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OfflineJT
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what to do with a lot of gold?
    #8924440 - 09/13/08 04:35 PM (15 years, 6 months ago)

let's say you had about 80 grand (or some other relatively high, but not outrageous, figure) in gold coins.

do you think holding on to them is still wise considering the rapidly falling price of gold?

how would you go about selling that much if you did want to?

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Offlinenonwo
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Re: what to do with a lot of gold? [Re: JT]
    #8924463 - 09/13/08 04:40 PM (15 years, 6 months ago)

hold on to it or move to some 3rd world island and live like a king

do not trade it for us dollers!!!!!!!


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OfflinegeokillsA
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Re: what to do with a lot of gold? [Re: JT]
    #8926256 - 09/13/08 11:12 PM (15 years, 6 months ago)

How much, as a percentage of your assets, is your gold investment?  It's not a bad idea to keep up to 20% of your money in gold, but anymore than that and you begin to lack diversification.  Never trust only one asset class to preserve your capital value, spread that money around.


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OfflineJT
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Re: what to do with a lot of gold? [Re: geokills]
    #8926330 - 09/13/08 11:25 PM (15 years, 6 months ago)

That's good advice Geo.

I haven't invested any money in gold, and quite honestly I have very few assets. Just a grand in the bank and a '98 malibu. I should be inheriting some gold since my grandfather's death, though I'm kind of at a loss of what to do with it. I am racking up nearly 24k in student loans each year and it would be great if I could pay that off with the money so that I don't keep accruing interest, but a part of me thinks it would be better to just shoulder the load and save the gold for future investments.

Btw, I am sure I'll contact a real financial adviser before I make any definite action. I just know there are a lot of knowledgeable people here on the shroomery and I'm looking for opinions.

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Re: what to do with a lot of gold? [Re: JT]
    #8926425 - 09/13/08 11:40 PM (15 years, 6 months ago)

id wait on it before i sold. the price of gold will most likely go back up.  the USA is insolvent now, and all it can do now to pay off it's debts is take out more loans.

the rally in the US dollar right now won't last forever.

as long banks and big buisnesses keep going bankrupt + foreclosures, and the fed has to keep bailing them out + inflating the money supply, sane people will look for ways out of the dollar (gold)

In my opinion the recent drop in gold price is obvious maniupulation, and is intended to shake people up and scare them into selling at cheap prices.


you could consider selling only part of your gold to help with debts...

some banks will buy gold, also jewellers, coin dealers, refiners etc.

ebay is a good option,  people buy gold coins on ebay for rediculously high prices! :laugh:


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InvisibleAdden
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Re: what to do with a lot of gold? [Re: JT]
    #8927890 - 09/14/08 09:45 AM (15 years, 6 months ago)

Chances are the coins are worth a hell of a lot more to collectors than they are in their weight.

Read up on it and get some general prices.

I'm going to inherit all of my grandfather's coins when grandma passes away, and the sentimental numismatist in me is going to keep them all. No matter how broke I am at the time.

There's always other ways to make money than sell something off that you may regret.

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OfflinegeokillsA
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Re: what to do with a lot of gold? [Re: JT]
    #8927984 - 09/14/08 10:16 AM (15 years, 6 months ago)

> I am racking up nearly 24k in student loans each year and it would be great if I could pay that off

If you hold debt that is accruing interest, that should be the first thing you take care of. 
It's very hard to come out ahead when you're constantly owing more money!
Don't count on the potential appreciation of gold to eclipse the appreciation of your debt.


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InvisibleDieCommie


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Re: what to do with a lot of gold? [Re: geokills]
    #8928171 - 09/14/08 11:32 AM (15 years, 6 months ago)

Gold doesnt appreciate in the long term, so that makes your point even more valid.

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Re: what to do with a lot of gold? [Re: geokills]
    #8928606 - 09/14/08 01:35 PM (15 years, 6 months ago)

Quote:

geokills said:
> I am racking up nearly 24k in student loans each year and it would be great if I could pay that off

If you hold debt that is accruing interest, that should be the first thing you take care of. 
It's very hard to come out ahead when you're constantly owing more money!
Don't count on the potential appreciation of gold to eclipse the appreciation of your debt.





Totally agreed, assuming your not still in school and the interest hasn't come into play.  At most, wait till gold hits a short term trade swing before selling it, rather than holding on to it for the long term like geo advised.


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Offlinenonwo
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Re: what to do with a lot of gold? [Re: JT]
    #8928841 - 09/14/08 02:34 PM (15 years, 6 months ago)

gold going up means the doller is going down so why trade gold for paper thats worth less tomarrow than today


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InvisibleFerris
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Re: what to do with a lot of gold? [Re: nonwo]
    #8928849 - 09/14/08 02:35 PM (15 years, 6 months ago)

One can only short the dollar so much


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OfflineGroovy Grant
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Re: what to do with a lot of gold? [Re: geokills]
    #8934695 - 09/15/08 05:26 PM (15 years, 6 months ago)

I disagree Geo,

There are different types of debt. Some are extremely bad, while others are tolerable. Obviously loans with higher interest rates should be paid off first (ie: revolving credit card debt). Student loans however, are almost always very low interest, with options to continue to reduce your interest rate with good payment history. So it's generally not a good blanket statement to say pay off all debt at all costs.

If a student loan has an interest rate of 6%, and your credit card has an interest rate of 10%. It's obviously in your best interest to pay the credit card off as quickly as possible, while making the minimal payments on the student loans. However, the student loans are amortized like a home purchase just with a intangible asset (your education) as the collateral.

The 6% interest will barely cover adjusted inflation for this year. So that $20,000 you borrowed for school this year? It's probably will be worth $20,000 in real terms a year later. So why focus on paying off an debt rapidly, when inflation is going to help you do it? Remember student loan rates are often fixed, and generally get lower as time continues. It would be foolish to waste future solvency to pay a minimal debt now.

Hold onto the money, or use part of it to open a ROTH IRA.

<3,

GG

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OfflinegeokillsA
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Re: what to do with a lot of gold? [Re: Groovy Grant]
    #8935121 - 09/15/08 06:41 PM (15 years, 6 months ago)

Quote:

Groovy Grant said:

... generally not a good blanket statement to say pay off all debt at all costs.



While I consent that I could have made a clearer statement, I did not make a blanket statement regarding all debt, only debt that is actively accruing interest.  The only time I would advocate holding debt while investing one's capital, is if that debt carries no interest, or the investment vehicle for the capital provides a higher guaranteed rate of interest.  In other words, if you have a student loan at 3%, and you can find a guaranteed fixed income investment such as a CD or bond that will pay more than 3%... by all means, go for it.  But given the current rates on most bonds and CD's, you'd be hard pressed to find such deal.  I certainly wouldn't speculate on gold in lieu of paying off debt, which is the direction this discussion seemed to take come Post#8926330.


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InvisibleAsante
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Re: what to do with a lot of gold? [Re: JT]
    #8935800 - 09/15/08 08:30 PM (15 years, 6 months ago)

Quote:

do you think holding on to them is still wise considering the rapidly falling price of gold?





Do you think selling low is wise?

I don't believe we are seeing a lasting downtrend, I believe gold will bounce up and ascend again once people snap out of the rising dollar dream.

Holding gold is like holding a storage currency. If you need some greenback, exchange some.

I wish I could buy me some gold now, I'm not thinking of selling now prices are sinking. We'll see the 900s soon enough, and hey: its just 2008. You're getting a new president soon so for the elections everything economic is polished to the brightest shine it can possibly take.

The next president will be confronted with the REALITIES of the economy. The dollar takes a nosedive, investors seek refuge, gold goes up.

Patience young Padawan :sun:

If you are going to sell some to get out of debt FINE but don't sell all and be stuck with dollars when they go down. If you did lose all faith and decided to sell - by all means park that surplus money in something MORE STABLE than the Dollar, like a solid investment or euros.


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InvisibleAsante
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Re: what to do with a lot of gold? [Re: Asante]
    #8948153 - 09/18/08 07:06 AM (15 years, 6 months ago)

YEAH!! YEAH!! THATS WHAT I"M TALKIN ABOUT!!

Gold just shot up from $780 to $890 a day.:birthday:

14 fucking percent! And Silver gained TWO dollars on the ounce! 20 percent! fuckin A! Hell yeah :rockon:

If you had $80.000 in gold OP you now have $91.280 in gold

Thats NOT behavior of an investment that has jumped the shark!


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Re: what to do with a lot of gold? [Re: Asante]
    #8951668 - 09/18/08 08:56 PM (15 years, 6 months ago)

I wouldn't sell it. I would put a few coins in a pan of dirt and rocks and practice my panning technique.

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InvisibleDieCommie


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Re: what to do with a lot of gold? [Re: Asante]
    #8952010 - 09/18/08 09:59 PM (15 years, 6 months ago)

Ok Wiccan, Ive seen you advocate buying gold when it was at a all time high, and now you advocated buying gold at a local minimum.  What, if any, conditions would prompt you to sell your gold?

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Re: what to do with a lot of gold? [Re: DieCommie]
    #8952081 - 09/18/08 10:12 PM (15 years, 6 months ago)

i know you;re not asking me commie,  but rapid volatility is rampant in all markets these days.

the simple reason to buy gold is that the fundamentals of it are looking good long term.


I personally believe the price plunge is a set up that cannot last forever,  and when it gives,  gold will bounce up like a spring.

maybe not a set up, maybe people desperately trying to save their equities and financials

probly both.


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InvisibleAsante
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Re: what to do with a lot of gold? [Re: DieCommie]
    #8952397 - 09/18/08 10:58 PM (15 years, 6 months ago)

I'm in it for the long haul. I plan to hold gold for a decade, if not more. We are in the middle of a financial crisis, a crisis which at any time can get catastrophically worse.

We are at the brink of some very troubled times, times of shortages and of great inflation. I'm actually one of those pessimists who believes a worldwide depression might happen, or that a hyperinflation may strike the US or the EU, accompanied by a cascade of collapsing financial institutions.

I consider gold under $1.000 and silver under $20, cheap, in the present time.


Quote:

What, if any, conditions would prompt you to sell your gold?





If I'm dead certain theres going to be a big correction I will sell, fractional or complete. I missed the $1050 --> $750 correction yes. Damn, I was too late on that one.

Fractional unloading at certain prices under certain conditions, my first target being $1200 gold in a reasonable climate.

Gold is steadily going to rise. I really expect the bull market to turn into a bubble at some stage. Prices can get pretty crazy and fast and I'll unload pretty crazy and fast :smile: The bubble I expect is where a killing can be made - but I think it will take some years for that to happen.

So: corrections, targets and a bubble.

Ideally where it comes to liquids - if I were to win the lottery millions I'd convert to precious metals and ride the next decade or so out - converting krugerrands to cash when cash is needed. It sounds like something Scrooge McDuck would do, but I believe that everyone who saves money and most people who invest will be utterly mauled by the upcoming crisis (or rather series of crises) that I expect.

The time of paper promises is over. The next years are about delivery. And there are way more promises made out there than can be made good on.

Everything is getting more expensive, and my gold is getting more expensive with it.. And I'm gonna hold onto it for a bit longer :smile:


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Offlinetripp23
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Re: what to do with a lot of gold? [Re: Asante]
    #8952546 - 09/18/08 11:30 PM (15 years, 6 months ago)

gold is very valuable man, id definately keep it!  Don't let the US trick you because of other prices that will soon be obsolete.. honestly, keep it.  one day the US market will totally crash, US dollars will be worth burning for a warm fire and the first thing you'll wish you'll have is alot of gold!  Im starting to invest in it now actually, every month, 1 gram of gold for right now.  It may be cheap now but it will be very rare once this US market it gone


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Re: what to do with a lot of gold? [Re: Asante]
    #8952587 - 09/18/08 11:38 PM (15 years, 6 months ago)

So you will never sell and always buy no matter what the market is like.  Thats what I thought.

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InvisibleAsante
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Re: what to do with a lot of gold? [Re: DieCommie]
    #8953167 - 09/19/08 01:56 AM (15 years, 6 months ago)

Quote:


So you will never sell and always buy no matter what the market is like.





How do you read my post and come away with the notion that I will never sell and always buy?


Quote:

If I'm dead certain theres going to be a big correction I will sell, fractional or complete. I missed the $1050 --> $750 correction yes. Damn, I was too late on that one.
.
Fractional unloading at certain prices under certain conditions, my first target being $1200 gold in a reasonable climate.
.
Gold is steadily going to rise. I really expect the bull market to turn into a bubble at some stage. Prices can get pretty crazy and fast and I'll unload pretty crazy and fast :smile: The bubble I expect is where a killing can be made - but I think it will take some years for that to happen.
.
So: corrections, targets and a bubble.





Isn't this pretty clear?


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Edited by Asante (09/19/08 01:58 AM)

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InvisibleShins
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Re: what to do with a lot of gold? [Re: DieCommie]
    #8953202 - 09/19/08 02:10 AM (15 years, 6 months ago)

you buy on the lows, predicting where a bottom is is difficult, and sell on the highs...

holding gold or silver is fundamentally a good way to preserve wealth.  consider it a savings account that is best to withdraw from when the metals are at high prices.

if inflation continues (which it seems to be) commodities will hold their value relative to the dollar.

thats partially why its more expensive to buy groceries and gas.

holding gold prevents your savings from being inflated (devalued) by the currency.

unless you are confident that the dollar can miraculously succeed, where thousands of other paper currencies have never succeeded,  go ahead and watch your 401k and bank account dwindle into nothing.



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Edited by Shins (09/19/08 02:22 AM)

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Offlinebig_laughing_gym
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Re: what to do with a lot of gold? [Re: tripp23]
    #8968626 - 09/22/08 03:13 PM (15 years, 6 months ago)

Gold is up again today.

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