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I won't buy anymore gold right now. I'm otherwise a broke grad student but I bought most of my gold in the 500-600 range, while everyone else was flippin' homes. I'd laugh in these peoples' faces, but only if I'm packing heat, just incase. I just thought your advice based on previous data was interesting.
Keep laughing: you're making a couple of hundred, or thousand dollars depending on how much you bought, while the flippers made tens of thousands, or even hundreds of thousands per flip.
Yes, historical data is always interesting. Expecially, because last March, when gold broke 1000 people were screaming about gold going to 3000 or more. You know, just like you are now. But heck, you never know. Hold onto your coins.
Keep laughing: you're making a couple of hundred, or thousand dollars depending on how much you bought, while the flippers made tens of thousands, or even hundreds of thousands per flip.
Yes, historical data is always interesting. Expecially, because last March, when gold broke 1000 people were screaming about gold going to 3000 or more. You know, just like you are now. But heck, you never know. Hold onto your coins.
Percentage wise I've already made more than most flippers ever hoped to make. Unlike flippers I don't have to declare gold coins sold as capital gains.
Percentage wise I've already made more than most flippers ever hoped to make. Unlike flippers I don't have to declare gold coins sold as capital gains.
Then you must have taken a loan to buy gold. I don't consider that a very good move considering you are paying interest on the loan, and the price of gold has gone up very slowly. In 2005 the flippers were pulling in 500%+ profits routinely, and sometimes much more. Leverage, my friend, leverage... However, people almost never borrow money to buy gold.
Then you must have taken a loan to buy gold. I don't consider that a very good move considering you are paying interest on the loan, and the price of gold has gone up very slowly. In 2005 the flippers were pulling in 500%+ profits routinely, and sometimes much more. Leverage, my friend, leverage... However, people almost never borrow money to buy gold.
Leverage also wiped them out financially. I'm talking about gains made on their risk capital. Unlike residential real estate, gold never depreciates in value and doesn't require maintenance.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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If you stop and think about it, this would make sense. The decline of western economic power and the rise of the east kind of dictates this kind of move. It makes no sense, if you are a seller of oil, to price it dollars exclusive when more and more of it is being sold to countries that have Yuans and Euros. It would be like owning a business in an American city where your customers are 90% Americans and pricing your goods in Pesos. You want to price your things in the currencies your biggest customers use. For a long time the USA was the big boy when it came to buying oil but China and India are taking our place at the buy window.
Leverage also wiped them out financially. I'm talking about gains made on their risk capital. Unlike residential real estate, gold never depreciates in value and doesn't require maintenance.
Some lost, but most were smart enough to sell their properties. After all "flipping" means just that: you buy one, or build one, and then sell it for profit. No maintenance needed. Buy, and sell, buy and sell....No hoarding.
Gold never depreciates??? In 1980, gold was trading at $850, and it lost $200 in one month. In 1995 it was around $300.
Some lost, but most were smart enough to sell their properties. After all "flipping" means just that: you buy one, or build one, and then sell it for profit. No maintenance needed. Buy, and sell, buy and sell....No hoarding.
Gold never depreciates??? In 1980, gold was trading at $850, and it lost $200 in one month. In 1995 it was around $300.
If you owned gold during the 70's, you made more than a flipper did, even with all of their leverage. End of story. G'night!
Do keep in mind that with the US being the world's largest economy, our dropping would not only affect us but our traders/competitors alike.
China hates that they own so much US debt (understandably) and they want to diversify, but this is not an overnight affair.
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