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Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.
Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.
The people recognize themselves in their commodities; they find their soul in their automobile, hi-fi set, split-level home, kitchen equipment.
The positive aspect of my negative view is essentially that you shouldn't own cash and government bonds, but you should be in assets like real estate or equities or precious metals or in commodities.
When a nation is over-reliant on one or two commodities like oil or precious minerals, corrupt government ministers and their dodgy associates hoard profits and taxes instead of properly allocating them to schools and hospitals.
Prudence is what makes someone a great commodities trader - the capacity to face reality squarely in the eye without allowing emotion or ego to get in the way. It's what is needed by every quarterback or battlefield general.
A lot of family members worked in the joint commodities family business. It was a classic case of capitalism at work and socialism at home.
My first proper job was as a commodities broker. I went off to work every morning in an '80s power suit. I couldn't afford a good one, so I'd buy nice buttons instead and make it look better than it actually was.
A lot of guys are very intimidated by an attractive woman, and they dehumanise her because our culture perceives beautiful women as commodities. But I think if you're able walk up to a person and get to know them, and you see their flaws and their impurities, and realise that they're like you, then you can humanise them again.
The iPod has taken away the whole platinum record sales prospect. Sincerity and specificity are going to be the hot commodities in music. Everybody can have anything that they want, so now it gets into what specifically you have to give.