Would you buy an ounce of gold for $50? They wouldnt!

Discussion in 'Economics' started by peilthetraveler, Nov 9, 2009.

  1. There have been stories of fakes... "heavy clads"... more than the typical gold plating, but with a center of tungsten(?)... which has similar density.
     
    #41     Nov 10, 2009
  2. AyeYo

    AyeYo

    I don't doubt it, and I'm not saying an inspection isn't reasonable. I'm just saying it's a reality. You aren't going to bring your gold maple leaf to the local Wells Fargo branch and get handed $1,100 for it. Like selling anything of subjective value, it's more complicated than that.
     
    #42     Nov 10, 2009
  3. Jesus

    Jesus

    Yeah, thats why I said gold will retain most of its value, I never said all. After the last gold bubble gold still retained most of its value.
     
    #43     Nov 10, 2009
  4. Lucrum

    Lucrum

    Agreed
     
    #44     Nov 10, 2009
  5. I agree with you that the government will probably not take your gold like they did in the thirties. However, they very likely may enact regulations to keep track of who is buying gold, so they can tax it. Right now, you can go into a coin shop and buy gold and silver with cash without giving your name, as long as your purchase is < $10,000 a day. However, the government could easily decrease that dollar limit or require you to fill out paperwork for any purchase. Obama is cracking down on tax havens and is forcing Swiss banks to give the names of wealthy Americans with accounts in Swiss banks. If you cannot keep your money anonymously in a Swiss bank anymore, what can you do for privacy as well as for protection from currency devaluation? Buy gold! Wealthy people around the world are now purchasing large amounts of bullion with cash and want no documents. Ask any large coin dealer and they will confirm this fact.
     
    #45     Nov 10, 2009
  6. Ok, well what about Argentina. Gold still retained its value.

    I see your point, but you are wrong. Even during war, there is always hoarding and valueable metals whose value has been instilled in mankind for thousands upon thousands of years, are still VALUABLE. As opposed to printed currency which becomes no longer accepted.

    Unless you plan to be a merchant during the SHTF times, there is only so much food, water, medicine, firearms, liquor, etc. that you can hoard. Also, if you need to get the f**k outta Dodge, what do you think works better as a payoff? Canned food or valuable metals.

    Besides learning your history you should also look to recent times and understand what is valued in crazy times and what is not. Zimbabwe & Argentina are good examples.

    Gold, silver, platinum & palladium, whether coins, bars, scrap or jewelry are simply a storage of value. It just so happens that they are hedges to the fiat printing presses as well.
     
    #46     Nov 10, 2009
  7. Jesus

    Jesus

    OK again, I never said that it hasn't happened before. I am saying it most likely will not happen again. Slavery used to be legal, do you expect that to be legal again in the future?

    Also, they could just as easily outlaw all guns as well, especially if there are lawless riots. Besides, if the US outlawed gold, just sell your gold abroad.

    And you are completely wrong about your comment on the difficulty of selling gold. It is not hard at all to get spot price or at the very least close to spot price for gold, especially in an environment where demand for gold is high, like in a crisis.

    As for the illigal guns "comment", you probably are right, I am not a gun buff. But I have seen confiscated illegal guns that looked similiar to that, so that was the basis of my comment.
     
    #47     Nov 10, 2009
  8. Diamonds... Some Jews smuggled them (shoved up their ass) out of Germany/Europe when fleeing the Nazis.

    But in the early 80s, there was a book which recommended "buying all the shoes and toilet paper" you could to preserve your wealth in an inflation world gone "Mad Max"... of course all who did ended up with a warehouse full of sneakers and TP... Try converting THOSE back into money...

    Of course, we wouldn't have to do any of this if our ELECTED OFFICIALS.. didn't FUCK EVERYBODY OVER WITH THEIR GREED AND DEFICIT SPENDING... :mad: :mad:
     
    #48     Nov 10, 2009
  9. Jesus

    Jesus

    Agreed
     
    #49     Nov 10, 2009
  10. l2tradr

    l2tradr

    It didn't. It lost about 2/3 at one point, actually a little more (haven't done the math with inflation taken into account). That doesn't qualify as retaining its value, not in my opinion anyway. Yes, it's not going to zero, but neither is everything else.
     
    #50     Nov 10, 2009