Largest existing gold nugget sells at auction for $400,000

[cbdo2007]

Largest existing gold nugget sells at auction for $400,000
By Ed Payne, CNN

(CNN) -- Gold is always worth its weight in, well, itself. Sometimes, it's worth even more.

A gold nugget, weighing 100 troy ounces, sold at auction in Sacremento for $400,000 Wednesday night.

"We valued it at around $200,000," said Amy Baker, auction manager for Holabird-Kagin American. "There were 6 to 7 people bidding on it, most of them anonymously. It went to an anonymous (phone) bidder."

Baker said the auction house may be able to release more information on the winning bidder Thursday.

http://www.cnn.com/2011/LIVING/03/17/california.nugget.auction/index.html?hpt=T2

[Scuba]

1. Don't tax the wealthy or they won't be able to afford shiny rocks. n/t

[CommonSensePLZ]

3. LOL /nt

[jillan]

2. What are they going to do with it? Not impressed.

[NV Whino]

4. I remember...

when gold was $35 an ounce, and it was too expensive for me to make gold jewelry, so I made silver instead.

"On Wednesday, gold closed at $1,396.10 an ounce on the New York Mercantile Exchange, making the nearly 7-pound nugget worth about $140,000, if it were melted down."

[devils chaplain]

5. Huh?

That's nothing in size compared to this:



Although I'm sure the one in this article is prettier.

[DCofVA]

6. Gold is the biggest con ever played on humanity

Some day people will see it for what it really is; just a stupid shiny rock, and then, it will be worthless.

[cbdo2007]

7. Not in our lifetimes.

Gold will continue to rise in value because the gold industry wants us to buy it. Actually I think it will drop back down to the $600 range in the next 10 years, but I mean it won't be worthless like you imply.

There are many prettier, "shiny rocks" out there worth much less than gold that I would rather own and look at. I've never really found gold that attractive, though that is an impressive nugget.

[dipsydoodle]

11. Its commodity

which within reasonable limits is fixed in quantity - unlike the US$ which until the Petrodollar recycling scam ends allows the US to print money unabated.

[Motown_Johnny]

12. it has some properties

which make it useful in electronics. It will never be worthless.

And when you consider that it has been valued since very early in recorded history, the likelihood of it becoming worthless in the foreseeable future is very slight.

[Courtesy Flush]

8. Somebody takes Glenn Beck a little too seriously. nt

[warrior1]

9. It's Sacramento

[dipsydoodle]

10. How do get a lump of nougat

that big in your mouth ?