ECON So is now the time to buy gold?

L

Luddite

Veteran Member
To-late said:
Go ahead buy gold.
But,,,I suggest that you melt it down to be sure you are getting 100% gold,, before you pay For it.
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That will be a recurring mantra for those that secretly despise gold and what it represents.

That's why the SS (treasury dept) is so hard on counterfeiters. Can't lose faith... :D

Eta: I see Secret Service moved to DHS after 9/11.
Learn something new every day
 
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nadhob

nadhob

Veteran Member
Dozdoats said:
If government keeps its hands off prices, it would eventually settle at free market values.

Without looking, tell me what the official price of gold is ...
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I watch that market all the time....with the bank going bad, Friday Gold was up about $30...$1860 ish...
 
nadhob

nadhob

Veteran Member
hiwall said:
When buying precious metals, remember the US government can ban their ownership at any time.
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Thats my biggest fear...CBDC, or Central Bank Digital Currency, is where they want this to go...No more cash, they see EVERYTHING that goes in or out of your account, and have control over what you can buy and when.
Oh, you refuse to get your monthly booster? " No soup for you" !!!
 
To-late

To-late

Membership Revoked
Luddite said:
That will be a recurring mantra for those that secretly despise gold and what it represents.

That's why the SS (treasury dept) is so hard on counterfeiters. Can't lose faith... :D

Eta: I see Secret Service moved to DHS after 9/11.
Learn something new every day
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I don’t despise gold. I prospected for awhile. But there is always someone selling loaded gold. The article about Australia selling loaded gold to China as an example.
 
B

bracketquant

Veteran Member
The question that should be asked is...

Is there ever a good time when one is forced (by circumstances) to sell?

After answering that, only then should one answer is this a good time to buy.
 
Kathy in FL

Kathy in FL

Administrator
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West said:
If you have most of your debt paid off get a majority of silver in ASE. American Silver Eagles. After you stack a hundred get a ounce of gold AGE, so on and so forth. Play the ratio.

I think the fed res dollar will collapse. But been saying that for 20 plus years. So IDK.

Once the banksters dollars fail we will go back to U.S.Treasury dollars. Where one new treasury dollar is worth 100 old fed dollars plus or minus.

PMs will once again be backing them, but also oil, power, corn and other commodities.

When the fed dollar dies real USA PM coin will still be worth what ever the going spot price was before the fed collapse in the new U.S. treasury dollars. And probably double or more shortly there after. But the fed dollar needs to collapse.
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This hypothesis doesn't include the digital dollar that they are setting things up for.

If we have bank runs ... which I'm not really sure we will this time around ... the feds will leverage the PMs the banks hold, including what might be found in safe deposit boxes, and use it to convert to the digital currency.
 
Kathy in FL

Kathy in FL

Administrator
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hiwall said:
When buying precious metals, remember the US government can ban their ownership at any time.
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More than likely, rather than an outright ban, they'll simply make it so that in order to pay for x, y, or z such as property taxes, insurance, mortgages, make a deposit, etc. you will have to convert any cash or PMs into the digital dollars. In the process they will assess a tax or fee that is exorbitant.
 
Kathy in FL

Kathy in FL

Administrator
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SageRock said:
Things may unravel much faster than the Federal Reserve expects. Their plans for the "master race" digital currency may be overtaken by events, and their entire superstructure could be turned to ashes and dust.
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Possibly but that's as hypothetical as everything else is at this point. A slow descent in to madness is much more likely than a sudden polar plunge. That doesn't mean it can't happen fast.
 
N

night driver

ESFP adrift in INTJ sea
I am unsure that Yellen has the stones AND the gravitas to make the decisions she needs to make TODAY, Sunday, March 12, 2023, and have those decisions stick.

Lets see.
It is 415 EDT. In 13 hours we will get our first REAL hint, as we watch the Futures trading this evening.
I will WATCH what they try to float via press releases during the day today but I don't expect ANY answers that mean anything before the futs bath starts.---or not. As it may or may not.
 
coalcracker

coalcracker

Veteran Member
night driver said:
I am unsure that Yellen has the stones AND the gravitas to make the decisions she needs to make TODAY, Sunday, March 12, 2023, and have those decisions stick.

Lets see.
It is 415 EDT. In 13 hours we will get our first REAL hint, as we watch the Futures trading this evening.
I will WATCH what they try to float via press releases during the day today but I don't expect ANY answers that mean anything before the futs bath starts.---or not. As it may or may not.
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The deathburgers will be out thawing while we go sing some hymns to the King of Kings this morning. I’m thinking maybe you or one of our other financially oriented guys might fire up the grill on a dedicated deathburger thread at the appropriate time?

This could get crazy fast.

Will Janet’s yellin lead to sellin? Tune in to TB2K’s picnic on the patio as we all party our way toward the Ides of March, 2023. DEATHBURGER! This is no time for a kale salad…
 
S

Squid

Veteran Member
Whether to buy gold or any investment has to be a personal decision. Gold can certainly be considered a very long term store of wealth, but can swing both up AND down in value.

With the dem’s no longer controlling the government purse strings and Powell pushing rates up even past billionaires crying on CNBC, there could be some cap on golds raise if the Cali bank issue is settled quickly calming bank fears.

I would consider not putting all my eggs in any one basket but having a reasonable percentage of investing capital into metals seems like another way to dervisify one’s savings.

If buying metals use a trusted realiable broker there is some fakes running around.
 
T

Terrwyn

Veteran Member
I still don't have any clear answer why PM's are going to do me any good if it all collapses. Or what I would do with my pre 2000 coins. Or where I would turn them in for the new currency or whatever. The last I heard the County isn't taking them for taxes in CA.
Everytime this happens I see people get sucked in to buying Gold and silver and then losing a ton of money when they crash the price. Somebody on here bought silver one time near 50 bucks if I remember correctly. How did that work out for you?
 
hiwall

hiwall

Has No Life - Lives on TB
Terrwyn said:
I still don't have any clear answer why PM's are going to do me any good if it all collapses. Or what I would do with my pre 2000 coins. Or where I would turn them in for the new currency or whatever. The last I heard the County isn't taking them for taxes in CA.
Everytime this happens I see people get sucked in to buying Gold and silver and then losing a ton of money when they crash the price. Somebody on here bought silver one time near 50 bucks if I remember correctly. How did that work out for you?
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Precious metals should only be purchased with your excess money.
Historically these metals have provided a store of wealth that could weather any economic or financial storm.
Personal opinion: I question if precious metals will continue to provide the same wealth storage in the future as in the past. People used to be smart and now most are stupid. People used to be able to understand wealth and now they do not. That said, I do have a couple silver dimes on-hand just in case.
 
Hfcomms

Hfcomms

EN66iq
Terrwyn said:
I still don't have any clear answer why PM's are going to do me any good if it all collapses. Or what I would do with my pre 2000 coins. Or where I would turn them in for the new currency or whatever. The last I heard the County isn't taking them for taxes in CA.
Everytime this happens I see people get sucked in to buying Gold and silver and then losing a ton of money when they crash the price. Somebody on here bought silver one time near 50 bucks if I remember correctly. How did that work out for you?
Click to expand...

Wealth never disappears....it just changes hands and we are seeing a global hand changing right now. The purpose of gold (and silver) is to retain it's value over time and after the monetary reset when almost everyone is destitute you will have something to work with. That is what most central banks and sovereigns do and that is a reason why they hold physical gold in their vaults and not pork bellies or something.

Now, in order to make it through the reset or any type of collapse you need to be well provisioned and stocked up because as others have said before if you are down to your last couple of cans of soup or pound of rice you are probably not going to sell it for gold and silver coin. Once you have stocked up in all areas as much as you think you need to at that point you then take any surplus funds and turn them into gold/silver coins or other tangibles that will hold their value.

As far as people being 'sucked' into buying gold and silver and then losing a ton of money demonstrates that you really don't understand what gold and silver are. The pieces of paper in your purse are not money, they are currency. You don't sell gold and silver as a trade to make money as they are money. You don't buy/sell gold and silver to become wealthy, they are wealth.

I've often said that you don't need to be the smartest person in the room. Just find the smartest person in the room on any subject and copy what they are doing for themselves. Central banks around the world are amassing tons of gold on a feverish pace and so are governments that know what is coming (China, Russia and India for example).

As far as buying silver for close to $50 I haven't done that but I have bought at $40 and I don't regret a single coin. I value my metal in ounces and not in the dollar suppressed prices. In other currencies gold and silver are close to their all time highs.

When this system falls apart nobody can be 100% sure what will happen but world history shows that gold and silver perform their function in chaos very well and even in recent history in Venezuela I've posted the story from Bloomberg that shows that poor people there mine placer gold and pay for their food and services with flecks of gold that they have mined.

Americans have forgotten what real money is......but not all of us. It is embedded in our DNA and we are going to see a rush to metal the likes of which are going to remind you of what Bitcoin has done.

When the dust settles you need something to work with and that is what the metal will do for you.
 
West

West

Senior
Terrwyn said:
I still don't have any clear answer why PM's are going to do me any good if it all collapses. Or what I would do with my pre 2000 coins. Or where I would turn them in for the new currency or whatever. The last I heard the County isn't taking them for taxes in CA.
Everytime this happens I see people get sucked in to buying Gold and silver and then losing a ton of money when they crash the price. Somebody on here bought silver one time near 50 bucks if I remember correctly. How did that work out for you?
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Worked out great! Since we didn't sell any at the lows.

Hfcomms said:
Wealth never disappears....it just changes hands and we are seeing a global hand changing right now. The purpose of gold (and silver) is to retain it's value over time and after the monetary reset when almost everyone is destitute you will have something to work with. That is what most central banks and sovereigns do and that is a reason why they hold physical gold in their vaults and not pork bellies or something.

Now, in order to make it through the reset or any type of collapse you need to be well provisioned and stocked up because as others have said before if you are down to your last couple of cans of soup or pound of rice you are probably not going to sell it for gold and silver coin. Once you have stocked up in all areas as much as you think you need to at that point you then take any surplus funds and turn them into gold/silver coins or other tangibles that will hold their value.

As far as people being 'sucked' into buying gold and silver and then losing a ton of money demonstrates that you really don't understand what gold and silver are. The pieces of paper in your purse are not money, they are currency. You don't sell gold and silver as a trade to make money as they are money. You don't buy/sell gold and silver to become wealthy, they are wealth.

I've often said that you don't need to be the smartest person in the room. Just find the smartest person in the room on any subject and copy what they are doing for themselves. Central banks around the world are amassing tons of gold on a feverish pace and so are governments that know what is coming (China, Russia and India for example).

As far as buying silver for close to $50 I haven't done that but I have bought at $40 and I don't regret a single coin. I value my metal in ounces and not in the dollar suppressed prices. In other currencies gold and silver are close to their all time highs.

When this system falls apart nobody can be 100% sure what will happen but world history shows that gold and silver perform their function in chaos very well and even in recent history in Venezuela I've posted the story from Bloomberg that shows that poor people there mine placer gold and pay for their food and services with flecks of gold that they have mined.

Americans have forgotten what real money is......but not all of us. It is embedded in our DNA and we are going to see a rush to metal the likes of which are going to remind you of what Bitcoin has done.

When the dust settles you need something to work with and that is what the metal will do for you.
Click to expand...

Hey, the best price I can get in my AO is $35 for a ASE ounce. And that's only because of the relationship I've gained from my supply. $40 a ounce is about the real spot price Today when exchanging FRNs for government minted coin bullion.

Just musing out loud. I know you know, but for prosperity...

:D
 
CaryC

CaryC

Has No Life - Lives on TB
Terrwyn said:
I still don't have any clear answer why PM's are going to do me any good if it all collapses. Or what I would do with my pre 2000 coins. Or where I would turn them in for the new currency or whatever. The last I heard the County isn't taking them for taxes in CA.
Everytime this happens I see people get sucked in to buying Gold and silver and then losing a ton of money when they crash the price. Somebody on here bought silver one time near 50 bucks if I remember correctly. How did that work out for you?
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Here's your answer:

Hfcomms said:
The answer to that is you can't eat the paper notes or pieces of plastic in your wallet either if there is nothing to buy. The difference is that history has shown that the gold will retain it's value long after the pieces of paper turn to dust.
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And I personally have never seen silver at 50.00. But that is me. Have seen ads predicting it to go to 50.00 but never actually hitting 50. The highest I've seen is 28-29.00.

And only revert to using gold and silver in survival. NOT paying taxes. When it comes time to use gold and silver for that, the end has already come and they won't be collecting taxes.

And only use money to buy gold and silver that you won't need for long periods time, as in decades. As has been mentioned multiple times gold and silver is NOT to grow wealth, but to preserve it.
 
L

Luddite

Veteran Member
If I decide to move, I can't put 10 head of cattle in my pocket.

Let's be honest, many of us are "hand to mouth". What little precious metals I may or may not have are to pass multi-generational wealth.

I did half-jokingly ask a dentist a few years ago if he would take silver if everything fell apart. He smiled and shook his head yes.

I don't see why some people on either side of this argument are so invested. (Pun intended)

Gold and silver are tools no different than a college degree or a firearm. Specialized tools aren't "be all do all" devices.

The greed that gives some endorphin response to gold in hand or a bank balance statement are sure to disappoint.
 
Hfcomms

Hfcomms

EN66iq
CaryC said:
And only use money to buy gold and silver that you won't need for long periods time, as in decades. As has been mentioned multiple times gold and silver is NOT to grow wealth, but to preserve it.
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As a rule of thumb but not necessarily. I consider them a savings account but if paper or plastic is still accepted obviously I'll use that. I usually buy from Apmex and they will buy back the metal as well and I can turn it around in a week to ten days if I want to. For bullion they sell a few percent above spot and pay a few percent less than spot on sellback and in 2011 when silver had it's run to almost $50 they were paying around $45 on the buyback.

Same with numismatics. I bought a number of half ounce gold liberties last year for $1180 and today those sell for over $1400 each and I can get mid $1300 if I sell back to them. So on paper I can make around $170 a coin if I sell back to them. Heck, I have a car dealer up here that I know that told me that he will sell me any car or truck on his lot for gold coin any day of the week.
 
Hfcomms

Hfcomms

EN66iq
Luddite said:
Gold and silver are tools no different than a college degree or a firearm. Specialized tools aren't "be all do all" devices.
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Agree fully on that. It's just another part of prepping and as I've said before if I had to choose between some gold and silver in my pocket or a good food storage plan I'd take the food. Prepping is full spectrum and the metal is just one part of that multi faceted diamond.
 
West

West

Senior
Plus if one buys government coined bullion every year, what one losses on cheaper silver is more than made up for.

For example a friend started stacking these in 1996:

www.apmex.com

Buy 1996 1 oz Silver Eagle BU | APMEX

1996 1 oz American Silver Eagle BU | Largest selection & fast free shipping on orders $199+.
www.apmex.com www.apmex.com

IIRC, the cost in 1996 for these was less than $10 each. Why I would suggest to "Just Do It" every year. It will pay off, if you or yours ever have to sell it. Sell four letter dirty word in the PMs market!

:D
 
CaryC

CaryC

Has No Life - Lives on TB
Hfcomms said:
As a rule of thumb but not necessarily. I consider them a savings account but if paper or plastic is still accepted obviously I'll use that. I usually buy from Apmex and they will buy back the metal as well and I can turn it around in a week to ten days if I want to. For bullion they sell a few percent above spot and pay a few percent less than spot on sellback and in 2011 when silver had it's run to almost $50 they were paying around $45 on the buyback.

Same with numismatics. I bought a number of half ounce gold liberties last year for $1180 and today those sell for over $1400 each and I can get mid $1300 if I sell back to them. So on paper I can make around $170 a coin if I sell back to them. Heck, I have a car dealer up here that I know that told me that he will sell me any car or truck on his lot for gold coin any day of the week.
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Like you said I would think that is more the exception than the rule. At least here on this board (preppers).

Basically the FRN's one would get now compared to the value one would get in a "shumer event" isn't worth the FRN's now.

I'm sure some people who have a lot of money to play with, play precious metals as they do stock markets.

I bought some pieces of gold when it was like 360.00 if I sold that now at 1860.00 I'd make 500.00 what would I do with it put it in a bank? Invest in the stock market? For the few pieces I have I'll hold when FRN's are worthless. And if that never happens OK, my son will inherit. I'm fine with that.
 
D

Dozdoats

On TB every waking moment
Yellen says no bailouts...

PMs are YOUR money insurance. If you are paying attention, you know how little the FDIC can cover.

Posted this elsewhere on the board earlier -

View: https://www.youtube.com/watch?v=3y8yh1HnA5s

Banking Collapse! -with Lynette Zang
RT 22:36

Yes, ITM sells PMs. But is the MSM telling you this?
 
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