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You was right in a way in your earlier post about interest. The reason why people become money lenders with their interest bearing accounts is not down to greed but because they're battling inflation and trying not to become poorer in real terms. That's down to cash being a terrible store of wealth, by design. Inflation doesn't just happen like changes in the weather, it's made to happen to extract wealth, and most of what's extracted is gathered by a tiny elite, the so-called 1%.
[QUOTE=Organ Morgan.;4685990]There's only a finite amount of gold. I think there's circa 180,000 tonnes above ground. Most of it is in private hands in the form of jewellery. That equals less than one ounce per person alive today. Something like 2,500 new tonnes of the stuff is mined annually.
I didn't state gold carries no risk. Why make that bit up?
The point I've been making is that gold has been a stable store of value for thousands of years, and it cannot be printed. It has never been worth nothing. But scores of paper currencies have become worthless.[/QUOTE
Are you on commission for cash4gold?? 😃
Organ you ask "What is money". I'm glad you asked that question. It is just rubbish. In fact, the best thing you can do is collect all your money and post it to me and I will throw it in the bin for you. I would also like to remind you that you still haven't told me where you have hidden your gold.
By the way, whatever the official inflation rate is I can tell you that £6 in 1971 went a lot further than £115 today. In 1971 you could buy an Xbox for thrupence.
You would be able to buy more stuff with the £10k cash than you would with the £10k worth of gold you purchased. Which if you exclude the exchange rate changes would be about a 1/4 less.
You would have done better buying £10k worth of dollars, that would now be worth £13,000 So buying cash in another currency would have been better than buying gold.
There is no way to be completely secure. Gold holds little extra benefit in holding cash.
Any sensible person spreads the risk. A bit here and a bit there. Of course, it doesn't apply to a person who lives from one week or month's pay to the next as they have f all to spread.
The shiny's buried a foot deep beneath a bolder on a remote mountainside. Folding stuff is secreted at several locations, most of it is inside a drystone wall.
I agree about £115 having less spending power than £6 in 1971. Successive governments routinely manipulated CPI lower in order to cheat people on fixed incomes. I stated in a recent post that the state's our greatest enemy who will strip us more of our wealth than any burglar, mugger or former spouse ever will to hand it to their big business chums. Some of these corporations spend more on lobbyists than they pay in tax.
That's interesting. I like to spend my weekends metal detecting on remote mountainsides. I'll have a look out for recently moved boulders. Now that the gold craze is catching on I imagine that metal detectors are de rigueur for your common or garden burglar.
I've invested in a few things that most people would look at as junk. At first glance they would not be seen as valuable. I don't want to say what these things are on here because some of our posters seem a bit dodgy. You know the ones I mean.
I used to be a metal detectorist as it happens, many moons ago. Unearthed lots of interesting and some valuable stuff in farmers' fields in Cowbridge. Romans loved to drop and bury coins, though my first good find was a 1696 William III shilling that was an inch below the surface in a field that had been scoured for years prior.