The Past is Prologue
Posted on 02/21/2009 2:47:20 AM PST by blueplum
Juggling glasses of white wine and baggies filled with baubles, dozens of women descended on a well-appointed Orange County home this week to trade in their old golden treasures for hefty checks.
There were earrings from ex-boyfriends, ring settings with missing stones and chain bracelets from sorority sisters. One woman brought in her husband's wedding ring -- from a previous marriage.
Julia Geivet, 39, had hopes of selling an "embarrassing" Italian horn bauble she had owned since eighth grade and a few other small trinkets, which she thought might get her $30.
"I figured I'd come get a little money and socialize and chat," said Geivet, who was recently laid off as a manager at Verizon Communications Inc. "It might not come out to a lot, but right now, every little bit helps."
She left with a check for $302.92.
Gold is hot. The precious metal soared $25.70 an ounce Friday to $1,001.80, topping the $1,000 mark for the first time in nearly a year.
(Excerpt) Read more at latimes.com ...
Be wary.
Is gold a deflation hedge?
/s
I think we are looking at a gold bubble that will burst, followed by REAL inflation. I’m taking a pass now but might get in later.
You really can’t eat gold.
What happened to the people who owned gold during the depression? Was it an inflation hedge?
It was confiscated by the government.
oh yes, I agree, one should always do homework on party organizers - certainly don’t want to end up with a bouncing check from a con artist.
When entered and exited properly yes. If you have money and you want to ‘stash’ it for a few years gold sounds good. The same people that perpetuated the dot com bubble then the housing bubble, then the credit bubble, are in gold right now. Be wary. Make it if you can, but realize why the previous bubbles burst. They simply weren’t worth it. Short term gold is great. Long term is sketchy IMO.
Newly mined gold also had to be sold to the Fed, but payment of $35 an oz. was the new price.
I think there will be gold bubble/burst and then a forex run. Which paper is chosen I am not privy to. Just a guess
When it's all said and done .... what does a man really need to live and stay alive?
Food and shelter.
Everything else just makes a boring, get up, go to work .. (grow/hunt for food, gather/make fuel for heat .. etc), eat and sleep existence a little more interesting.
I think that's what God saw when He looked down and said, "It is not good that man should be alone"
Anyway, I agree with you RobRoy ... gold's value can be DEtermined (think about that word) at any time.
We live in a new age where geeks often command more power and money than the CEO (at least until after they fix the server problem) .. so what is 'worth' and what do we want something of value for?
Food and shelter.
I have to agree.
Several traders and economists were on a TV show recently (Russian sponsored?) and were talking about the influx in the precious metals market.
While a good investment, is it really what you need to survive if there are price controls, hyper-inflation, food shortages, a fuel crisis, and a huge upswing in riots and crime caused by social and economic collapse?
What are people going to do, chip off little bits of their gold bars stored in their basement safes?
I actually think black market trading will be done more in other currency (Euros, Swiss Francs), and in commodities like cigarettes, alcohol, ammunition, and other food stuffs.
thanks - yes, I recall the confiscation - they didn’t want scrap jewelry tho - so if there’s a good, reputable source who wants to trade cash for it, I say why not? what else are you gonna do with a smashed ring or necklace in 4 pieces? Sell it and buy seed, right?
But I agree gold is a risk - I recall not to long ago, gold being trumpeted as going to go as high as 5K/oz - I think Dec 07 it hit 1K and has taken a full year to get back to 1K. Not sure if Any market rules still work, but the wisdom was, to sell into strength, in increments over a set time while watching the market, not ‘all in’ at once, either way. If I had bought at $300, I’d be selling a bit now (but this is, just all hot air since I don’t own any). I did read somewhere that investment gold peeps started taking delivery of their gold instead of rolling it, which pushed prices up a tad - seems it should have driven it up further, tho. jmo
Sounds more like a travelling PAWN SHOP.
but you can trade it for something to eat or someplace to stay or safety - barter sets the value.
But if that happened, we're talking Thunderdome conditions. And the Government would confiscate at some point.
Even Rhodium was over $10k an oz in the past year.
Invest in AMMO!
It can be traded should oenerous laws ever pass or civil strife come to fruition. (more and more likely on BOTH counts)
Additionally, you can use it in defense of you and your loved ones. (also, more likely)
22 Long Rifle and 12 gauge #4 buck will be the coin of the realm in a meltdown.
I had a few Gold eagle coins and sold them on thursday.
The price went even higher on Fri, but I wanted OUT. I bought in at 915.00 a year ago and was under water till just a few days ago.
Took a modest profit and will use the money to buy emergency supplies...food, first aid stuff..etc. And will wait for a dip in precious metal prices.. and purchase what is called ‘junk silver’ that is bags of old 90% silver quarters, dimes and half dollar coins , they are more useful for barter in disastrous times.
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