Survivalism & Self Sufficiency Topics > COVID-19 Coronavirus Pandemic

PRICE GOUGING BEGINS AT WALMART

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IKN:
Problem is that what's happening isn't Capitalism.
If it was, gasoline should be <$1.00 per gallon given the greatly reduced demand from lock downs and stay at home quarantines.
There's also the plummeting Gold & Silver prices. Given the state of the markets, both should be soaring through the roof right now.
The line about paper ETF for gold & silver being sold is driving down the price is garbage. If it were truly a capitalistic supply and demand, prices would sky rocket since the demand is high and supply is zero.
Maybe I should list my silver on eBay for $800 an ounce, see if anyone jumps on it or see if I get arrested for price gouging.

iam4liberty:

--- Quote from: IKN on March 21, 2020, 08:40:11 PM ---If it was, gasoline should be <$1.00 per gallon given the greatly reduced demand from lock downs and stay at home quarantines.

--- End quote ---

Well, to tell the truth it isnt too far off that now. Price is dropping quickly as lower priced gasoline makes its way through system.  Just bought today at $1.24.  Haven't seen that level in about 17 years.


--- Quote from: IKN on March 21, 2020, 08:40:11 PM ---There's also the plummeting Gold & Silver prices. Given the state of the markets, both should be soaring through the roof right now.

--- End quote ---

Price = Spot + Premium.  Currently for silver that is about $13 + $10 = $23.  Before this started it was about $18+$1 =$19.  That is about a 20% rise. So it isnt a matter of silver dropping overall, but a matter of who is getting what portion of the pie. Could it go higher, sure.  But right now everyone is trying to build up cash because of fear of a multi-month lockdown. 

cmxterra:
Supply and demand.. There is no price gouge.

Less supply  = Higher price. Simple economics.

There was plenty of supply before this and if you waited till now then yes.. you will pay more because it is a scarce item.  I swear.

Carver:
#1) I have one marble and one hundred buyers.
#2) I have one hundred marbles and one buyer.
Is one marble in scenario #2 going to sell at the same price as the marble in scenario #1?

ChEng:

--- Quote from: Carver on March 21, 2020, 10:07:40 PM ---#1) I have one marble and one hundred buyers.
#2) I have one hundred marbles and one buyer.
Is one marble in scenario #2 going to sell at the same price as the marble in scenario #1?

--- End quote ---
Exactly! A good (although exaggerated for illustration) example of supply and demand. And, if #1 occurs because of some disaster that wipes out marbles, that does not change the "right-ness" of the pricing. ANY attempt to artificially force change the price is wrong, and will cause damage to trade.

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