Author Topic: Gold as an investment  (Read 2899 times)

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Offline mirage1988

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Gold as an investment
« on: February 10, 2009, 01:46:22 PM »
I'm considering cashing out my IRA and buying gold. It's down to 8000 from 40,000 three years ago. Anyone have an opinion on that? I know Ill have to pay a penalty for early withdrawal (too bad osamas dad didn't do that) but I don't want to lose all of it.

Offline WylieKy

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Re: Gold as an investment
« Reply #1 on: February 10, 2009, 01:54:49 PM »
I'm not sure where you got your information, but I wouldn't do that personally.  Gold is WAY high right now, and stocks are WAY down.  They quesstion to ask is if between now and your retirement you think the economy will be better than it is right now.  If so, stay with your 401K.  If not, buy gold.  I personally think that we are still going to sink some, but are approaching the bottom.  I would love to HAVE gold right now, but wouldn't buy.   JMHO.
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Offline victorcharlie

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Re: Gold as an investment
« Reply #2 on: February 10, 2009, 02:22:31 PM »
First rule, buy low and sell high....

Now ain't the time to buy gold IMO.....but it's a great time to buy stocks!
"Extremism in the defense of liberty is no vice. Tolerance in the face of tyranny is no virtue."
Barry Goldwater

Offline mirage1988

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Re: Gold as an investment
« Reply #3 on: February 10, 2009, 02:44:27 PM »
So I shouldn't buy 8000 dollars worth of gold? Maybe Ill wait until I can only afford 1500 dollars worth of gold? Is that what you are saying?

Offline DalesCarpentry

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Re: Gold as an investment
« Reply #4 on: February 10, 2009, 03:07:19 PM »
I think you may have missed the point here. If you were going to buy gold you should have done it a couple years ago when gold was down in price. Gold (if not mistaken) is at an all time high. It may still climb a little but it is a little late to buy it now for the simple fact in 6 months the value of it may go way down. Like someone else said buy low sell high. Don't buy high and hope it still goes up. Dale
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Offline torpedoman

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Re: Gold as an investment
« Reply #5 on: February 10, 2009, 03:13:16 PM »
I bought a bunch of gold at 430 and silver at 3.50 and if i had a bunch of money today i'd buy more. as soon as they get thru with all the bailouts and realize that they have trashed the dollars value it wont go up in relative value to everything else but it will be worth a ton of dollars.smart money is going intoo metal producers and shipping the shipping is up every day.( china needs that material and they have to import it on a ship)
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Offline mirage1988

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Re: Gold as an investment
« Reply #6 on: February 10, 2009, 03:14:05 PM »
Dale-
What is the value of the dollar going to do in the next few years? The gov't is printing money in overdrive, but gold is going to be a constant. I don't mean to be contrary, I just want to have a little left in reserve when tshtf !

Offline DalesCarpentry

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Re: Gold as an investment
« Reply #7 on: February 10, 2009, 03:23:23 PM »
You might be better off just converting your money to Euros now. Cheaper than gold and more likely to hold it's value over the next few years. JMO :o Dale
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Offline mirage1988

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Re: Gold as an investment
« Reply #8 on: February 10, 2009, 03:28:50 PM »
Actually I was thinkin' PESOS. I wonder if the border patrol will stop us tryin' to get INTO mexico?

Offline mechanic

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Re: Gold as an investment
« Reply #9 on: February 10, 2009, 03:31:35 PM »
Gold will skyrocket, as our currency will continue to be devalued.  Expect extreme inflation. Expect the DOW to continue down, not up.   If the gov. does what they did in the 30's, they will confiscate your gold anyway.  Only antique coins were excluded.

I'm thinking of investing in food.  In the long run, its more important than money.
Molon Labe, (King Leonidas of the Spartan Army)

Offline mirage1988

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Re: Gold as an investment
« Reply #10 on: February 10, 2009, 03:34:32 PM »
Have you been the the store lately? You would think you were buying gold when you pick up a package of cheese!?

Offline torpedoman

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Re: Gold as an investment
« Reply #11 on: February 10, 2009, 03:41:45 PM »
spam, dried beans, rice , salt and flour will not be for sale at any price. gold really is'nt to valuable to a starving man. Mechanic people trusted the government in the 30's they are way smarter now.
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Offline mirage1988

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Re: Gold as an investment
« Reply #12 on: February 10, 2009, 03:51:40 PM »
Torpedoman-
Who is smarter now? the people or the government? If either had a lick of sense, It wouldn't be happening again!

Offline torpedoman

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Re: Gold as an investment
« Reply #13 on: February 10, 2009, 04:11:51 PM »
washington, jefferson and the boys knew what they were doing when they limited voting to LAND OWNERS if the inner city welfare dependant votes were lost there wouldn't be dem in washington.
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Offline mirage1988

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Re: Gold as an investment
« Reply #14 on: February 10, 2009, 04:25:17 PM »
Thought you were referring to the 1930's!? You stated that people trusted the gov't in the 30's, they are way smarter now. How are they smarter?

Offline torpedoman

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Re: Gold as an investment
« Reply #15 on: February 10, 2009, 04:39:00 PM »
In the 30's the people trusted the gov. roosevelt took everyones gold and as soon as they had it they raised the price of gold way up. Today i do not think anyone trusts the government and if they keep rewarding the ultra rich and sticking it to the working man i'll be suprised if we dont have a revolution. france was smart enought to fire the heads of the banks they bailed out.
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Offline magooch

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Re: Gold as an investment
« Reply #16 on: February 11, 2009, 04:18:30 AM »
Invest in paper.  People are always going to need toilet paper and with the guvmint printing dollars by the trillions, it's going to need a lot of paper.

The last time gold peeked, a lot of people lost their butts.  Gold is like everything else; it goes up and down.  For those who stayed in the stock market when it was dropping like a rock, you might as well stick with it now.  It will come back, but who knows when that will be.

I learned my lesson back at the beginning of this century and I vowed not to get caught with my pants down again.  When the market came back I got out and never looked back.  But, there is no sure thing--not even Euros--not even Treasury Bonds--not even land.  If anyone does know about a sure thing, let us all know what it is.
Swingem

Offline skifastchad

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Re: Gold as an investment
« Reply #17 on: February 11, 2009, 05:25:41 AM »
with the guvmint printing dollars by the trillions, it's going to need a lot of paper.

Isn't money made from cotton?

Offline TopperT

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Re: Gold as an investment
« Reply #18 on: February 11, 2009, 06:01:11 AM »
....right now money seems to be made out of "smoke and mirrors"..... ;D

Offline dukkillr

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Re: Gold as an investment
« Reply #19 on: February 11, 2009, 06:32:23 AM »
with the guvmint printing dollars by the trillions, it's going to need a lot of paper.

Isn't money made from cotton?

Yes.

Offline Troyboy

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Re: Gold as an investment
« Reply #20 on: February 11, 2009, 03:39:45 PM »
Silver. Silver is something that is used. The demand is outstripping the supply. This will then drive up the price. Gold is just hoarded. JMO
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Offline Heather

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Re: Gold as an investment
« Reply #21 on: February 12, 2009, 09:25:52 AM »
I personally feel that investing in any thing besides a way to live a life sustained without outside influence is just plain stupid.  The stock market is crashing.  The economy is in the toilet.  The dollar is soon to be worth NOTHING.  It is going to get bad folks.  There will be no food on the shelves at the grocery stores, no fuel at the pumps, and no guns or ammo.  Don't forget electricity, running water, heat, and all of those other things that make our lives so convenient and easy.  Gold may be pretty, but you can't eat it, it won't keep you warm, it won't clothe you.  It may be valuable, but if you can't find some one willing to trade for it it won't do you much good.  It is my advice to anyone who has enough money to be wondering where to invest it, spend it, but spend it wisely!

Heather
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Offline torpedoman

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Re: Gold as an investment
« Reply #22 on: February 12, 2009, 10:23:02 AM »
spam, dried beans, rice , salt and flour will not be for sale at any price. gold really is'nt to valuable to a starving man. Mechanic people trusted the government in the 30's they are way smarter now.
+1 heather
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Offline hillbill

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gold as a investment
« Reply #23 on: February 12, 2009, 01:56:57 PM »
gold as a investment, anybody have any opinions on this?. im thinking we may be in for 3 to 4 yrs of recession and then a year of huge inflation possibly. would gold possibly be any kind of investment in this situation?

Offline DalesCarpentry

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Re: Gold as an investment
« Reply #24 on: February 12, 2009, 02:22:21 PM »
Unlike many things. No matter what happens gold will have value. It may not be worth as much as when you bought though. Dale
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Offline hillbill

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Re: Gold as an investment
« Reply #25 on: February 13, 2009, 02:37:43 PM »
eres a way of looking at it that hasnt been metioned. if you have some gold and some stock market investements, when the market hits the skids then your gold will be worth the maximum. if stocks go way up then your gold will be worth less but your investments will be doing good.sounds like hedging your bets either way to me.as a previous poster said, gold will always have some value, prob more than paper.

Offline Heather

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Re: Gold as an investment
« Reply #26 on: May 28, 2009, 06:02:12 PM »
Hey Ironglow here is a previous discussion I thought I would bump for you!

Heather
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Any society that would give up a little liberty to gain a little security will deserve neither and loose both...Ben Franklin

Offline slim rem 7

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Re: Gold as an investment
« Reply #27 on: May 29, 2009, 02:38:45 AM »
 im not a money man ,,i ll leave that to my sons..... but you cant eat gold an you cant shoot stocks... things get bad as they can...
 you gonna need to know how to fish an hunt an have the stuff to do it with....plus ammo or the way to make it,, would be worth more than gold in that situation.....they not making any more land either... but buy farm purposes,, zoned land,,for tax purposes.....i know >:( its all taxed high now.... slim

Offline Chilachuck

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Re: Gold as an investment
« Reply #28 on: May 29, 2009, 03:05:38 AM »
It depends on how bad things get.

Gold is high now. It will lose a lot of value if the politicians shut up and stop "doing something". It will gain in value if they continue.

Stocks will go the other way.

Obama is going to get into trouble over the value of stocks because that's where the trust funders who go to high society cocktail parties have their money (unless they have been able to get it out of the country, and where would they take it? The whole world is in financial trouble now.) Then again, he happily stabs his supporters in the back and somehow gets away with it time after time.

I just don't know. There's no "safe harbor" for wealth right now. The people who don't look at money as having a certain value but can ride the chaos will come out wealthier, watch Soros. He made a lot of money last year, more than he spent supporting Obama, I'll bet.

I read about people abandoning expensive boats because they cannot afford moorage, upkeep, or payments. Someone with a bit of land out of the way might be able to get them cheap and put them up on blocks. No depression lasts forever. There's other things that can be done, maybe construction equipment?

Offline jimster

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Re: Gold as an investment
« Reply #29 on: May 29, 2009, 10:31:14 AM »
Gold is kind of like a stock....buy low, sell high...but it's high now, so it's not good to buy now.  Selling now if you bought a bunch years ago would be smart.

The most important thing to consider is, if the economy crashes all the way, I mean really crashes, your gold ain't worth crap....it's nothing but a mineral that happens to be shiny. 
Nobody was walking around after Katrina hit with sacks of gold...but they could get anything they wanted almost for water, gas, generators...things like that.
You might want to consider that if you think things will get REAL bad.  Gold won't be worth dirt if things get real bad.  100 gallons of gas in your barn with stabil in it would be a great investment, along with a few extra generators.