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Author Topic: I'll be out back, prospecting
Ugh, MightyClub
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Icon 1 posted August 16, 2011 14:02      Profile for Ugh, MightyClub     Send New Private Message       Edit/Delete Post   Reply With Quote 
So, TFD, are you going to give up the keyboard for some Gold Fever?

http://www.nytimes.com/2011/08/16/business/global/gold-rush-beckons-in-australian-outback.html?partner=rss&emc=rss

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Ugh!

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The Famous Druid

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Icon 1 posted August 16, 2011 14:13      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
I've actually done a little 'recreational' prospecting.

After an hours panning I had an aching back, freezing cold hands, and about 3 cents worth of gold.

Far too much like hard work for my liking.

It's interesting though, in recent times little "we buy your gold jewellery" stands have cropped up at most of the local shopping centres, I suspect that's a far more reliable way of getting rich in this 'Gold Rush'.

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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dragonman97

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Icon 1 posted August 16, 2011 15:09      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
There's a /hot dog/ truck around here that has a 'we buy gold' sign. [crazy]

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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Xanthine

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Icon 1 posted August 16, 2011 15:54      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
Anyone who's read even a sliver of history should know it's not the prospectors who get rich off a gold rush. But, then again, what is reality next to a dream?

On a more cynical note, whatever will the "goldbugs" do when the commodities bubble bursts?

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The Famous Druid

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Icon 1 posted August 16, 2011 16:23      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Xanthine:
On a more cynical note, whatever will the "goldbugs" do when the commodities bubble bursts?

Don't worry about them, there's always another "Get Rich Quick" bandwagon to jump on.

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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dragonman97

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Icon 1 posted August 16, 2011 16:31      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Xanthine:
On a more cynical note, whatever will the "goldbugs" do when the commodities bubble bursts?

I suspect the sentimental but greedy ones will also cry a little when they realize they sold things that had personal meaning...for a quick buck. :/

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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GrumpySteen

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Icon 1 posted August 17, 2011 06:18      Profile for GrumpySteen     Send New Private Message       Edit/Delete Post   Reply With Quote 
Xanthine wrote:
On a more cynical note, whatever will the "goldbugs" do when the commodities bubble bursts?

Most likely they'll hop on whichever investment bandwagon Glenn Beck tells them to.

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Worst. Celibate. Ever.

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Ugh, MightyClub
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Icon 1 posted August 17, 2011 07:09      Profile for Ugh, MightyClub     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by dragonman97:
There's a /hot dog/ truck around here that has a 'we buy gold' sign. [crazy]

I wonder how many dogs you get for a pair of gold earrings? [Geek]

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Ugh!

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Sxeptomaniac

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Icon 1 posted August 17, 2011 07:28      Profile for Sxeptomaniac   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Funny how things like that still often have the same effect on people. Still, at least it's a significantly less dangerous pursuit than it was a century-and-a-half ago.

My great-great-grandfather came to California during the gold rush. He found some gold, but hardly got rich. Meanwhile, his sister died of typhoid (apparently contracted on the trip) when she and her husband followed him over, and he was lucky enough not lose his gold or his life in a shipwreck in his (subsequently aborted) attempt to go back home.

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Let's pray that the human race never escapes from Earth to spread its iniquity elsewhere. - C. S. Lewis

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The Famous Druid

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Icon 1 posted August 17, 2011 10:26      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by GrumpySteen:
Most likely they'll hop on whichever investment bandwagon Glenn Beck tells them to.

One of the (many) mysteries of human behaviour: People who hear "Commodity X has never been so expensive" and think "Now is the time to buy!"

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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Sxeptomaniac

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Icon 1 posted August 18, 2011 07:58      Profile for Sxeptomaniac   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by The Famous Druid:
One of the (many) mysteries of human behaviour: People who hear "Commodity X has never been so expensive" and think "Now is the time to buy!"

No kidding. People were trying to tell me to buy property at the height of the housing bubble, when it seemed blatantly obvious to me that real estate was way overpriced.

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Let's pray that the human race never escapes from Earth to spread its iniquity elsewhere. - C. S. Lewis

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Ugh, MightyClub
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Icon 1 posted August 19, 2011 04:50      Profile for Ugh, MightyClub     Send New Private Message       Edit/Delete Post   Reply With Quote 
I'm starting to think the same thing about college education, bubble-wise. The elder Clublet is entering her senior year of high school, so it's very much on my mind. Some of the schools she's looking at run $50k/year just for tuition. Scholarships and grants can help, but geez, by the time you're done you've got loans equivalent to a mortgage on a decent house in many parts. Depending on your career path you might never recoup that.

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Ugh!

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dragonman97

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Icon 1 posted August 19, 2011 11:37      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Ugh, MightyClub:
I'm starting to think the same thing about college education, bubble-wise. The elder Clublet is entering her senior year of high school, so it's very much on my mind. Some of the schools she's looking at run $50k/year just for tuition. Scholarships and grants can help, but geez, by the time you're done you've got loans equivalent to a mortgage on a decent house in many parts. Depending on your career path you might never recoup that.

Indeed - and the scariest thing is that a lot of kids who spend all that on a degree are graduating now and can't find a job. Regrettably the priority for hiring these days is: a) Those who already have a job (‡), b) Those w/connections; c) Those who don't have a job (and w/o connections), d) New entrants to the job market w/no experience.

All the folks I know who got/changed jobs in the last year (a particularly lousy time period that I've been closely following) fall squarely into category (a) or (b). I have friends in (c) and (d) who have been looking for /quite some time/. :-/

At the very least, Ugh, I can be mildly optimistic that things will be better in four years for your eldest. It can't keep going badly that long, right? (Please, pretty please, let it get better! [Smile] )

‡ Go figure...'tis just the same as women/men who are attracted to people already in relationships as they 'must be a good catch.'

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

Posts: 9206 | From: Westchester County, New York | Registered: May 2001  |  IP: Logged
Ugh, MightyClub
BlabberMouth, the Next Generation
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Icon 1 posted August 20, 2011 05:11      Profile for Ugh, MightyClub     Send New Private Message       Edit/Delete Post   Reply With Quote 
I do believe the job market will be improved in four years. Her passion is photography, however, which doesn't necessarily follow the broader trends I imagine. Still, she's a smart, talented young lady, so I'm sure she'll do OK. All I really want is for her to live a happy life, and if that means a ton of loans for a career she loves, well... so be it, I guess.

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Ugh!

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dragonman97

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Icon 1 posted August 24, 2011 12:39      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Ooops:
http://www.bloomberg.com/news/2011-08-24/gold-extends-drop-heads-for-biggest-fall-since-2008-as-haven-demand-wanes.html

Update:
U.S. Stocks Rise, Gold Drops Most Since 2008 => "Gold futures slumped 5.5 percent to $1,758.90 an ounce in after-hours trading at 4:38 p.m. in New York. Prices surpassed $1,900 for the first time ever this week."

That's gotta hurt. [Razz]

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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GrumpySteen

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Icon 1 posted August 24, 2011 13:09      Profile for GrumpySteen     Send New Private Message       Edit/Delete Post   Reply With Quote 
I wonder if this will be enough to scare all those who jumped on the bandwagon into trying to sell. It'll be interesting to watch the crash of gold prices if they do.

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The Famous Druid

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Icon 1 posted August 24, 2011 17:06      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by GrumpySteen:
I wonder if this will be enough to scare all those who jumped on the bandwagon into trying to sell. It'll be interesting to watch the crash of gold prices if they do.

Last time a Gold bubble burst was 1980, the price dropped by about 1/3 in a couple of weeks, and by about 1/2 in total, then pretty much stagnated for 25 years (which equates to a substantial drop in inflation-adjusted terms).

That lesson won't be lost on 'investors' this time around, expect a stampede for the doors once they realize they've traded their life savings for a bag of yellow rocks.

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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Xanthine

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Icon 1 posted August 24, 2011 17:59      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
Yeah, basically the gold investors were hoping for an inflation in the US dollar this week and that's now looking unlikely. Sorry boys. Hope your luck isn't better next time either.

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

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