about buying gold
#21
I bought a bunch of silver when it was at $15, then sold it at $35.  Really worked out for me. 

Precious metals are a safe bet in this volatile world economy.

Today, silver is at around $34 an ounce.  I bought it at $28.  I expect it to reach the upper $40s again, perhaps beyond $50.  It might not even come down.  Who knows.  The more our dollar gets devalued, the less likely we'll ever see $2 an ounce silver again.

I listen to Peter Schiff these days.  Find his discussions on Youtube. 

I also tend to check kitcosilver.com

If you want a forum where everyone talks about silver, check out: silverstackers.com

I'd buy more if I had the money.

Avoid the National Inflation Association.  They're crooks, for the most part: http://catholicforum.fisheaters.com/inde...540.0.html  (This thread I made has been read 13,000 times, and there's a nice spot of me on a Youtube documentary!  Smile )
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#22
To the OP Winoblue (Offered with the usual caveat of "free internet advice" being worth what you pay for Smile )

I was in exactly your position a couple of years ago, so I hope I can offer some useful advice.

1. First why do you want to buy gold/silver?  If you are hoping to make some dollar profit riding a wave for a few months or a year or two, you could be dissappointed. Precious metals along with commodities can be very volatile over shorter time periods.  For example in Gold, last fall hit $1900 then see-sawed its way to ~$1525 and now we are back around $1770.  Silver peaked may 2011 i think $49 and went down to ~$26-27 and now we are back around $34.50, its a bumpy ride for sure! Now the longer term charts do look better of course.

What gold is a good investment for is twofold.  Gold is an excellent (if not the best) inflation hedge, if what you fear is high inflation eating up the real value of your paper investments (stocks, bonds, etc) With the US federal reserve firing up QE3 this is a likely possibilty.  Gold is also a hedge against outright currency/gov't collapse.  If you are concerned about $US, euro, yen going up in smoke, whatever new currency a gov't comes up with $US 4.0 , Euro 2.0, mark of the beast bucks etc it will be convertible to gold, and preserve your purchasing power.  As opposed to converting your old $ into new $ at maybe 100:1 or something ridiculous.

2. Do a lot of reading and research!!!!  If you are not comfortable, with your knowledge/ understanding and risk tolerance, then you probably shouldn't buy, or atleast buy only a small amount.  After I started to read about financial matters, trying to educate myself after the 08/09 stock market crash, it took me about a year of pretty solid reading and learning before I was 100% comfortable with the reasons why I wanted to own gold/silver and what I was hoping to get out of it.  You may, I hope, be a faster reader then me, but be prepared to get educated!

3. BUY PHYSICAL!! This needs to be emphasised If you do want to own gold for a hedge, then don't shoot yourself in the foot by putting your investment $$$ back into the paper system.  Buy actual gold or silver coins/bars take delivery of them and either buy a safe and keep them at home or rent a safe deposit box at your local bank and keep them there (yes banks do still have those!) or do both and spread the risk around.

4. In regards to gov't confiscation... this is possible, my opinion is the chance is low, but I certainly can't rule it out.  Remember once you have some gold/silver in your possession, they are real physical (and valuable!) objects.  They obey all the normal rules of valuable things.  Robbers could break into your house and take them, the gov't could decree it illegal to own gold, you could be swindled or defrauded.  Same as fine art, valuable jewellery etc.  But then again remember somebody could be jacking your car as your reading this post, your house could burn down while your at work etc etc etc.  Observe common sense, and don't worry.  Remember where we as Catholics should be laying up our treasure!!!

Ok sorry about the long post but I hope some of these points address what you are seeking.  If you have any further questions, I am sure myself or other fishies can try and answer them.  And if you want some places to get started reading let me know and I can help with that as well.

Luke
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#23
(09-19-2012, 08:24 PM)Adam Wayne Wrote:
(09-19-2012, 08:16 PM)Rosarium Wrote:
(09-19-2012, 08:06 PM)Adam Wayne Wrote: You may want to drill a hole in the bar and see what's in the middle before purchasing.

Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District

Good article and interesting video is available for viewing.

It's not a youtube, so I can't post it in thread.

Can you start putting holes into other people's things before buying?

What the hell is that supposed to mean? Of course. Pirates and people hip to the debasing of the coin of the realm used to bite on gold pieces. Heroin dealers have a chemist on hand to test large buys.

I suppose you can X-ray the bars.

I thought it was an interesting story. Apparently I have a contrarian on hand.

It was just a question. Be civil.
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#24
Gold has a very high specific density. It must be more than tungsten. Why not weigh the bar and calculate its displaced volume?  Simple enough to do and does not damage it.

Nope, just Googled it. Tungsten is higher. Sneaky.
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#25
(09-19-2012, 07:41 PM)Rosarium Wrote:
(09-18-2012, 03:37 PM)PeterII Wrote: The confiscation of gold talk is silly.  Gold coins are hard to trace and easy to hide.  If they became illegal, their black market value would soar and you really made a great investment then!  Also, gold is easily convertible into jewellery, and what will the government do, confiscate everyone's jewellery?  Good luck with that. 

Paper products on stock exchanges may be halted, but physical bullion or coins in your hand is... as good as gold. 

No, it isn't. The Gold Reserve Act was not a simple "you shall not own gold!", but a little more involved and more effective than you think.

It would force people to sell the gold other than jewelry and some other cosmetic/collector applications or risk criminal charges. That is to say, one who had gold could get legal value out of it, by selling it to the government.

Gold is not easily convertible to jewelry.

I suppose everything has to be explained for Rosarium the Contrarian.  The US is no longer on a gold standard.  The Gold Reserve Act took place at a time when the US converted its money system.  There is no rationalization now to confiscate gold except to steal.  How is a bankrupt government going to pay federal agents to get shot entering people's homes searching for gold to begin with?

First, buy a battle rifle in .308 or some other heavy caliber.  It costs about an ounce of gold.  Then buy gold.  Then develop a relationship with a jeweller, or buy a small blow torch, crucible, borax, mold and have fun.  You have now protected your investment. Clear?
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#26
(09-20-2012, 04:05 AM)Rosarium Wrote:
(09-19-2012, 08:24 PM)Adam Wayne Wrote:
(09-19-2012, 08:16 PM)Rosarium Wrote:
(09-19-2012, 08:06 PM)Adam Wayne Wrote: You may want to drill a hole in the bar and see what's in the middle before purchasing.

Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District

Good article and interesting video is available for viewing.

It's not a youtube, so I can't post it in thread.

Can you start putting holes into other people's things before buying?

What the hell is that supposed to mean? Of course. Pirates and people hip to the debasing of the coin of the realm used to bite on gold pieces. Heroin dealers have a chemist on hand to test large buys.

I suppose you can X-ray the bars.

I thought it was an interesting story. Apparently I have a contrarian on hand.

It was just a question. Be civil.

Don't tell me to be civil. Because first of all I was not being uncivil.

If you are going to sell me a gold bar for $100,000, you can bet your bottom dollar that I am going to test it in some way. I suppose we will have to take it to a gold smith and melt it down, test it, and let it set again.

Remember, this is a bar with papers and a serial number from a reputable dealer.

The question ought to be, 'how much gold owned by nations is also filled with Tungsten?".

The debasing of currency is as old as the hills. Surprise, surprise.
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#27
(09-20-2012, 08:15 AM)Adam Wayne Wrote:
(09-20-2012, 04:05 AM)Rosarium Wrote:
(09-19-2012, 08:24 PM)Adam Wayne Wrote:
(09-19-2012, 08:16 PM)Rosarium Wrote:
(09-19-2012, 08:06 PM)Adam Wayne Wrote: You may want to drill a hole in the bar and see what's in the middle before purchasing.

Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District

Good article and interesting video is available for viewing.

It's not a youtube, so I can't post it in thread.

Can you start putting holes into other people's things before buying?

What the hell is that supposed to mean? Of course. Pirates and people hip to the debasing of the coin of the realm used to bite on gold pieces. Heroin dealers have a chemist on hand to test large buys.

I suppose you can X-ray the bars.

I thought it was an interesting story. Apparently I have a contrarian on hand.

It was just a question. Be civil.

Don't tell me to be civil. Because first of all I was not being uncivil.

If you are going to sell me a gold bar for $100,000, you can bet your bottom dollar that I am going to test it in some way. I suppose we will have to take it to a gold smith and melt it down, test it, and let it set again.

Remember, this is a bar with papers and a serial number from a reputable dealer.

The question ought to be, 'how much gold owned by nations is also filled with Tungsten?".

The debasing of currency is as old as the hills. Surprise, surprise.

"What the hell is that supposed to mean?" is not civil.

I never bought anything for $100,000 and was wondering if drilling a hole was something which could be done in that sort of transaction. That is all.

As for currency, gold is not currency, and the biting of gold coins would not deface the coin. Most do not know this, but biting it was not supposed to leave a mark. It only left a mark if the coin was lead.

See? I have lack of knowledge, and I have knowledge, in various areas.
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#28
(09-20-2012, 06:08 AM)PeterII Wrote: I suppose everything has to be explained for Rosarium the Contrarian. 
If this is going to be personal, I do not want to discuss this. I was commenting on this discussion like everyone else.

Quote:There is no rationalization now to confiscate gold except to steal. 
I can see it being used to enforce use of the dollar.

Quote: How is a bankrupt government going to pay federal agents to get shot entering people's homes searching for gold to begin with?
Considering the conspiracy theories which get serious consideration here, I am suddenly held to explain prior actions of the government as being possible?

Quote:First, buy a battle rifle in .308 or some other heavy caliber.  It costs about an ounce of gold.  Then buy gold.  Then develop a relationship with a jeweller, or buy a small blow torch, crucible, borax, mold and have fun.  You have now protected your investment. Clear?
And I think this goes back to what I wrote earlier about spiritual advice.

If the first step is to obtain lethal means to protect one's gold before obtaining gold, perhaps getting gold is not a good idea.
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#29
(09-20-2012, 04:19 AM)ggreg Wrote: Gold has a very high specific density. It must be more than tungsten. Why not weigh the bar and calculate its displaced volume?  Simple enough to do and does not damage it.

Nope, just Googled it. Tungsten is higher. Sneaky.

This video shows you how to test silver.  That's what the guy does, he weighs it.  But there must be a similar way to test gold too, isn't there?  I guess you just have to find out how much gold weighs eh?  You know in troy ounces. 



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#30
Rosarium Wrote:And I think this goes back to what I wrote earlier about spiritual advice.

If the first step is to obtain lethal means to protect one's gold before obtaining gold, perhaps getting gold is not a good idea.

I don't think anyone in a thread about buying gold is interested in hearing your spiritual advice. 

Now that buying physical coins and bullion has been covered, another consideration is swing trading.  This is where you hold paper products on a stock exchange and speculate on its movements, buying and selling the peaks and valleys every few months.  Due to the volatility of the precious metals, this has been the most effective strategy in earning a profit on gold and silver the last several years.

I think most people here see that thanks to the government, the financial system is in way too much debt and cannot possibly survive as it is now in the long run.  The problem is accurately timing the collapse, which no one can really do.  There are many threads on Fisheaters that gave dates that have long since passed.  It is also difficult to determine which sectors of the economy will go first, and how Fed moves will affect consumer behaviour.  So be adaptable in the short run. 
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