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What are your thoughts about buying bullion?

FlashG

FlashG

Platinum Member
Peter Schiff has been preaching the downfall of the dollar for years now. Right now I have everything in a number of US and some foreign funds. Gold has been going up but I?m leery of buying because it might have peaked. What are you doing with your investments?
 
Not doing much. I've got solid picks and just riding out the storm.

A big part of me still wants a bar of gold in my safe. Maybe someday. Dad has a nice collection of Kugorans (sp?) that he keeps in his, had them 20+ years and probably worth a good amount these days.
 
Do you think we will ever get away from paper money like the dollar and go back to a scarce commody s/p? I can?t see how that would work but what are the alternatives if everyone looses there trust in what we have now?
 
Originally posted by: FlashG
Do you think we will ever get away from paper money like the dollar and go back to a scarce commody s/p? I can?t see how that would work but what are the alternatives if everyone looses there trust in what we have now?
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No, that simply wouldn't work in the modern economy.
 
Originally posted by: BeauJangles
Originally posted by: FlashG
Do you think we will ever get away from paper money like the dollar and go back to a scarce commody s/p? I can?t see how that would work but what are the alternatives if everyone looses there trust in what we have now?
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No, that simply wouldn't work in the modern economy.
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Is anyone proposing another financial basis other than the dollar? I have heard that the Euro and Dollar could combine but that would take decades to work out unless there was a complete breakdown.

 
I have never really understood the notion of buying large amounts of physical gold. If all fiat currencies suddenly fail, are you going to take your big bar of gold to the grocery store? To the electricity providers?

If all paper money becomes worthless and we are in a situation where it is the Great Depression times XXX, then I don't see what good big chunks of gold will do, except maybe make crazy people target you.

Edit: I can only see it being really worthwhile if all of a sudden the Fed is like "ok, back to the gold standard!" but you could get the same benefit by buying gold stocks, with none of the hassle of physical gold.
 
Originally posted by: TheWart
I have never really understood the notion of buying large amounts of physical gold. If all fiat currencies suddenly fail, are you going to take your big bar of gold to the grocery store? To the electricity providers?

If all paper money becomes worthless and we are in a situation where it is the Great Depression times XXX, then I don't see what good big chunks of gold will do, except maybe make crazy people target you.

Edit: I can only see it being really worthwhile if all of a sudden the Fed is like "ok, back to the gold standard!" but you could get the same benefit by buying gold stocks, with none of the hassle of physical gold.
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Yes.

I'd rather buy and hoard something useful, like oil, food (MREs maybe?) or even other useful, vital metals (copper, iron, etc)

Edited for clarity
 
Originally posted by: TheWart
I have never really understood the notion of buying large amounts of physical gold. If all fiat currencies suddenly fail, are you going to take your big bar of gold to the grocery store? To the electricity providers?

If all paper money becomes worthless and we are in a situation where it is the Great Depression times XXX, then I don't see what good big chunks of gold will do, except maybe make crazy people target you.

Edit: I can only see it being really worthwhile if all of a sudden the Fed is like "ok, back to the gold standard!" but you could get the same benefit by buying gold stocks, with none of the hassle of physical gold.
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Because it has value ANYWHERE and you have physical possession of it. It's kind of like ammunition, there is no such thing as too much.
 
Yeah... you can bet if the world goes to shit, if you don't have anything you can barter, gold will still be valued and used as a form of currency. It has always had value in human society and one of the biggest advantages is that it's easily portable.
 
Originally posted by: spidey07
Originally posted by: TheWart
I have never really understood the notion of buying large amounts of physical gold. If all fiat currencies suddenly fail, are you going to take your big bar of gold to the grocery store? To the electricity providers?

If all paper money becomes worthless and we are in a situation where it is the Great Depression times XXX, then I don't see what good big chunks of gold will do, except maybe make crazy people target you.

Edit: I can only see it being really worthwhile if all of a sudden the Fed is like "ok, back to the gold standard!" but you could get the same benefit by buying gold stocks, with none of the hassle of physical gold.
Click to expand...

Because it has value ANYWHERE and you have physical possession of it. It's kind of like ammunition, there is no such thing as too much.
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After reading Euro Pacific's site they recommend buying from an Australian mining company who maintains physical possession of the gold. I guess you contact them and they transfer a converted amount into your account.

I might be a little paranoid but I don?t feel comfortable with that solution. Which makes me wonder how strong the Australian military is.
 
I wouldn't do it. Gold has risen a lot, but since has been lollygagging between $750-900ish for months now. It has pretty muched peaked at this time. Buy it when it falls back to $300, hang on for decades, cash in when it spikes. It really is a bad investment. If you want some Gold action, buy Stock in a Gold Producer, even that is kinda risky now due to the Economy and fall in Consumer Confidence.
 
Originally posted by: sandorski
Originally posted by: Born2bwire
Originally posted by: FlashG
Originally posted by: johnjohn320
Originally posted by: oldsmoboat
I use it to make soup stock.
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That was my first thought, too..
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It was a risk I had to take.
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That's what you get for not being very specific. I mean, are we talking about chicken or beef?
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Vegetable. It goes with anything.
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OK I?ll bite. How much would an alternator size piece of gold be worth?

I guess I just hijacked my own thread.
 
Go with the 2 stocks that don't get affected (and sometimes thrive) in a weak economy:

Pharmaceuticals and food manufacturers (frozen especially). I just dumped some cash into Overhill Farms, an up and coming food manufacturer and have been quite pleased. Also, Auxilium is a drug manufacturer with some products in development that people will be very interested it. I've been pretty happy with their performance so far.

Do some research, read the news, and you'll get the clues you need. I think gold is a poor investment at this stage of the game.
 
Originally posted by: sandorski
I wouldn't do it. Gold has risen a lot, but since has been lollygagging between $750-900ish for months now. It has pretty muched peaked at this time. Buy it when it falls back to $300, hang on for decades, cash in when it spikes. It really is a bad investment. If you want some Gold action, buy Stock in a Gold Producer, even that is kinda risky now due to the Economy and fall in Consumer Confidence.
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Yes that makes sense. Unless everything does truly go to hell and we are all screwed no matter what we do.
 
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