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Putting 100% of my "money" in gold, silver, platinum, palladium
and also for the first time thinking of adding some more rare metals
such as osmium, iridium, rhodium, etc.
The proverbial is going to hit the fan, and even if it doesn't, governments
are only going to inflate, monetize debt. Financial infrastructure is terribly
vulnerable and manipulated. Can see "bank holiday" happening, not a joke,
and ATM cash restrictions.
Thinking about converting 50%-100% of my "cash" into metals
then selling the metals as I need to use cash only "as needed".
Putting 100% of my "money" in gold, silver, platinum, palladium
and also for the first time thinking of adding some more rare metals
such as osmium, iridium, rhodium, etc.
The proverbial is going to hit the fan, and even if it doesn't, governments
are only going to inflate, monetize debt. Financial infrastructure is terribly
vulnerable and manipulated. Can see "bank holiday" happening, not a joke,
and ATM cash restrictions.
Thinking about converting 50%-100% of my "cash" into metals
then selling the metals as I need to use cash only "as needed".
Gold has been dancing around 1700-1800 for quite some time. Would I pay 1700 USD for an ounce of gold to come guy off the street? Considering what $1700 will buy me, no I won't. I do trade it on and off, but I do think it's overpriced. If anything, I would probably be buying silver. Platinum doesn't behave quite like other precious metals, as it's price is also influenced by industrial demand, as well as the auto industry. When the economy really gets humming, it's price will rise. Buy it if you think the economy has some upside potential at this point.
I've made my money in precious metals, and this just doesn't look like the right time to try again.
I owned gold when it was in the 200's and silver around 4 dollars
but did sell most of it, I do own some of all 4 (Au,Ag,Pt,Pd).
I do not see any way that they could go down substantially.
The fiat currencies are in astronomical money supply
levels never seen before, yet the debt obligations only keep rising.
Less than 2% of the population of the US owns any gold, and probably
not too many more than that own any silver to speak of.
They are a compact way of preserving wealth, government minted
coins are easily identified and sold/traded.
I do not trust the financial markets, would not want to own a piece
of paper or electronic record saying I "own" x of y. I believe we
are on the verge of some precarious times.
Too late. Gold has made its run. It will probably still rise slowly, unless and until there is a global event that spurs it. Right now, downside risk is too high, compared to modest likely gains in the 1-3 year range. Breaking 2,000 resistance seems like a long way off.
Watch out for things like Rhodium, which can kill you. I bought Rhodium at 4500 and sold a couple weeks later at 6000, but that's because I caught the broker sleeping. After that it went to 10,000, then fell to 1,000 in 5 months. You don't want to be there. The buy-sell spread is way too high, even for Palladium. It will take you a 5-10% rise just to break even. Stay with gold. Buy pool shares of a gold reserve. At Kitco, the buy-sell spread is only 1.2%, and your assets are held in Canada, off the IRS radar scope. Feel free to report your gains voluntarily, if you're so inclined, I'm not advising anything illegal..
If you want physical gold, and you live in a house that smacks of opulence or guns, make sure you have a good place to hide them.
The rare metals idea might be the best ticket. My understanding is that China has a virtual monopoly on rare earth metals of the type that are used in electronics and other ultra-bleeding edge tech. That's one area (of several) where they could really screw over the West if they wanted to.
My brother is all about buying gold and silver for the "economic collapse". I don't think he is necessarily paranoid by thinking that a collapse is possible, but what I don't get are the practical logistics in using gold or silver in a complete collapse. Is he going to take his gold doubloons down to the grocery store to buy food? Would they take it and how would they make change? Would a store even still be open if currency was useless? If not, would individuals with supplies he needed even be interested in gold or silver?
It seems to me that if things got so bad that our money was worthless, I'm not sure how much people would care about gold or silver. Both are, after all, shiny metals and have no inherent value in and of themselves outside of some manufacturing applications. I would think hoarding food and supplies such as gas, ammo, etc., (i.e. physical items that could be bartered) would be a better investment in the event of true economic apocalypse.
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