Who here owns some physical gold? I own quite a bit
of physical gold that I've bought over the years, much of it I
bought when gold was in the $400's, $500's, $600s, and more last
year when gold pulled back to the high $700's after it topped at
$1000 in March.
I know it's just easier to own the ETF and of course much easier
to sell (and yes I trade the gold ETF's in my trading account as
well as the gold stocks, however I trade the paper for short term
gains), but I also like having some physical gold; it's nice to
look at and hold, plus I guess if I sell it, the IRS doesn't know
what I made (and I won't tell them lol). If the Dollar really
goes to hell, well then I could see gold > $2000.
Most of the gold I own is in gold bars like 1 ounce and 10 ounce
credit Suisse bars, and recent 1 ounce gold coins. I do not
own any rare gold coins, i.e. ones that have numanistic value way
over gold bullion's price. I know most experts suggest buying
rare coins because they sell for sometimes 10X or more above gold
bullion's price and their price goes up the fastest; however the
problem that I have with them is that if things ever got really
bad, would someone really pay 20X over gold's price because of the
rareity? At least with the physical gold, I know what it's
worth, whereas numanistic value well that's only what someone is
willing to pay. Who knows, anyway when gold has a deep enough
pullback, I buy again, I might pick up some of the, maybe you guys
have some guidance as what to buy.
Current gold
market: I only buy physical gold on deep pullbacks,
for example I bought gold when it pulled back from $1000 in March
to the high $700's last fall. I do not buy gold when it is
high like it is now, I would only buy after a decent pullback and
generally when the commercial net short dips below 100K (now it's
189K); so obviously in the short term, gold I would not even think
of buying any physical metal. However I trade the stocks and
the ETF's and gold futures from time to time.
One day I'll start selling the gold, hopefully for $2000 an
ounce or higher. Again in the short term I have no interest
in buying gold up here. I only buy on deep pullbacks. I
trade gold stocks and gold ETF all the time, but I only buy
physical gold on deep pullbacks.
I sold some gold last March on Ebay when gold was at it's all
time highs and had no trouble selling it at all. The good
think about Ebay is that typically it will sell well over the spot
price!
I was quite fortunate to have bought my
Goldand
Silverin 2006 at just above £300. and £5.50
respectively, and although Gold has
outperformedSilver I think this will change and
silver will outpace Gold by quite a margin.
I too am waiting for pullbacks to increase my exposure. The only
concern is how effective the investment banks are in surpressing
the prices, not only of bullion but other commodities, as this
itemexplains.
"Investment bankers by virtue of their privileged position at
the spigots of credit have
over the years garnered for themselves a disproportionate
slice of the world's wealth. The best description of their wealth
is from a banker himself, Sir Josiah Stamp, at the time in1927 the
2 nd richest man in England and former head of The Bank of
England:"
Banking was conceived in iniquity and was born in sin. The
bankers own the earth. Take it away from them, but leave them the
power to create money, and with the flick of the pen they will
create enough deposits to buy it back again. However, take it away
from them, and all the great fortunes like mine will disappear and
they ought to disappear, for this would be a happier and better
world to live in. But, if you wish to remain the slaves of bankers
and pay the cost of your own slavery, let them continue to create
money.
saturn6- I own some silver 100 oz bars too, however my main problem
with Silver is that it is more of an industrial metal and so will
following the other commodities and base metals instead of
gold.
Although if it is to be used as a store of wealth, or a form of
money, which I think it will again, and in fact already has by some
like you and me, the price will appreciate considerably.
The thing I like about Silver is its lower denomination, which
offers an easy source of currency at lower price multiples, ideal
for purchasing daily provisions and such. Hence why I have most of
my allocation in Silver rounds American eagles and Silver
Brtannias.
Silver was always used as currency and its name is the same for
money in many countries, The
poundwas a unit of account in
Anglo-Saxon
England
,equal to 240 silver
penniesand equivalent to one
pound weightof silver. It evolved into the modern English
currency
,the
pound sterling.
The drawback for us in the UK is we have to pay VAT (Value Added
Tax) on silver purchases. Although that has recently reduced from
17.5% to 15%. it has prevented people here using it as a hedge
against inflation or as a store of wealth previously, but not so
much now. However I feel the appreciation we could see in Silver
far outpaces any such premium we have to pay in VAT, if indeed it
does become used as currency again and is not confiscated.
Posted by hornsant on 16th of Feb 2009 at 08:15 am
You are right about silver, in Chile when you say cash you
actualy say silver -
plata-The chinese have always used the Silver standard
instead of gold and the increasing involvment of China in the
global economy will add weight to Silver.
someone just asked me why I wrote this? No real reason,
just felt like it. Breakpoint Trades is a hardcore technical
analysis based website; we really get into the charts here with all
forms of technical analysis as well as mechanical trading
systems. This is how I trade, I trade by the charts, however
on the side I own some physical gold as well and so I expounded
upon that. And of course I am very concerned about the US
future as well.
Posted by califman4u on 16th of Feb 2009 at 10:08 am
I own physical gold Matt. Most of it I bought in the
1990's. What I find interesting at the moment is the price of
Rhodium. It shot up to $10,000 per ounce and now is not much
higher than the price of gold. I don't understand the market
well enough at this time, but am investigating it.
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physical gold
Posted by matt on 14th of Feb 2009 at 01:46 pm
Who here owns some physical gold? I own quite a bit of physical gold that I've bought over the years, much of it I bought when gold was in the $400's, $500's, $600s, and more last year when gold pulled back to the high $700's after it topped at $1000 in March.
I know it's just easier to own the ETF and of course much easier to sell (and yes I trade the gold ETF's in my trading account as well as the gold stocks, however I trade the paper for short term gains), but I also like having some physical gold; it's nice to look at and hold, plus I guess if I sell it, the IRS doesn't know what I made (and I won't tell them lol). If the Dollar really goes to hell, well then I could see gold > $2000.
Most of the gold I own is in gold bars like 1 ounce and 10 ounce credit Suisse bars, and recent 1 ounce gold coins. I do not own any rare gold coins, i.e. ones that have numanistic value way over gold bullion's price. I know most experts suggest buying rare coins because they sell for sometimes 10X or more above gold bullion's price and their price goes up the fastest; however the problem that I have with them is that if things ever got really bad, would someone really pay 20X over gold's price because of the rareity? At least with the physical gold, I know what it's worth, whereas numanistic value well that's only what someone is willing to pay. Who knows, anyway when gold has a deep enough pullback, I buy again, I might pick up some of the, maybe you guys have some guidance as what to buy.
Current gold market: I only buy physical gold on deep pullbacks, for example I bought gold when it pulled back from $1000 in March to the high $700's last fall. I do not buy gold when it is high like it is now, I would only buy after a decent pullback and generally when the commercial net short dips below 100K (now it's 189K); so obviously in the short term, gold I would not even think of buying any physical metal. However I trade the stocks and the ETF's and gold futures from time to time.
One day I'll start selling the gold, hopefully for $2000 an ounce or higher. Again in the short term I have no interest in buying gold up here. I only buy on deep pullbacks. I trade gold stocks and gold ETF all the time, but I only buy physical gold on deep pullbacks.
I sold some gold last March on Ebay when gold was at it's all time highs and had no trouble selling it at all. The good think about Ebay is that typically it will sell well over the spot price!
I have Gold, and Silver and Platinum.
Posted by saturn6 on 15th of Feb 2009 at 08:26 am
I was quite fortunate to have bought my Goldand Silverin 2006 at just above £300. and £5.50 respectively, and although Gold has outperformedSilver I think this will change and silver will outpace Gold by quite a margin.
I too am waiting for pullbacks to increase my exposure. The only concern is how effective the investment banks are in surpressing the prices, not only of bullion but other commodities, as this itemexplains.
"Investment bankers by virtue of their privileged position at the spigots of credit have over the years garnered for themselves a disproportionate slice of the world's wealth. The best description of their wealth is from a banker himself, Sir Josiah Stamp, at the time in1927 the 2 nd richest man in England and former head of The Bank of England:"
Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.
saturn6 - I own some silver
Posted by matt on 15th of Feb 2009 at 08:53 pm
saturn6 - I own some silver 100 oz bars too, however my main problem with Silver is that it is more of an industrial metal and so will following the other commodities and base metals instead of gold.
Thats true!
Posted by saturn6 on 16th of Feb 2009 at 04:07 am
Although if it is to be used as a store of wealth, or a form of money, which I think it will again, and in fact already has by some like you and me, the price will appreciate considerably.
The thing I like about Silver is its lower denomination, which offers an easy source of currency at lower price multiples, ideal for purchasing daily provisions and such. Hence why I have most of my allocation in Silver rounds American eagles and Silver Brtannias.
Silver was always used as currency and its name is the same for money in many countries, The poundwas a unit of account in Anglo-Saxon England ,equal to 240 silver penniesand equivalent to one pound weight of silver. It evolved into the modern English currency ,the pound sterling .
The drawback for us in the UK is we have to pay VAT (Value Added Tax) on silver purchases. Although that has recently reduced from 17.5% to 15%. it has prevented people here using it as a hedge against inflation or as a store of wealth previously, but not so much now. However I feel the appreciation we could see in Silver far outpaces any such premium we have to pay in VAT, if indeed it does become used as currency again and is not confiscated.
You are right about silver,
Posted by hornsant on 16th of Feb 2009 at 08:15 am
You are right about silver, in Chile when you say cash you actualy say silver - plata-The chinese have always used the Silver standard instead of gold and the increasing involvment of China in the global economy will add weight to Silver.
someone just asked me why
Posted by matt on 14th of Feb 2009 at 03:38 pm
someone just asked me why I wrote this? No real reason, just felt like it. Breakpoint Trades is a hardcore technical analysis based website; we really get into the charts here with all forms of technical analysis as well as mechanical trading systems. This is how I trade, I trade by the charts, however on the side I own some physical gold as well and so I expounded upon that. And of course I am very concerned about the US future as well.
Have a nice long weekend!
I own physical gold Matt.
Posted by califman4u on 16th of Feb 2009 at 10:08 am
I own physical gold Matt. Most of it I bought in the 1990's. What I find interesting at the moment is the price of Rhodium. It shot up to $10,000 per ounce and now is not much higher than the price of gold. I don't understand the market well enough at this time, but am investigating it.