Gold prices spike amid Apocalypse 2012 fears: report
People are dumb, right? Right.
We know this, if by no other example, from our irrational behaviour back around Y2K. Our turn of the century fears had a real impact on business, too – we hoarded perishable goods and even took down a giant; Dell’s sales and stock price tumbled because we were too spooked to buy a computer in 1999.
Yet, while even the most dedicated Y2K conspiracist might look back at the year 2000 with a little embarrassment, we’re back at it again. With the end of the world coming next year – you know, Apocalypse 2012 – consumers appear to be focusing their cash once more on the latest threat to civilization.
In turns out, according to CNBC, there’s a huge market surrounding the hype of Dec. 21, 2012, the date the Mayan calendar predicts the world will come to an end.
Sales of pre-made survival kits have “skyrocketed” this year, in part because of last month’s Japanese quake but largely in preparation for 2012.
Same goes for these luxury doomsday bunkers, which sold well during Y2K and are back as hot products again.
But the most consequential 2012-related spending spree involves gold. Gold prices have spiked this last month amid fears the world’s banking systems will collapse next year, and some analysts believe the commodity’s price could reach the $2,000 mark soon.
Crazy? Maybe. What’s interesting to note is the shifted perception of what 2012 will be. Instead of a full-scale, everything-and-everyone-will go collapse, many now believe they can wait out the supposed disaster, hiding out in nuclear-proof bunkers for the storm to pass.
And, if it happens, and all our bank accounts are wiped clean, perhaps it will be the canned soup-hoarding, gold bullion-spending people that will be king. Not us.
By Jason Buckland, MSN Money
*Follow Jason on Twitter here.
Posted by: SP | Apr 9, 2021 5:23:15 PM
2012 comes, money becomes worthless, business and civil order collapses. Okay... How would having Gold bars help in any way? I can see the utility of water purification tablets, a wood stove/fireplace, a house in the country and a nice gun for hunting but that applies even if there is no end of the Mayan Calendar event. As for the Bunker idea.... Just imagine if a few hundred ' Luxury ' bunkers had been built 1/2 mile from the Fukayama Power Plant. Open the lid to discover you're 20 feet under water or everything is glowing in the dark. Yeah you survived !
Posted by: Tenacious Otter | Apr 10, 2021 11:02:45 AM
Lol, well said SP. Can't eat gold, but you can fill your teeth with it. Amuses me that those that would believe in civilisational collapse feel that a monetary market would survive. It's funny.
Posted by: Tenacious Otter | Apr 10, 2021 11:16:31 AM
Of course Jason's talking about a banking collapse, driving the move to gold. Seems a plausible explanation for the current run up in precious metals of all kinds. I tend to agree with you though, there is no real value in the commodities, like all commodities the value is in the eyes of the beholder and what they have to trade for it. Personally, I won't be growing potatoes and tomatoes to trade for a lump of gold, but I might consider trading for a lump of lead in the end of a brass tube, or a lump of coal for the stove.
Posted by: Tenacious Otter | Apr 10, 2021 11:28:39 AM
As far as this end of the world as we know it. Well I'd just like to ask, what is it about the civilisational model that they find so offensive as to believe that it will and has to end? Whether it be by natural, divine intervention, or man-made means.
Posted by: YC | Apr 10, 2021 3:26:19 PM
This 2012 thing, is a hoax. No one can know when things will end, because of this mayan calandar. I heard it just mean its the end of the age. Know one knows the end except for the Almight GOD Himself.
Posted by: Birds | Apr 10, 2021 3:33:50 PM
Does anyone remember Brown saying publicly that as far as he was concerned the IMF can revalue the price of gold to handle their debt? Just a few years ago.....like the trillion dollars in callable payments owed to the IMF by the US amongst others...wasn't enough to prevent the world wide recession...artificial inflationary pricing of gold and all those who bought will be oh so sorry in a few years from now when it has to drop in price and they realize their investment ended being a big loser. I am glad to see responses that question the value of gold in a collapse world economy. Seriously, even if we survived a catastrophe like the end of the world would we want the same system? Even revaluing gold the way it is it is still not enough to allow the IMF with their massive reserves to function as an international settlement agency the way some have envisioned it. Not even when gold is lumped with other resources as in a basket is it enough to allow up and comers like India and Iraq to have international exchange in the required amounts through the IMF to guarantee funds for international trade. In my opinion....
Posted by: chiller | Apr 10, 2021 5:33:05 PM
Y2K was a modern man made schizophrenia. Only the fool hearty will scoff at the warnings of 2012 by the Maya, Inca, Aztecs and Egyptians. To compare the 2 are the musings of a child like mentality. No one knows what is going to happen, if anything, or the severity of it. It could well be simple starvation on a massive scale. Stored food will always be eaten but I'd shoot the first looter attempting to enter my home.
Posted by: ridgehiker | Apr 10, 2021 6:31:18 PM
Without a doubt this is the weakest analysis of the rising price of gold I've ever read. Gold has increased an average of 17% a year since 2001 because of the Mayans!! That has to be the most riduculous, amazing and outstanding pieces of journalism published. Get a freakin grip retard
Posted by: Chuck | Apr 10, 2021 7:17:12 PM
2012 is no doubt fun hype but, anyone who'd rather own fiat, than gold or silver, will get what they deserve. Owning a quality shotgun & having at least a 90 day supply of food & water is just common sense.
Posted by: Joe Shmoe | Apr 10, 2021 9:03:15 PM
When The End comes, neither gold, nor food, nor guns, nor bunkers, nor anything else other than FAITH IN CHRIST will save anyone.
Posted by: jk | Apr 10, 2021 9:29:39 PM
Some physical gold is good, too much is hard to carry. Just like too many tins of spam or rounds for your AK47. As in all things moderation is probably a wise policy. That and the ability to survive when/if society bites the big one. Anyone read "The Road"? Pretty good story about a bad situation.
Posted by: Jack S. | Apr 10, 2021 9:46:37 PM
@ Joe Schmoe,... so tell me how "FAITH IN CHRIST" will save everyone? What have you been smoking? Give me a break! This 2012 bullshit is bad enough (good for a joke maybe) but when the bible thumpers come out, that is what will ultimately destroy us.
Posted by: William | Apr 10, 2021 10:04:50 PM
Thankfully there are so many stupid people out there that believe in this BS. I enjoy conning these stupid people out of their money. I am filthy stinking rich thanks to them. They deserve what they get. I firmly believe in survival of the fittest. I can't wait until the next doomsday event (ie scam)!
Posted by: max dorman | Apr 10, 2021 10:41:47 PM
is there anybody out there with even half a brain left....judging by the comments
Posted by: 5moreyears | Apr 11, 2021 2:12:06 AM
There are many different reasons why people are buying gold nearly all reasons contradict the others but all are in their infancy as a sellers reason becomes the other buyers, each year more participation adds new investors ,its foreign held dollars that will be the huge investment driver as with China.
Posted by: sm | Apr 11, 2021 2:45:03 AM
Precious metals are rising due to the debasement of fiat currencies, inflation concerns, instability in Africa & Middle East, and the momentum behind the bull trend. The 2012 prediction for the end of an age came with a prophecy of global instability (check), earth changes (check), trading disruptions (check), and a general panick by the population (waiting to see). It does predict however that through this chaos will come a reorganising by the people into a new system. So ride the trend, buy the rumors, and sell on the news (when Dec 22nd, 2012 comes and everything is ok). Food, water, and an emergency kit are good for all times just to be prepared for the unexpected.
Posted by: stem | Apr 11, 2021 2:30:51 PM
Ask anyone who works in a bank........ all these 'doom and gloom' people are hoping the banks lose all records........ which are subsequently people with no financial plans or people with failing debt who have something to gain by it.
For those that think that just the banking systems will collapse (a laughable concept as it's not just 'one system' but thousands)........You have a mortgage?....... well it's on paper somewhere and can easily be recalculated...... it won't be lost.
For those that think the Apocalypse will mean some kind of 'Mad Mad' scenario.........You have tons of gold?...... that's nice, but what good is gold when people need clean waters and fuel? You think I want to take your useless gold (good for jewellery and some electronics) in exchange for my very valuable gas and water purification means?
Stop feeding the 'fear' people and start using your brains.
Mayan calendar predicts the world will come to an end?....... or was that just as far as they cared to write the calendar too?
Ancient calendars aren't unique to these people...... look it up. Just because the Egyptian calendar shows no 'end', nobody even acknowledges it.
If the Mayan's were these 'seers' people think they are, don't you think they would have foreseen their cultures collapse?
In short, if your long term financial plan revolves around an Apocalypse, there's really nothing anyone can say to advise you..... lol.
Posted by: christo | Apr 14, 2021 9:14:21 AM
May GOD bless all of you