[quote=deadzone]Absolutely for the lay person they should only purchase bars or coins. Gold in jewelry form only makes sense if you have retail jewelry to off load them.
I have family in the jewelry business so bought a lot of gold jewelry through them during the “great recession” and honestly got most of it at far less than the $900-1000 spot price as there were a lot of desperate people hawking their gold in that period.
Some of the stuff I melted down to bars, but the nicer stuff I kept intact as it can be sold easily for double the spot gold price in jewelry form.[/quote]
Well, did you pay sales tax for that, or did you do that (illegally) under the table 🙂
Also, come on man.. Before talking about how well gold investment worked out for you…It would have been more appropriate to first disclose that basically you have family in the business, and that your gold investment gain was primarily only from the special relationships you have with your family and not so much your investment dexterity that others have specifically for gold…because without that special advantage, you would not have been able to reproduce those gains that you specifically mentioned for gold, like any other investment asset class for which you do not have any sort of special advantage…….It’s no different than flyer who keeps claiming how much money and how easy it was for him make money in real estate in san diego, when the bulk of his wealth was inherited… just saying… Not there there is anything wrong with having a special advantage… But let’s at least be upfront and honest about it that that was the primary enabler, and not financial dexterity. Because let’s not mislead others who are trying to build their own wealth right now from the start… that these “easy” ways of making money for you with gold (and in real estate, for flyer’s case) are reproducible by others who don’t have those “special tools”
Afterall, the easiest way to make $1million is… to start out with $999,999
Also, you seemed to have taken advantage of unfortunate people that had no money and had to sell gold at firesale prices, some of them possibly passed down to them from their relatives…. I believe in a few threads back, you mentioned something about unaffordable housing and rent and how landlords jacking up rent was selfish and self centered….How are these two situations any different, besides, you being the one subject to the possibility of a landlord jacking up rent prices?
