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Does anyone besides Glenn Beck actually own gold?

post #1 of 55
12/23/09 at 4:11am
Thread Starter 
Gold doesn't seem like a legitimate investment like a stock or mutual fund. What is the draw, other than as a hedge against a declining dollar? I kinda like the concept of having a bag full of Kruggerands like I am Moneybags McDuck or whoever Donald's rich uncle is, but otherwise, it seems a bit silly.

Educate me.
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post #2 of 55
12/23/09 at 11:45am
Firstly, its Scrooge McDuck and when it comes to swimming in gold coins, he's where I learned my backstroke. Secondly, as Glenn already said in his paid sponsorship for GoldLine "Go check out GoldLine. Give them a call. Then pray on it." Thirdstly, I think the government prohibits individual citizens from actually stockpiling gold. Not that its going to do you any good in the coming zombie apocalypse. Everyone knows the the currency of choice will be chocolate, booze, and young boys.
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post #3 of 55
12/23/09 at 11:52am
i have friends in india that were speculating heavily on gold as recently as this summer, and making bank last i heard one of my buddies was saying prices are too high to touch it anymore
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post #4 of 55
12/23/09 at 12:30pm
My dad has prob $20k in gold coins stashed. I think its sort of an emergency fund thing (zombie apocalypse). He's had them for as long as I remember. Historically speaking, it's really not such a bad idea.
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post #5 of 55
12/23/09 at 12:52pm
My very good friend is CONSTANTLY telling me all the benefits of owning (and investing in) precious metals (he's big into silver). His Grandfather actually got rich from buying either gold or silver, I forget which. Everyone thought he was insane buying tons and tons of gold/silver bars with every spare penny he had starting at around 20 or 25, but when he went to retire he was rich as hell. The profit he made was through the roof. I could have my friend post here on the pros/cons, but honestly, he'd probably write a damn book.
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post #6 of 55
12/23/09 at 12:54pm
There is at least one member on SF that put his entire life savings into gold before the recession hit. It is kept in vaults. He has done very well.
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post #7 of 55
12/23/09 at 1:02pm
Quote:
Originally Posted by pocketsquareguy View Post
There is at least one member on SF that put his entire life savings into gold before the recession hit. It is kept in vaults. He has done very well.

From what I can tell, if you can predict ups and downs, you can do a lot better with derivatives.
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post #8 of 55
12/23/09 at 2:22pm
dollar = fiat money with no real value. gold will always have value.
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post #9 of 55
12/23/09 at 2:29pm
Quote:
Originally Posted by r... View Post

Thirdstly, I think the government prohibits individual citizens from actually stockpiling gold..

Bullion, ingots, etc...yes. Coins and jewelry are, as far as I know, exempt (though maybe there's a limit).
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post #10 of 55
12/23/09 at 2:32pm
Quote:
gold will always have value.
lol
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post #11 of 55
12/23/09 at 2:33pm
Quote:
Originally Posted by JohnGalt View Post
gold will always have value.

This is not true at all.

You are assuming nothing really changes.
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post #12 of 55
12/23/09 at 2:35pm
Quote:
Originally Posted by Benzito View Post
Gold doesn't seem like a legitimate investment like a stock or mutual fund. What is the draw, other than as a hedge against a declining dollar? I kinda like the concept of having a bag full of Kruggerands like I am Moneybags McDuck or whoever Donald's rich uncle is, but otherwise, it seems a bit silly.

Educate me.

As legit as any other commodity, I would think.
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post #13 of 55
12/23/09 at 2:36pm
I'm almost positive there is no ban on owning ingots, bars, or coins of gold. Granted it's way over priced, but people sell the shit on ebay on a very regular basis.... Plus my friend has showed me at least 5 different web sites who sell gold and silver ingots, though I guess those could be closed to the public, and I just missed it. Gold bar for sale: http://cgi.ebay.com/Gold-Bullion-Bar...item439bb4d881 Silver bar for sale: http://cgi.ebay.com/1000-OUNCE-1037-...item4397626641
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post #14 of 55
12/23/09 at 2:37pm
I don't understand how you go from "zombie apocalypse is coming!!!" to stocking up on gold. Will the zombies take gold as a payment for your life? If the zombies are looking to acquire currency, why wouldn't they take debit cards, how much gold are they going to be able to carry around? Nothing has an inherent "value", we place the value on it. If the zombie apocalypse comes, things like food/ammo/shelter will probably be a hell of a lot more useful and valuable than gold. The only thing I would suggest stocking up on is pussy. As iammatt has said before, pussy always has value.
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post #15 of 55
12/23/09 at 3:19pm
Quote:
Originally Posted by edmorel View Post
I don't understand how you go from "zombie apocalypse is coming!!!" to stocking up on gold. Will the zombies take gold as a payment for your life? If the zombies are looking to acquire currency, why wouldn't they take debit cards, how much gold are they going to be able to carry around? Nothing has an inherent "value", we place the value on it. If the zombie apocalypse comes, things like food/ammo/shelter will probably be a hell of a lot more useful and valuable than gold. The only thing I would suggest stocking up on is pussy. As iammatt has said before, pussy always has value.

+1
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