Buying gold...

[Aaron Smith]

Anyone here bought gold before? I'm thinking of putting a large percentage of my savings into real physical gold. If you think this sounds like a silly idea, chances are you probably haven't really spent any time learning about gold. All I really know is that I don't feel very good about keeping my savings in US dollars, considering the ridiculous amount of money that the Federal Reserve had to create out of thin air in order to prop up all the "too big to fail" banks, on all the short term stimulus garbage (which is 100% ineffective), etc. There is a ridiculous, ridiculous amount of new dollars in bank reserves that just hasn't made its way out into the economy yet, but when it does, then prices on everything will shoot through the roof. I frankly just don't think the prospects for the US currency is very good right now at all, and gold is a way to isolate your capital from whatever the government printing press does (for those of you outside the US, this is all probably much less interesting and meaningful to you).

Anyway, this could be an interesting discussion...although to be honest, I don't know if I'm going to get mockery or support!

 

[Metal Overload]

That`s why you see a lot of comercials of companies buying your gold, i guess.

 

[Metaltastic]

I suppose it would all depend on the price!

 

[jrt12]

you would've already made some decent cash had you done before all the insane govt spending thats happened recently. of course, there shows no sign of letting up on all the spending, so expect the dollar to continue to devalue. however, its not so crazy an idea as it seemed before, so there's alot more speculation going on in this field these days and therefore, not as lucrative as it was even just a year ago.

but if any daytrader or wallstreet wannabe tries to mock you, send them this link from today's headlines:

http://news.yahoo.com/s/ap/20091111/ap_on_bi_ge/us_going_for_gold

 

[Zack Uidl]

It is a very, very smart thing to do....especially since you are in the US

 

[Force666]

I think to some degree it WAS a good idea. Shit, I remember years back gold was at like 340$ an ounce. Now it's like 1200$ or some shit.

 

[RemoWilliams]

I'd say if you have a considerable amount in savings then having it unaffected by any changes to the dollar is a good investment. Though, I know of few people who have a decent amount of savings to consider transferring it to gold.

But as Wu Tang says, "Diversify Your Bonds!".

 

[Zack Uidl]

I think to some degree it WAS a good idea. Shit, I remember years back gold was at like 340$ an ounce. Now it's like 1200$ or some shit.

It definitely was a good idea before, and it still is. Even though, like you said, it was about $340 an once before and is over 1k now, it is still is a very smart move

 

[Force666]

It definitely was a good idea before, and it still is. Even though, like you said, it was about $340 an once before and is over 1k now, it is still is a very smart move

Word. That's what I meant. Just....hindsight is 20/20 ya know. It's like any investment, you could lose your ass. The dollar strengthens somehow and it's back down to 300 an ounce before you have a chance to get out. Once/if the dollar strengthens, the market will be flooded with gold therefore driving prices way down quickly.

Better investing in drugs and hookers! You know, the stuff that will never go down.

 

[Zack Uidl]

^totally

 

[AudioGeekZine]

so...do grocery stores accept gold? After you have the gold, then what?

 

[RemoWilliams]

so...do grocery stores accept gold? After you have the gold, then what?

Well, I believe you keep the gold in a savings and let it build as gold prices go up. And you can cash out what you need maybe?

 

[LydonB]

The best part about gold is that it generally does not decrease in value.

 

[Force666]

The best part about gold is that it generally does not decrease in value.

What gives you that idea?

If you go read about it, it fluctuates quite a bit. Gold was actually worth more in the 80s than even now. Of course the actual dollar value is higher now, but you have to factor inflation. Dollar value vs. Price of Living.

I'm just saying that by investing now, you're taking a chance. As always. So many people are/have invested in gold because of the U.S. Financial climate, that if somehow that turns around you could easily take a 70% loss on the investment.

 

[LydonB]

What gives you that idea?

If you go read about it, it fluctuates quite a bit. Gold was actually worth more in the 80s than even now. Of course the actual dollar value is higher now, but you have to factor inflation. Dollar value vs. Price of Living.

I'm just saying that by investing now, you're taking a chance. As always. So many people are/have invested in gold because of the U.S. Financial climate, that if somehow that turns around you could easily take a 70% loss on the investment.

Shyte. Guess I was ill informed. I had always heard exactly what I said and that was that gold generally doesn't decrease in value. Oh well

 

[Kazrog]

Just about anywhere is a better place to park your savings than a bank these days. My mattress at least collects interest in dust mites, perhaps I should invest some cash there...

 

[AudioPhile777]

Gold and Silver are the best places to have your savings right now... and probably for the foreseeable future... bottom line... Gold doesn't go down in value, the value more or less stays the same, the currency by which it is stacked against if what fluctuates... definitely worth it.

 

[Jackal_Strain]

Diamonds are the way to go!

 

[JeffTD]

Honestly, I would wholeheartedly advise against buying gold right now.

 

[Soundlurker]

Perhaps you could distribute your savings into a few different currencies so that not all your eggs are in one basket. From what I've heard it's a good idea to have US dollars, japanese Yens and british pounds or maybe euros and move things around as the exchange rates change.