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Is now the right time to buy Gold ?

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posted on Jul, 20 2009 @ 08:10 PM
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Originally posted by THX-1138
Gold is for rich people. And only in small amounts even then. If you have a million cash do you really want 100K in gold? How will you keep it safe?

There are better ways of ''investing'' and the physical gold is only going to get you so far down the road before you run into trouble. You have to protect your gold, right? How much are you going to be carrying? A lump? A couple bars? How will you make change? Some coins? The smaller coins are always sold at a premium. The tiny 1g bars are always sold at a huge premium. Like a 1g sliver worth $30 is sold for $50. Did you know that an ounce of gold in 1 gram units will sell for $1500? You can not just go out and buy food with a handful of $900 American Eagles!

It is foolish to think about it unless you have a lot of money.



Well - maybe I am one of those rich people - but I didn't get that way by saying - "keep your money in the bank, cash is going up!"

I have considerably more than $100k worth of gold - and it doesn't take up much space at all - and I have it locked up. Gold takes up less space than paper dollars.

If you think gold is expensive - how about silver. Name one other asset class you can get into for $10? Real estate? Stocks? Equities? Other commodities, like oil or wheat? How do you sell a quarter of a barrel of crude oil, what if mice eat your bag of wheat? Obviously - there is nothing like silver and gold - to try to compare it to other assets only makes the comparison look absurd.

Silver and gold are like portable pieces of real estate - they last forever, but you can carry them around.

Used silver coins are cheap to buy - you basically pay the silver price from what I hear.

Where I buy silver I buy it as granules or beads - its like coarse sand, and the shops will weigh it and pay me by weight.

Silver coins are recognizable as having value - so they are highly recommended for all uses - whether just storing silver value, or for use in trading.

I think it is far better, if you have spare cash to convert it into silver coins - than to leave it in the bank - which might close its doors.

On the other hand - if there is hardware that you might want in future, and you think those things might get hard to find - then they may be worth more to you. Tools, guns, ammunition and dried food for example. If you still have money left over - buy some silver coins - you are unlikely to regret it.

[edit on 20-7-2009 by Amagnon]




posted on Jul, 20 2009 @ 10:57 PM
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reply to post by Ex_MislTech
 


Thanks for your time and advice,
I have read the book you mentioned and would recommend it to anyone as it explains exactly how US Corporations put a strangle-hold on developing countries.

PEACE,
RK



posted on Jul, 20 2009 @ 11:15 PM
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reply to post by Sashromi
 


Thanks very much for that advice,
You have hit the nail right on the head there when you say that I will sleep better at night. I have been thinking exactly that.

I think that In the event of a global financial collapse, hgh inflation and shortages of consumer essentials, until such times as a new currency is introduced then gold, silver and precious stones will emerge as an interrim currency. Just my opinion.

I am NOT approaching this as an investment but protecting the wealth that I currently hold in currencies.

thanks again,

PEACE,
RK

PEACE,
RK



posted on Jul, 20 2009 @ 11:41 PM
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reply to post by open_eyeballs
 


Thanks for your views,
I am not concerned about the current price, I have been waiting for months for it to dip to 880 ish which is a price I had forecast that it would drop to, I missed the short dip a cpl of months back and now I think it will soon be over 1000 per oz.
I am not treating this as an investment but trying to protect what currency wealth I have now as soon that could be more or less worthless.

As far as I understand the world demand dictates the price, so if it is high and rising it is doing so because people want it instead of stocks, cash etc.

PEACE,
RK



posted on Jul, 21 2009 @ 12:22 AM
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Nope. Gold price is a vehicle like any other highly liquid investment vehicle.

It is manipulated.

What is your hope for the future? Honestly. You hope to some day turn that gold back into fiat currency - the same stuff you feared would be no good.

The people at the mall or grocery don't want your gold. They want cash or Visa transactions. Hell, Visa doesn't want gold. Gold dealers don't even want gold.

You are thinking irrationally about some end of the world apocalypse scenario. Any money you sink into gold will just sit there dead in the water, encased in metal, waiting for the day you pull it back out in the form of fiat currency. The fact that you are excited enough to buy gold is probably an indication that gold is topped out.

Are you trying to move out of one currency into another?
Are you moving?
The buy/sell spreads on physical gold are very large.
Are you trying to time a move from one country to another via gold?



posted on Jul, 21 2009 @ 01:08 AM
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Originally posted by THX-1138
Nope. Gold price is a vehicle like any other highly liquid investment vehicle.

It is manipulated.

What is your hope for the future? Honestly. You hope to some day turn that gold back into fiat currency - the same stuff you feared would be no good.

The people at the mall or grocery don't want your gold. They want cash or Visa transactions. Hell, Visa doesn't want gold. Gold dealers don't even want gold.

You are thinking irrationally about some end of the world apocalypse scenario. Any money you sink into gold will just sit there dead in the water, encased in metal, waiting for the day you pull it back out in the form of fiat currency. The fact that you are excited enough to buy gold is probably an indication that gold is topped out.

Are you trying to move out of one currency into another?
Are you moving?
The buy/sell spreads on physical gold are very large.
Are you trying to time a move from one country to another via gold?


This is a very uninformed position and post.

Sure the gold price is manipulated - but many countries are turning away from the $US - that means they are divesting it - what asset classes are they looking for? Well Russia, China, Saudi, Iran to name a few - are all turning to gold. Not only gold of course - they are getting rid of dollars to whoever will take them - and exchanging them for whatever they can get - real estate in the US, Africa and Asia - also copper, iron ore and other commodities.

There is a general feeling in the world that the $US is not going to hold its value in face of the huge US deficit, and the increase in the US money supply - it cannot help but create inflation - add that to the general divestiture of $US, and there is no doubt that the currency will fall.

The $US is not the only currency that will fall though - many currencies are tied to it, and many countries are also expanding their money supply - there has been, and will be a quite serious debasement of all currencies in the future - how bad it is going to get, and how quickly is difficult to tell.

This means that the value of your gold will increase against the paper currencies - so the money isn't 'sitting there' as you assert - it is rather holding its value, while other currencies fall - it's price will go up.

As to the idea that no-one wants gold - well, that is purely wrong. The demand for gold in the last 5 years has outstripped the demand for gold at any other time in recorded history. The Perth Mint in Australia had 4 month waiting lists.

The value of gold certainly isn't 'topped out' - it is in fact cheap, it isn't go to go anywhere but up.

The fundamentals driving gold up are rock solid - every other asset class is in deep trouble. If it dips for a while, or silver - it is a buying opportunity.

Commodities (including, and especially precious metals), resource and energy stocks are clearly going to be among the best performing assets for the next few years.



posted on Jul, 21 2009 @ 01:13 AM
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Dude, you said people don't want Dollars so they are hording gold, and then in the same thoughtstream you said people are getting rid of Dollars to hold real estate in the U.S. How are they going to pay the taxes and maintenance? With panda coins? A case of vodka? Come on, dude. It is all a giant circle of hype. You say buy gold now and then later you'll say sell it. I bet you want US Dollars when you sell it!



posted on Jul, 21 2009 @ 01:23 AM
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Silver is cheap and the slugs/rounds are very low on markup.

Some gold is nice if you have more than 25-30K to spend.

Going back through 6 months of consumables (food,paper products,toiletries, etc.) would give a good idea of things to buy that you know you will use in the future and possibly avoid some inflation.

Basic hand tools that can be used without electrical power are a good bet.

Cheap land that can be used as a retreat (think camping/farming/vacation home) or to sell in a few years after things calm down is also a good way to go.

Shoes and clothing that you use a lot (jeans, running shoes, work shoes and so on) are always going to be something you need but inflation hits those hard so having enough clothes to last a year won't hurt. Kids clothing for back to school and good deals on winter clothes by buying them now in the warm season are good bets.

Just think of what you won't be able to buy with no cash or severly inflated dollars and stock up. It will eventually be of use to you and will be a safe way to keep your present cash value without having to trust the dollar.



posted on Jul, 21 2009 @ 01:42 AM
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I'm with amagnon on this, and frankly, it really surprises me there are so many people on here who don't understand gold or don't hold it yet.

As another poster said though, the fact that even intelligent people are dissing gold in the current environment (or any environment) is a good sign this long-term bull is intact. It's when gold is 1600-2500+ and hitting the world headlines that all the johnny-come latelys will be clambouring to buy in. This is when you want to be looking at selling.

To the OP, first thing I would do if you live in Asia is check local laws. Some countries it may be very hard to get gold out of, if not illegal. Second thing is, google GATA to get an idea of the extent of manipulation. This manipulation is done purposely and for a reason, but it won't last. It is buying the big players time to get as much gold in their hands as they can before things become uncontrollable. The dam will break.

If people don't realize by now that the ratio of fiat paper currencies compared to the amount of actual available gold in the world has gone outrageously parabolic in the past 12-24 months, then that is a sad state of affairs. Central bankers are hoarding, buying gold. They are doing this for a reason, they know the ratio has gone parabolic and things are going to be reset. Those who do not hold gold do so at their own peril.



posted on Jul, 21 2009 @ 08:30 AM
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Originally posted by THX-1138
Nope. Gold price is a vehicle like any other highly liquid investment vehicle.

It is manipulated.

What is your hope for the future? Honestly. You hope to some day turn that gold back into fiat currency - the same stuff you feared would be no good.

The people at the mall or grocery don't want your gold. They want cash or Visa transactions. Hell, Visa doesn't want gold. Gold dealers don't even want gold.

You are thinking irrationally about some end of the world apocalypse scenario. Any money you sink into gold will just sit there dead in the water, encased in metal, waiting for the day you pull it back out in the form of fiat currency. The fact that you are excited enough to buy gold is probably an indication that gold is topped out.

Are you trying to move out of one currency into another?
Are you moving?
The buy/sell spreads on physical gold are very large.
Are you trying to time a move from one country to another via gold?


Thanks for your input,

I have no doubt that the gold price is manipulated, Isn't everything that we buy?
My hope for the future is to provide for my family, keep them safe, healthy and hopefully happy.

I am of the opinion that the USA economy will collapse, it is just a matter of time and then others will quickly follow, so I do not want cash in the bank.
I see Gold as a safe haven for my cash in these troubled economic times. I am not doing this as an investment but to protect the VALUE of the money that I have.

When economies have stabilized, I may wish to sell as you suggest, but the difference then will be that confidence in currency will have returned.
I am not an expert on economics and I am just trying to do what is best for my family.

Why do you assume that I will be taking gold to the mall or grocery store?
I have a job and get paid monthly just like most others so I take cash to the mall.

Do you honestly think that Visa does not hold any gold? I know gold dealers, jewelers and pawnbrokers (not personally) that want to buy gold. They are advertising more and more and that is how they make money - by trading.

I don't consider myself to be thinking irrationally and I am not expecting an "end of the world apocalypse scenario." I do however expect a very rough time ahead and I am doing my best to Identify major problem areas and then put certain controls in place to try and minimize the suffering that my family may have to endure. I would say that is very rational and forward thinking.

I would rather see "Any money that I sink into gold sit there dead in the water" rather than go to the bank and find the front doors locked or see the value of the currency halve over night or worse.

How can you say that my excitement to buy gold is an indication that it has topped out? I can assure you that my mental state has absolutely no effect on the price of gold.

I often move from one currency to another through necessity as I travel frequently with my job but am home based in Asia and have no intention of moving voluntarily.

I am aware of the buy & sell spread on gold and the vendor that I am purchasing from also charges 3% commission. No I am not trying to move from one country to another via gold, you make me sound like a Vietnamese boat person


PEACE,
RK



posted on Jul, 21 2009 @ 08:49 AM
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in 1975 gold was worth 140-190

it is now worth 800 even though it dropped a few hundred recently

it may go up more, but i really feel it is inflated a bit, and it indeed has a long way to depreciate

so i would say its an extremely risky investment, and if i had any i would sell it and buy other commodities

just my opinion

[edit on 21-7-2009 by muzzleflash]



posted on Jul, 21 2009 @ 08:52 AM
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Alright. Go for it! Be careful and do what you feel is right.

All money is fake. The only way to win is to stay current. Keep earning. My money is in stocks. I trust America.



posted on Jul, 21 2009 @ 09:35 AM
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Now, Im not a stock broker nor a financial wizard, but to me in light of everything that has happened lately and all the majors failing left and right it makes more sense to have in your hands hard assets...

i.e.: cars, house, if you want to protect yor wealth then real gold...but i wouldnt put to much emphasis on it. anything that retains an intrinsic value, even though much of it has depreciated, so have many portfolios.

and if you look at this situation the world faces now, from what I understand it looks very similar to the great depression when charts are comapered...which means we are due for another big drop at the end of summer...which also means more stock deflation.

once all that obama spending has worked its way through the economy, thats when i would figure it is time to get into gold. but for such a high price, it will always be somewhat of a risk...



posted on Jul, 21 2009 @ 01:37 PM
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The long-term up-trend remains securely intact , but Gold is always subject to radical pullbacks...official sector headwinds...proxy BB's. Never been woodsheded by JPM? Even for an investor that has thoroughly studied and internalized the fundamentals supporting this market , allocating ninety percent of personal savings to an unhedged bullion position is hardly a recipe for sweet dreams. I've watched numerous seasoned , over-exposed Gold investors fold-up and capitulate during severe corrections/prolonged doldrums...2006 into 2007 being a prime example. The prospect of re-entering at higher prices is demoralizing....they're out.

A few oz's , no problem , but I would think hard before making a serious commitment to any asset class (especially PM's) without a relative investment strategy...in situ.

DD to the twilight , risk management , exit strategy.....and resolve.

The probabilities continue to support my bullishness , but nothing is guaranteed.

GL



posted on Jul, 21 2009 @ 03:32 PM
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The greatest danger currently in obtaining precious metals is the massive tidal wave of Chinese fakes currently flooding the market. There are reports of not only fake numismatics, but of bullion rounds and bars. Some of these fakes are so good, they are fooling even some of those whose job it is to discern such things (pawn shops, coin shops, etc.) Many of these fakes pass the eye test, are damn close to tolerances of weight and dimension, and are even going so far as to produce fakes that are actually made up of 50%+ of the metal it appears to be... 18K gold for 24, silver bars with nickle rods inside, etc.

This could be happening for many reasons, but the two I am leaning towards are either pure greed/profit; or the more insideous reason... the massive destabilization of PMs as any sort of repository for value or wealth.

I don't even know what the answer to this is. Normally, one would say to only buy from those you trust; but if they're being fooled by these near-perfect fakes, you're in trouble. Buying directly from the mints is an option, but the premium tends to nullify the ability to reasonably store your wealth... and if mistrust is spread throughout the secondary markets, who would buy it from you?

We're facing bad times in the one place that the average citizen can protect themself financially.



posted on Jul, 22 2009 @ 12:27 AM
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reply to post by larphillips
 


I wouldnt disagree that there may be a lot of "moody" gold ingots on the market eminating from China however there is an array of "Non Destructive and Positive Material Identification Tests" which can be performed to verify authenticity.

Thanks for your input,

PEACE,
RK



posted on Jul, 25 2009 @ 12:48 PM
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reply to post by Rigel Kent
 


I really don't think it's necessarry to buy gold to protect your limited wealth.. If you have job problems or you're in danger of becoming redundant or whatever, there are welfare benefit advisers you could talk to, and well GOLD.. that is extremely extreme for wealth protection. With the recession and all, it's likely that other people will have lower pay and therefore, they'd be more interested in basic survial needs such as food and clothing than in buying gold. If you're concerned about your money, you can worry about gold and other luxuries when and if you do completely meet your basic living needs.



posted on Jul, 25 2009 @ 01:17 PM
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Gold is in a bubble right now. I wouldn't buy it due to not being in the early part of it going up. Gold is inflated at this time and pulsating at burst point. Speculators will keep the bubble big as long as they can due to the pawn shop type buying and selling at this point. By your broken jewelry for less than going rate of gold then melt it and sell it at going rate will not last long.



posted on Jul, 28 2009 @ 09:07 PM
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Oh, wow! I'm puzzled now.

I will have to reverse my earlier call and now say that gold is apparently very attractively priced. I am basing this on the price of gold versus silver on...

wait...

EBAY!

Take a look at this auction result... cgi.ebay.com...

The buyer paid $3.95 shipping plus $22.16 for a 5 gram bar of silver.
Silver is currently worth about 44 cents a gram.

1 oz(troy) = 31.1034 g
1 silver troy ounce = $13.73
1 silver gram = $0.4414

So the buyer paid $26.11 for 5 grams of silver or $5.222 per gram in this particular Credit Suisse physical form. At $5.222 per gram an ounce of silver would be priced at $162.42.

So gold at $938.70 per ounce is a steal!!!
Heck yeah!!!
NOW IS THE TIME TO BUY GOLD!!!



posted on Jul, 29 2009 @ 01:17 AM
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Hosting high level meetings with your major creditor , and record debt on the auction block....you can't have Gold up...$USD down.

Fed deploys Euros @ 7AM

Coordinated raid in the Gold pit.

If they can squeeze the shorts back above 80 , it's gut-check time for the Gold gang.







 
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