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GOLD
waltermoe
Member Posts: 2,294 ✭✭✭✭
Gold has been doing exceptionally well in protecting against the inflation the last couple of months.
Comments
I am seeing a 90% increase over a 15 year period. Probably not keeping up with inflation, but a darn sight better than cash under the mattress
Brad Steele
Ok, my two toots worth on Gold. If someone can convince me to buy Gold, I am in.
Back in the early 30's my great grandmother Minnie was going upstairs in her house and stubbed her toe on one of the stair risers in stair case. It slid in and she bent down and pulled out a box of Double Eagles that had been hidden from the Yanks for many, many, years. This happened in Fredricks Hall, Virginia which is close to Mineral where they had the earthquake .As my grandmother told the tale she herd Minnie her mother and her husband Tommy giggling. Granny watched thru the key hole as Minnie and her 2nd husband split the loot. My grandmother has a vivid imagination but I have never known her to be a bald faced liar.
Well Minnie passed out a few of the gold pieces to the grand children and the word got out and the "T" men came to the house and confiscated the Gold. As I recall they gave her dollar for dollar and even then I think she got the short end of the stick from the Government. I don't remember if Minnie and Tommy paid a fine for possessing Gold and defying FDR's order.
We are constantly bombarded with TV ads to buy Gold. Well if it is such a good deal/investment why are they selling it. Why not hang on to it and reap the rewards?
When the SHTF how do you use the barter system. Trade Gold for food, gas, ammo etc. I mean Gold is worth over $2,000 an ounce now so how do you use it for purchasing items. One thing for darn sure, you can't eat it. Lead almost seems like a better investment. I realize there will be a lot more hunters in the bush if food gets short.
They are even saying on the TV to trade in your IRA for physical Gold to "Hold in Your Hand" and no tracking! I call BS. Anyone who thinks the US Government is not going to track Gold sales by these Company's can buy a bridge that I have real cheap in Phoenix. One thing for sure Gold is a lot more secure in Fort Knox than it is in your house.
Then there is this little problem. If FDR could do what he did why not a repeat performance from a Rogue Government. How many of us wonder if present administration will take away our greenbacks and go to bitcoin or worse yet digital currency. Your Gold could become confiscated overnight. Sure, sure you could bury it, try to hide it, ship it to another country and return it when it becomes legal again. If it is being tracked, good luck.
If my great grandmother could have hoarded that Gold secretly and brought it out when she was 93 (yes she passed at 93) what a return on her investment she would have had for hoarding it all those years. It's the chance you take.
Please, someone convince me to buy into Gold at age 81 and why. ———-Ray
@4205raymond Those folks you see on t.v. hawking the gold are making a fortune. It doesn't matter what the price is, they make a commission on both ends of the deal. They sell at a profit and then charge you a fee if/when you cash out. Of course, their commission is in greenbacks so they can pay off their mortgages, buy groceries and anything else they need. Gold may in some ways be a hedge against inflation, but it isn't for me. Bob
Larry has taken to buying coins…..mostly silver, but he has a few gold ones lately. My father had a NICE coin collection with several gold coins. Toward the end of his life his mind didn't age well. So, all the money he had quickly went away. It turned me into a bit of a cynic. I see investments as a bit of a fairy tale in the back of my mind…..its good to have a nice safety net, but seeing what happened to my father made me see things a lot differently than I should.
BobJudy, pretty much conclusion I have come to also. I just can't see getting involved with Gold at this point in my life. ————————Ray
https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html
You can buy a 1oz bar of gold at Costco…..crazy
I bought some gold a while back and I've already made a profit with it. Gold is only going to increase in value for the foreseeable future. 😀
Joe
I knew somebody elsewhere who apparently had an estimated 2 million dollars' worth of gold hoarded but he was very likely exaggerating the value. He really did believe in gold as an investment and had a sizeable amount of it, though.
Never had the means to invest in precious metals, myself. Even the stock market seems out of reach, albeit I've been meaning to put some dollars into Nintendo stock before they release the Switch 2. Gonna have to buckle down and commit to that once I find the time and means.
It's amazing to me how TV & magazine people that try to sell me GOLD saying it's more valuable than my dollars yet they only want those worthless dollars as payment 🙄. I'll just sit back and let the people that wear "bling" and "grills" have at it 😜
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
"It's the most expensive it's ever been! Buy now!"
Does that make sense to anybody?
There are a lot of myths and misconceptions about gold. First gold has never been illegal to own. The United States went off the gold standard in 1933 in order to protect are gold supply, and gold certificates and gold coins were withdrawn from circulation. Half the world was on the gold standard at the time, this prevented foreign governments from demanding gold from are reserve. If gold had been illegal to own that would have put and end to wedding rings, necklaces and even crucifix’s. President Nixon had the treasury secretary suspend, with certain exceptions, the convertibility of the dollar into gold or other reserve assets.
I have followed gold ever since around 1980 and it has been and indicator, and hedge against inflation. In the early 80s gold did sky rocket then fall, but one has to look at what cause that. 12.5 % annual inflation. Iran taking hostages, strong oil prices.
Fact: gold no matter what happens will always be worth something. If you bought gold in 2009 at $800 an ounce be fore Obama’s shovel ready jobs, and you sell that gold today, you don’t have to pay taxes on it, account of it’s a commodity. And you don’t pay taxes on it when you buy it either. Let me correct that in, if you sell over $10,000 worth of gold in one day you have to report it on a some type of form.
The reason I have gold is more self protection you might say. If the dollar would collapse and become worth less, I still want to be able to pay my taxes and stop foreclosure on my property. People lost property during the depression account of not being able to paying taxes more than anything.
Walter, you can argue that gold will always be worth something. That may be correct.
If the economy ever crashes, a wheelbarrow of gold might buy you a can of beans. Lima beans.
The undertaker can hardly wait for this guy to show up.
Rocky, Ok you got me on that, and not to mention in would be quite heavy.
I’m not advocating go out and buy gold. You will not make your self rich over night. I look at it as a hedge that you keep over time. I will say that I trust it more than Bit Coin or other types of cyber currency’s. Case in point: Sam Bankman Fried. Just don’t understand how you can buy shares in a currency that isn’t there. That would be like buying gold on paper. Old adage when it comes to gold. If you can’t hold it, you don’t own it.
You might as well stock up on Monopoly money as any kind of crypto cash. It's imaginary money.
Many say that the stock market (used generically) is about the same. I reply that if the US dollar is ever worthless, I'm no worse off than anybody else.
I started buying mutual funds at $100 a month when the Dow was 600. You read that right: 600. I've changed funds a time or two as their guidelines changed. Lost a third of my investment twice in market crashes. Stuck with it, regardless. Today, my net worth begins with "multi…" Low multi, but multi nonetheless. It'll go to my grandkids because there's no way I can possibly spend it.
Nope! wanted to do a personal reply Rocky, so our HOST can see it.——————-Ray
Waltermoe, you lost me. How can you pay your taxes with Gold if possession of Gold becomes illegal? 🙂 I wonder if Cosco reports the Gold they sell to the US Government? ———Ray
There is nothing illegal about owning gold. Now, anyway. It was once, at may be so again, by decree of goobermint. But it's fine now (pun intended.)
I agree that investment in stock or mutual funds is for the long haul, and you must have patents, and fight the urge to sell at times.
I have embraced the idea, that 10% of one’s net worth being held in gold is not that risky, and can be looked at as insurance against inflation you might say.
4205raymond, I guess you have lost me. It is not illegal to own gold. As far as paying taxes, it could be converted into the currency being used at the time and that used to pay taxes. If gold is ever totally outlawed, we all will be in trouble, as I imagine we all will have to turn in are wedding rings, necklaces and anything else we might own that is made from gold. But I don’t ever see total gold confiscation happening. If it would happen we will no longer be a free society but as serfs to the controlling government.
I used to be much more varied in how many games and platforms I played, but even though I only commit to one or two specific games on PC now I still put in enough hours to consider myself "avid".
That Nintendo stock investment is a genuine idea by the way. My own Switch console might be collecting dust, but I know enough about its launch, aftereffects, influence and how many people want a sequel that upgrades on the original experience enough to know that it's a stock that's gonna explode upwards in value once the Switch 2 is announced.
Back on topic regarding gold: there's only one "gold" thing I own, and it's this:
It's fake in two senses: it's fake gold plating and it's an airsoft gun (you can barely see the orange tip in this pic) but man does it look good and feel good to use and carry. Yes, I carry it for my games. No, I haven't hit anyone with it… yet.
Waltermoe, did an edit on earlier post. I should have said "if it becomes illegal." Did you read my story about my great grandmother? I assure you they did in fact confiscate her Gold and gave her paper money.
On April 5th, 1933 by executive order 6102 FDR made Gold ownership (coins/bars) illegal. They could fine you 2X the amount that you did not turn in for paper. I believe some very rare collector coins were exempt. I think in 1974 President Ford recinded (sp) FDR's order.
My point is on this whole thread top to bottom, whatever your opinions, if they did it once they can do it again, especially with a Rogue Government. I am certainly no expert on Gold but I think that is the important thing to always keep in your mind. ——————Ray
Gold is really not my forte so i find all your post very interesting.
Many years ago while i was still working at West Point I had the good fortune of knowing a man that was in charge of Planned Giving at West Point. My employer the AOG at West Point and AAA (Army Athletic Association) raised the money for all the extra (cant spell that word) activities at West Point that the taxpayers did not have to pay for.
My friend was a retired 06 and was in charge of a Sniper Co. in Vietnam. He was in the Pentathlon in the Olympics and as I recall he came in Fourth. He was the Master of the Sword at West Point ( the fellow in charge of phys ed). I always brought him a back strap and the heart from the deer that I shot in the Adirondacks. He had a special recipe for the heart. He took a liking to me, I suppose because we had similar interest. Hunting, competitive rifle shooting etc. I was surprised because he was a West Point ring knocker and I was just a lowly Grunt.
One day he stopped in my office and told me he had something very important to talk to me about and to come to his office at lunch time. He told me that I was young and needed to have a lot of patience and to listen carefully because only I could be in charge of my finances and future. He got me interested in Vanguard No load Mutual Funds and told me which to pick. Yes, there were ups and downs but I hung in there and invested as heavy as i possibly could. I even took the money from my terminated pension plan and dumped it into Vanguard and my employer matched my IRA contribution.
Because of this one man I saw the hand writing on the wall and slammed the door shut after all those years of being patient. I bailed, took my profits and closed all my accounts before the 08 debacle with the likes of Barney Franks, Fannie Mae and the whole mess.
My sweetheart Diane of 59 years worked one extra year so I would have five unbroken years under her health ins. when she retired. I cancelled my plan when she picked me up. My sweetheart took a reduced annuity so that I would get a survivor annuity if she passed first. If i died first she would be 100% beneficiary and she would get it all as POD.
Because of one man and my sweetheart Diane and a lot of patience I do not have to spend the rest of my life in poverty. ———————Ray