Gold broke $1200 today
- Thread starter guerilla
- Start date
I still like silver more - just seems more stable. (I'm not really too versed on either.)
On a side note while I was in nyc last week I went on a tour of the fed reserve, ironically while starting to read End The Fed, and it was a little lame. We went 5 stories down, saw a vault with a few hundred billion worth of gold which was pretty small in size - maybe the size of half a basketball court. BUT I was on a tour with 12 people with down syndrome and one little Asian dude almost got stuck in the rotating, air tight lock cylinder while it was closing. Luckily his best friend, Donny, a black 6'5-6'7 guy yanked his arm and he came flying out. Donny wasn't a happy camper.
The only thing I really learned, besides the fact that the amount of children getting down syndrome is rising according to Donny's caretaker, was that 95% of the gold held belongs to other countries.
On a side note while I was in nyc last week I went on a tour of the fed reserve, ironically while starting to read End The Fed, and it was a little lame. We went 5 stories down, saw a vault with a few hundred billion worth of gold which was pretty small in size - maybe the size of half a basketball court. BUT I was on a tour with 12 people with down syndrome and one little Asian dude almost got stuck in the rotating, air tight lock cylinder while it was closing. Luckily his best friend, Donny, a black 6'5-6'7 guy yanked his arm and he came flying out. Donny wasn't a happy camper.
The only thing I really learned, besides the fact that the amount of children getting down syndrome is rising according to Donny's caretaker, was that 95% of the gold held belongs to other countries.
My dad bought bought around $200k worth of gold coins, bars, etc... back around 2000 when it was like $275. I laughed when he told me it would make him a millionaire.
it hasn't, yet. if he bought 200k for 275/oz, and it's at 1200/oz, he's up to a value of $872,727
Yeah, I know... but the fact that it's even close is what I didn't believe back then. At the time the price of gold had remained pretty much the same for the past 20 years. In 2001 and 2002 he bought a lot more (and has bought small amounts ever since), so I'm pretty sure he's over the million dollar mark by now.
yeah, it is pretty awesome. Imagine, some people cashed in their entire 401(k)s for gold back then, and most of us thought they were morons, but wow.
Actually, the value of gold is increasing due to people wanting to use it as a more stable form of currency as well as the devalue of the dollar.
Kitco.com has a really good chart every day on how much gold increases/decreases due to the dollar falling or whether it's demand driven.
Kitco.com has a really good chart every day on how much gold increases/decreases due to the dollar falling or whether it's demand driven.
No matter how high gold gets, I still find quite a lot of gold jewelry for sale for peanuts at yard sales, thrift shops, church holiday sales and the like. The collective stupidity of the people selling it to me for almost nothing never ceases to amaze me.
When G. Gordon Liddy starts peddling something- a scam is imminent:
[ame="http://www.youtube.com/watch?v=sZ9rQgWousU"]YouTube- Broadcast Yourself.[/ame]
Regardless of whether the rise is due to dollar devaluation or diversification of assets post DJIA meltdown: buying in now is a suckers bet. No doubt why this ad is running high frequency on networks / time of day where the average viewer is less educated, statistically speaking.
"Whenever you find yourself on the side of the majority it is time to pause and reflect." Mark Twain
[ame="http://www.youtube.com/watch?v=sZ9rQgWousU"]YouTube- Broadcast Yourself.[/ame]
Regardless of whether the rise is due to dollar devaluation or diversification of assets post DJIA meltdown: buying in now is a suckers bet. No doubt why this ad is running high frequency on networks / time of day where the average viewer is less educated, statistically speaking.
"Whenever you find yourself on the side of the majority it is time to pause and reflect." Mark Twain
This. We are just getting started. A suckers market would be the Dow. The Dow goes up, yet your purchasing power falls.
Also, most of these people pushing gold push paper. If it's paper, it's really no different than owning a stock.