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Saturday, September 20, 2014

Our Daniela checks out those worthless Faberge eggs


I swung by to check the Kitco channel at Youtube, where among other things there are video interviews of goldbug newsletter clowns still disgracing themselves publicly talking about how silver is going to be strong, as if the history of their previous failed predictions isn't all over the internet for everyone to see if they actually cared anymore.

But here's something neat: Daniela Cambone goes to see an exhibit of Faberge eggs.



Just another pile of worthless gold, right? In fact, I guess the silver, diamonds and rubies are also worthless, no? I mean fuck, a Faberge egg yields no interest, right? It's only worth what the next guy will pay for it, right? Why would anyone buy this stuff?

Someday I'd like to see some Wall Street Whitey like Josh Brown explain why nobody in their right mind ever goes to a museum to see an exhibit of 19th-century zinc products or Treasury inflation-protected securities.

4 comments:

  1. Shiny, rare, malleable, ductile, doesn't rust, doesn't change colour (much). I think that's about the right order.

    The obvious crit is that in this case you're paying bajillions for the art, rather than the gold, so your argument falls at a first level, but the list of gold's attributes is why Fabergé picked gold to create his fabbo stuff. He only did what people have done for thousands of years, which is why gold's expensive. And that's why you're eventually correct.

    (It's at this point that the debate moves to the heliocentric argument of how gold's the constant and how it's the dollars that move around. But as Gary T rightly points that out all the time and you have it in for him, I won't go any further).

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  2. We'd go to the museum to see thousand-year old bonds--but the paper didn't survive . . .

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    1. There were also no bonds a thousand years ago.

      And when government bonds were finally invented, they had to go through a few hundred years of "default by royal prerogative" - as in "Gee, Mr. Medici, how's about His Serene Majesty pays your loan back right after he puts to death your entire family, your dog and mule, the village you came from, and anyone whose name starts with the same letter of the alphabet?"

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