Precious metals taking a beating.

S

schockergd

New member
Dec 11, 2008
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Circleville Ohio
"Someone" put 500 tons ($24b worth) of paper gold up for sale well under market prices, severely depressing prices.


Stupid me - I bought a bunch of physical silver last week and didn't protect myself with puts. Now i'm hurting.

SUcks :(
 


When gold was at close to its highest:
cardine said:
Looking back in history this has been one of the most reliable indicators that there is a bubble. It was the case leading up to the Great Depression, in the Housing Bubble, the Tech Bubble, and really just about every other bubble. It was common knowledge that you should put a significant percentage of your income into your house because it was just about guaranteed to go up in value.

And now everywhere I go I hear everyone, experts and peasants alike are telling me that gold is a lock. I hear about how every investment portfolio should have gold in it.

I'm not saying there aren't logical reasons that people think gold will go up, but when everyone (even those who know nothing about the markets) thinks gold is a good investment, there is a good chance it is overvalued.

So I currently want nothing to do with gold.
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Either the Chinese or the Russians are involved in this price manipulation.
 
jeffrey said:
Gonna buy 1,000 ounces this week if it drops more.
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That's a lot of beer

oe_800_40oz__large.jpg
 
It's been a while since I bought any, at least a year now, and I know that it's time to add more now... But sadly this gold stuff has a real set of problems.

It's tangible, (so thieves/governments can/will steal it eventually) and it's traceable too, unless I go through the trouble of buying it under the counter or at estate auctions. :(

Guess my standards have gone up, but gold now seems like a permanently bad investment.

I wonder if many other investors are starting to realize that those are two serious drawbacks to gold that they don't have to put up with anymore?
 
lukep said:
It's been a while since I bought any, at least a year now, and I know that it's time to add more now... But sadly this gold stuff has a real set of problems.

It's tangible, (so thieves/governments can/will steal it eventually) and it's traceable too, unless I go through the trouble of buying it under the counter or at estate auctions. :(

Guess my standards have gone up, but gold now seems like a permanently bad investment.

I wonder if many other investors are starting to realize that those are two serious drawbacks to gold that they don't have to put up with anymore?
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Since you're in LOS, just walk in to one of the gold jewelry stores. As far as I know the don't sell 24 Karat, but they do sell 23 Karat and the price is pegged against the current gold price + design/manufacture fee.

They will also by it back for the current gold price. You don't get the design/manufacture fee back, but that should be minimal anyway.

There are laws preventing the export of 23 Karat out of Thailand, but since its actual jewelry, I doubt customs is going to give two shits if you're wearing it.

Point being the stores don't care who you are or why your buying it. No records.
 
@ acidie: I've been collecting over here (and keeping it here) for years actually... But governments all fall the same way eventually. Knock on my wooden head.


Moxie said:
d2.jpg
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Fucking slacker... He thinks he so bad with that solid gold shirt, but he couldn't even be bothered to put a ring on that left pinky, now could he? :rolleyes:
 
lukep said:
It's been a while since I bought any, at least a year now, and I know that it's time to add more now... But sadly this gold stuff has a real set of problems.

It's tangible, (so thieves/governments can/will steal it eventually) and it's traceable too, unless I go through the trouble of buying it under the counter or at estate auctions. :(

Guess my standards have gone up, but gold now seems like a permanently bad investment.

I wonder if many other investors are starting to realize that those are two serious drawbacks to gold that they don't have to put up with anymore?
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So something being tangible is now a drawback? You just went full retard...

Head over to mises.org and read some books please.
 
lukep said:
@ acidie: I've been collecting over here (and keeping it here) for years actually... But governments all fall the same way eventually. Knock on my wooden head.
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My point though is that because the government is unaware of your holdings they cant seize it.

But then if a government falls and society plunges into chaos, what the government knows or doesn't know is probably the least of your problems.
 
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