Since I started visiting this forum, I've seen so many threads "warning" people not to buy gold, that it's becoming a clear pattern, possibly with
a more personal motive than "educating" people they don't even know.
Obviously, the less demand for it, the cheaper it is, and I honestly suspect there are posters here who's intent it is to discourage purchasing the
metal for their own gain.
We all know, by now, that there's a very real chance of the dollar becoming essentially worthless and hyper inflation setting in with the worlds
economies in turmoil. A friend of mine told me about a couple who escaped a country that was experiencing that very same scenario. I can't, off the
top of my head, remember which country it was, but the story is frightening.
Apparently their currency was becoming worthless so fast, that when they went to the store, the price of bread literally changed three times from the
time they got in line, to the time they got to the cashier.
With so many economists saying that the price of an ounce of gold should, and could easily reach several thousand dollars, why are so many people
encouraging others not to buy any, other than a complete collapse of everything we know , and a reversion to the stone age? It could very well be
greed, that's why.
Obviously, if your entire net worth is only in the hundreds, or low thousands, buying gold probably isn't such a good idea, because you'll need
food, clothing, shelter, and any other basic staples. You'll need to be able to get access to those things you need on a daily basis. What about
larger purchases? You're not going to be able to buy a house, or fishing boat with a shed full of beans, thinking so would be delusional.
While it's true, money could become worth less than the paper it's printed on, there will always be a need to exchange things of larger value, and a
standard commodity to represent that value. Gold and other metals have always been, and always will be that physically held material of trade.
Again, if it were only one or two threads here encouraging complete strangers not to buy gold, I probably wouldn't take the time to respond and leave
it at that. Just the sheer numbers of this exact same message repeated doesn't sit well with me.
Regardless of how bad things get, even in the worst case scenario, cars, homes, boats, planes, generators, tools, and other "big ticket" items will
not mysteriously vanish from the face of the earth leaving humans nothing but caves to dwell in.
Yes, it's good to be prepared in the event of a long term food crisis, economic collapse, or natural disaster, but don't spend all your energy
praying for an apocalypse.
Just think about how happy some of might now be if you had that 401K in metals, you would have made money, not lost half your savings.
Just remember the old saying..."Don't keep all your eggs in one basket".
Historical Gold Prices
One of the oldest civilisations known to man, the Sumerians of Mesopotamia, who lived in what is modern-day Iran and Iraq, first used gold as
sacred, ornamental, and decorative instruments in the fifth millennium B.C. Around the same period, the early Egyptians —the richest gold-producing
civilisation of the ancient world — began the art of gold refining. Like the Sumerians, the Egyptians used gold primarily for personal adornment,
rather than for monetary purposes, although the kings of the fourth to sixth dynasties (c. 2700 - 2270 B.C.) did issue some gold coins. The first
large-scale, private issuance of pure gold coins was under King Croesus (560-546 B.C.), the ruler of ancient Lydia, modern-day western Turkey. Stamped
with his royal emblem of the facing heads of a lion and a bull, these first known coins eventually became the standard of exchange for worldwide trade
As a disclaimer, I don't buy/sell metals, have anything to do with that market, nor do I know anyone who does. I do, however, personally collect
gold/silver coins though, and have for a very long time. I just don't agree with the "advice" I see posted here, repeatedly, week after week.