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re: Just dumped some cash and bought gold, good or bad?
Posted on 8/16/14 at 12:07 am to TheHiddenFlask
Posted on 8/16/14 at 12:07 am to TheHiddenFlask
Whoa dippity are you a broker, I have equities but I'm concerned this Wall Street ride is rigged against the average Joe investor, by the time shite hits the fan the market can drop 5-10% before I can move my money as I'm primarily 401K invested. My thought is when looking at fiat currencies many have found that their value is $0.00 when sh!t hits the fan, I would say you displayed some over reaction but that would be a under statement! 
3
Posted on 8/16/14 at 12:16 am to JoeMoTiger
But keep in mind that if you are looking at a "shite hitting the fan" scenario to be fiat currencies being worth zero, for all intents and purposes those precious metals will be worthless as well.
Posted on 8/16/14 at 12:18 am to JoeMoTiger
quote:
oh and the gold I bought was not bullion but gold coins that can not be confiscated, still considered legal tender.
And just saw this....there is a LOT of naivity in this. To the point of ignorance.
Posted on 8/16/14 at 12:21 am to Volvagia
Always looking for knowledge, please explain.
Posted on 8/16/14 at 12:25 am to JoeMoTiger
Well, maybe I am mistaken.....what makes you think that something being legal tender protects it from possible confiscation?
Posted on 8/16/14 at 12:33 am to Volvagia
quote:
But keep in mind that if you are looking at a " shite hitting the fan" scenario to be fiat currencies being worth zero, for all intents and purposes those precious metals will be worthless as well.
I can agree that if Armageddon occurs it comes down to food, shelter and guns but my concern is the US finally over extends itself with foolish monetary policy and devalues the currency to the extent that it loses all credibility on a global level.
Posted on 8/16/14 at 12:49 am to Volvagia
quote:
Well, maybe I am mistaken.....what makes you think that something being legal tender protects it from possible confiscation?
In the past when gold was confiscated any gold coins that were minted prior to 1933 were exempt because they were considered collectables. If the government does declare all gold is subject to confiscation it would really make you wonder why would it not? I mean after all US currency is king right? you would not want that stinky old gold.
Posted on 8/16/14 at 1:05 am to JoeMoTiger
quote:
In the past when gold was confiscated any gold coins that were minted prior to 1933 were exempt because they were considered collectables.
All gold was made illegal to own by private citizens, including minted coins.
You are far expanding a provision they held for collectables.
It was good for up to 100 dollars value of coin per person. Not all coins period.
A number of US coins from that era are actually some of the rarest in existence due to the confiscation/destruction.
This post was edited on 8/16/14 at 1:06 am
Posted on 8/16/14 at 4:35 am to JoeMoTiger
I might have let the booze get the best of me.
Posted on 8/16/14 at 6:46 am to JoeMoTiger
quote:
by the time shite hits the fan the market can drop 5-10% before I can move my money
Are you saying a market pull back of 5-10% equates to "the shite hitting the fan"?
Posted on 8/16/14 at 7:35 am to cave canem
quote:
Dude why so angry?
Because he is a douche that doesn't know how to have an adult conversation without trying to make others look like shite so he can feel better about himself. It literally makes up 90% of his posts.
Posted on 8/16/14 at 7:37 am to JoeMoTiger
Value of gold is completely arbitrary. It doesn't create wealth, it doesn't multiply, it doesn't pay you interest...it just sits there and waits for people to decide it's worth more or less.
It is not an investment, it is speculation.
If you want to speculate, fine, but don't pretend you're 'investing' in something.
Gold has made a big run since this story was done in 2007, but numbers are still mostly valid:
"In case you're one of those folks, here is some food for thought: Even though gold has spiked sharply in value recently, it hasn't been a long-term winner for most investors. According to University of Pennsylvania finance professor Jeremy Siegel in his seminal book Stocks for the Long Run, here's what a dollar invested in various things would have grown to, from 1802 to 2001. (Amounts have been adjusted for inflation.)
Stocks: $599,605
Bonds: $952
Bills: $304
Gold: $0.98
some shorter time frames.....so those pretty little coins returned 3%/yr over a 25 yr period
..........................gold stocks
1982-2007 (25 years) 3% 11%
1987-2007 (20 years) 2% 8%
1992-2007 (15 years) 5% 9%
1997-2007 (10 years) 8% 5%
2002-2007 (5 years) 18% 13%
Gold doesn't always shine
It is not an investment, it is speculation.
If you want to speculate, fine, but don't pretend you're 'investing' in something.
Gold has made a big run since this story was done in 2007, but numbers are still mostly valid:
"In case you're one of those folks, here is some food for thought: Even though gold has spiked sharply in value recently, it hasn't been a long-term winner for most investors. According to University of Pennsylvania finance professor Jeremy Siegel in his seminal book Stocks for the Long Run, here's what a dollar invested in various things would have grown to, from 1802 to 2001. (Amounts have been adjusted for inflation.)
Stocks: $599,605
Bonds: $952
Bills: $304
Gold: $0.98
some shorter time frames.....so those pretty little coins returned 3%/yr over a 25 yr period
..........................gold stocks
1982-2007 (25 years) 3% 11%
1987-2007 (20 years) 2% 8%
1992-2007 (15 years) 5% 9%
1997-2007 (10 years) 8% 5%
2002-2007 (5 years) 18% 13%
Gold doesn't always shine
This post was edited on 8/16/14 at 7:41 am
Posted on 8/16/14 at 8:30 am to Ole War Skule
There's truth to the above post. But this here is debatable:
Stocks: $599,605
Bonds: $952
Bills: $304
Gold: $0.98
Stocks: $599,605
Bonds: $952
Bills: $304
Gold: $0.98
Posted on 8/16/14 at 9:14 am to Janky
quote:
Janky
For every 15 posts I make, you post something like this. I've clearly upset you, and for that, I'm sorry. However, you should really not take message boards so seriously.
Posted on 8/16/14 at 9:22 am to TheHiddenFlask
While I did overreact, people who ask for advice and then tell me why I'm wrong after i failed to give them affirmation of their actions are the worst.
If you were so sure, why did you ask?
Just a heads up, people hate when you do that in real life too.
If you were so sure, why did you ask?
Just a heads up, people hate when you do that in real life too.
Posted on 8/16/14 at 11:23 am to cave canem
quote:
JoeMo In my opinion metals are still priced a bit high and take somewhat of a beating historically as interest rates rise. That being said having a portion of your portfolio in metals aint a bad idea as the government is trying to devalue the dollar and metals can be somewhat of a hedge. I am not as sophisticated as some on this board but buy a few bars of silver monthly and gold coins on occasion. It is nice to invest in somthing tangible you can hold in your hand.
And I like to lay mine out in the floor and roll around in it like Scrooge McDuck. Can't do that with stocks.
Posted on 8/16/14 at 12:07 pm to Ole War Skule
quote:
Value of gold is completely arbitrary. It doesn't create wealth, it doesn't multiply, it doesn't pay you interest...it just sits there and waits for people to decide it's worth more or less.
Yeah that's why I bought pre 1933 gold coins, Indians, St Gaudens, liberties, etc. When someone wants to make an argument against gold they want to take the historical price of gold bullion versus the stock market but these old coins are just like anything collectable such as old Fender and Gibson guitars which if you would have bought 20-30 of those instruments 30 yrs ago needless to say you would have made quite a tidy sum. As far as what's gold worth? I guess the same question can be asked about the US dollar. The value of the dollar is based on faith, faith that the Feds and the government use wise monetary policy to ensure that the dollar retains value and to keep the US dollar as the preferred currency (petro dollar) for global trade. The problem we are facing is the dollar going to be conspired against by foreign/hostile governments to supplant the US dollar as the worlds preferred currency thus ending the reign of the almighty dollar?
Posted on 8/16/14 at 12:23 pm to Ole War Skule
quote:
If you want to speculate, fine, but don't pretend you're 'investing' in something.
So why is it when I talk with my financial planner all my equities are investments but when I told him I was buying some gold he said "gold is historically high, I would not buy it at all but if you do wait for it to drop below $1000 an oz". When I buy company stock every two weeks am I not speculating that my companies revenues will grow and profits rise? I work for a large fortune 500 company and to be honest our revenues since 2007 have been nearly flat when factoring in inflation and probably worse if true inflation is calculated, now profits have been ok because we have reduced head count and any new hires don't get the same deal as employees prior to 2007.
Posted on 8/16/14 at 12:28 pm to JoeMoTiger
Would you mind telling us what Fortune 500 company you work for? I'd like to short it.
Thanks.
Thanks.
This post was edited on 8/16/14 at 12:33 pm
Posted on 8/16/14 at 1:40 pm to JoeMoTiger
quote:
I can agree that if Armageddon occurs it comes down to food, shelter and guns but my concern is the US finally over extends itself with foolish monetary policy and devalues the currency to the extent that it loses all credibility on a global level.
In addition to food, shelter, and guns, I would stock up on plenty of hard liquor for bartering. There will always be a market.
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