Discussion in 'Financial Cents' started by sec_monkey, Feb 7, 2018.
Agreed $1340 is a sellers market.
IF you need currency to spend....otherwise you have converted a stable/appreciating asset into an unstable/depreciating currency.
10 years ago, gold was in the 500-600 range. Now it's in the 1300 range. What will it be in another 10 years ?
GOLD DIDN'T CHANGE.....PAPER JUST GOT WORTH LESS....on it's way to worthless.
Ten years ago today gold was &1092.00,I just looked it up because I bought mine in the $200.00-$400.00 range and knew I had it longer than ten years. You never know when to hold or to fold,I had a $1000.00 bag of silver when it went close to $50.00 ounce back when the Hunt bros were trying to corner the market. I turned down $30,000.00 for the $1000.00 bag and the next day the bottom fell out and I couldn’t give it away, I was greedy. Gold went to close to $1800.00 and I did not sell,still greedy. Now that I’m 75 I cant take anymore chances,but if it goes back below ***** I will buy again. Folks that’s the story of my life.
Frankly, I don't think we'll see gold go down again. In my opinion, it will go up and stay up but I don't think we see it much off of $1300 ever again - well - no one on this forum will.
I also believe that sooner or later China, Russia and Iran will get the world off the USA dollar. There is a big movement to do so. When that happens, we Americans are in for one hell'va big shock, and it will happen almost immediately, overnight.
I have given this so much thought that my brain hurts but Gold is about the only bet to protect/save one's assets. Silver isn't a bad move either but it costs a lot more to store it in a vault since it takes up much more space. In some cases, Land would work also...
just thinking out loud here... I am thinking Gold bars/coins distributed in a few Safety Deposit Boxes in about the best one can do for even if the bank folds they shouldn't take whatever is in those boxes. Bricks do give you the biggest bang for your buck but they're heavy (think over ~12Kgs/26lbs IIRC) and expensive at ~$500,000 each. American and Canadian gold coins might be a better solution but you have to pay a bit more for them... No perfect solution...
Certainly puts me out of the market, even if lifting and carrying it to the bank wasn't problematic.
Cash, Crypto or Bullion. If it's not in your wallet/hand .. is it really yours?
Yes, for most, but I was simply making a point of that is the cheapest way to purchase gold. I think I am going to move a good portion of my assets into gold coins because I honestly believe we are not going to see Gold go down in our lifetime again for a number of reasons. Crusin Sloth is correct that countries, namely Russia and China are collecting great amounts and have been doing so for a damn long time. America hasn't and sooner or later this fairy tale will come to an end and there seems to be no reversal in government spending in the near future...
I believe that cash will be ok for a short time after a shtf,a shtf that lasts more than a few days or is really bad I don’t know. My plans are to convert cash to goods that last,like food,land,farming equipment,etc. The first few days after is the time I’m going to buy as people that don’t know will be needing cash to buy things they haven’t put back. I have a problem with my children,grandchildren,they have not had to do without. Both of my parents had good jobs,but they bought 400 acres when I was in the second grade.from then on we did without,I mean without,my father was only making $40.00 a week in 1950 and paying $2000.00 a yearnotes on the place. We had a big garden,beef,hogs and squirrels to eat,old clothes, haircuts at home,times were hard.The young are the ones who will suffer.They will be the ones who need cash and will sell everything they own to get it. I’m afraid there will be a big population reduction in the first year as it will be the worst. Food is going to be in big demand,so are guns and ammo to keep the peace. Also keep your cash were you can get your hands on it in a hurry,not in a bank or safety deposit box. Its 1:30pm,Friday,if the banks closed this minute could you get your hands on $5000.00,$10,000.00 or more before Monday. The people that can will be the ones that will survive.
That means he was paying right at all his yearly income on land ($40wk x 52wks/yr = $2080) When my wife and I bought our current place we were making $18,000 yr total, and the land payment to the land owner the first year was $9750....54% of our income. Any bank would tell you that is nuts.
That is our current lifestyle, except replace squirrel with home raised chicken. But I wouldn't call it hard times
Not a problem.
I'd agree with both. Gold is not much above the cost of production now....below 1200, and supply will shut down, raising price. Also, worldwide production of both gold/silver is dropping. China is the biggest producer of gold in the world, none of it leaves the country, and their production dropped off significantly this past year.
Both are good to hold, but I think the potential for silver to appreciate more than gold is huge, given the industrial uses for it.
Land is good, but illiquid. I've made good money off land, but it often takes a while to sell.
One of the worst places to store anything in my opinion. Never had one, never will.
@TnAndy "One of the worst places to store anything in my opinion."
I'm all ears, Andy, if you got someplace better. Honestly, I can't think of a better place.
Wait. You're a builder! I bet you built yourself a secret vault that Superman could pry open.
thanks @sec_monkey good info... i got out a year ago.... I was having trouble with the question... where is the value? Gold back currency even gives me that thought occasionally..... why is gold valuable other than its easy to transport and we believe its valuable. Silver I understand as there is a market for it... but Gold i do not understand... i always ask myslef .. what is the market for this product? what is its end use? IF i cant answer that ... its not worth investing in.
Gold is a major industrial metal too.
That's why it can be recovered from certain bits of tech in tiny quantities.
Thanks @oil pan 4 I know its used in industry ... I just dont understand it like i do silver... Love to hear more on how gold is used.
I just did 25 dollars over spot for a OZ in large .
! it's not to MAKE $$$$
Its the Datum
But I do know.
My interest in PM started in 2007 when most metals were at all time highs. Which was the worst possible time to buy into traditional PM.
In 2007 Gold was at or near all time highs, figured that buying gold "at an all time high" was probably a sure way to lose money, I was discouraged. Then I noticed something called palladium was at about a 30 year low.
So I had to decide, buy a little gold at an all time high and probably lose money, or buy palladium at a 30 year low, probably zero chance I would lose money.
So I bought palladium.
Sold it about 7 years later and quadrupled my money.
Ever since then I have been buying low, selling high and most importantly not panicking.
My last interest is rhodium. Bought 5oz back about 2 years 5 months ago spot price was about $600 an ounce, spot and shipping fees nearly 200 an ounce. The bid price was $1,750 an ounce last week and is currently around $1,660 an ounce.
I already doubled money, I just have to decide when it's time to cash out.
Then my latest item of interest, bought 2oz of platinum last year at around a 10 year low, over the last year it's only been worth about what I paid for it, covering its own spot fees and the bid/ask difference. It hasn't really done anything, which is what I expected. That's ok, as I'm expecting it to be a 5 to 7 year hold.
If one were to start buying PM in the 1960s it would be nearly impossible to screw up and lose money.
You ONLY Lose if you sell lower . but i need to adv it out . but the purchase all cost the same amount in it's dates .
1964 or so the cost of a loaf of Rye bread was 35 cents , now its 3 to 4.50 for some.
2007 the price would be here :: Historical Gold Charts and Data - London Fix
Gold over $1,300 an ounce seems like a bad buy. It's spent hardly any time above the $1,300 mark in the last 4 years.
There are two ways of looking at that. You trade in and out, hoping to time dips/highs. That may work for you....on the other hand, you may miss a ride of several hundred bucks.
I'm not interested in day (or month) trading metals, and look at the long term trend, which is the gold will climb against the dollar simply because the dollar has nowhere to go long term except down.....and I want to have a shot at protecting purchasing power for old age.
I'm interested in getting as much gold for as little green as possible since I am only going to be buying gold maybe once every 1 to 2 years now that I have a comfortable stash built up.
Probably be looking for a 3 to 5 year high before selling gold.
If I don't sell any gold, silver, rhodium or platinum I would like to buy at least 2 or 3 golden Eagles when the price drops. As I sell off my rhodium and platinum I would like the conversation to be at least a 1 to 1.25 change over to gold.
I'm looking for the price to be around or preferably under 1,270 per ounce, delivered.
My grand plan is take my rhodium bar that I paid under $4,000 for 2 and a half years ago, sell it for $9,000 hopefully this year, take that plus cash laying around and buy at least 10 ounces of gold next time the price drops, which I am projecting to be some time between late 2018 to early 2020.
Ivan Osorio • February 27, 2019
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