No, he is wrong, thing has value when it is needed. Sometime, labor are free, it is called volunteerism.
I didnt mean it that way. What I was trying to say is that if you take away the labor there is no value in anything else. Gold sitting on a shelf does nothing. I am not insinuating that profiting from the labor of others is wrong. I think profiting from the labor of others by providing oulets for their labor or by adding to it the labor of yet others is the key to success. It is funny to me when people talk of the value of commodities or currency, when without labor everything is worthless.
Are you serious?! He said about a $1000 while the actual price (that day) was $1150, and that's not close enough? It was within 25%, so why didn't he get to keep it?
Yeah, this is bullshit. A random guy on the street typically doesn't know the price of gold, but then again he probably doesn't know the price of pork bellies or copper or liquid helium either. Few if any people know the price of commodities that they don't produce, consume, deal or speculate in. Anyone thinking this bolsters a "gold is money" case must admit it also bolsters a "liquid helium is money" case.
My thoughts exactly. It's pointless. Is he trying to make a case for gold? Well I could go ask people the price of wholesale sugar and they wouldn't have a clue. Does that make a case for sugar bulls? Is he trying to prove that the average American is an uninformed moron? No proof necessary, just step outside.
I think it says only one thing: that gold is not a retail driven bubble. Interpret that line as you wish. When plumbers know the spot price of gold, buy the dollar. Until then, we're not done. I bet if you asked most on the street what crude cost per barrel, you'd get better answers (since it more directly affects the most of us).
I disagree. Those people are not, will not be, and never were retail traders. Gold could be $1 or $1,000,000 and they'll never buy a grain of it. Saying gold has a long way to go because those idiots haven't bought in yet is no different than saying _____ (insert whatever commodity/stock/currency) has a long way to go because those idiots haven't bought in yet. They aren't ever going to buy in. They do not represent retail traders. All they demonstrate is that each member of the American population lives in their own little bubble and doesn't concern themselves with anything that doesn't directly and substantially effect their daily lives. Unless, of course, you're refering to retail sales demand,as opposed to retail trader speculation. Then I'd agree.