Gold is a no brainer
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Sounds like there's two different tracks here. One being using precious metals as a general investment strategy and one being thinking that it's going to be useful in the event of a financial collapse. I certainly agree with what's been said relative to the latter part.
As for the first part, I've never really gotten over thinking that gold/silver as an investment is a scam. I don't have much factual basis for that except for one thing: it's very difficult for an individual to SELL gold or silver. Someone can buy all the gold and silver he wants for just a few bucks over spot (of course) but when he tries to sell it he's going to run into all sorts of hassle. Try to sell 100oz of gold and see how long it takes the local government, LEO, banks, and every other agency, to approve it. Can't sell gold in my town without police approval. Also, who is going to buy it? Jewelry stores will only give you like 50% to 75% of spot price! "Oh, well, we need to account for any market volatility, we may not be able to sell this for a number of months."
I dunno, I'm sure there are other avenues, but it strikes me as being an insider's game that wants to attract outsiders just as a source of new revenue.
-Stooxie
As for the first part, I've never really gotten over thinking that gold/silver as an investment is a scam. I don't have much factual basis for that except for one thing: it's very difficult for an individual to SELL gold or silver. Someone can buy all the gold and silver he wants for just a few bucks over spot (of course) but when he tries to sell it he's going to run into all sorts of hassle. Try to sell 100oz of gold and see how long it takes the local government, LEO, banks, and every other agency, to approve it. Can't sell gold in my town without police approval. Also, who is going to buy it? Jewelry stores will only give you like 50% to 75% of spot price! "Oh, well, we need to account for any market volatility, we may not be able to sell this for a number of months."
I dunno, I'm sure there are other avenues, but it strikes me as being an insider's game that wants to attract outsiders just as a source of new revenue.
-Stooxie
At a spot price of $16 an ounce, you paid $24,000 for a house in Sweden? Maybe we should be investing in Swedish real estate instead!
-Stooxie
+ 100
Gold is not a life sustaining item, an generally worthless to those who have life skill sets. Gold is only WORTH two things an that is for plating visors or electrical contacts. The reason people hawk gold an silver is because the world is full of those P.T. Barnum eluded to. At one time the world revolved around round rocks & beads, then came salt & tulips, now it's gold an silver. Laughing as every time a true life sustaining test is give, gold an silver is never given as an answer except by those who could not feed their selfs w/o a "Store" or those vested it making you believe it's your salvation.
Talk to those that lived threw the depression, paper money an gold was worthless. The people who had skill sets never missed a meal. My grandfather made a killing reloading 22lr ammo an trading food he grew an killed. Others in the family had life skill sets as well, some made shine, others were country Dr's who were paid with Chickens, pies, home made rags an many other thing.
When I bought the house in Sweden silver was priced at $45 US an ounce, I paid $15 US for it originally. I eventually sold the place in Sweden and bought silver again at $18.
What makes you think it's very difficult for an individual to SELL gold or silver ? I have never heard of anyone asking permission from anyone to sell gold or silver. WTF do you live ?
Gold and silver in the form I have it is legal tender, it has face value in Canadian dollars. US minted coins have a face value in US dollars, they are legal tender anywhere in the US.
Gold has never been a life sustaining item, that is not it's purpose, it's primary purpose is a store of value.
It takes great resources and investment to produce gold. Unlike other forms of money it is rare and has intrinsic value. It can not be created out of thin air, it is real.
It's far from just me who knows the value of precious metals, it's every bank on the face of the planet, most governments too.
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Virginia. US of A. Land of milk and honey. Freedom. Supposedly. For now. Not Really. Until the liberals finally succeed in destroying absolutely everything.
-Stooxie
Really, who is hawking that shit on here. 192 posts in less than a month says a lot, let alone the context of same.
I think by your standards I must be... Please explain what point you are making. IF you can
If you think gold has no value? Why are the USA and Germany economic power players? Because they have the largest gold reserves. No one else even close.
Gold and junk silver are great SHTF holdings. But having more than maybe 10% of your assets in gold could be costly. One big gold strike or scientific development could drive the price very low. JMHO
Gold and junk silver are great SHTF holdings. But having more than maybe 10% of your assets in gold could be costly. One big gold strike or scientific development could drive the price very low. JMHO
Central Banks Buy More Gold In 2018 Than Any Year Since 1967
Zerohedge
Gold is a useless investment. LMAO
Is it any wonder they keep the price low with the futures markets ?
Zerohedge
Gold is a useless investment. LMAO
Is it any wonder they keep the price low with the futures markets ?
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I think that precious metals being held are for when the SHTF ends and back to some version of normality is reached.
A better description is when they/them reestablish control in their liking.
If a SHTF scenario hits the US the rest of the world will likely engage in their own version of world at war.
R
A better description is when they/them reestablish control in their liking.
If a SHTF scenario hits the US the rest of the world will likely engage in their own version of world at war.
R
Then why will U.S. Treasury and the American people not allow the gold to be audited ?
I suspect it does not exist.
"Ron Paul worries Fort Knox gold is gone. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold bar. WASHINGTON (CNNMoney) -- With the price of gold at record highs, presidential candidate Rep. Ron Paul wants to make sure the U.S. gold bars at Fort Knox are really there. " Jun 24, 2011
Central Banks Buy More Gold In 2018 Than Any Year Since 1967
Zerohedge
Gold is a useless investment. LMAO
Is it any wonder they keep the price low with the futures markets ?
Sorry to say as I don't know you but if your information is coming from Zerohedge, good luck to you.
I keep a good supply of Gold but only because I bought it at a time where it was cheap and I knew it was cheap and I wanted a hedge in case things collapsed. But 20 years later I have learned that skill is more important. Not saying that gold may not have its place but my skill with gunsmithing, plumbing and, hopefully, electronics if it is still possible will be WAY more valuable.
As a new member, I urge you to keep an open mind and listen as there are many on this site that have untold levels of experience in areas you may not.
Just my 2 cents
True, technically, but (again) in my town, the local places will not pay you out until the police have run a check for stolen goods.
Just saying it's pretty damn far from being liquid.
-Stooxie
You lose 5-7% when you buy it and 5-7% when you sell it. you need a 10-14% gain to break even.
It,s not a Zero hedge article as such, they just reposted it.
How do you store your value ?
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So where are you able to buy gold in any repeatable and reliable quantity outside the spot system?
If you know of low volume sales commissions lower than that please clue us in.
Anything on that site is pretty amusing...my intrinsic value is what is in my head and what that value is worth depends on who needs what at the time or depends on what I need at the time....It generally is a barter type of system.
I paid 3% above spot for my latest batch of silver from Kitco. It varies from time to time but last I looked they were buying at over spot price.
I can't remember the exact details of the gold, but that also came from Kitco
PS, I have sold quite a lot of silver but always privately.
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There's good articles there and bad, much the same as everywhere else really.
What is generally a barter system ?
Golds value has not changed much in a 1000 years. It's not worth more your money is worth less.
Ok, so you're talking authoritatively about something you've never actually done?
Here's the question at hand: if you needed/wanted to dump a big lot (let's say hundreds of thousands or millions of dollars) worth of precious metals that YOU hold in your hand, who would you go to? Even ten thousand dollars worth? What is the reliable way to liquidate precious metals both quickly and without losing your shirt?
If you're jumping over the boarder you're given all the benefit of the doubt. Try to make money as a private citizen and you're assumed to be a terrorist until proven otherwise. Now add some SHTF situation to that? Please...
-Stooxie
In the instance I think you are refering to I'm talking about what I have done.
I can't even consider that, it's way out of my league
I have liquidated $67000 worth of physical silver buy buying a house with it... I have exchanged silver valued at over $ 1000 for fiat several times.
They were paying over spot for ordinary silver (no collector value)? Apparently Kitco doesn't understand arbitrage?
You said you've only sold privately. So you traded your silver for a house in Sweden. Different laws over there. It happened to work out. I would love to see you try that here. The banks will make you produce endless receipts and paper trails and if you don't have them then forget it.
An investment isn't worth anything if you can't get out of it or otherwise convert it. You're saying this is all a "no brainer" yet it sounds like your experience in precious metal trading is pretty narrow.
-Stooxie
Gold has nothing to do with Nation state power. That falls under raw materials an ability. People who believe gold is their savoir an invest in same good for them but I would suggest you talk to those people who went threw the depression, not just the plastic ones like today. If it was/is such a great investment why are the required warnings about losses in every ad ran on TV an radio? I'll ask these questions, which has had a higher overall return energy or gold? Food production or gold? Steel or gold? Make sure you do your research,...
I was stationed an armed on Depository Blvd at Fork Knox, Ky in 1967 when the trucks lined up at the Vault. The property was ringed with combat troops (not FNG's) that day. If you think all the gold is still there, your mistaken, the trucks we were told were headed to, Wv.
The house purchase in Sweden in silver was capital gains avoidance on the sellers behalf, on paper I got it for a pittance. From what I understand he liquidated it all within a week..... I did well from that deal, but it was more luck than judgement. I sold ( traded ) near the 2011 peak , the silver price went down while the house value went up.
Yes I am not a precious metal trader. And I don't view gold and silver as an investment, I view it as wealth ( and sometimes life ) preservation.
It's a no brainer !
Many years ago I met a man who would be dead now along with his wife if it were not for his gold.
For me personally gold is not for shtf, but it can save your life in certain SHTF situations.
More people would be dead from lack of Air, (an it's free to a point) food, an electricity than the lack of gold, if that's your premises.
Edit to add,...how many have died because of gold, in wars, mines, local gunfights/bushwhacks an otherwise?
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