Question on Buying Gold

[grsthegreat]

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.

also, they just found a planet thats made of diamonds Scientists Discover a Diamond as Big as a Planet - TIME wait till they find out that mars is made of solid gold haha

 

[ultrarunner]

A little off topic, but in the same light...

My friend is and has been a flooring contractor for 35 years...

There was a time in the late 90's where he would get several unsolicited cold calls offering to sell stock daily...

It got to the point where he decided to have a little fun with the callers...

They would call and talk up the market and tell him now was the time to buy stock... he started saying yes, that he sees the price going up and agrees.

Then he would ask to price stock for Cabin Craft, GAF, Olin Mills, etc... the guy would be dumbfounded and my friend said you know you called a flooring contractor... what kind of stock do you think I would buy?

 

[schoolsout]

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.

Why would the price of gold drop when the entire Western World is printing up money left and right?

 

[schoolsout]

I'll go on record here and now that gold will reach $3-4k within a year or two...and if you want to get extreme, it would take 5-digit gold to equalize the US' debts...

that said, for those that say the gold "bubble" will burst, have you taken into account that the Western World's gov'ts has done everything it could to keep the price suppressed as the price of gold reflects the status of the monetary system?

Let's get real, here....the gov't is printing up paper left and right...is absolutely broke and you want to invest in shares of that country (Shares being US Dollars)? I don't think so

Wikileaks cable mentions gold price suppression | ZeroHedge

Wikileaks Discloses The Reason(s) Behind China's Shadow Gold Buying Spree | ZeroHedge

 

[JB4310]

I'll go on record here and now that gold will reach $3-4k within a year or two...and if you want to get extreme, it would take 5-digit gold to equalize the US' debts...

that said, for those that say the gold "bubble" will burst, have you taken into account that the Western World's gov'ts has done everything it could to keep the price suppressed as the price of gold reflects the status of the monetary system?

Let's get real, here....the gov't is printing up paper left and right...is absolutely broke and you want to invest in shares of that country (Shares being US Dollars)? I don't think so

Wikileaks cable mentions gold price suppression | ZeroHedge

Wikileaks Discloses The Reason(s) Behind China's Shadow Gold Buying Spree | ZeroHedge

Maybe I should hold on to my 3 ounces :laughing: I read somewhere about $5,000. an ounce, but I think the suppression efforts will kick in before that.
Though I was looking at some charts and it has been climbing pretty steady for several years now. No indication of a correction needed or coming?

It's tempting to sell and take a decent profit but what do you invest in if gold is to high.

JB

 

[beppington]

Maybe I should hold on to my 3 ounces :laughing: I read somewhere about $5,000. an ounce, but I think the suppression efforts will kick in before that.
Though I was looking at some charts and it has been climbing pretty steady for several years now. No indication of a correction needed or coming?

It's tempting to sell and take a decent profit but what do you invest in if gold is to high.

JB

Sell only 1 or 2 of your 3 ounces :thumbsup:

 

[schoolsout]

I wouldn't sell the little bit of physical gold you have unless you really needed it. What I would do, and have been doing for some time now, is acquire good miners....gold/silver/copper/whatever. Commodities/resources will be the greatest beneficiary in what is about to come.

I could be wrong, but my money is where my mouth is

 

[massey990]

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.

Maybe that is why China is buying gold hand over fist, some folks I know that know chinese bankers are speculating that gold will be at $6k/oz in the fairly short term and twice that in the longer term

 

[5030]

If it really gets that bad, I'll trade with ya. I'll take all your gold and I won't fill you with lead......:laughing:

But maybe I will anyway.

Me, I own some gold, a few ounces. I prefer guns. Much better tender for trade and whatever.

 

[mmurphy]

Think about your post for just a minute...do some critical thinking...Just who will want gold if everything falls apart and food, water, medicine etc. are in short supply...? No one, I submit will have any use for gold, silver ,diamonds...they will however, have a desire for food, seeds, land to grow it on...think about it , seriously. In such dire times...what good would gold serve the end user..? The person who purchased it..:confused2:

I have to agree with Brin.

If times get that bad, do you people who are holding certificates instead of physical gold think they will not scam it away from you? Meaning that certificate may only be worth the paper it is wrote on.

My old grandad lived to be 100, lived out of a garden and would have told you it would have been useless when you were starving in the depression. He never had money to speak of but, lived quite happily.:2cents: