain themselves during the rough times.  Gold is the ability to preserve wealth because it cannot be debased like a fiat currency. 

harleyroadhawg...Is it seriously your position that we should all  buy guns and shoot and kill each other and steal each others "food and water and gold?"  It sounded like that was what you were saying. I truly hope I misunderstood you. Your suggestion is I believe the description of anarchy which is the absence of law or social organization. Anarchy means every man for himself, and the best shot gets the food and gold. Surely you do not believe that  is the way we should behave as a people or as a nation. And yet I notice that your post is approved 62 for and 36 against. Is this the course for the future of America? Before your decide to take my "food, water and gold," be advised that I also have a gun and ammo, served this nation during wartime, and know which end of the rifle to point downrange.

Lawman1974

Wow, came back from lunch and learned what people who don't work for a living fantasize about all day... soaring gold prices, guns and ammo, Armageddon, Tea Party triumph... you might want to google delusional disorder.

You must be new?

Thanks for the funny post.