Gold Sinks Into Bear Territory. Down 20% (IRA, tax, bank, profit)

[alphamale]

Originally Posted by Finn_Jarber

He said it because he got paid to say it.

At least be intellectually honest for once.

Beck is the only one who say's "DO NOT TAKE MY WORD FOR IT, INVESTIGATE FOR YOURSELF!"

No leftie commentator would dare tell you that.

[Robyn55]

Originally Posted by hartford_renter

Keep trying to convince yourself that gold is an investment.

YOu will lose your shirt, you aren't a speculator and you haven't figured it out vs. all the other financial professionals.

Gold has been on a 10 year run and has a lot to fall

GLD is just one of about 30 ETFs that I trade. I have it on a sell now. Here are the others (exclude those that generate K-1s - like GBC - I follow them but don't trade them).

QQQ SPY DIA MDY RUT2000 XLY (Con. Dis.) XLP (Con. Staples) XLE (Energy) XLF (Financials) XLV (Health Care) XLI (Industrials) XLB (Materials) XLK (Technology) XLU (Utilities)
Aussie $ BP Canadian $ Euro JY SK SF UDN
JNK HYG LQD DBC GSG IYT HDV DVY TLT GLD SLV

I do trade this stuff with a small % of capital - but I am primarily a longer term fixed income investor (always have been and always will be - especially now that I am 65) - and have a net worth in mid 7 figures. I know my limits as a trader from decades of experience. So I assume you'll stop the preaching now .

And I do believe the stuff about owning a bit of physical gold (not GLD) as a disaster hedge. Even Charlie Munger (a vocal anti-gold person) said gold was for Jewish people in Europe who had to flee in the 30's. I'm Jewish - and my grandmothers came to this country in the early 20th century with silver sewn into the hems of their skirts. I've kept some precious metal around for a long time - and hope it always does badly and I never have to use it like my grandmothers used theirs. Robyn

[hartford_renter]

Originally Posted by Robyn55

GLD is just one of about 30 ETFs that I trade. I have it on a sell now. Here are the others (exclude those that generate K-1s - like GBC - I follow them but don't trade them).

QQQ SPY DIA MDY RUT2000 XLY (Con. Dis.) XLP (Con. Staples) XLE (Energy) XLF (Financials) XLV (Health Care) XLI (Industrials) XLB (Materials) XLK (Technology) XLU (Utilities)
Aussie $ BP Canadian $ Euro JY SK SF UDN
JNK HYG LQD DBC GSG IYT HDV DVY TLT GLD SLV

I do trade this stuff with a small % of capital - but I am primarily a longer term fixed income investor (always have been and always will be - especially now that I am 65) - and have a net worth in mid 7 figures. I know my limits as a trader from decades of experience. So I assume you'll stop the preaching now .

And I do believe the stuff about owning a bit of physical gold (not GLD) as a disaster hedge. Even Charlie Munger (a vocal anti-gold person) said gold was for Jewish people in Europe who had to flee in the 30's. I'm Jewish - and my grandmothers came to this country in the early 20th century with silver sewn into the hems of their skirts. I've kept some precious metal around for a long time - and hope it always does badly and I never have to use it like my grandmothers used theirs. Robyn

Is mid 7 figures like 5 million?

Did you make this all yourself or did you get if from the DH?

[hartford_renter]

I think the fact that people on this forum adhere to what Mathjak says is a little pathetic.

If you are all this rich you should have a better understanding of the financial markets.

[mathjak107]

They understand logic and what makes sense thats why they can reason things through.

Like i told you before ,99% of what i post i didn't come up with. They are the ideas and research of some of the smartest people on these subjects.

On the other hand you comment and try to discredit everything i post based on believing your own bull sh#t to be true.

I can not recall a single thing you ever argued that had any basis in fact,logic or research.

[hartford_renter]

Originally Posted by mathjak107

They understand logic and what makes sense thats why they can reason things through.

Like i told you before ,99% of what i post i didn't come up with. They are the ideas and research of some of the smartest people on these subjects.

On the other hand you comment and try to discredit everything i post based on believing your own bull sh#t to be true.

I can not recall a single thing you ever argued that had any basis in fact,logic or research.

What person came up with buying gold because you have a feeling that the price will stop dropping?

I don't think you are in a position to call when gold bottoms and therefore you are simply speculating.

You dont have any explanation why people should invest in gold, because really it isn't an investment.\

YOu might invest in a basket of commodities as a way to diversify but I wouldn't go with gold

[mathjak107]

no one can call a bottom , but the time to buy assets is when they have fallen by substantial amounts. worst case scenerios usually have an asset falling in the 50% region typically excluding the great depression.

there is a ton of risk that is out of the equation when any asset is already down 30-35%.

you buy when everyone else is selling, that is investing 101.

could it go lower? sure it could but that is the risk an investor takes.

the good news is every asset class has its day in the sun over and over and over.

no one should buy only one investment in one asset class,. so the different asset classes rotate as world events put each one at different times in the limelight.

even if you are early to the party for golds next run and you have to wait it is still better than trying to time the buy and catch it before it takes off.

it is not a question of if with any asset class only when.

you buy asset classes when they are out of favor , not when everyone wants them.

whether you bought equities in 2008 after they fell 25%-30-40 or 50% didn't matter , today you made a very nice profit regardless. all you needed is time. no one should invest in any volatile asset unless they have the time to wait for its day in the sun.

[bbnetworking]

Originally Posted by alphamale

At least be intellectually honest for once.

Beck is the only one who say's "DO NOT TAKE MY WORD FOR IT, INVESTIGATE FOR YOURSELF!"

No leftie commentator would dare tell you that.

He just trying to avoid lawsuits.

[LargeKingCat]

I mentioned on here, in previous posts, that there was a "Gold Bubble" and now it appears to be slowly deflating like a mylar balloon on July 5th.
ALSO I pointed out that Gold is overvalued and I refused to invest in it.
NONETHELESS, many people continued to buy overvalued gold at high prices. SO how do those who bought gold at 1650/OZ feel now?

Buy Low, Sell High. That is the simple and best advice I have seen.
Instead, many investors Follow trends and chase high priced, overvalued commodities and stocks.

When gold hits $250/oz, call me and I will buy that gold for which someone paid $1600.

[mathjak107]

Reminds me of the 50k the doom and gloomers will pay for my house where they say it will fall to or the 100 bucks for apple stock which is where they think it will settle at.

Keep waiting!