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Does anyone besides Glenn Beck actually own gold?

Benzito

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Originally Posted by Piobaire
As legit as any other commodity, I would think.

I guess the context I was thinking is that it isn't an "investment" that allows a company to purchase goods, hire labor, make a profit, and pay dividends. You are actually buying something as a hedge that the prices of other goods or the value of the currency will trend downward. I could easily substitute an air-cooled Porsche 993 for "gold" in the same context (they seem to be keeping their values well!).
 

JohnGalt

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Originally Posted by Fuuma
Simply not true. If it ceases to have technological and ornamental/status-based applications it won't be worth ****.

What I mean is that gold, and other precious metals, have served as a store of value for thousands of years. Sure, it's possible that one day in the future everyone says "screw gold/silver/plat" but the likelihood is rather low. OTOH, the likelihood of the dollar being further devalued (via inflation) by the fed printing press is much higher.
 

Fuuma

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Originally Posted by JohnGalt
What I mean is that gold, and other precious metals, have served as a store of value for thousands of years. Sure, it's possible that one day in the future everyone says "screw gold/silver/plat" but the likelihood is rather low. OTOH, the likelihood of the dollar being further devalued (via inflation) by the fed printing press is much higher.

Gold can also be devalued (fluctuate), what you were trying to assert is that it is a perennial holder of intrinsic value, which is entirely false.
 

redcaimen

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Originally Posted by Fuuma
Gold can also be devalued (fluctuate), what you were trying to assert is that it is a perennial holder of intrinsic value, which is entirely false.

Nonetheless, I hold some with the perhaps naive belief that it will continue as a store of value for at least another century or so.
 

JohnGalt

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Originally Posted by Fuuma
Gold can also be devalued (fluctuate), what you were trying to assert is that it is a perennial holder of intrinsic value, which is entirely false.

Gold can fluctuate but there is a relatively limited supply - as opposed to dollars that can be printed at will. You are technically correct in stating that gold would not hold intrinsic value; however, when looking at the course of human history it has always held value. When considering it in the context of a store of value (http://en.wikipedia.org/wiki/Store_of_value) gold is more reliable than a dollar.
 

Benzito

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Okay, so anyway . . . I assume holding gold in the physical form, i.e., buying a bag of coins or ingots, versus having an on-line brokerage account telling me that I have X amount of gold in some vault someplace, doesn't matter (other than ease of liquidity)?
 

Teacher

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Originally Posted by onion
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 **** 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


It's illegal to stockpile them. I have no idea what the limits are, though.
 

edmorel

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Originally Posted by Benzito
Okay, so anyway . . . I assume holding gold in the physical form, i.e., buying a bag of coins or ingots, versus having an on-line brokerage account telling me that I have X amount of gold in some vault someplace, doesn't matter (other than ease of liquidity)?

If you have a shitload of coins, and want to sell them, who do you sell them to and how do you get the coins to them?
 

BDC2823

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Originally Posted by Benzito
Okay, so anyway . . . I assume holding gold in the physical form, i.e., buying a bag of coins or ingots, versus having an on-line brokerage account telling me that I have X amount of gold in some vault someplace, doesn't matter (other than ease of liquidity)?

Originally Posted by edmorel
If you have a shitload of coins, and want to sell them, who do you sell them to and how do you get the coins to them?

If you're going to own gold, own physical bullion. Selling gold coins is really damn easy. Just go to the local numismatics. There's plenty of them within a 5-10 minute drive of my house.
 

edmorel

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Originally Posted by BDC2823
If you're going to own gold, own physical bullion. Selling gold coins is really damn easy. Just go to the local numismatics. There's plenty of them within a 5-10 minute drive of my house.

Maybe Benzito does not have a local numismatics. I am not making any calls on gold but if you want to invest in it and be liquid, I would go with an ETF or with buying a contract. The thought of lugging pounds of gold somewhere is not to appealing nor does it strike me as efficient. Now if Benzito is buying for the upcoming apocalypse, I once again stress that gold will be irrelevant.
 

ektaylor

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A couple years ago I met a guy with a very wealthy father who gave him a shoebox for his birthday. The shoebox contained: a hand gun, ammunition, and a bar of gold. He told him it was a survival kit for when the nation collapsed. He voted for Ron Paul, as I recall.
 

dfagdfsh

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someone posted a thread about how gold isn't historically a good hedge a few months ago. check that out.

also uh gold doesn't have some sort of intrinsic value.
 

Piobaire

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Originally Posted by Benzito
I guess the context I was thinking is that it isn't an "investment" that allows a company to purchase goods, hire labor, make a profit, and pay dividends. You are actually buying something as a hedge that the prices of other goods or the value of the currency will trend downward. I could easily substitute an air-cooled Porsche 993 for "gold" in the same context (they seem to be keeping their values well!).

Really? You believe this to be an accurate statement? I mean, there's a world wide market for Porsche 993, with both spot and forward pricing, derivatives, etc? There's a legit industrial use for these cars?

facepalm.gif
 

HORNS

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Originally Posted by ektaylor
A couple years ago I met a guy with a very wealthy father who gave him a shoebox for his birthday. The shoebox contained: a hand gun, ammunition, and a bar of gold. He told him it was a survival kit for when the nation collapsed. He voted for Ron Paul, as I recall.

I have an uncle who keeps money buried in his back yard. He also used to keep his money in an empty ice cream container in his deep freeze. He can't comprehend the concept of FDIC.
 

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