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T O P I C R E V I E W
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Ugh, MightyClub
Member # 3112
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 posted August 16, 2011 14:02
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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The Famous Druid
Member # 1769
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posted August 16, 2011 14:13
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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dragonman97
Member # 780
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posted August 16, 2011 15:09
There's a /hot dog/ truck around here that has a 'we buy gold' sign. ![[crazy]](graemlins/crazy.gif)
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Xanthine
Member # 736
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posted August 16, 2011 15:54
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
Member # 1769
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posted August 16, 2011 16:23
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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dragonman97
Member # 780
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posted August 16, 2011 16:31
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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GrumpySteen
Member # 170
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posted August 17, 2011 06:18
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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Ugh, MightyClub
Member # 3112
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posted August 17, 2011 07:09
quote:
Originally posted by dragonman97:
There's a /hot dog/ truck around here that has a 'we buy gold' sign.
I wonder how many dogs you get for a pair of gold earrings? ![[Geek]](graemlins/geek.gif)
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Sxeptomaniac
Member # 3698
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posted August 17, 2011 07:28
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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The Famous Druid
Member # 1769
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posted August 17, 2011 10:26
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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Sxeptomaniac
Member # 3698
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posted August 18, 2011 07:58
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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Ugh, MightyClub
Member # 3112
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posted August 19, 2011 04:50
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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dragonman97
Member # 780
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posted August 19, 2011 11:37
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]](smile.gif) )
‡ 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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Ugh, MightyClub
Member # 3112
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posted August 20, 2011 05:11
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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dragonman97
Member # 780
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posted August 24, 2011 12:39
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]](tongue.gif)
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GrumpySteen
Member # 170
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posted August 24, 2011 13:09
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
Member # 1769
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posted August 24, 2011 17:06
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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Xanthine
Member # 736
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posted August 24, 2011 17:59
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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