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Started By
Message
Simple gold questions with a life lesson
Posted on 8/15/24 at 12:34 pm
Posted on 8/15/24 at 12:34 pm
Buy gold if you can afford it. ^^^^^ this thread’s second response got me thinking.
*** I have an interesting story about gold that I will share in next two replies of this post. ***
Pretty sad story about how my father got ripped off by his own dementia and a famous actor on TV that told him to buy gold.
But in the meantime, a question about gold or silver.
When times get tough and the dollar is not what it was worth holding gold coins sounds like a good way to trade or buy.
But when times get tough, who can actually use gold? There are rich ppl that can buy it. But they have plenty and they have the same problems you would if you had it.
1. Who would use it as a currency?
2. How can they tell it’s real gold and not fake?
3. Industry can use it but in that economic fall out, are they actually producing anything?
4. How would you get change for a 1 oz when your only need $500 worth in goods.
A lot more questions and I will start with that.
ETA. Here are some additional questions that I am adding:
- can anyone buy your gold?
- I would want to keep a record of what it was purchased for and sold for so I can record a loss for taxes and not a gain.
You are more than welcome to ridicule me for the questions that have probably been answered
*** I have an interesting story about gold that I will share in next two replies of this post. ***
Pretty sad story about how my father got ripped off by his own dementia and a famous actor on TV that told him to buy gold.
But in the meantime, a question about gold or silver.
When times get tough and the dollar is not what it was worth holding gold coins sounds like a good way to trade or buy.
But when times get tough, who can actually use gold? There are rich ppl that can buy it. But they have plenty and they have the same problems you would if you had it.
1. Who would use it as a currency?
2. How can they tell it’s real gold and not fake?
3. Industry can use it but in that economic fall out, are they actually producing anything?
4. How would you get change for a 1 oz when your only need $500 worth in goods.
A lot more questions and I will start with that.
ETA. Here are some additional questions that I am adding:
- can anyone buy your gold?
- I would want to keep a record of what it was purchased for and sold for so I can record a loss for taxes and not a gain.
You are more than welcome to ridicule me for the questions that have probably been answered
This post was edited on 8/15/24 at 1:12 pm
5
Posted on 8/15/24 at 12:43 pm to dstone12
OK, so the story goes as follows.
My father has dementia and around 2014 gold was under 1500 an ounce and I’m just now finding receipts where he bought it at around $3600 per ounce, which is outrageous
I see some emails where this Company contacted him about getting his cash back and to sell the gold back. He sold it back to them at around 1800 per ounce which was more than gold spot price at that time.
I do not believe he remembered what he bought it for.
However, he finally realized what was happened and he wrote a note to himself after everything was said and done and he told himself he knew he lost 50% of his investment.
I guess the lesson is to get a hold of financial decisions your parents can make, even in their own privacy and secrecy.
The letter that he wrote to himself was very brutal and he was probably so ashamed of how he got handled that this is when he decided to call me to be his power of attorney and handle his finances from then on.
For 8 years prior to the POA agreement, we were not in communication and he decided he could not make decisions anymore. This had to be tough on him. I don’t believe he remembers it….or he cannot bear to go back to that time.
I keep going back to this letter he wrote to himself. He was a finance major and this had to come as a life changing shock to him that he was not mentally equipped to handle this on his own.
My father has dementia and around 2014 gold was under 1500 an ounce and I’m just now finding receipts where he bought it at around $3600 per ounce, which is outrageous
I see some emails where this Company contacted him about getting his cash back and to sell the gold back. He sold it back to them at around 1800 per ounce which was more than gold spot price at that time.
I do not believe he remembered what he bought it for.
However, he finally realized what was happened and he wrote a note to himself after everything was said and done and he told himself he knew he lost 50% of his investment.
I guess the lesson is to get a hold of financial decisions your parents can make, even in their own privacy and secrecy.
The letter that he wrote to himself was very brutal and he was probably so ashamed of how he got handled that this is when he decided to call me to be his power of attorney and handle his finances from then on.
For 8 years prior to the POA agreement, we were not in communication and he decided he could not make decisions anymore. This had to be tough on him. I don’t believe he remembers it….or he cannot bear to go back to that time.
I keep going back to this letter he wrote to himself. He was a finance major and this had to come as a life changing shock to him that he was not mentally equipped to handle this on his own.
This post was edited on 8/15/24 at 1:09 pm
Posted on 8/15/24 at 12:48 pm to dstone12
Additionally, I want to say that I mentioned that he was ripped off by an actor that sells gold on TV. I was being a little bit tongue in cheek.
Obviously his dementia is what created this huge issue. The actor is not responsible for this and obviously, the capital company that sold him his gold is not in this business to help people store their money. They are there to make money and they obviously did.
That some people rate this company very well and the prices were very fair.
I do have to wonder if they can tell who a dementia patient is right off the bat and then oversell them and pressure them to buy at a high price and then re-purchase it at even above spot. So today if he sold it at say, 2700/oz, they still made 900/oz.
You have to wonder if they record all of their phone calls.
Obviously his dementia is what created this huge issue. The actor is not responsible for this and obviously, the capital company that sold him his gold is not in this business to help people store their money. They are there to make money and they obviously did.
That some people rate this company very well and the prices were very fair.
I do have to wonder if they can tell who a dementia patient is right off the bat and then oversell them and pressure them to buy at a high price and then re-purchase it at even above spot. So today if he sold it at say, 2700/oz, they still made 900/oz.
You have to wonder if they record all of their phone calls.
Posted on 8/15/24 at 12:51 pm to dstone12
Using gold when "times are tough" is different than what I think your questions 1-4 are asking. Those questions are more along the lines of something worse than just "times are tough". And I agree - using gold during a collapse, SHTF, or whatever you call it, is more of an older generation mindset or a "well prepared" person who is well positioned for the event mindset. Most people will not take a heavy shiny metal for valuable goods (food, medicine, vices, firearms). Unless there is light at the end of the tunnel and you can see that civilization will emerge from whatever event has caused the current collapse, gold won't have much value except to those in the minority that believe it will be valuable. It is only as valuable as what someone is willing to pay for it. When most people are struggling to survive, rocks have a lower likelihood of maintaining value.
So to answer your questions assuming we are talking about a VERY bad situation - not just a localized collapse like post Katrina and not some short term crisis like the Great Recession:
1-If there is no end to the crisis in sight, very few people.
2-99% of people cannot tell and no one is carrying around portable test kits
3-No
4-Anything is possible with batering - you could "get change" via other valuable items but your point is valid in that it isn't easy or practical.
So to answer your questions assuming we are talking about a VERY bad situation - not just a localized collapse like post Katrina and not some short term crisis like the Great Recession:
1-If there is no end to the crisis in sight, very few people.
2-99% of people cannot tell and no one is carrying around portable test kits
3-No
4-Anything is possible with batering - you could "get change" via other valuable items but your point is valid in that it isn't easy or practical.
Posted on 8/15/24 at 12:53 pm to TigerTatorTots
Thank you.
Posted on 8/15/24 at 12:59 pm to dstone12
In a mad max situation, gold isn’t going to be worth a lot but at that point we’re all screwed anyways. In a depression I think it would hold up as well as anything.
Posted on 8/15/24 at 1:34 pm to dstone12
In terms of when times are tough, you are all over the place. If no one is around that can tell if its real or fake that's a end of the 1st world collapse type of situation and there would be no industry.
The reality is for normal people gold should only be used if you think its a good diversified asset. The problem is the value usually follows the dollar/ US inflation to some degree so its not even really a diversification any more.
I'd be buying bullets, generators, home that can be off the grid, etc. before I had millions in gold. If you can't afford all of the above then I wouldn't worry about owning physical gold as a currency.
The reality is for normal people gold should only be used if you think its a good diversified asset. The problem is the value usually follows the dollar/ US inflation to some degree so its not even really a diversification any more.
I'd be buying bullets, generators, home that can be off the grid, etc. before I had millions in gold. If you can't afford all of the above then I wouldn't worry about owning physical gold as a currency.
Posted on 8/15/24 at 1:37 pm to dstone12
quote:
My father has dementia and around 2014 gold was under 1500 an ounce and I’m just now finding receipts where he bought it at around $3600 per ounce, which is outrageous
I see some emails where this Company contacted him about getting his cash back and to sell the gold back. He sold it back to them at around 1800 per ounce which was more than gold spot price at that time.
You sure about these prices? I've never personally bought physical gold so I'm not 100% how it works.
If this is a national company that advertises say on TV with a celebrity I can see them being on the high end say 20% high, but 2x the price makes me think there's an issue with your receipts. That's asking for a lawsuit IMO from a situation exactly like this where they target elderly that are not fully there.
Posted on 8/15/24 at 1:50 pm to baldona
quote:
If this is a national company that advertises say on TV with a celebrity I can see them being on the high end say 20% high, but 2x the price makes me think there's an issue with your receipts. That's asking for a lawsuit IMO from a situation exactly like this where they target elderly that are not fully there.
Yes. I see the receipts (sorry, emailed invoices) for $899 for quarter oz pieces.
So four quarter oz pieces would total $3596/oz.
This post was edited on 8/15/24 at 1:54 pm
Posted on 8/15/24 at 3:50 pm to dstone12
quote:
Yes. I see the receipts (sorry, emailed invoices) for $899 for quarter oz pieces.
So four quarter oz pieces would total $3596/oz.
These are probably coins or something? "Commemorative"? I'm guessing they are upselling that or some other bs for a higher price?
Posted on 8/16/24 at 6:41 am to baldona
They will probably buy them back for $300
Posted on 8/16/24 at 3:29 pm to dstone12
I think the thought is that if you hold gold it’s not to go buy bread with…it’s to sell at what you hope is a higher valuation due to a currency collapse ….and then buy bread with that.
The only way to keep from getting screwed is buy eagles or other coins from a reputable dealer at a price as close to spot as you can get. The older coins with additional “value” is a very risky buy unless you know what you’re doing.
If it’s a Mad Max scenario then nothing but ammo and alcohol will be valuable.
The only way to keep from getting screwed is buy eagles or other coins from a reputable dealer at a price as close to spot as you can get. The older coins with additional “value” is a very risky buy unless you know what you’re doing.
If it’s a Mad Max scenario then nothing but ammo and alcohol will be valuable.
Posted on 8/18/24 at 3:40 am to SquatchDawg
IMO gold and silver are way too overbought. Old people are being suckered into buying more than they should.
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