Question on Buying Gold

schoolsout · Sep 2, 2011

From your beloved "Atlas Shrugged"

Whenever destroyers appear among men, they start by destroying gold money, for it is man's protection, and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold is an objective value, an equivalent of wealth produced. Paper money is mortgage on wealth that does not exist, backed by guns aimed at those who are expected to produce. Paper money is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: "account overdrawn".

Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, men become the tools of men. Blood, whips, and guns - or gold. Take your choice - there is no other - and your time is running out.

brin · Sep 2, 2011

schoolsout said:
You really do not have a proper understanding of how trade really works.

You skipped this last time I asked you, but why do you have a quote in your sig from Atlas Shrugged? Do you know what Ayn Rand stood for?

Do some reading on how trade works....Grains/seed and other food items spoil. You may have a bag of wheat (more than you need) and need something else. Well, the guy who has what you need also has all the wheat he needs. What are you going to do? Gold (or any other substance that has similar properties to gold) do not perish and can be stored indefinitely. You need gas...the guy with the gas needs water and you don't have any...what will you do? your whole argument is entirely false.

and there is a reason gold has gone up by $400+ since this post was started.

Trade on an international scale is one thing...I am talking about folks in their local communities trying to survive..the picture you have painted is one in which our fiat currency fails completely...State will print their own currencies..some towns in the US are already doing so...have you never heard of barter..that is what I suggest will happen...you cannot eat, drink or obtain much other utility from gold...other than it is pretty...get real...A genuine emergency where the dollar fails....folks will care less about your gold and silver and care more about eating and drinking as well as obtaining the medicines they need...I don't agree with all of what Ayn Rand had to say...that's for sure.

schoolsout · Sep 2, 2011

Currencies have failed throughout the history of man...it is nothing new. Sure, bartering will go on, but that is not efficient in society.

Look up Weimar or any other currency failure and you will see that holding things such as gold (or other currencies) saved those that did so.

Again, you do not understand how trade on any real scale occurs if you're thesis on gold is "you can't eat it."

brin · Sep 2, 2011

schoolsout said:
Currencies have failed throughout the history of man...it is nothing new. Sure, bartering will go on, but that is not efficient in society.

Look up Weimar or any other currency failure and you will see that holding things such as gold (or other currencies) saved those that did so.

Again, you do not understand how trade on any real scale occurs if you're thesis on gold is "you can't eat it."

OK - So since you don't think I understand how trade on any real scale occurs...I will just give up...If the worse happens and you need to eat or need water..come see me.....I won't want your gold though but I may have some work you can do around the farm in return..

T

ultrarunner · Sep 2, 2011

No.,.. I didn't buy any since the reaction from the brothers as far as me using them for gifts to their kids was lukewarm at best...

Hey, I'm saving money getting out of the gold coin business.

beppington · Sep 2, 2011

IMO the answer to the "Gold" vs "Food/ water" questions is ... some of both! :thumbsup:

Diversification. I've heard it called 'the only free lunch'.

zonta223 · Sep 2, 2011

Hi
If you want to buy directly from a registered mint you can buy from the Australian mint.
look here
Royal Australian Mint

You are sure you get what you pay for

regards

grsthegreat · Sep 2, 2011

I agree that the people buying gold are in for a shock when the price drops out. The market is so volatile right now and people are pushing up the price of gold but there is no real reason for it. No one is really seriously thinking that the US dollar will become useless are they??? i mean seriously. If push comes to shove the good old US govt can simply write off all foreign debt...simply not repay it. What the he** can they do about it.

I sure get tired of these people that think there will be no food or other commerce unless they have gold.

They brag about how they made double their investment in 4 years.....my ford stock made 300% increase since i bought it at its low. My LVS (las Vegas sands) stock went from $5.xx back in 2009 to $45.xx today. And i bought alot of it. If i would have purchased gold instead...id be alot poorer.

JB4310 · Sep 2, 2011

Gold is a survival investment, every managed portfolio has some. There will always be a need for a currency no matter how bad things get. gold could be it.

Yeah it will probably come back down to earth eventually, but has staying power better than any stock. That has been proven over and over again.

$100. blue chip stock dropping and selling for $10. Gold is never going to loose 90% of it's value even at these, what seem to be inflated values.

The sad thing is that since gold is priced in dollars it does reflect somewhat the declining value of the dollar.

I read somewhere that all the gold ever mined in the world would fit in a school's gymnasium

I've got 3 ounces of gold, bought it for less than $400 an ounce, also have 60 OZ of silver, payed peanuts for that, can't remember the exact price.

Should I sell? I don't think it's gonna go much higher.

JB

ultrarunner · Sep 3, 2011

The one thing in the back of my mind is what if a cheap way to produce gold is found?

The technology is so good that flawless diamonds can be made... who knows what the next big gold strike will bring or an asteroid of gold collides with earth... well maybe not.