Please. Sell your Gold NOW! It's a trap.

Originally posted by CranialSponge
Like hell if I'm selling off my precious metals.

I dumped all of my investments and purchased gold and silver bullions back in 2006 for the purpose of security, not some stupid quick money making scheme.

Our home is paid off, we carry no debts of any kind, and are sitting pretty with a pile of precious metals in our hands... why the hell would we want to exchange the real deal with a bunch of fake paper endorsed by debt accumulation ?!

If you were smart enough to buy gold and hold on to it this long, I find it hard to believe you're going to let an opportunity pass to buy real lasting assets.



Troll harder, you're doing it wrong.

A smart person would shed the gold in such a ripe market. Why? Because if he/she were smart enough to get into gold when it was cheap, they are smart enough to get into Water, Energy, and Land while it is cheap.

That's cool, do what you want with your imaginary wealth, I don't care. I'm only here to warn people who kind of know what they're doing, in hopes they won't get wiped out getting caught up in something they don't fully understand.

Originally posted by sbctinfantry

Originally posted by CranialSponge
Like hell if I'm selling off my precious metals.

I dumped all of my investments and purchased gold and silver bullions back in 2006 for the purpose of security, not some stupid quick money making scheme.

Our home is paid off, we carry no debts of any kind, and are sitting pretty with a pile of precious metals in our hands... why the hell would we want to exchange the real deal with a bunch of fake paper endorsed by debt accumulation ?!

If you were smart enough to buy gold and hold on to it this long, I find it hard to believe you're going to let an opportunity pass to buy real lasting assets.

Troll harder, you're doing it wrong.

A smart person would shed the gold in such a ripe market. Why? Because if he/she were smart enough to get into gold when it was cheap, they are smart enough to get into Water, Energy, and Land while it is cheap.

That's cool, do what you want with your imaginary wealth, I don't care. I'm only here to warn people who kind of know what they're doing, in hopes they won't get wiped out getting caught up in something they don't fully understand.

Um excuse me, but I do own "real lasting assets"... otherwise known as tangible assets.

What part of "dumping volatile investments" and purchasing tangible assets instead with no debt don't you understand ? Or better yet, what part of "tangible" don't you understand ?

Since when did housing, acreage, precious metals, and various other fixed assets become "imaginary wealth" in your mind ?

Don't assume that I live in some metropolitan city in a house that sits on some puny 50x50 lot.

So for future reference: Understand the other party's position beforing basing a debate solely on speculation and assumption.

reply to post by sbctinfantry


well there, o enlightened one.... i bought gold stocks for less than $10. per share...
that investment has returned more than 750 shares of $15 a share stocks with little concern on my part...
as tax free capital gains...


if gold were to revert to the Y2k price of $250. oz --- i might break-even...
whereas the S&P/ DOW has lost its value to inflation... by near ~25%



yeah... i'm getting out just before all you latecomers jump on the bandwagon and make gold/PM go parabolic !

sheeze, you gotta be a shill for the elites

I have plenty'o brass, a champion Blacksmith hubby and an Armageddon garden....
Folk can keep their gold.

reply to post by sbctinfantry


You make no sense and you only think in absolutes. There is no gold bubble. Yes there might be a small correction but as long as the global economy keeps printing out fiat currency, gold and silver will keep going up/hold its value.

All this “you’re going to be starving with your gold bars asking for food and no one will trade you for food” or “you can’t eat gold” well you can’t eat fiat paper either yet you hold on to it like it has value.

For those like me, we store food, water, have our guns, land, and cattle. Once we bought all we need to survive the end of the world, we convert the rest of our wealth into gold and silver. Its that simple

Gold has an atomic number of 79, which means it has a relatively high atomic mass compared to other known atoms. The only way to create a lower atomic mass using other larger elements is through nuclear fission which is highly dangerous and requires a rediculous amount of refining of other even scarcer elements to accomplish. The world only has enough gold to fill just over 3 olympic sized swimming pools. Gold has many practical uses. So the rareity, inability to create it, and usefulness would all disagree with you.

Originally posted by camaro68ss
reply to post by sbctinfantry

 

You make no sense and you only think in absolutes. There is no gold bubble. Yes there might be a small correction but as long as the global economy keeps printing out fiat currency, gold and silver will keep going up/hold its value.

All this “you’re going to be starving with your gold bars asking for food and no one will trade you for food” or “you can’t eat gold” well you can’t eat fiat paper either yet you hold on to it like it has value.

For those like me, we store food, water, have our guns, land, and cattle. Once we bought all we need to survive the end of the world, we convert the rest of our wealth into gold and silver. Its that simple

I'm pretty sure I haven't once indicated that fiat currency is superior to gold. The trolls are coming out of the woodwork.

I'm also sure that I advised taking any gains on gold and converting them into real assets.

Land
Energy
Water

That's fine for you guys that have it all figured out, I'll keep not making sense until I say I told you so.

Gold was at a high price in Egypt until they came in that year. The mithqal did not go below 25 dirhams and was generally above, but from that time its value fell and it cheapened in price and has remained cheap till now. The mithqal does not exceed 22 dirhams or less. This has been the state of affairs for about twelve years until this day by reason of the large amount of gold which they brought into Egypt and spent there
—Chihab Al-Umari

“Everything has its limit – iron ore cannot be educated into gold”, Mark Twain.

Gold will crash. Markets do not go in straight lines forever. Anyone who stands back with an objective view knows that gold is a bubble waiting to burst. There are only buyers, no sellers. Paper stocks are being dumped. This has happened before, with silver. It's over, folks. Time to get out of the game while you still can. Just because you're holding physical gold, does not mean that everyone is. There is only so much gold, and only so much available to sell in the market.

Gold in antiquity was relatively easy to obtain geologically; however, 75% of all gold ever produced has been extracted since 1910.[39] It has been estimated that all gold ever refined would form a single cube 20 m (66 ft) on a side (equivalent to 8,000 m3).[39]

Source : en.wikipedia.org...

Silver Thursday was an event that occurred in the silver commodity markets on Thursday, 27 March 1980. A steep fall in silver prices led to panic on commodity and futures exchanges.

BackgroundNelson Bunker Hunt and William Herbert Hunt, the sons of Texas oil billionaire Haroldson Lafayette Hunt, Jr., had for some time been attempting to corner the market in silver. In 1979, the price for silver jumped from $6/oz to a record high of $48.70/oz.
-snip-
But on January 7, 1980, in response to the Hunt's accumulation, the exchange rules regarding leverage were changed, when COMEX adopted "Silver Rule 7" placing heavy restrictions on the purchase of commodities on margin. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days, they were unable to meet their obligations, causing panic in the markets.

We sounding familiar yet? I'm pretty sure there was a headline about placing a margin hike on gold and silver... hrm

www.etftrends.com...

Oh yeah, there it is. Seems like everyone who was anyone got out of EFT's because, hey, why buy the real thing if you know when to dump the fake?

That kind of reminds me of a story...

The Hunts were unable to meet the margin call, and, with the brothers facing a potential $1.7 billion loss, the ensuing panic was felt in the financial markets in general, as well as commodities and futures. Many government officials feared that if the Hunts were unable to meet their debts, some large Wall Street brokerage firms and banks might collapse.[2]

To save the situation, a consortium of US banks provided a $1.1 billion line of credit to the brothers which allowed them to pay Bache which, in turn, survived the ordeal. The U.S. Securities and Exchange Commission (SEC) later launched an investigation into the Hunt brothers, who had failed to disclose that they in fact held a 6.5% stake in Bache.[3]

-snipperoo-

In 1988, the brothers were found responsible for civil charges of conspiracy to corner the market in silver. They were ordered to pay $134 million in compensation to a Peruvian mineral company that had lost money as a result of their actions. This forced the brothers to declare bankruptcy, in one of the biggest such filings in Texas history.[5]

So the banks cornered the market, had some guys take the fall, got a bailout, and still came out on top. The guys that took the fall even came out on top, sort of.

I'm not willing to hold your hands any further. If you don't like what I'm saying, fine. Back it up with a fact or two, please.

"That which has been is that which will be,
And that which has been done is that which will be done."

Solomon

Fun Facts :

1) The silver market dropped 50% in 4 days
2) The silver ounce price in 1979 shot from $6 to $48 – and then plunged all the way back down again. The silver price has never gone back up. Yet.

The 1944 Bretton Woods Agreement created a gold-based currency system with the US Dollar (USD, aka the Federal Reserve Note), as the benchmark to facilitate international trade between capitalist states. Bretton Woods was never a global system. It was a capitalist system. It included some countries, and excluded others, like Eastern Europe and anything which looked socialist or communist.

Back then, the US economy was in good shape: it held 80 percent of the world’s gold reserves; it held the world’s only atomic bomb; and it had the world’s most powerful army. The US also produced half of the world’s coal, two thirds of its oil, and more than half of its electricity. It also produced great quantities of machinery, ships, airplanes, vehicles, armaments, machine tools, and chemicals. Britain and Europe were broke, Japan was decimated, and the rest were not part of the capitalist game.

Since the Bretton Woods Agreement, the US asset base has moved from gold, through real estate, to future debt obligations. By the 1990s, industrial production had moved offshore from the US, and credit market growth has been fuelled by credit itself as an asset to lend against, mostly in the form of CMBS (Commercial Mortgage Backed Securities), CDO (Collateralized Debt Obligations), and credit cards. This works as long as the credit cycle keeps growing, which, of course, it never does. Banks further exacerbated this credit leverage, by moving these credit products off balance sheet to reduce their capital adequacy requirements, further leveraging this debt.

-Sam Barden

Originally posted by SlyingFaucers
Gold has an atomic number of 79, which means it has a relatively high atomic mass compared to other known atoms. The only way to create a lower atomic mass using other larger elements is through nuclear fission which is highly dangerous and requires a rediculous amount of refining of other even scarcer elements to accomplish. The world only has enough gold to fill just over 3 olympic sized swimming pools. Gold has many practical uses. So the rareity, inability to create it, and usefulness would all disagree with you.

edit on 22-8-2011 by SlyingFaucers because: (no reason given)

Amazing reply, really. Instead of alchemy, the moneychangers use paper. I just don't get what you're trying to say?

What's more dangerous than making gold from other minerals? Making it out of thin air I suppose...

I mean, I'm not even trying anymore..

reply to post by sbctinfantry


You did a poor job in your OP.

Only precious metals I have is in bullets....so that I may steal the gold.......

While I understand you find the velocity in which gold is moving quite disturbing, I can assure you that it is not Gold that will soon be worthless.

You must understand that it is not Gold that is really going up in value, rather it is the USD that is losing it's purchaing power. One ounce of Gold has about the same amount of purchasing power as it did 100 years ago. Gold is a store of value, not so much a hedge against inflation. In the last 6000 years Gold has never been worthless. It is a lot more likely that Jesus Christ will show up in the next few weeks over Gold becoming worthless.

The single largest source of above ground Gold is the US Fed Reserve. Even their massive holdings only make up 15% of the worlds Gold (above ground). Here is a little secret, the US Fed doesn't have enough money to manipulate the Gold market.

The greatest threat to Gold is not turning off the printing press, it is a government mandated confiscation of Gold. They have done it before and I would not be suprised if they do it again. If too many people continue to usurp the dollar, confiscation will happen.

reply to post by sbctinfantry


You didn't really give me a chance to elaborate before accusing me of not critical thinking. Everything you said is true, but it does not mean that gold is valueless. It would actually retain some value in a dollar collapse. My personal preference is to buy invest in tangible items that everyone uses.

Originally posted by GmoS719
reply to post by sbctinfantry

 

I don't think many of us own Gold.
I might be wrong, but I think that kind of stuff is reserved for the rich.

I have gold. I am certainly not rich - although, I obtained when I had a little more money to throw around, and was diversifying quite a bit.

Recently, I decided I wanted to have at least one of the 2 American Eagles (1oz.) I have broken down into fractional coins, so that if ever needed them, they would be more flexible for trading/bartering, or giving as gifts - hell, I don't know...

I contacted a rare coin shop who met by appointment only. I gave them my information. 30 minutes later I got a nice message from a gentleman saying he would love to talk me through the process as well as provide some other recommendations(?). His message said that he was only going to be in the office for another few minutes, but that if we didn't speak [today], he would contact me again first thing Monday morning. Very professional.

However I got no call today. Should I call them back?

[part of me feels like it's a sting or something lol - am I not supposed to have gold? Does it have paperwork missing that I received from the company I bought it, I don't remember (don't think so)]

reply to post by sbctinfantry


No.... selling your gold is the trap. China is buying it all up and dumping our currency. Do you see the big picture here!!!!!

reply to post by sbctinfantry


It's not a trap.It's a bubble. Bubbles pop.

I agree...Don't put allyour eggs in one basket.

reply to post by gimme_some_truth


Yeah, either way my intent to is to sell one - get some ca$h (and, congrats on a past 'investment') - and break the other one.

Reasonable?

reply to post by sbctinfantry


Youre insane. After the world goes to hell gold will still be more more than anything else. Gold has and always will have worth, it has been the major currency for thousands of years. After the last drop of crude oil dries up gold will still be here, and when civilzation falls it will still have worth.

It seems there is indeed a difference in opinion.

So I might as well inject mine.

For what little I researched gold, it seems the skyrocket pricing started sometime in the mid 1970's. Up until then the price was fairly stable, or that is what I found.

I suspect around that time there was a false manipulation of the market, and it has continued up to the present time.

Around 1982 or 83 I worked with some fellows that were buying gold every month, only an ounce or two. The price was in the 300's. I did not have any spare money but at the time I thought that was alot of money for some metal.

Well here we are today with a price over 1600.00. The price still seems to be climbing.

Here is where I ask myself, when is enough money enough? If I were a person, or better yet a nation, that had tons of gold, when would I feel I had enough profit/

I have to think that we have to be getting close to at least some of the holders being ready to dump a substantial amount on the market to profiteer. My opinion is that when one large holder starts to dump their gold, the others will follow suit. Just like the stock market, sell before we loose to much.

There is no formula or scientific research for this assumption. I just assume those that hold gold are human, and at some point you have to start to wonder when the other major holders will start to liquidate their holdings. I know I would want to be the one out front raking in the largest amount of money.

Perhaps financial experts and the super wealthy do not think like a working class person, perhaps they can play hold-em up to the final days, but I suspect they are greedy and their goal is to make the most money possible on their assets. So when one starts to sell in large quanities, others should follow, and the sell-off will land gold prices back to a reality value.

Just a thought.

I got a tip for you guys - old DIMM chips out of computers have gold teeth. I sold a small box of worthless ram for over 500.00 to someone that was going to recover the gold. Those old processors have tons of little gold prongs too.