Is gold money?

[TalonX]

But, you can certainly barter or trade with it.

We have been off the gold standard for years, but gold wasn't money.....it just backed the money with VALUE.

Old timers like to keep some precious metals around in the event of another depression...."money" becomes worthless......precious metals don't.

[Thruster]

Originally posted by Bingolong
The world trades in dollars becuase of a US deal with opec. What if opec start trading in euros. then what?

Then opec would be defeating the purpose of using the dollar a standaard of payment. That is to use the most stable and liquid currency available. Exchange trends aside, the E.U. is still just a confederation of aligned sovereign nations. Any number of potential obstacles have to be overcome before the Euro is even as stable as Sterling, which it fundamentally replaced (I know along with 17 or so others).
We also have failed to mention the enormous amount of long term debt held overseas in dollar denominated instruments. Or for that matter domestic assets owned by foreign concerns. Everyone who is anyone wants a strong dollar.
 I stick by my earlier statement, if the dollar crumbles, head for the hills
'cause all your gonna get with a handful of Euro's, Shekels, Yen, Rubles, or Peso's is a handful of pretty t.p.

[wrag]

Originally posted by VonMessa
Gold is gold is gold.  ( or any other precious metal)

1 oz. of gold weighs 1 oz. no matter where you go in the world.  What it is worth depends where you go, how much its in demand, and how valuable is it at any given moment.  I'll bet that there are places in the world that 1 oz. of gold is more valuable than the USD equivalent.  I am willing to bet that I could trade that oz. of gold for commodities in more places than I could the USD.

     How much US currency can be printed until it starts to have less and less value.  Don't have enough?  Crunch all you like, well make more! (hope I don't get sued by Doritos)

     Value, like beauty, is in the eye of the beholder.  As when one sells an item on E-bay, the value of said item is limited to the worth of said item as viewed the person purchasing it.

    I believe that in a global view, the less we back up our own currency, less value it will eventually have in the worlds economy.

OOPS!!!???

I believe gold is measured using TROY ounces?

Which is NOT the same as the English ounces.

[VonMessa]

OK, then insert TROY before oz.  All said, I was raised by my grandparents who survived a depression.  You should hear the tirades my grandfather goes upon about the lack of a gold standard.  When currency (paper) goes to pot (which is weighed in regular ounces iirc) gold and gems retain value.

     Look at De beers.  They created a demand for gold (remember the annual commercials with the Vivaldi score in the background)  Then they witheld (or bottlenecked anyhow) the supply.  Diamonds became "forever" and instantly valuable.