People with Gold/Silver

[Grunwald]

A stupid and worthless piece by some flunky who attached a title of a "financial adviser" to his name.
What are his credentials?
In the financial world there are equities experts, bond experts, commodities experts, currency experts and then also options experts and futures experts.
No single person is an expert in all of the above. Most of these financial advisers are nothing more than salesmen for mutual funds. They follow some allocation formula and make their living selling stock and bonds mutual funds. They cannot even be considered experts in any of the specialties I've listed above.
The ones that are more knowledgeable are pretty much limited to stocks and bonds.
I'm willing to bet that this guy falls into the mutual funds salesman category, and has not even done any research followed by so critical thinking before writing this article. He makes the point that gold has no value besides that which people give it. That is true. It is also true for just about anything else. However, paper currency really has no value whatsoever. You can take a gold or silver coin from a nation or kingdom long gone and it still has value. It might be more or might be less than it was worth when it was used as money, but it still has value. Heck, I have some 20 Mark gold coins that were minted around the the turn of the 20th century. They have value today. Paper money printed by the same government is completely worthless.

He also makes an argument that gold has no cash flow, and cannot be evaluated like a corporation can. True enough. Corporations however are run by thieving individuals who drain a lot of the value from them and into their own pockets. Shareholders in many cases get no dividends, but executives get huge bonuses. Even when there is a dividend in most cases the amount is nothing more than an insult. Hardly ever do people make more than 3% in dividends.
Think about it as if the big corporation was a small business that you've bought. Would you allow management to run your corporation so that you only got 3% return from operations. Not a chance.

 

[Thebastidge]

The Gold Standard: Myths and Lies - Robert P. Murphy - Mises Daily

 

[nubus]

Gold broke $1690 a few minutes ago in overseas market... here we go.

 

[fred c. dobbs]

so true

A stupid and worthless piece by some flunky who attached a title of a "financial adviser" to his name.
What are his credentials?
In the financial world there are equities experts, bond experts, commodities experts, currency experts and then also options experts and futures experts.
No single person is an expert in all of the above. Most of these financial advisers are nothing more than salesmen for mutual funds. They follow some allocation formula and make their living selling stock and bonds mutual funds. They cannot even be considered experts in any of the specialties I've listed above.
The ones that are more knowledgeable are pretty much limited to stocks and bonds.
I'm willing to bet that this guy falls into the mutual funds salesman category, and has not even done any research followed by so critical thinking before writing this article. He makes the point that gold has no value besides that which people give it. That is true. It is also true for just about anything else. However, paper currency really has no value whatsoever. You can take a gold or silver coin from a nation or kingdom long gone and it still has value. It might be more or might be less than it was worth when it was used as money, but it still has value. Heck, I have some 20 Mark gold coins that were minted around the the turn of the 20th century. They have value today. Paper money printed by the same government is completely worthless.

He also makes an argument that gold has no cash flow, and cannot be evaluated like a corporation can. True enough. Corporations however are run by thieving individuals who drain a lot of the value from them and into their own pockets. Shareholders in many cases get no dividends, but executives get huge bonuses. Even when there is a dividend in most cases the amount is nothing more than an insult. Hardly ever do people make more than 3% in dividends.
Think about it as if the big corporation was a small business that you've bought. Would you allow management to run your corporation so that you only got 3% return from operations. Not a chance.

 

[fred c. dobbs]

in six months 1700 will seem cheap, silver is set to make a huge move as well, this whole debt debate is setting US up for QE 3, roll the press's, they need a good reason to print to INFINITY and BEYOND.

fred c. dobbs

 

[MissJ]

I'm hoping to buy a few more ounces of silver at below $40 an ounce....we'll see if I'm too late....

 

[Burt Gummer]

Not too late, just bought a bunch off Craigslist at $39.00. Earlier this year, even before the dip, I said silver will be $60 by year end. I stick by that. That is a 50% gain from right now. I don't really think of silver as an 'investment' though. It is simply something that will hold some value when the dollar crashes; and crash it will. No need for hyperbole or dreams of being a billionaire. We will all be billionaires anyway when hyperinflation eventually kicks in.

 

[Barefoot343]

Not too late, just bought a bunch off Craigslist at $39.00. Earlier this year, even before the dip, I said silver will be $60 by year end. I stick by that. That is a 50% gain from right now. I don't really think of silver as an 'investment' though. It is simply something that will hold some value when the dollar crashes; and crash it will. No need for hyperbole or dreams of being a billionaire. We will all be billionaires anyway when hyperinflation eventually kicks in.

really? do you trust the source off of CL?

Sadly I am very new and late to the gold/silver scene, I am trying to figure out a place to buy that is reputable. Not sure what to buy either (small coins? large coins? don't know) also don't have a lot of money and will have even less after this next weeks stock slaughter.

 

[MissJ]

buy 1 oz and half oz silver rounds... a little cheaper than the sovereign mints but same intrinsic silver value.

If you want the "official seal" that comes with a mint, you can buy pre-1965 silver coins. they are 90% silver. may as well have a bit of each.

Gold is pretty much out of reach for normal people at this point in time....

 

[19 Adam]

CL can be a good source of silver rounds and US Silver Eagles.

If you are going to buy from other than an established dealer you should check out a couple of You Tube videos on how to tell real from fake sliver. There are always good people who are in need of some quick cash and sell some silver they bought years ago. I bought 50 Silver Eagles from a local car dealer that was making up for the slow car market. He bought US coins in boxes of 500 when they were less than half of what they are now. I still think silver is a good deal at $39 each.

 

[Partsproduction]

I think converting shrinking dollars to PM's is almost always a wise decision unless the price is artificially high. Funny how gold has jumped but silver hasn't, not nearly as much anyway. But to me putting a ceiling on the price one will pay doesn't make sense, because the price increases are expressions of the diminishing value of the dollar as much or more than an increase in value of silver, am I wrong? So, if the value of the dollar is shrinking that is even more reason to get it converted to something with real value, because next week/month/year $40 an ounce will seem like a distant memory.

We had some gold, about $10K worth, when it could be had for $400 per ounce, I bought a lathe with it. The lathe was an investment with a known return, so I don't regret it, still, I wish I had that gold now. It would be worth about $42K now. $42K will buy a much nicer lathe now, and for about $13K I can get the same lathe.

The worst thieves in society are in high places, not in prisons.

 

[MissJ]

I think converting shrinking dollars to PM's is almost always a wise decision unless the price is artificially high. Funny how gold has jumped but silver hasn't, not nearly as much anyway. But to me putting a ceiling on the price one will pay doesn't make sense, because the price increases are expressions of the diminishing value of the dollar as much or more than an increase in value of silver, am I wrong? So, if the value of the dollar is shrinking that is even more reason to get it converted to something with real value, because next week/month/year $40 an ounce will seem like a distant memory.

We had some gold, about $10K worth, when it could be had for $400 per ounce, I bought a lathe with it. The lathe was an investment with a known return, so I don't regret it, still, I wish I had that gold now. It would be worth about $42K now. $42K will buy a much nicer lathe now, and for about $13K I can get the same lathe.

The worst thieves in society are in high places, not in prisons.

Yeah, I agree. the $40 an ounce was simply a goal I had for myself because based on how much $$$ I can afford to invest, it would result in a nice round amount of silver. As it turns out; I went out and bought the silver anyways today.....and guess what? I got it at slightly below $40 an ounce!!! (before commission of course...)

EIther way you look at it; silver is a smart place to put your money. Gold may or may not be overvalued at the moment, but silver is STILL undervalued. considering that historically the silver/gold ratio has been consistently documented at being between 17:1 and 100:1 with the "normal" being around 20:1

Right now the Silver:Gold ratio is about 45:1 which indicates a serious opportunity. Even if gold were to drop sharply; silver would likely retain most of it's value in a "historical" sense anyways. And since none among us can see the future; looking at history is the best guess we can make....

 

[Burt Gummer]

As Peter Schiff said back in 2007, at some point Gold and the Dow will meet. In other words, the Dow at 5000 meets Gold at $5000/ounce. He was correct then and he is correct now. He has not waivered on that statement -
http://www.youtube.com/watch?v=_IiOgtkcqio More than anyone else I owe it to Peter for the heads up back then.

When the moment suits them, the banksters will pull the plug on the dollar. At that time, 'things' will be worth something and monopoly money and anything tied to paper, not so much. The best source for Gold/Silver for those who do not want to bargain hunt is APMEX.com.

All of this started in 1913. The dollar has lost 94% of its value since then and will eventually slide to zero as all fiat (backed by nothing) currencies have historically. This is all orchestrated and planned. Those that prepare will have a chance, those that don't, no chance.

Peter Schiff's 2008 "analogies" video is a must-see video for anyone who wants a dose of reality and a little humor. http://www.youtube.com/watch?v=vweLBpE4mso The banksters printing press - printing more money post-2005 then money printed from 1776-2004 is just propping up a corpse. The US economy is just like Bernie from Weekend at Bernies. The Wall Streeters are just moving the arms back and forth of a corpse. Eventually the Ponzi/Corpse will rot and fall.

From TheEconomicCollapseBlog: "The United States is in such a huge amount of financial trouble that it is hard to put into words. The days of easy borrowing for the U.S government are starting to come to an end. We have been living in the greatest debt bubble in the history of the world, and it has fueled a tremendous amount of "prosperity", but now the party is ending. A whole lot of financial pain is on the horizon. Please prepare for the hard times that are coming."

While ignorant Americans fret over propped-up bogeymen and what is going to happen to their favorite on American Idol, the banksters came in and killed our future. Politics is useless as in our fake two-headed, one party system of actors and stooges. All important politicians work for the banksters so to be concerned about one actor vs another is just foolish. I am a political atheist like Gerald Celente; to me they are all equally worthless.

This cartoon was carried in many national newspapers in 1913 when the banksters were given the Unconstitutional power to issue and control the nation's money supply on Christmas Eve when most of Congress was not in attendance and those that were there were in the bankster's back pocket. The greatest fraud ever perpetuated on America. As true now as it was back then:

 

[Grunwald]

APMEX is very good but I would not say it is the best. No matter whom you purchase from online, you have to buy enough to justify the shipping and it it worth doing a little calculating. APMEX usually has been the best place for lowest premium on gold and for that there has been 2 coins in particular: Mexican 50 Pesos and Austrian 100 Corona. These are the big coins, 50 Pesos is over an oz and the 100 Corona just under.
What I normally will do is put the coins in a spreadsheet and divide their price by their weight to get the actual price per troy oz of gold.
I will look at coins at Apmex and Learcapital. On most other gold coins, especially smaller coins like German/Prussian 20 Mark, Swiss/Franch 20 Franc Lear Capital has better prices than Apmex. They usually also have lower premium on 1 oz silver rounds.
If you have over 30K that you are looking to buy there are other places that have prices that neither one of the above can match, but that's outside my range, so I have no experience with those dealers. Apmex and Lear I have bought from on multiple occasions over the last 3 years and have been happy with both.
In case you have never bought from Lear and spend at least $1500 you can get free shipping using this code: 98C47
I am not aware of Apmex having a free shipping code, but if you do buy from them, they send special offers from time to time.

 

[Partsproduction]

My wife and I are desperate to leave our retirement accounts, they are simply a sitting target for government thieves, if they don't accept the slower thievery of inflation they will simply confiscate the money. I believe Obama has stated that he has the option of taking money from federal employee retirement funds. (Another point of wonder that the left still supports that nightmare!) We want to know how gold backed IRA's work, I've heard they can be based on physical gold, but I cannot believe that they would allow us access to the gold, therefore it doesn't seem like a true PM savings scheme since a true PM account would deny anyone else the right to take the PM's. Any knowledgeable comments will be appreciated.

 

[Burt Gummer]

Partsproduction,

No, the money masters have seen to it that IRAs are only paper. What they have with gold IRAs are just ETFs and those are as worthless as dollars. For instance, there is 300x more paper silver than real silver. Maybe worse for gold. (Knox is close to empty).

"Based on physical gold" - that is a farce. In fact, Goldman Sachs was successfully sued for storing gold and charging storage fees on gold that did not exist!! If you have a slip of paper that says you own gold or silver that is all you will end up with - a slip of paper.

Your only smart option is to get off of the IRA now and pay taxes and the penalty. Then I recommend buying physical-only silver. IRAs will go poof. As George Carlin said, "They are coming for your retirement money to give to their criminal friends on Wall St."

I cashed out a $30k IRA myself. There is NO reason to keep it because it will not be there for you. Even on the .01% chance that it would you will be deferring income into a period that will have 2x the current tax rates.



Today's news:

"U.S. stocks rebound as Fed prepares to meet"

That is because they know the criminal Federal Reserve is ready to unlease QE3 folks! Yes, even more money printing.

Buy silver and gold while you still can.

 

[Grunwald]

My wife and I are desperate to leave our retirement accounts, they are simply a sitting target for government thieves, if they don't accept the slower thievery of inflation they will simply confiscate the money. I believe Obama has stated that he has the option of taking money from federal employee retirement funds. (Another point of wonder that the left still supports that nightmare!) We want to know how gold backed IRA's work, I've heard they can be based on physical gold, but I cannot believe that they would allow us access to the gold, therefore it doesn't seem like a true PM savings scheme since a true PM account would deny anyone else the right to take the PM's. Any knowledgeable comments will be appreciated.

You can get a gold IRA with Kitco, and from what I understand the gold is in Canada (Kitco is Canadian), so in theory the US Government could not just confiscate it, not that easily at least. Many of the gold dealers online have physical gold IRAs. The big problem is trust. How do you trust that these entities actually have the gold that they claim to have? The other problem of course is cost. It is being stored somewhere and so it has costs associated with it.
I have some physical gold, so I know that it is real. I do have GLD, a gold ETF (electronic traded fund) in my IRA. They supposedly hold physical gold. Do they really? I don't know, if they do, but that is a short term position that is part of my stock portfolio in my IRA account, and I simply chose that instead of cash in a money market fund.

 

[Burt Gummer]

Grunwald,

Ampex will ship in those postal 'anything that will fit' boxes - I think for $7. So that is $7 for a box of 500 Austrian Philharmonic coins. Add in signature delivery confirmation for $5. Shipping isn't bad.

 

[Gunner3456]

I don't know the answer. If we didn't already have some gold and silver, I would take the tax hit and cash in the 401k and 503b and buy more gold and silver. Yes, the metals might go down and the market might go up, but that's a gamble too. At least the physical gold on hand could be hidden.

Right now I'm like a deer in the headlights, expecting gold to continue to climb for various reasons, and expecting the value of the dollar to drop, meaning that even if the stock market went back to 12,000 and stayed there, those dollars would lose value and therefore so would the stocks.

 

[Burt Gummer]

If people had a 10% doubt that their fire insurance would pay them in the event of a fire they'd come up with another plan. But for some odd reason, people I talk to are willing to accept that paper gold/silver is a Ponzi and they keep their investments in it. Makes no sense at all.

PHYSICAL metal only. No bank safe deposit box. When the bank closes you may not be granted access, or in the case of gold, the slim possibility of confiscation. There are plenty of online articles about how/where to store physical PMs.