Gold is on sale. Why aren't you buying?
Weiss
Posts: 9,941 ✭✭✭✭✭
In November, gold was $1750 an ounce. A year ago, gold was nearly $1800 an ounce. Today it's $1580.
If someone had offered you an Eagle or a Krugerrand last November for $1580, you would have broken your arm whipping out your wallet.
So why are you hesitating now? Don't be a pansy. Pry open that wallet and go buy the biggest amount of gold you think you can afford.
If someone had offered you an Eagle or a Krugerrand last November for $1580, you would have broken your arm whipping out your wallet.
So why are you hesitating now? Don't be a pansy. Pry open that wallet and go buy the biggest amount of gold you think you can afford.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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doesn't mean it won't keep going down.
Liberty: Parent of Science & Industry
severance pay as my temp income, and a big tax nut to pay shortly. (but I might.. )
I agree, if thinking about it before at higher prices, why not now. (It could go down, sideways, or back up.)
Understand the thought of waiting for bottoms, then seeing the signs of recovery then buying... But I'd really like
to see the successful and unsuccessful scenarios. And if thinking it was going down from 1700s, why not have sold then?
Bought yesterday in fact.
The problem with gold at these or lower prices is that it takes a pretty hefty $$$ outlay to make not very much in profit. Say you buy 6 ounces at $1600 for $9600 [mite be shipping in there too]. You go to sell it to a dealer st $1700 for $10,200. For a lousy $600 you've set yourself up to get a 1099 and/or whatever other paperwork the dealer is required to keep/submit.
In order to make any serious money in gold, you need to be able to buy a lot of ounces. Gold is like big Berkshire Hathaway, silver is like Berk-B.
Saints appear to be going higher ? What gives ?
Cash ready, waiting to buy !!!
My long term average is 2 ounces per month. So far this year I've stayed the course.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
Amat Colligendo Focum
Top 10 • FOR SALE
<< <i>I like Saints. As gold prices have declined, prices of
Saints appear to be going higher ? What gives ? >>
My Ag Paralympics is down to $60 yet my Statue of Liberty's have risen to $45 (on PCGS.com) ... Ag / Au = apples / oranges, just like bullion / coins.
Amat Colligendo Focum
Top 10 • FOR SALE
Because silver is on sale, and I think it's a better deal.
<< <i>" Gold is on sale. Why aren't you buying?"
Because silver is on sale, and I think it's a better deal. >>
+1. Just bought some from Provident.
Too many positive BST transactions with too many members to list.
<< <i>I got $$,$$$ waiting on right deal. AGE current premiums only thing holding back my purchases
If you bought bars you could put that money toward metal and not premium.
<< <i>
<< <i>I got $$,$$$ waiting on right deal. AGE current premiums only thing holding back my purchases
If you bought bars you could put that money toward metal and not premium.
Don't do bars~I'm a "coin" collector!
I have never liked assay cards (even before my recent run in with some fake bars), I like my gold nice and naked so I can authenticate them easily. One point that I believe derryb made in a post a while back is that coins are much less likely to be faked than bars, due to the MUCH harsher penalties for counterfeiting something with a face value compared to a plain old bullion bar.
For silver I do still prefer bars since the premium is quite a bit higher on gov't issued silver than it is on gold.
edit: grammar!
Fred, Las Vegas, NV
Be ready for a further drop...(which will make me buy more!
<< <i>Because I'm saving to buy a new truck.
Make it gold or silver! What kind? I just had to trade my chevy in on a ram at xmas.
<< <i>In November, gold was $1750 an ounce. A year ago, gold was nearly $1800 an ounce. Today it's $1580.
If someone had offered you an Eagle or a Krugerrand last November for $1580, you would have broken your arm whipping out your wallet.
So why are you hesitating now? Don't be a pansy. Pry open that wallet and go buy the biggest amount of gold you think you can afford. >>
<< <i>
<< <i>Because I'm saving to buy a new truck.
Make it gold or silver! What kind? I just had to trade my chevy in on a ram at xmas. >>
Probably going to get a 2013 Toyota Tacoma. However, it'll be in green vs silver or gold
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Liberty: Parent of Science & Industry
<< <i>Gold has rocketed up 36% in yen in two years. So much for the collapse in gold. The only thing that can collapse gold is sound currency (and policy) in a zero inflation enviornment. Good luck wid dat. >>
Im sure glad everyone on this board buys gold with YEN. But, everyone knows how I love comments like this so lets try ...
Gold is DOWN 37% vs the Dow Jones Industrial average over the last 18 months.
Knowledge is the enemy of fear
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>more like everyone knows how you like to comment on everything except the point being made. As usual you avoided the point - try again (Hint: it has to do with currency being sound and the yen was the latest example). >>
Your point is that gold is a sound currency. I just proved that it isnt. Gold has not maintained it value (being sound) vs other assets, or even other currencies such as the lowly US Dollar.
You example is the same as me saying the US Real Estate market is strong and sound in Zimbabwe dollars.
Why is it so difficult to see that the gold you bought a year ago buys less cereal, gasoline, real estate, guns, ect today?
Knowledge is the enemy of fear
This is opinion, not fact.
Fact is in the chart. It is also fact that corporate America is more profitable today than 5 years ago when the stock market was at the same value.
But how about this. If the printing is unsustainable, and the price of gold depends on this printing, then what happens to gold when the printing stops? The gold bulls are basing their beliefs in gold on something that they themselves say is unsustainable. Is that insanity?
Knowledge is the enemy of fear
<< <i>Your point is that gold is a sound currency. I just proved that it isnt. Gold has not maintained it value (being sound) vs other assets, or even other currencies such as the lowly US Dollar. >>
Nope, point was that the currencies pricing gold are unsound. This is why you are wrong about gold, even if you keep throwing up charts that show fleeting moments of currency strength.
<< <i>Why is it so difficult to see that the gold you bought a year ago buys less cereal, gasoline, real estate, guns, ect today? >>
Not difficult to see at all. The difference is you see this as the new long term trend and a realization of your long over due prediction. I see if for what it has been the last decade - rising gold prices that yes, have their moments of decline.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i> Fact is in the chart. It is also fact that corporate America is more profitable today than 5 years ago when the stock market was at the same value. >>
And if we remove all of the injected liquidity?
<< <i>But how about this. If the printing is unsustainable, and the price of gold depends on this printing, then what happens to gold when the printing stops? The gold bulls are basing their beliefs in gold on something that they themselves say is unsustainable. Is that insanity? >>
Climbing price of gold is a result of dollar destruction policy that includes more than just money creation. The answer to your question lies in how the end game plays out for the currency. Historically, the gold will still be here and it will not be worthless. Unlike you, I say the FED is losing control of inflation - saw signs of it again today at the grocery store. The good news is that you are not completely wrong, only when you apply your logic long term. Short term, I'm making a paper killing agreeing with you.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
What? lol, you are off the rails. What's unsustainable is the debt and also the spending. Assuming that neither will be changed substantially enough to make a difference, the printing will continue and will accelerate. So, the printing is sustainable as long as there is paper but the promises represented by all types of paper instruments will be broken, voided and simply won't be honored. It's already happened massively in recent memory (2008), so how much more documentation would one need to see "the problem".
My belief in gold's ability to maintain some value in the event of another major wave of defaults is based on rational assessment of the situation, in addition to a pretty impressive string of historical events that have much similarity to what we are now seeing. There is risk in gold, as in most investments. Even so, I'll perfectly fine with the possibility of gold dropping 85% in nominal terms when everything else is dropping to zero. Or something like that.
We all take our chances, don't we?
I knew it would happen.
Ive never said gold was in a long term trend, other than that trend being sideways. My "beef" is with the thought that gold would continue to increase at the same rate it had been over the last decade.
jmksi52, so your belief is based on inflation? While I agree that the FED is "printing", what I dont agree with is the thought that those dollars ever make it into the system and that there is a multiplier on that money. If this doesnt happen, then inflation will have a difficult time rooting.
Knowledge is the enemy of fear
Inflation doesn't need to take root its already here. Prices of food won't be going down.
Even if prices could go down the 14.5 ounce cans won't go back up to 16 ounces. The 48 ounce ice cream cartons won't puff back up to 64 ounces.
The horsemeat in my dinty moore beef stew isn't going to turn back into beef.
<< <i>Inflation doesn't need to take root its already here. Prices of food won't be going down.
Even if prices could go down the 14.5 ounce cans won't go back up to 16 ounces. The 48 ounce ice cream cartons won't puff back up to 64 ounces.
The horsemeat in my dinty moore beef stew isn't going to turn back into beef.
I agree. I also think inflation has been here since 1933. However, this didnt mean PMs were the greatest investment or guaranteed pathway to riches or even protecting ones wealth. Ive said countless times that I think the 80yr inflation bubble is the greatest financial bubble man has every experienced.
Knowledge is the enemy of fear
My belief is based on the level of debt and spending with no recourse but money creation or default. The money may never make it into the system or be subject to a multiplier, but it sure as heck is a real phenomenon that the debt continues to grow quickly. The interest on that debt eats into the economy and slows down the real growth that's needed to produce tax revenues to theoretically "balance the budget".
And that's just what's officially on the books. Since banks are allowed to state whatever valuations they feel like stating in their balance sheets, they can market any paper in just about any manner they want, without any accountability. The Fed will back them up if they gamble big and lose. The clearing houses can take money out of client accounts with no repercussions, as long as they are politically-connected.
Everyone should find all of this fairly disturbing. The fact that the stock market is "going up" when being juiced with $85 billion a month - in my opinion - is just another scam that is designed to sucker people back into the market. At the risk of being repetitive, the market isn't going up due to efficiencies, or innovations, or better mousetraps. I don't engage in that type of self-deception.
I knew it would happen.
Is it possible that the USA with a little reform could actually grow out of its problems?
Knowledge is the enemy of fear
<< <i>85 billion a month is not going into the stock market. High debt leads to slower growth, but not inflation.
Is it possible that the USA with a little reform could actually grow out of its problems? >>
Hasn't that been the FED's plan and for how long now?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey