The price of gold hit $3336.66 at 21:45 EDT today.
What does it mean? It means that I was checking the price of my PMs.
Make of it what you will.
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Sorry to hear about your pms bro.
Yeah, it’s a bear when the other two here are pmsing…. I run and hide.
You were checking the Price in FRN (Federal Reserve Dollars).
You could check against other assets, but the issue is that the FRN is always in between, as an cost prohibitive interlooper and translation device.
Cut out the middle man. What is the fair value of eggs in gold?
That would be about 300 or so mg Au per dozen if my math is right. Silver might be better medium for small trades. That dozen eggs would be about 3 Gm Ag, a bit easier to weigh out.
How did you arrive that that weight?
I just ran the numbers again with a calculator and it works out.
I'm using silver as it is a more useful commodity for small transactions.
Gold is over $100 / gm. A dozen eggs would be in the milligram range, very inconvenient to use in trade. Use some gold to buy silver for small change. Use gold to buy a house or a car.
I'm using fiat money as a baseline because that's what we have.
Lets assume eggs are $3.50 / dozen in fiat money.
Silver is running about $1227.64 / kg.
$1227.64 / 1000 gm = $1.23 / gm.
($3.50 / doz.) / ($1.23 / gm) = 2.92 gm / doz.
reasonably close for an off-the-cuff, in-my-head math.
BTW, one of the YouTube precious metal refiners assumes that silver is still very undervalued.
Ah .. yes. Thanks for that. This is what I was pointing to: The $ as the interlooper, the translator, the middle man.
What this shows is we have no clue about the VALUE for VALUE relationship between Silver/Gold -> Eggs, anymore.
Allow me to show you a crazy thing.
Some time ago, someone found out they could create a hash of a document, and use that to send BTC to that hash-address. Of course, it is not a regular BTC address but it works. This means that you can have proof positive that a certain file with a certain contents has been made sometime due to a immutable character of BTC. Now you know the back ground.
They used 0.002-BTC on that created hash-address on 30 sept 2015: https://www.blockchain.com/explorer/addresses/btc/16K9TKnNCgN5rpKW8MGCYBvvsxnVeyCcqj
So, instead of a fake value like the FRN, manipulated to the hilt, especially in relation to deflationary assets like Gold, when looking at it from the lens of a real deflationary assets: that is a lot of eggs.
a guesstimate: 300 mg Au would be the size of a small pill or a BB shot or smaller. 3 gm AG would be around dime-sized.
Silver is 38.37 it was almost 40 two days ago. I believe it will go back up. jmo
I think we will break 40 soon. It will start sunday night.
I think so too, that’s why I was checking.
BTW. Via silver price.org.