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joeytiger 
LSU Fan
Denham Springs
Member since Jul 2012
1312 posts
| Buying actual gold (Posted on 3/6/13 at 5:58 pm)
Is this really important or should someone just invest? I am finally at a point where I have financial security and manageable bills and have extra money each month. I already contribute to a Roth IRA, but I see all these commercials about purchasing physical tangible precious metals, and was wondering should I start buying gold or put the extra 500.00 a month into something else?
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I Love Bama 
Alabama Fan
Alabama
Member since Nov 2007
27058 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:00 pm to joeytiger)
quote:
really important
I took a 2nd mortgage on my house. Prepping for what I'll do with my triple digit returns.
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joeytiger
LSU Fan
Denham Springs
Member since Jul 2012
1312 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:04 pm to I Love Bama)
I figured it was, just have never been in a position to do anything other than the minimum as far as savings, investments etc. where do you purchase gold?
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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
27058 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:05 pm to joeytiger)
Oh I thought it was obvious I was kidding. I've got a ton of gold and silver coins (mostly silver) but I wouldn't buy them. Just got a lot from the silver hoarder grandfather.
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JPLSU1981
LSU Fan
Baton Rouge
Member since Oct 2005
15893 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:12 pm to joeytiger)
Who knows what'll happen from this point forward, but I'd prefer to position myself on the blue line in the long run. Gold is an asset class, and should merely be a component of a well-balanced portfolio, unless your goal is to play the short-run.
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Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:19 pm to joeytiger)
quote:
“Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
“What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth — for a while."
Warren Buffett
Stop watching commercials, Gold is stupid
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WikiTiger
LSU Fan
Member since Sep 2007
38250 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:33 pm to Vols&Shaft83)
quote:
Stop watching commercials, Gold is stupid
I'm surprised you didn't throw a "bitcoins mother fricker!" in there
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:36 pm to WikiTiger)
quote:
I'm surprised you didn't throw a "bitcoins mother fricker!" in there
 I was tempted
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joeytiger
LSU Fan
Denham Springs
Member since Jul 2012
1312 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:38 pm to WikiTiger)
Well if gold is out and I'm already contributing the max to my Roth, what should I do with the extra money each month? I have no idea with regards to stocks and wall st etc, so any advise would be greatly appreciated.
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WikiTiger
LSU Fan
Member since Sep 2007
38250 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:38 pm to joeytiger)
quote:
I have no idea with regards to stocks and wall st etc, so any advise would be greatly appreciated.
I think most people here would probably direct you to an ETF.
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kiwitiger
LSU Fan
New Zealand
Member since Jul 2011
9 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:38 pm to joeytiger)
Here are a few quotes from Howard Buffett (Warren's father)
"[W]hen you recall that one of the first moves by Lenin, Mussolini and Hitler was to outlaw individual ownership of gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty...
"The subject of a Hitler or a Stalin is a serf by the mere fact that his money can be called in and depreciated at the whim of his rulers. That actually happened in Russia a few months ago, when the Russian people, holding cash, had to turn it in -- 10 old rubles and receive back one new ruble. Under such conditions the individual citizen is deprived of freedom of movement. He is prevented from laying away purchasing power for the future. He becomes dependent upon the goodwill of the politicians for his daily bread. Unless he lives on land that will sustain him, freedom for him does not exist."
"But first let me clear away a bit of underbrush. I will not take time to review the history of paper money experiments. So far as I can discover, paper money systems have always wound up with collapse and economic chaos."
joeytiger please stop listening to commercials and media cheerleaders and educate yourself (from many different sources) on monetary and political history then trust your own judgement and instincts.
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LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
20469 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:40 pm to Vols&Shaft83)
quote:
“What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth — for a while."
I'll go along with what that guy said.
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NC_Tigah
LSU Fan
Member since Sep 2003
40104 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:42 pm to joeytiger)
quote:
Buying actual gold
Is this really important or should someone just invest?
Actual Gold vs SPDR Gold Trust ETF (GLD)?
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:52 pm to joeytiger)
quote:
Well if gold is out and I'm already contributing the max to my Roth, what should I do with the extra money each month? I have no idea with regards to stocks and wall st etc, so any advise would be greatly appreciated.
Real Estate, Index Funds, Mutual Funds, and of course, BITCOINS MOTHER frickER 
Go to investapedia.com to learn about these things.
Not Bitcoins, ask Wiki about that..............Please
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 6:54 pm to NC_Tigah)
Another Gem from the Oracle of Omaha
quote:
"Today the world's gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce -- gold's price as I write this -- its value would be $9.6 trillion. Call this cube pile A. "Let's now create a pile B costing an equal amount. For that, we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 Exxon Mobils (the world's most profitable company, one earning more than $40 billion annually). After these purchases, we would have about $1 trillion left over for walking-aroundmoney (no sense feeling strapped after this buying binge). Can you imagine an investor with $9.6 trillion selecting pile A over pile B? "A century from now the 400 million acres of farmlandwill have produced staggering amounts of corn, wheat, cotton, and other crops -- and will continue to produce that valuable bounty, whatever the currency may be. Exxon Mobil will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions (and, remember, you get 16 Exxons). The 170,000 tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond."
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kiwitiger
LSU Fan
New Zealand
Member since Jul 2011
9 posts
| re: Buying actual gold (Posted on 3/6/13 at 7:17 pm to Vols&Shaft83)
At the peak of the financial panic, a billionaire fundraiser for the President of the United States makes a big bet on a politically connected investment bank, openly admitting he's counting on the government to bail that bank out. A year later, the investment bank is booking record profits. A couple of years later, the billionaire fundraiser for the President is cashing in his chips, making bank, while the rest of the economy slips.
This story is true. Why isn't it a huge scandal? Is it only because the president is Barack Obama and his billionaire bailout-profiteering fundraiser is the affable Warren Buffett?
The latest news is that he's making a $900 million gain this year by exercising his right to buy $5.9 billion in Goldman stock for $5 billion. This might sound like the sort of thing that is between Buffett and Goldman. But it's not. Taxpayers are paying for this.
Here's a quick walk through the timeline:
During the 2008 campaign, Buffett was an economic advisor for Obama, and he hosted at least one fundraiser for Obama.
In September 2008, just after the collapse of Lehman Brothers, Warren Buffett made a $5 billion investment in Goldman Sachs. At the time, he said:
If I didn’t think the government was going to act, I would not be doing anything this week….
It would be a mistake to be buying anything now if the government was going to walk away from the Paulson proposal. Last week will look like Nirvana if they don’t do something.
Obama voted for the bailout, kept bailout captains Ben Bernanke and Tim Geithner.
(side note: Around this time, Sen. Dick Durbin pulled six figures out of the stock market and invested $98,000 in Buffett's Berkshire Hathaway)
Goldman received many billions from the TARP and from the bailout of AIG.
Nine months later, Goldman reported record profits.
Today, we learn Buffett will profit $900 million just off the stock warrant purchase of his 2008 deal.
What would we think if this happened in Russia?
LINK
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Joeytiger Warren Buffett is no genius, he is politically connected. Of course he's going to encourage you and I to play in his casino. We are sheep to be sheared. He and the politicians don't care about you, your wife, or kids. You wouldn't take advice from your enemy, would you?
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joeytiger
LSU Fan
Denham Springs
Member since Jul 2012
1312 posts
| re: Buying actual gold (Posted on 3/6/13 at 7:17 pm to Vols&Shaft83)
Is this bitcoins stuff legit? I read up,on it and it seems good in theory, but what would stop world governments from shutting down the markets? It virtually circumventing some pretty powerful entities with regards to world banks and markets.
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 7:20 pm to kiwitiger)
quote:
kiwitiger
Can you talk about bitcoins some more 
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WikiTiger
LSU Fan
Member since Sep 2007
38250 posts
| re: Buying actual gold (Posted on 3/6/13 at 7:21 pm to joeytiger)
quote:
Is this bitcoins stuff legit?
Do not invest in bitcoins.
But if you want to discuss the technical details and/or political ramifications of bitcoin, then please check out my Ultimate Bitcoin Thread on the Poli Board.
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3176 posts
| re: Buying actual gold (Posted on 3/6/13 at 7:22 pm to joeytiger)
quote:
Is this bitcoins stuff legit? I read up,on it and it seems good in theory, but what would stop world governments from shutting down the markets? It virtually circumventing some pretty powerful entities with regards to world banks and markets.
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