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Location: where you sip the tea of the breasts of the spinsters of Utica
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The world's civilization is not going to end. The worst thing that could happen is a slump akin to the Great Depression, so it's best to plan based on that rather than some wildly improbable apocalyptic scenario. You can't plan for every possibility!
In a worldwide depression, gold might function as a holder of wealth to some extent ..... but remember that people are going to be cashing in the stuff for basic needs everywhere, so there might actually be a glut on the market.
Also, no, those of you dreaming (no doubt even hoping and praying for...) an economic collapse will not find your gold to be any more valuable then it was in the Warsaw ghetto. Gold has absolutely no intrinsic value and is only really a hedge against inflation and nothing else.
Last edited by CaseyB; 06-23-2013 at 05:03 AM..
Reason: off topic
A good example of how much a specific stone , diamonds are worth. All diamonds are controlled by one family . If they flooded the market place with what is in the vaults, diamonds would be worth very little. The same could apply to Gold. Most likely India has the most gold in private hands than any other place in the World. They worship the stuff like no one else, . Their economy can influence the price of gold. Russia has a lot of Gold, so does China, and they are buying like crazy.
Getting a corner on any PMs is difficult but it can be done. Remember the Hunt bros. They were going to control the silver market. That plan did not work out, but it shot silver up to 50.00 over nite. I did very well on that one, all my silver was bought at around 2.00 Wish I had more on the margin, could have been a very rich person...also over night ! I did make enough to build a new house with cash, so I did OK, but, just think what we could have done , all because of the Hunt Bros.
Gold bullion is real, honest money...and, many say, the best form of money the world has ever known. It is a store of value and a safe haven in times of crisis. Gold is rare, durable and does not wear out in the manner of lesser metals (or paper!) when passed from hand to hand. A small amount, easily carried, can purchase a significant amount of goods and services. It is universally accepted, and can be easily bought and sold around the world.
Today, the beauty of a gold bar lies in its ability to diversify investments, protect wealth and preserve one's purchasing power.
Closed @ $1769 today.
Will open tomorrow much higher.
Using inflation to buy the debt they created, only hurts the poor and middle classes.
They have been doing it for decades. Just this time, there is no productivity to fall back on. It has all left and gone to China & Indonesia.
I would be very cautious buying gold today. I horded up on gold when my investment advisors advised me to when it was $300 an oz. These advisor were Ron Paul, Mark Skousen, Howard Ruff and Doug Casey. Gold actually does not go up in value, it stays the same, as such, it should not be considered an investment. It's an insurance policy against monetary crisis. Today we are facing a monetary crisis under a socialist dictator called Comrade Barrack Houssain bin O'bummer. It's not that gold has gone up astranomically, it's the fact that the dollar has callapsed atranomically. My advise: if Romney wins the election, sell all your gold as quickly as possible as a sound economy will be emerging and gold will fall drastically in value. While, on the otherhand, if O'bummer wins the election, buy gold like mad, as you will never see another monetary crisis again like we will soon have.
I would be very cautious buying gold today. I horded up on gold when my investment advisors advised me to when it was $300 an oz. These advisor were Ron Paul, Mark Skousen, Howard Ruff and Doug Casey. Gold actually does not go up in value, it stays the same, as such, it should not be considered an investment. It's an insurance policy against monetary crisis. Today we are facing a monetary crisis under a socialist dictator called Comrade Barrack Houssain bin O'bummer. It's not that gold has gone up astranomically, it's the fact that the dollar has callapsed atranomically. My advise: if Romney wins the election, sell all your gold as quickly as possible as a sound economy will be emerging and gold will fall drastically in value. While, on the otherhand, if O'bummer wins the election, buy gold like mad, as you will never see another monetary crisis again like we will soon have.
You are talking politics & not economic fact. "That’s because in just one term, Romney drove Massachusetts down to 47th out of 50th in job creation, increased per capita debt to the largest in the nation, left his successor a $1 billion deficit, and pushed through a tax cut that overwhelmingly benefited 278 of the wealthiest residents"
The debt will continue to soar. Romney said he will cut taxes, add to medicare spending & build the military. Like all other lying politicians the cuts & tax raises will be timed to kick in after he leaves office so he can say he is cutting spending while he actually raised the debt leaving the next president holding the bag.
Gold IS an investment, it's just a long term one.. You can not tell me that buying in at 300.00 And ,selling,cashing in at 1750 is not an investment.. I bought in under 300.00, kept collecting up to 600.00 . Forty years later, I sold at 1000.00. I needed the cash too build my retirement house. Did that, it's done after four years later. Had it apraized at more than the cost to build. It was the PMs that made it work for me, no regrets. Had I not started collecting PMs in the early 80s, through good times and bad, I still had my retirement (also vintage cars) investment. For various reasons I lost near 1million over the last Ten years, now at 71 I can survive debt free . I listened to all the guys in the know, many times I was told to sell, I did not. I knew one day I would have to sell in retirement. The last few years( under Bush) was telling me the time to get out was coming.
Today, yes I wish I had held on a little longer, however business was down so much that I needed to do what I did. I bought building materials at half price, I found hungry workers who were happy to get work. I am sure I saved over150.000, by selling my PMs. Yes I survived during one of the worst recessions ever. My business was in Capital Goods investments, way off until this last year. Today business is booming, and it's hard to get the trades for any construction everyone is busy. My home value has increased , I am debt free,and retired. All this because of selling my PMs when I did. I have never saved a dime in my life, been up and way down. I owe Gold and Silver a lot, it was a great investment for me, much better than those margin calls that lost so much of my retirement I was trying to save up for, having little luck in anything but my PMs.
Bought at $300 to $600, and sold 40 years later for $1000? I'd say you lost a fair amount of money if you factor in inflation. $300 value 40 years ago equates to more than $3,300 value today.
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