Is it good for society as a whole for individuals to buy gold and silver?
foshizzle asked:
Does it help the economy if more people buy gold and silver? Does it create a wider gap between the upper and middle class (which is bad)?
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Does it help the economy if more people buy gold and silver? Does it create a wider gap between the upper and middle class (which is bad)?
January 13th, 2010 at 1:05 pm
People buy gold and silver when there is already some economic breakdown in society. It doesn’t help society as a whole. But then capitalism isn’t designed to help society as a whole. Capitalism is only about profits for capitalists. Nighthawke
January 14th, 2010 at 1:38 am
Right now, yeah I guess currency trading would. But I wouldn’t go for precious metals because you wouldn’t make any money off them for awhile. You want to buy low and sell high and gold won’t go much higher (I don’t really know how they’re still doing that cash4gold thing on television). But if you’re looking for a solid investment for the winter go into produce futures, with this freeze through the southeast that should be a safe bet Peppermint Nightmare
January 15th, 2010 at 1:59 pm
It may help the economy if whoever sells the metals in the first place plans to use the sales price to buy something. In that sense, dollars are going into circulation which might otherwise be kept in the bank, or under a mattress. It probably has no effect on the financial differences between classes. Personally, I keep 100 Krugerrands in the safety deposit box in case disaster strikes the economy, keep at least one-month’s net pay in my checking account, and spend just about everything else I earn on sensible purchases. So I’m keeping my earnings circulating while encouraging worth-while products, but I don’t do much to help give the banks capital to make loans on, or affect the stock market one way or another. I doubt people like myself hurt the economy, we sure don’t weaken it by being in debt or potentially a burden on the tax base because we can’t pay our way.
. Gus K