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Gold hits $600. Silver at $13

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posted on May, 6 2006 @ 11:22 PM
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Look I just purchased six ounces of gold bars and am about to invest 2000$ into the physical purchase of silver bars or coins. I am not a working $50,000+ a year professional with any kind of college degree. I am an employee at Wal-Mart with a limited income. All I did was make a balance transfer from my Chase credit card for 4500$ directly into my bank account, and will be paying a 0% interest rate until november. I got charged a 75$ transaction fee, but I personally believe that considering the potential for profits thats not a bother.

Do you guys think I did the right thing? The only other savings account I have is my paypal money market fund earning 4.52% interest. Sadly I only have 1000$ in that which I put 100$ a month into. I am twenty years old. Am I making wise financial choices or should I just spend all my money having a blast and partying like most of my friends do?

I have honestly attempted to convince them to at least save some money and perhaps consider buying some gold bullion, but they are very skeptical. Honestly should I just join the bandwagon and wast my money like they do? Please I like my friends but I do not think they are planning for their futures properly. Am I right or wrong?



apc

posted on May, 6 2006 @ 11:47 PM
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Do not take out loans on credit to make investments. You cant guarantee a particular return, but you can guarantee that grace period will end.

Get your money out of PayPal before they decide they want to keep your interest for themselves. For simplicity and safety I recommend Capital One for an online money market account. They are trustworthy and they aren't going anywhere.

Indeed now is the time to invest. At our age (I'm 23), compounding is our greatest ally. Time is definitely on our side.



posted on May, 7 2006 @ 02:29 AM
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Originally posted by DYepes
Look I just purchased six ounces of gold bars and am about to invest 2000$ into the physical purchase of silver bars or coins. I am not a working $50,000+ a year professional with any kind of college degree. I am an employee at Wal-Mart with a limited income. All I did was make a balance transfer from my Chase credit card for 4500$ directly into my bank account, and will be paying a 0% interest rate until november. I got charged a 75$ transaction fee, but I personally believe that considering the potential for profits thats not a bother.

Do you guys think I did the right thing? The only other savings account I have is my paypal money market fund earning 4.52% interest. Sadly I only have 1000$ in that which I put 100$ a month into. I am twenty years old. Am I making wise financial choices or should I just spend all my money having a blast and partying like most of my friends do?

I have honestly attempted to convince them to at least save some money and perhaps consider buying some gold bullion, but they are very skeptical. Honestly should I just join the bandwagon and wast my money like they do? Please I like my friends but I do not think they are planning for their futures properly. Am I right or wrong?


Firstly, don't ever, EVER invest on credit - especially a credit card because you'll be paying 18% interest on your investment. Pay off you credit card by November or this "investment" may become a liability. Trust me on this... I got myself into debt at your age and I just got out about 2 years ago (I'm thirty). Debt sucks. Don't do it.

Secondly, good on you for saving $100.00 per month. Feels good when you see your savings grow!

Thirdly, you can get in on the commodities bull run in a number of ways: physical bullion; ETFs (symbols GLD [Gold ETF] and SLV [Silver ETF]) where each share equals a certain amount of bulion; mutual funds that invest in resource funds; and actual resource stocks.

Do your research: Kitco has good articles on the subject.

Oh, and stay long and strong. There's bound to be some correctons in the markets, so don't freak out when prices dip... just buy more!!! Historically, commodity bull markets run for 17 or so years... we're in year 4, so hang on!!!

-S

[edit on 7-5-2006 by Savonarola]



posted on May, 7 2006 @ 07:37 AM
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London Price Fix, May 7, 2006.

Gold $682. Per troy ounce

Silver, $14.07 per troy oz.

www.lbma.org.uk...



posted on May, 7 2006 @ 11:10 AM
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Well I am paying 0 interest on this card until November 2006. After that my interest only goes up to 7.99 . Of course I could always roll over the balance to a WAMU card I have that is interest free until March 2007. If the price of gold continue to rise, I may just decide to do this.

As far as investing in stocks. I just have no expericne whatsoever and don't know who to sign up with to handle my accounts. I hear I need a broker to buy stocks, but I don't know whats a good one to go to. And what kind of resources do you mean? Like Tin, wool, plastics and such? Or precious metals and fuel?

I only took the loan out on my card becaue the price of metals does not seem to be going down drastically any time soon. I am feeling pretty positive on a decent return ( I estimate at least 15-20% in six months). This is actually my first move ever as far as investing, but the debt is very short term, and is quite small as far as I see.


apc

posted on May, 7 2006 @ 11:24 AM
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Just make sure you don't lose your job or have any major financial crisis. Even if youre not paying interest yet, youre still holding a high balance percentage (guessing your Chase card has a limit of $5k) and hurting your rating.

If youre lucky enough to get a 10 even 15% return on your gold, sell, pay off the debt, and then reinvest your earnings. If things get out of hand, use your money market funds to pay down the debt. If you're paying 8% and earning 5%, youre losing money. And again, get your money out of PayPal. PayPal is not a bank. They are not FDIC insured. About the same as you giving me all your money and me promising that not only will I give it back, but Ill give you more back. Would you trust me?



posted on May, 7 2006 @ 11:41 AM
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posted by DYepes
If the price of gold continue to rise, I may just decide to do this. As far as investing in stocks. I have no experience whatsoever . . don't know who to sign up with to handle my accounts. I hear I need a broker to buy stocks, but I don't know what a good one to go to. [Edited by Don W]


There are over1,000 companies that sell stocks directly. Some have minimum purchases or charge small fees. Many of those companies are in the Fortune 1000.

I have used Raymond James for about 10 years. Their $20 fee went to $80 but I am not a buy sell type person. I like them in all regards other than the fee. They have an account maintenance fee on small accounts, too. But OTOH, they do not bother me with incessant phone calls. I asked them not to and I have never had a call. I’m on their “don’t call me, I’ll call you” list.


I am feeling pretty positive on a decent return. I estimate at least 15-20% in six months. This is actually my first move ever as far as investing, but the debt is very short term, and is quite small as far as I see.


Well, if you can get 20% you better not lose any time hacking on the boards, You need to be getting more money to “invest” in this one. 20% on 20% is another 4%, so by the end of the year, you’ll be making 24% and etc. This is what I call compound interest. The best kind.



posted on May, 7 2006 @ 11:52 AM
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Anybody who is investing in gold or silver is doing better than the millionaire yuppie who thinks biotech is the way to go. Remember silver has a deficit and silver gets consumed. You can make 5 to 50 times more money with silver than gold. if you are a real risk taker get a futures account. You can lose or gain 5K on a silver move of one dollar.



posted on May, 9 2006 @ 04:51 AM
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just an interesting article I ran across...though some might be interested in reading.

www.sprott.com...

unfortunately for some, it's in pdf format, you will need adobe acrobat to read it I believe.



posted on May, 11 2006 @ 06:57 PM
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I'm expecting it to reach even higher, based on the Cheuvreux report.



Source: Kitconet.com



posted on May, 11 2006 @ 08:38 PM
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I just bought six ounces today in Austrian Philharmonics. They have cheaper premiums than the the US golden eagle and will still sell at spot price when I cash in.

Well hopefully everyone who has contributed to this thread has at least tried to buy some gold (not jewelry) for investment. It would suck to be just watching the pirce go up and not getting in on it.



posted on May, 12 2006 @ 05:07 AM
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and POP! goes the bubble...

the housing bubble that is.

here's an article that gives a pretty dim veiw of the economy, with an even dimmer view of the current housing market.

did you know that 80% of San Diego homebuyers bought using adustable rate mortgages in the past two years. if the rest of the nation is even close to this number, one can see why the fed can't raise the interest rates much higher!! there's already a 72% increase of foreclosures from last year...or maybe I should say homes going into some stage of foreclosure.


news.goldseek.com...

still say they've manipulated this economy so much trying to keep the good times rolling that they've gotten themselves boxed in with no moves to make... checkmate!! congratualations, you've beaten yourselves....



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