Gosh, I love it when you throw me the easy pitches.
What makes gold have objective value?
The market! Or, as James Turk would have it, the freemarket.
Because humans have a fondness for it?
Humans do have a fondness for gold. However, it is not the subjective views of a single individual which is at stake. It is the repeated experience of the market which matters.
Because its pretty? Subjective again
Gold is pretty and pretty valuable. I sometimes wonder whether it would be regarded as a store of value if it weren't pretty or regarded as pretty if it weren't a useful store of value.
Because its the traditional store of value?
It is also a traditional medium of exchange. Good money has both purposes.
In another thousand years, will the dollar become traditional?
Actually, Khurram, "the dollar" had already been traditional when it was perverted. If the term "the dollar" had not meant 371.25 grains of silver for generations, it would not have been possible to substitute fiat money in place of it.
if its still around..
That's my exact point, Khurram. The market values gold, always has, and it is a good bet it always will. That's a bet I make every day.
The Federal Reserve Notes you and I carry around are valued by decree. The gang of thieves in Congress have consented to the printing of these notes with the text "legal tender" although the Secret Service, the Treasury Department, and the Federal Reserve all agree (see their web sites for particulars) that there is no law which prevents anyone from refusing to accept these notes in tender.
The Federal Reserve has fiddled with the value of the "dollar" for decades now, eating away at the value of the paper in hand. Again, the value of the dollar is subject to the vicissitudes of Federal Reserve policy. Whereas gold is only subject to market forces - which include, as Craig Spencer has pointed out the selling and leasing of gold by central banks.
Because its rare?
Rare things are often ignored. No two snowflakes are identical, yet most people who want to get to somewhere that snow can be found are able to do so eventually.
For example, my work hours are rare...
So, stop reading this list, dude! <grin>
In my opinion, there is no such thing as objective value.
That's nice.
Valuation of anything is based on how much somebody else is willing to pay for it.
Value in exchange is a critical issue, certainly.
Therefore its all subjective.
You mean "it's all" as in "it is all" rather than "its all" which is the possessive of it.
Yet obviously, you would rather have the 10th of a gram of gold.
Gosh, no. I'd be happy to sell you a tenth of a gram of gold for $30 today. Please let me know how many of these tenths of a gram you'd like to have at that rate by sending a bank check, wire, or money order. <smile>
By the way, I promise not to nick it, but you did manage to send me your password for the e-gold list. I'm a bit baffled why Jim Ray makes "reply" go to the message author so that I have to hit "reply to all" and then delete the "to" recipient (the author) and replace to: with the cc: recipient (the list) in order to avoid handing over my password to others.
Regards,
Jim http://www.ezez.com/
--- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED]
Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
