Skip to comments.Buying Gold, Silver etc.
Posted on 11/07/2008 5:48:00 PM PST by LegendHasIt
SO, after losing a third of its value in the last year and several tens of thousands in the last month, I'm going to get out of my money market account before 0bama and his minions steal and tax the rest of it away.
Thinking of puting about half of it into real estate, and maybe putting the other half into precious metal bullion/coins.
I notice that there is some delay in order fulfillment throughout the market, but was hoping that some of you guys knew which brokers were best, in terms of prompt delivery, honesty and price.
Steer clear of monex.
PM coming your way.
Thanks. How about those companies that Rush and Liddy tout?
I’d consider Kitco, but they are only offering 400 ounce bars in gold and 1000 ounce Silver.
I wouldn’t mind a few ten OZ gold bars and 100 oz silvers, but mostly I’d want stuff I can swap for ‘bread , gas and bullets’ if the stuff really hits the fan.
buy gold backed securities
Can you still buy Canadian maple leafs on the open market?
You replied to someone else, but if you meant it for me; No, I want stuff I can roll around in ;-)
Yes, you can...
But for a change, the American stuff is cheaper... at least according to the places I have looked at in the last hour or so.
I can only advise that you ensure that you have direct and easy access to any bullion you buy, If you can’t say hello to your bullion every morning - that means it can be confiscated prior to your knowledge. Ther’es lots of reasons not to keep it in your house, but I’d question and distrust any peice of paper, claiming ownership of a peice of commodity, that can be nullified with a single loony left action. That is how distrustfull I am of the comming administration.
It’s a bad time to invest in just about everything. Stay away from energy until everyone’s lights go out under obama, then tread lightly. If you think the dollar will decline short term then go with precious metals. You’ve got to play this obama thing which means gather as much knowledge as you can then cashout, if you’re not quick enough (transaction completed this year) it will be confiscated by the government and called taxes.
Yep, That has pretty much been my philosophy for years, and now given the political situation, it is imperative.
I’ll have a very secure place to put it, I’m not worried about that. And no more needs to be said about that. ;-)
And buying paper that says you own gold is....Paper.
By the time we have seen the gold "investment" ads on the majors networks, it is far too late for outsiders. They are just looking for the last tier of the pyramid to buy high.
There are a lot of real industrial demands for precious metals in applications where there are no reasonable substitutes. But other then the demand for "Safe Havens", when a recession worsens, people buy fewer cars-And that means less demand for platinum and palladium. They buy fewer electronics and jewelry-And that means less demand for gold and silver.
If the metals are being bought for a Doomsday scenario with thoughts of bartering for food, one's money would go further buying and stocking rad-sterilized food in the first place. And ammunition.
Suppose you bought an ounce of gold at today's price of $737.10. Will it be worth $1,000 when you liquidate it? There is at least as good a chance it will be back to 400. Look at the last year's changes in base metals for an example of volatility.
This would be a hedge against severe or hyperinflation (Dollar keeps dropping). My assumption is also that citizens will be “asked” to turn over their coins and bullion as in the 1930s.
My idea is to by gold and silver medallions that are “minted” as collector's items or keepsakes. There are companies that make coin-like items. The Alaska Mint is one. They have a medallion for McCain-Palin.
Although I’m thinking of putting a few thousand into solar panels and wind generators...
But I’m going to hold off on that for a while. There may be some better tax incentives on them and I’ll have the money set aside and poised to get my order in just before the rush starts.
Thanks, I understand that. I used to be a jewelry manufacturer in a previous life, so I know a little about that.
I don’t care if I lose money (although I don’t think I will, given the way the world is going)... I just want something that will be there when I need it.
A year ago I told my money market manager (who has done well for me for the previous 12 years, until recently) to put everything in the most secure places he could find, and I still lost my @$$. If I had put it in gold when I first started to worry about it, when gold was at its second highest recent peak, and sold it today, when it is relatively low, I’d be no worse off than I already am.
And if worse comes to worse as far as bullion prices go, I can start making jewelery again.
Yes, I’ve noticed that. I hate entering a market when things are like they are now, but I don’t think things will get significantly better in the foreseeable future. If I had not procrastinated for a whole dang year, I’d be sittin’ pretty now.
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