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vichris - you can get arrogantly snarky all you wish. buying gold at the height of its market is relatively STUPID; unless you know when to off load it. It has been stuck at 1700 for what? 8 months? if the economy turns around (like all the bad loans in the housing market are done - heck, in NJ I saw new housing starts). unless you are a pro metals guy, going into gold at these high prices as a hobby is not wise. gold was 35 an ounce? care to tell me the span of years? prior to 71, the US was on the gold standard. you also must know the US has been devaluing its current since that point - when you give away cash / US $$ to help the poor make ends meet, it devalues your currency. Since 73, it has been worth over $200 according to data I've seen. YOu must also know that the price of gold was set by the gov't pre - 1970 - so your 35 cost is very disengenuous. My observations of gold prices are since the mid 70's. take what you will of my advice.
Originally Posted by Bosox Plum Crazy
vichris- you previously offered to broker gold sales to the OP, so out of the 2 of us, I'd say one has a vested interest full of conflict. but, if it helps you feel better marginalizing my comments, feed that inferiority complex.
Broker?!?! You are full of poop. That should be easy to prove.....so prove it. I'm offering the same kind of advice you are. Yes I have my own vest interest in my OWN finances. Not Roostkings, yours, or anyone elses. Talk about disengenuous.
My advice has been in general about PRECIOUS METALS.....you seem to be stuck on gold only. You seem to have some kind of crystal ball that tells you that $1700 is the limit for gold. I have some numbers in mind that I think silver, gold, and platinum will reach. I'll just say this for now......I'm still buying. I remember people saying that "its at its peak" when I bought my first ounce of gold for $33, and when I bought it for $126, and $354, and $606 and $778, and on and on. Same deal with silver and platinum and palladium. You say its STUPID to buy metals when they are at their price peak. 98% of metal sales are sold at their price peak or damn close to it, so whats your point? THE only time I've worried about metals prices was in the early 1980's on silver. I've held a small amount of silver I bought back then for $9.50 an oz. It went up to just over $11 oz then dropped to about $3-$6 per oz for decades but it's now worth $31+ an oz.
My observations on PM's are from the mid 50's......I will take none of your advice. Just look at very recent history..... Buying dot.com shares, and real estate, and stocks and bonds, are all "relatively stupid" but lots of people did just that in the past 12 years. All of those were being propped up by central banks and govts. Those same entities are doing their damndest to tear down or control metal prices. I'll let you figure out WHY theyre doing that and how that relates why metals are a very "different" kind of investment.
I did some more looking at the price of gold - remember, wealthy folks are almost 100% independent of the gov't - they don't need the gov't to tell them a recession is approaching; add to that their is a finite (scarce resources) amount of assets to invest at any one time and each investment option has its pluses and minuses: gold is the safe investment - it never drops to zero - BUT, in 2001 when there was a ton of dot.com investment going on gold was below $300; from my observations, 2006 was when the housing market and economy began to seriously slow - about 2nd quarter; the wealthy who fuel much of the investment - began to move out of the market and into gold - which is why in 2005 gold was 505 or so; in 2007 when housing was really looking dark, gold was $639 in January and $833 in December. Investing in gold when the asking price is over $1000 - let alone $1700 is a BAD investment scenario. the odds of you making a capital gains off that is slim. if you can do carpentry, plus electical and plumbing competently, rental houses now are fairly attractive (foreclosure has caused an artificial drop in housing value - in GA it is now at 1997 levels or so). But, you need to realize if you have low rentals, your tenants will most likely bust up the place - thus draining your return on investment. The best would be to own a few duplexes - where you live in of the duplexes you rent out. but, with $250,000 - i'd buy a house clear and open an IRA immediately - right now you can put $10,000 - but, with the Obama zombie economy (gov't does NOT create jobs) - that IRA is NOT paying much interest. Housing loans at 3%? What are we, the Phillipines?
vichris - I stand corrected - it appears you simply posted a place to buy gold - sorry about that. I don't know enough about other PM"s to make a commentary. but in gold, I have a decent idea what the standard average value is POST the US leaving the gold standard. That was and is the advice I was giving on. Other precious metals are not as well known, so that trading would be even more precarious.
BTW - I am not giving YOU advice - you appear to be an expert in metals - and, we agree on investing in rental property. eventually, the rest of the economy will turn around and gold will drop below a $1000. a lot of hobby investors who bought small amounts - say less than $100,000 - will have a problem.
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BTW eventually, the rest of the economy will turn around and gold will drop below a $1000. a lot of hobby investors who bought small amounts - say less than $100,000 - will have a problem.
MAYBE, it will drop below $1000......... eventually. And what if they SELL their metals at a much higher price???? People holding physical metal know what they bought it at and have a good idea what they'll sell it at. Its quite different than pissing around with digital numbers on a computer screen. There a couple of things youre not seeing and refuse to entertain Bosox. What if I told you that its projected that gold will hit $5000 an ounce? Or silver hitting $200 an ounce? There are alot of insiders projecting much higher prices than those. I don't think its much of a stretch seing gold at $2500 oz and silver at $60 oz by the end of 2014....next year.
Right now the Chinese, Indian, Russian, and Japanese govts are trying to buy all the PM's they can get their hands on. Platinum is actully trading at a higher price than gold?????
All of these countries and the IMF, central banks, are doing everything they can to suppress PM prices and for VERY different reasons. Those that are buying gold (Chinese, indians,) want to accumulate as much PMs at the lowest prices possible. They (china) actually mined 35% of their acquisition of gold last year. They have very good reasons to suppress metal prices.
The US, western govt's, the IMF, and western/cental banks want to suppress PM prices because it devalues their "paper". They also have good reason to suppress PM prices, but for just the opposite reasons.
The underlying issue is that ALL of these players can foresee that the $$$HEET IS ABOUT TO HIT THE FAN. I'm betting the chinese and the metal thieves are right. Ya you heard me right,.... metal thieves. Even copper is being stolen and hoarded.....that alone should tell you something. People are hoarding old pennies....the copper ones. They are worth much more than 1 cent. Old money (metal) is currency....new money is tokens and parchment (paper). Can you believe the stupidity of our govt still minting (token) pennies that are nothing more than copper plated zinc. It costs far more than 1 cent to mint them. I'll tell you why theyre still minting pennies and nickels....its to keep up the facade that our "currency" is worth what they're telling you it is.
In closing I'll just say this,..................... PM's are still a bargain, especially silver. Buy it in smaller weights 1-10 oz. Even junk silver (old mercury dimes, silver quarters, 1/2 dollars, and dollars). Buy it from reputable dealers NOT Ebay and the like. Learn how to test it by weight and chemisty (very simple).
as I stated vichris - I think you would be considered an expert in the gold market/PM market. but, you have multiple sources and hopefully will jump off the train before it hits the end of the line. I hope it does not go that high - if so, the rest of investors options are in the toilet. However, I agree with you - the federal gov't desire to be everybody's sugar daddy has resulted in the overprinting and devaluation of our US $$ - something President's were worried about at one time. It seriously worries me, but I hope the value of the US $$ holds for another 20 years - but, this deficit spending must be solved - lower spending (lower the GDP - makes it appear we have another recession) or increase taxes - I'd really like to repeal free trade and impose import tariffs to force industry to bring manufacturing jobs - at least for the domestic market - back to CONUS. It would solve 2 things - our revenue problem and our unemployment problem - but, it would jack up inflation. Sadly, ever since LBJ's Great Society, we have recieved absolutely horrible Presidential and federal leadership.
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