Gold

billyboy · 10-12-2008, 06:20 AM

I'm not too sophisticated, so I thought that I would ask the question here. Since my retirement seems to be going up in smoke with the stocks,I thought that maybe I should buy some gold, the real stuff, not certificates or something like that. What is a good way? I can store it and protect it physically.

John_AZ · 10-12-2008, 08:22 AM

Volitile.
Ignore headlines. US Mint is a good source for single coins but cannot keep up with demand. Fluctuations of $30 to $50 common. 5% max of savings is normal. Gold mining mutual funds are not doing any better due to falling prices of copper, iron ore.

If the US Dollar strengthens, gold falls.

Find a few sites and forums and read personal stories of gain and loss.
http://www.kitco.com/market/

GL
John_AZ

Drdogface · Drdogface's Garage

I recently had the same thought and bought thru Monex in Newport Beach. Seemed to be the most reasonable. US Mint has stopped the production, at least of Buffalos, until January. Many here said not to buy gold but I did anyway. Monex web site: http://www.monex.com/liveprices

These folks were $70 less expensive per coin than my local gold exchange...yes we have one here in this small town...

Like you, I want to just have some to keep in the safe. May go up...may go down... but at least it's hard money and helps me sleep. I have no plans of speculating.

RWebb · RWebb's Garage

no no no

buy high and sell low is a badddddddd idea

Drdogface · Drdogface's Garage

Quote:

Originally Posted by RWebb

no no no

buy high and sell low is a badddddddd idea

So what is 'low' and when will it be there....no, I'm not being a smart ass...

Porsche-O-Phile · Porsche-O-Phile's Garage

The time to buy gold was about three or four years ago - as real estate was going insane and when anyone with half a brain knew where things were headed. Gold was cheap then. I did buy some, but not as much as I'd have liked.

If there's a real Depression-like crash with civil unrest and widespread panic/looting (and I think that's possible, though not likely), I doubt gold will be worth much in that kind of scenario either.

Drdogface · Drdogface's Garage

Yeah, I remember that....three or four years ago...the lowest I saw it was $256. Thought about it but never jumped in. I don't (and hope) think it will get to the panic/looting stage but if so food and bullets will be priceless.

Aside: Where did your tag line come from. I saw it on a bumper sticker about 15 years ago but never knew the origin... so true though.

John_AZ · 10-12-2008, 01:14 PM

Gold is manipulated. There are at least a dozen "charts" and you may be better off by closing your eyes and throwing a dart.

Example:
Comex Gold – Weekly, semiannual and annual supports are $801.7, $796.5, and $729.7 with a monthly pivot at $870.5, and semiannual and quarterly resistances at $938.2 and $981.3. From www.RightSideAdvisors.com
When to buy? Best to ask when to sell.

GL
John_AZ

cab83_750 · 10-12-2008, 02:15 PM

Quote:

Originally Posted by Porsche-O-Phile

.......If there's a real Depression-like crash with civil unrest and widespread panic/looting (and I think that's possible, though not likely), I doubt gold will be worth much in that kind of scenario either.

Your gold would just be looted and you can't throw the gold to the looters. Instead, throw/shoot lead. Thus, instead of gold, buy lead, gun powder and your own reloader!!!

And don't listen to Snowman about the Dillon reloader heh! heh! heh!

tabs · 10-12-2008, 02:30 PM

Back a few years ago GOLD cost $250.00 an OZ to Mine!!! So at $259.00 there was almost NO PROFIT to mine the stuff.

Gold is a hard monetary asset, and will ALWAYS be GOOD....Thousands of years of history have proven it to be so.

Silver is also a hard monetary asset. Buy bags of pre 1964 quarters.

Buy it and store it in a safe

However.

This past week Gold Traded in an @ $820 to $930 range CLOSING DOWN @ $35 on Friday at $850.00 an OZ

If there is REAL PANIC of the end of civilization as we know it, GOLD WOULD HAVE GONE TO $1500...It did NOT!!! So what does that tell you?

tabs · 10-12-2008, 02:36 PM

At this point in time if YOU ARE NOT OUT OF THE MARKET>..you have to ride it out.

A snap back rally is on the near term horizon.. Many stocks in Health Care, Pharm, Retailers, Entertainment, Tech, Energy were UP SUBSTANTIALLY ON FRIDAY>

Financials, Autos & Materials are going to be death to own for quiet some time to come.

We have come to the end of a Bubble economy. The sobering up and hangover have been a b!t(h. Americans are going to be putting opn that sweater that Jimmy Carter talked about 30 years ago.

p911dad · p911dad's Garage

If you buy a small amount, it is probably not a bad thing. Put it in your sock. Face it, if the entire economy and everything you know goes away, the fallout and changes of how we would operate and survive will not be saved for you by a few gold coins or a .357. You may become a target instead. Actually, buying gold now is "behind the curve". It already went up, and in fact may have a little to go still yet.
I am as certain as ever that the economy won't go away, this will be one of the great opportunities to get a leg up on the market when it makes the inevitable turn. Have cash ready for that, on a day's notice. Don't miss the run up. Gold Bugs always get cranky when that happens and get caught holding gold when it is in retreat.