Thread: Buying Gold?

I think my boss actually has bars of gold sitting at her house. Dunno where she bought it though. I will ask her next time.

I honestly think the US dollar is going to continue going down and ultimately be worthless, I have a lot of money in liquid accounts as well as investments, right now I just want to use the liquid cash to buy gold.

Originally Posted by Prince

I honestly think the US dollar is going to continue going down and ultimately be worthless, I have a lot of money in liquid accounts as well as investments, right now I just want to use the liquid cash to buy gold.

I axed my financial adviser about this. He said he believes we are in a "gold bubble" and advised me not to do it. People in China are putting everything they have in gold right now. However, I think it's still probably a wise investment as there is no doubt that the dollar is going to fall much further into the shitter. We're gonna get downgraded, regardless of what the morons in DC decide to do about the debt ceiling. I wish I'd put my 401K in gold years ago. I'd talk to a financial adviser. You can either buy gold stocks or physical gold that you'd put in a safe in your house. The latter is probably the way to go.

Originally Posted by GearsMcGilf

I axed my financial adviser about this. He said he believes we are in a "gold bubble" and advised me not to do it. People in China are putting everything they have in gold right now. However, I think it's still probably a wise investment as there is no doubt that the dollar is going to fall much further into the shitter. We're gonna get downgraded, regardless of what the morons in DC decide to do about the debt ceiling. I wish I'd put my 401K in gold years ago. I'd talk to a financial adviser. You can either buy gold stocks or physical gold that you'd put in a safe in your house. The latter is probably the way to go.

I do NOT trust the government, I want real gold that I can take to any country.

I'm interested in this as well as silver, the silver price jumPed up by a good amount recently

I would go with American Eagles and Buffaloes, Canadian Maple Leafs, and Krugerrands. They are recognized & traded worldwide.

Originally Posted by LightBearer

I'm interested in this as well as silver, the silver price jumPed up by a good amount recently

Yeah, gold, silver, diamonds, I am interested in all of it, the only reason I said gold is that is what I hear that everyone is buying right now.

Every time there is a currency scare people buy gold, so don't go thinking the price will keep running up forever. Be careful, since it just about doubled since a couple years ago the boat was kind of missed except for a short term hold. IMO

Originally Posted by GearsMcGilf

I axed my financial adviser about this. He said he believes we are in a "gold bubble" and advised me not to do it. People in China are putting everything they have in gold right now.

Short term only, for sure. People freak out about currency and they buy gold, its NOT the first time.

Rinse and repeat.

Originally Posted by Mudge

Short term only, for sure. People freak out about currency and they buy gold, its NOT the first time.

Rinse and repeat.

I agree, gold is a commodity, it will fluctuate based on demand, anticipated demand or speculation. There is a time to buy and a time to sell. I don't think it will drop dramatically anytime soon, but I also don't think it will go up much more IMO.

Originally Posted by Prince

Okay, serious question...

I am thinking about buying around $50k in gold, what is the best way to do this? Is gold the same price anywhere you go? Where is the best place to buy it? Do you just buy it in bricks?

I know nothing about buying gold but I think its what I want to do to secure my family's future.

If anyone has any real knowledge and/or experience please respond.

Prince, there are 2 gold silver forums that can give you advise, and/or you can do searches and lurk.

The second site seems busier.

The first gold & silver forum is: Gold is Money - The Premier Gold and Silver Forum -- Goldismoney

The second one is: Gold-Silver Forums

I am a member of both. Some of the posters have left recently on both, but some have been buying gold since 2002 and before, when it was $300 per oz and less.

Gold can be a hedge, but honestly an investment now.

Many people order via the mail order companies. Yes, they mail the gold and silver to your doorstep, fully insured, of course. Keep it in a solid top-quality safe, and it's best not to tell anyone other than your close, close family members about having any gold at all (like anything of value).

Gold is at it's highest ever?

Buy low sell high. Surely now is the time to sell gold not buy it when it's at its highest!

Buy now and it drops? never trust the speculators they make their money out of ordinary people's mistakes.

Too risky

Originally Posted by Acee

Gold is at it's highest ever?

Yes. I am very bullish on gold, as are the Chinese, Schiff, Faber, and many, many others - and there is good reason for it.

Buy low sell high. Surely now is the time to sell gold not buy it when it's at its highest!

The "buy low sell" mentality is an old one. Very few people invest the time to be able to do this. As I noted, not only is gold an investment at the moment, but also the best hedge in the world. Better than any currency in the world, IMO.

Buy now and it drops? never trust the speculators they make their money out of ordinary people's mistakes.

Gold is not rising because of speculation.

Too risky

Gold is "too risky?"

Please tell me where you read that.

If shit hits the fan what you have is only worth what someone will give you for it. If I need food and water, I could careless you have a gold coin.

Also, lets say one buys physical gold....you're going to buy it at ~$1600 oz but when it comes time to sell it, you're going to take a ~20% bath on it from a broker/retailer in a addition to how much the market price has potentially dropped.

If someone wanted to make money off of rising gold prices, I would suggest investing gold stocks/funds. Also, companies that mine gold and precious metals see their stock prices rise when precious metals prices rise but the mining stocks tend to be more volatile then the metals themselves.

so with the US dollar slowly becoming worthless where would you guys recommend investing my money?

Originally Posted by Prince

so with the US dollar slowly becoming worthless where would you guys recommend investing my money?

If something goes really bad in a single country, you move somewhere else. However, when the shit hits the fan in the US, it's going to hit everywhere else too. There will be no where else to run too. That also means that buying other currencies would do you no good.

Look at what happened to the USSR when it fell. There were some food shortages, but nothing too bad. Plus, the USA won't fall as hard as the USSR did anyway.

Just make sure to have a food storage. And it probably wouldn't hurt to have at least some of your house powered by green energy.

It'll be bad, but it's not going to be an apocalypse. Thankfully, I live in a mostly white, farming state.

Yup, economy is global now. When shit hits the fan, it will be shat everywhere. Maybe except china at least. We may have to lower our standard of living.. but i don't mind living modestly.

A standard gold bar is 400oz's. I doubt you'll be stockpiling these in your safe. More practicle are gold and silver coins. That's what most of the stuff is going to be.

so I should start investing in building my own compound.

Originally Posted by minimal

Yup, economy is global now. When shit hits the fan, it will be shat everywhere. Maybe except china at least. We may have to lower our standard of living.. but i don't mind living modestly.

this is exactly why the USD is slowly being decreased as the #1 reserve currency. back when Brentwoods was signed there were not that many players in the global economy. having multiple currency's is better protection since they all have different exchange rates.

the last economic crisis was so bad because so many different countries purchased CDO's from the US.

exporting capital is how much of the money is made in the finance sector today, it will be a wrap on that for sure.

Originally Posted by LAM

this is exactly why the USD is slowly being decreased as the #1 reserve currency. back when Brentwoods was signed there were not that many players in the global economy. having multiple currency's is better protection since they all have different exchange rates.

the last economic crisis was so bad because so many different countries purchased CDO's from the US.

exporting capital is how much of the money is made in the finance sector today, it will be a wrap on that for sure.

so what do u suggest we do? is there anywhere our money is safe?

Originally Posted by minimal

Yup, economy is global now. When shit hits the fan, it will be shat everywhere. Maybe except china at least. We may have to lower our standard of living.. but i don't mind living modestly.

I meant that the USA, for good or bad, is the linchpin of the world's economy. Greece is tanking, but it's only have a very marginal effect on the USA. If we tank, even countries with a good economy are really going to suffer.

I can actually say that I know a very wealthy man who does not broker gold but makes his money off of diamond sales. He sells diamonds to people who would like to invest there money into something that is easier to carry/transport/save/spend. Diamonds are a very universal currency and they always remain at top dollar unlike gold which we have seen drop very low.

What are the odds the dollar tanks and along comes the Amero?

Originally Posted by hoyle21

What are the odds the dollar tanks and along comes the Amero?

tank or not a diamond is a diamond is a diamond anywhere in the world............................................. Hoylee is that an english mastiff in your avatar pic?

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Originally Posted by twotuff

tank or not a diamond is a diamond is a diamond anywhere in the world............................................. Hoylee is that an english mastiff in your avatar pic?

yes