[quote]admbaum wrote:
buy gold and store it in a safety deposit box at a bank. Money is just paper, but gold will always be gold. At current market values, gold is selling for 1164 an oz so that 10oz’s and some change in your pocket. Other than the safety deposit box being located in the bank, the bank has no access to your money. Moral of the story, BUY GOLD. As the US dollar becomes more useless, the cost of gold will increase against the dollar and when you sell your gold, that’s all money in your pocket.[/quote]
This, look at the ten year chart for Gold. We are printing money like it is going out of style.
Charlie Munger, Warren Buffett’s long time partner says the economy is over.[/quote]
Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head. - Warren Buffett
Buying gold is what you do when you have no faith in the dollar (which I know you believe this) and also have no clue where else to keep your wealth. The only thing that has kept gold high this long is the belief that it will continue to be worth something in the future, in other words, the exact same belief that could have caused one to invest in the dollar. As soon as humans target another precious metal to satisfy their affinity for shiny objects, gold is absolutely worthless. As for now, it is nothing more than another bubble created by speculators like yourself. It is traded like a commodity, but unlike a commodity and like Buffet says, it has no utility so its price is always nearly 100% speculation with very little intrinsic value.
Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head. - Warren Buffett
Buying gold is what you do when you have no faith in the dollar (which I know you believe this) and also have no clue where else to keep your wealth. The only thing that has kept gold high this long is the belief that it will continue to be worth something in the future, in other words, the exact same belief that could have caused one to invest in the dollar. As soon as humans target another precious metal to satisfy their affinity for shiny objects, gold is absolutely worthless. As for now, it is nothing more than another bubble created by speculators like yourself. It is traded like a commodity, but unlike a commodity and like Buffet says, it has no utility so its price is always nearly 100% speculation with very little intrinsic value.[/quote]
Gold has been the currency for civilizations all around the world for thousands of years. Gold is good for one thing, keeping governments honest. And not only that but the constitution requires Gold or silver as legal tender.
[quote]tedro wrote:
Gold has been the currency for civilizations all around the world for thousands of years.
[/quote]
Exactly my point. It’s currency and nothing more.
[quote]
Gold is good for one thing, keeping governments honest. And not only that but the constitution requires Gold or silver as legal tender.[/quote]
You sure about that? You might want to give Sections 8 and 10 of Article 1 a quick read.
There’s no need to create a debate about how the government is misusing the dollar, we are in full agreement there, but there’s also no need to throw out the baby with the bath water.
Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head. - Warren Buffett
Buying gold is what you do when you have no faith in the dollar (which I know you believe this) and also have no clue where else to keep your wealth. The only thing that has kept gold high this long is the belief that it will continue to be worth something in the future, in other words, the exact same belief that could have caused one to invest in the dollar. As soon as humans target another precious metal to satisfy their affinity for shiny objects, gold is absolutely worthless. As for now, it is nothing more than another bubble created by speculators like yourself. It is traded like a commodity, but unlike a commodity and like Buffet says, it has no utility so its price is always nearly 100% speculation with very little intrinsic value.[/quote]
Gold has been the currency for civilizations all around the world for thousands of years. Gold is good for one thing, keeping governments honest. And not only that but the constitution requires Gold or silver as legal tender.[/quote]
Oh my fucking god.
Did you just say governments and honest in the same sentence.
[quote]tedro wrote:
Gold has been the currency for civilizations all around the world for thousands of years.
[/quote]
Exactly my point. It’s currency and nothing more.
[quote]
Gold is good for one thing, keeping governments honest. And not only that but the constitution requires Gold or silver as legal tender.[/quote]
You sure about that? You might want to give Sections 8 and 10 of Article 1 a quick read.
There’s no need to create a debate about how the government is misusing the dollar, we are in full agreement there, but there’s also no need to throw out the baby with the bath water.[/quote]
Article I, Section 8, Clause 5: The Congress shall have Power�¢?�¦To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
Article I, Section 10, Clause 1: No State shall�¢?�¦coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt.
Fiat money doesn’t work just look at the Continental. This isn’t our first run in with paper money, it hyperinflated just as the dollar is about too.
The euro is in trouble, I believe it is going to tank first. It is going to give an artificial boost to the dollar as it begins to die. When this happens buy Gold and silver, that is when you will get the best deal.
Find some cheap land and wait for the surrounding area to grow. Then sell. Or as above, pay down debt if you have any. Most debt is costing you alot more then any return you’ll ever get investing.
[quote]admbaum wrote:
buy gold and store it in a safety deposit box at a bank. Money is just paper, but gold will always be gold. At current market values, gold is selling for 1164 an oz so that 10oz’s and some change in your pocket. Other than the safety deposit box being located in the bank, the bank has no access to your money. Moral of the story, BUY GOLD. As the US dollar becomes more useless, the cost of gold will increase against the dollar and when you sell your gold, that’s all money in your pocket.[/quote]
This, look at the ten year chart for Gold. We are printing money like it is going out of style.
Charlie Munger, Warren Buffett’s long time partner says the economy is over.[/quote]
How does that saying go? Those who ignore history are doomed to repeat it?
[quote]admbaum wrote:
buy gold and store it in a safety deposit box at a bank. Money is just paper, but gold will always be gold. At current market values, gold is selling for 1164 an oz so that 10oz’s and some change in your pocket. Other than the safety deposit box being located in the bank, the bank has no access to your money. Moral of the story, BUY GOLD. As the US dollar becomes more useless, the cost of gold will increase against the dollar and when you sell your gold, that’s all money in your pocket.[/quote]
This, look at the ten year chart for Gold. We are printing money like it is going out of style.
Charlie Munger, Warren Buffett’s long time partner says the economy is over.[/quote]
How does that saying go? Those who ignore history are doomed to repeat it?
[/quote]
That is an excellent saying, what did the last country that had this much debt do to get rid of it? Weimar republic is where you should be looking.
I like to twist the saying to say this, those who know history know the future.
[quote]admbaum wrote:
buy gold and store it in a safety deposit box at a bank. Money is just paper, but gold will always be gold. At current market values, gold is selling for 1164 an oz so that 10oz’s and some change in your pocket. Other than the safety deposit box being located in the bank, the bank has no access to your money. Moral of the story, BUY GOLD. As the US dollar becomes more useless, the cost of gold will increase against the dollar and when you sell your gold, that’s all money in your pocket.[/quote]
Don’t listen to this guy… He is chasing the market, which is fucking stupid.
Gold has been tanking the last 30-60 days from record highs, and is still almost double it’s last steady average. You are suggesting he buy HIGH and watch his basis turn into a giant loss.
Shit advice is shit.[/quote]
Obviously I’m going to disagree with you so I’ll go ahead and spare everyone the pissing contest, but I’m curious. Are you basing that on the presumption that the value of the dollar is somehow going to increase in the near future? I’m suggesting that he buy gold period. Not buy high or low. In the short term, he would turn some coin. In the long term, he’ll turn even bigger coin unless the dollar magically becomes more valuable.
As much as I despise Ron Paul and his lunacy of trying to abolish the federal reserve, his advice on buying gold is as solid as the bricks themselves. Gold is a universal currency. If and when, the economy collapses, try buying food, services and equipment with paper money. I’m not expecting doomsday, but if he doesnt want to play the compounding interest game (my favorite way to make money off money), at least point him in a direction where he can learn the difference between assets and liabilities. Gold will always be an asset not matter how much paper (fiat) money it took to purchase it. Unless someone out there learns the secret of alchemy, buying gold is never a bad investment.
admbaum if I could just add one little bit to what you wrote(wont talk about how your hate for Ron Paul is wrong) is that Gold is the best way to secure purchasing power.(When we look at prices with Gold we are seeing massive deflation, which is why I am a strong supporter of Gold and Silver).
houses are on sale right now…gold is/was at a 30 year high…house prices with go up, gold will come down. Pretty easy stuff.
But, I have a feeling that if one thinks that muscle implants will increase strength, then they probably will not qualify for a home loan. Even if 12,000 is a decent down payment in the there market.
[quote]countingbeans wrote:
Have fun being broke and piling up huge losses guys…
I’m out.[/quote]
I bought my daughter a few oz’s when she was born in '08…lets just say her gold, if sold right now will net her 200 bucks per oz over what it cost us. How is that a loss?
To summarize the thread, buy gold, sell drugs, invest in a roth IRA (not a bad idea), decrease debt (dont know how thats an investment), set up an emergency fund, and dont buy gold…without a logical substitute or reasonable alternative. Oh yeah…and buy real estate (dont forget about Osama’s bailout).
I would seriously doubt 12k can buy any real estate that will turn a profit without involving banks and a mortgage. But hey, its a suggestion. 12k worth of gold is more sound of an investment than anything else suggested. Assets and liabilities, whatever you decide on OP, make sure you ask yourself; is this an asset or is this a liability?
How about investing in yourself. Are you highly educated? With a Degree you have earning potential for the remainder of your life. If you are just looking to go through life with pyramid schemes and quick fixes you will fail. Just my two cents.
[quote]JoeGood wrote:
Gold has served one use over the yars. Everytime things get a little rocky the tinfoil hat guys all come running out screaming “Gold, gold, gold!!!”
Its funny how you never see them when things recover and its value has been cut in half, or worse.
Its even funnier to see guys who weren’t even alive the last time that happen talking up gold as the end all be all. [/quote]
You do realize that Gold was our money up until 71 right?
[quote]John S. wrote:
And not only that but the constitution requires Gold or silver as legal tender.
Article I, Section 8, Clause 5: The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
Article I, Section 10, Clause 1: No State shall coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt.
[/quote]
So, where exactly does the constitution require gold and silver as legal tender? The above is the only mention of gold or silver, and all it does it limit the rights of the states to create their own legal tender. It does not limit the states to using other forms of legal (as defined in section 8) tender, it only limits them to only making legal tender of gold or silver. It also doesn’t require them to make any legal tender at all. The federal government has every right to create its own legal tender that is not gold or silver.
