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Old 10-26-2015, 09:42 AM
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Default Gold and Silver investment

Every where I turn folks are advising to buy gold, turn your cash into gold or silver.

The WW III post even pushes that point a little further. Is it time to make that move? I don't know but with so many places offering to take your cash and turn it to gold, I know, without a doubt, there are some out there hoping to rip you a new one.

How do you know who to trust if you are turning your life savings in to gold? What % of your savings would you or have you turned into gold?

Right now, I have no gold. But I'm considering that it's time.

What do you think?
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Old 10-26-2015, 10:32 AM
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Default Re: Gold and Silver investment

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Originally Posted by Doc View Post
Every where I turn folks are advising to buy gold, turn your cash into gold or silver.

The WW III post even pushes that point a little further. Is it time to make that move? I don't know but with so many places offering to take your cash and turn it to gold, I know, without a doubt, there are some out there hoping to rip you a new one.

How do you know who to trust if you are turning your life savings in to gold? What % of your savings would you or have you turned into gold?

Right now, I have no gold. But I'm considering that it's time.

What do you think?
Conservatively speaking, I wouldn't get too excited about gold, but we'll never see silver at or under $16 again. You simply can't go wrong at that spot price. One day (sooner than later, I fear) silver will be back over $40 heading towards $50. And it's easily redeemed on the street in most any form.
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Old 10-26-2015, 11:03 AM
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Default Re: Gold and Silver investment

I too think silver may be better than gold.

As Kane mentioned, if you're going to do it, do it quickly as prices are creeping up. Sport was $14 and change a few weeks ago but has climbed.

Depending on who you ask, 5-10% max of your savings. I don't know the details but you can do something with precious metals as part of your IRA.

If you don't have physical possession of the metal, you don't own it. Make sure you get the product, not a piece of paper saying you owner it.
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Old 10-26-2015, 11:34 AM
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Default Re: Gold and Silver investment

Good info. Thanks guys.

But if one has a 401k and has a their life savings in it. Now the shit hits the fan, the dollar is no longer the standard so it drops way down. If you only have 10% of your savings in gold or silver you saved some but not a lot of what you could have had. Those number seem very conservative to me. But my 401k is tied up till I retire. I cannot take out of it without a tax penalty and turn any of it to metals at this time.

As for having to have possession of it, if stolen, it's simply gone. No recovery from that. I wonder if that has already started? Thieves breaking in and taking gold or silver.
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Old 10-26-2015, 12:49 PM
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Default Re: Gold and Silver investment

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Originally Posted by Doc View Post
But if one has a 401k and has a their life savings in it. Now the shit hits the fan, the dollar is no longer the standard so it drops way down. If you only have 10% of your savings in gold or silver you saved some but not a lot of what you could have had. Those number seem very conservative to me. But my 401k is tied up till I retire. I cannot take out of it without a tax penalty and turn any of it to metals at this time.
No idea where your retirement is but don't they have a fund where you can transfer some of your assets into metals? (This breaks my next rule of possession but it is diversification). How about future contributions? Instead of putting all your $ into the 401K, set some aside and buy metals that are 401K eligible and you take possession.


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As for having to have possession of it, if stolen, it's simply gone. No recovery from that. I wonder if that has already started? Thieves breaking in and taking gold or silver.
Safety deposit box.
When I say "possession", you do have to physically have it but it doesn't necessarily need to be at the house. If it's paper silver (or gold), as I recall or have read, there's only about 10% of the silver backing up the paper. If there's a run on it and people want to sell and take possession then, only the first 10% actually get their product.
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Old 10-26-2015, 01:16 PM
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Default Re: Gold and Silver investment

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Originally Posted by Doc View Post
Good info. Thanks guys.

But if one has a 401k and has a their life savings in it. Now the shit hits the fan, the dollar is no longer the standard so it drops way down. If you only have 10% of your savings in gold or silver you saved some but not a lot of what you could have had. Those number seem very conservative to me. But my 401k is tied up till I retire. I cannot take out of it without a tax penalty and turn any of it to metals at this time.

As for having to have possession of it, if stolen, it's simply gone. No recovery from that. I wonder if that has already started? Thieves breaking in and taking gold or silver.
Correction, Doc. You can indeed roll all or a portion of your 401K into PM's without any penalty. Problem is, tho, the metal will likely be stored in NYC until you're of age to disburse it. Now that really sux, because, as they say, you don't own it unless you have it in hand.

But to disburse it (get it in hand to bury in your own backyard) you're looking at a penalty plus taxes. Sux. But paying taxes on $1,150 gold now is clearly less painful than paying taxes on $3,000-5,000 gold down the road. Your answer is your answer, only.

As far as a percentage of your life savings in PM's? Good question. Some wise guys laugh at me for having 70% of my nest egg in gold and silver coins. That may indeed be the case over the last few years of the DOW going crazy for no good reason or sensible metric. The equities markets are unsustainable; it's nuts; really fucking nuts; it's bound to crash. So I think one day (sooner than later) I'll have the last laugh.

Bullets, gold and toilet paper. I'll be just fine.
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Old 10-26-2015, 02:17 PM
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Default Re: Gold and Silver investment

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Originally Posted by bczoom View Post
No idea where your retirement is but don't they have a fund where you can transfer some of your assets into metals? (This breaks my next rule of possession but it is diversification). How about future contributions? Instead of putting all your $ into the 401K, set some aside and buy metals that are 401K eligible and you take possession.
That's what I was thinking for the upcoming year.

Quote:
Originally Posted by bczoom View Post
Safety deposit box.
When I say "possession", you do have to physically have it but it doesn't necessarily need to be at the house. If it's paper silver (or gold), as I recall or have read, there's only about 10% of the silver backing up the paper. If there's a run on it and people want to sell and take possession then, only the first 10% actually get their product.
Thanks BC
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Old 10-26-2015, 02:19 PM
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Default Re: Gold and Silver investment

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Originally Posted by Kane View Post
Correction, Doc. You can indeed roll all or a portion of your 401K into PM's without any penalty. Problem is, tho, the metal will likely be stored in NYC until you're of age to disburse it. Now that really sux, because, as they say, you don't own it unless you have it in hand.

But to disburse it (get it in hand to bury in your own backyard) you're looking at a penalty plus taxes. Sux. But paying taxes on $1,150 gold now is clearly less painful than paying taxes on $3,000-5,000 gold down the road. Your answer is your answer, only.

As far as a percentage of your life savings in PM's? Good question. Some wise guys laugh at me for having 70% of my nest egg in gold and silver coins. That may indeed be the case over the last few years of the DOW going crazy for no good reason or sensible metric. The equities markets are unsustainable; it's nuts; really fucking nuts; it's bound to crash. So I think one day (sooner than later) I'll have the last laugh.

Bullets, gold and toilet paper. I'll be just fine.
I was wondering that after I typed it, and I do believe you are right on. The thought of not having it in hand is bothersome do to what BC said above.

Thanks for all the info. Wish I had more of a nest egg to put into PM's, as, like you, I think somethings gonna give sooner than later.
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Old 10-26-2015, 02:20 PM
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Default Re: Gold and Silver investment

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Originally Posted by Kane View Post
Correction, Doc. You can indeed roll all or a portion of your 401K into PM's without any penalty.

Bullets, gold and toilet paper. I'll be just fine.
Quote:
Originally Posted by bczoom View Post



Safety deposit box.
When I say "possession", you do have to physically have it but it doesn't necessarily need to be at the house. If it's paper silver (or gold), as I recall or have read, there's only about 10% of the silver backing up the paper. If there's a run on it and people want to sell and take possession then, only the first 10% actually get their product.
Never ever never ever buy paper gold.
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Old 10-26-2015, 04:15 PM
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Default Re: Gold and Silver investment

I have some gold, not much but some. It has been sitting in a safety deposit box for years. I need to check and see what it's worth these days but it'll amount to less than 5%, probably less than 2% to 3% of my portfolio. To be honest, I can't remember why I bought it. I probably got it at the same time that I was messing around with gold mining stocks. That was pretty lucrative for a while but it was a wild ride, too wild for me and I got out of it.

Actually holding gold is one of those things that I've never been sure of. Sure, it's pretty and shiny and it makes you feel good when you hold and handle it but as an investment or a hedge I'm just not sure it's worth it. I'm sure that there are charts out there that will show how good or bad an investment it really is without all the hype.

Now, if you're a Doomsday advocate and want it for trade after the world civilizations collapse, you might do better with cans of baked beans.

I suppose it all depends on why you want to have it. If it makes you feel better and more comfortable about the future to have it then go ahead, buy it. I don't think that I have the right attitude or outlook to get too heavily in to it.
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Old 10-26-2015, 04:31 PM
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Default Re: Gold and Silver investment

One thing has always been certain: an once of gold will buy you a very nice suit.
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Old 10-26-2015, 04:51 PM
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Default Re: Gold and Silver investment

IMO, gold has its positives and negatives as an investment. You hear more about the positives than the negatives. Some negatives:

We tend to forget that gold prices are no more stable than any other investment. That ounce you buy today at $1165 cost somebody nearly $1900 a couple of years ago.

Gold in your possession is not that easy to sell. Quality and quantity must be verified prior to offering it on the open market if you hold physical possession.

Storage is a problem. Security is a must, and security is an expensive problem.
Safe deposit boxes are not free, home storage is easily breached.

Generally, gold is bought at retail and sold at wholesale. The spread can be small or large, but it's still a spread.

Some of the negatives can be lessened by purchasing directly from your bank and storing on premises, and/or by buying US guaranteed coins, but the problems do not go away.

Again, just my opinion.
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Old 10-26-2015, 05:32 PM
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Default Re: Gold and Silver investment

I'm taking the baked beans route, thank you.
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Old 10-27-2015, 03:30 PM
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Default Re: Gold and Silver investment

I have a free safety deposit box. I pissed and moaned to the bank that I wasn't getting any damned interest so I got a freebie box. I have ONE Krugerand in it. I will have to see how money situation is next year. November the first half of my house tax has to be paid. Now I am going to have to start buy Christmas presents for all the in-laws & outlaws. Most of them I rarely see and I'm lucky if I get a card from them much less a present.
Then at the end of December I have to pay my house insurance. Always something.

I do have some fairly old silver coins (that were my mom's) at home in a safe.
Where do you buy your coins?
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Old 10-27-2015, 05:59 PM
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Default Re: Gold and Silver investment

And when the bank closes and you cannot get to the safety deposit box?
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Old 10-27-2015, 07:28 PM
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Default Re: Gold and Silver investment

Waybomb yep I've thought about that too. That's why I only have one coin there. Just like they always say to diversify where your investments are; I think it might be good to diversify where you keep your "booty" as the pirates would call it.
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Old 04-19-2016, 08:42 AM
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Default Re: Gold and Silver investment

Anyone watching precious metals today?
http://www.kitco.com/charts/livesilver.html

Huge upward spike this morning. 16.20 up to 16.89
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Old 04-19-2016, 01:23 PM
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Default Re: Gold and Silver investment

An it hasn't done squat in two years.

Gold is worthless. It is not worth anything more than the paper stock certs are printed on.

If it ever gets so bad that gold actually becomes money and cash money is used for starting fires, what are you going to need currency of any sort for?

There won't be any energy, there won't be any internet, all you will have is your garden and move south so you don't need heat. Al had it right.
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