[quote=deadzone]Wow you guys are really going mental here, sorry to even bother sharing my info on gold.
– First, if I had used my money to purchase the ETF GLD in 2009, it would be up over 100%
– Second I could have easily purchased gold bullion off the street for the market price. In which case my investment would have gone up over 100%. My “family advantage” only netted an additional 20% profit or so.
– Third, what kind of moron are you to suggest it is immoral or unethical to purchase gold off the “unfortunate”? They need money, I have money and pay competitive price. Do you think pawnshops are immoral too? Get the fuck out of here what that take.
– Bottom line, I made a shit load of money taking risk and shorting the housing market. I used some of that new found cash to purchase gold. I would (and will) do it all over again.
Also, I have never once said landlords were selfish for raising rents. I have always been in favor of free market capitalism. What I said is it is selfish to root for the Fed to keep money printing knowing that it is absolutely fucking over the majority of the population financially, just because it benefits your personal interests. The Federal Reserve blowing ginormous financial bubbles, encouraging risky speculation, and then the government bailing out banks and other failing companies when that bubble inevitably pops, is what I despise. That is the opposite of free market.[/quote]
No, we’re not going mental here. We’re just trying to follow your train of thought on this thread. It first started off about how return to work is somehow going to affect housing prices in san diego, despite folks stating that (1) not everyone is going back to the office (2) there’s high tech job expansion here and (3) there’s some people that moved here for other reasons. And then we followed you down the discussion about how housing prices are insane and that people will be in trouble, despite a good portion of purchases were done in the 2009/10 timeframe with low fixed rate mortgages and then some even refinanced to a 30year 3% or lower, and there’s no incentive for them to force sell, considering their payments are way lower than people are paying for rent, and also that was an opportunity of a lifetime….. Then you took us to the discussion about how the stock market is going to crash, and while we are in the middle of a correction, we haven’t returned back to 2019 levels (yet) at least…And then you mentioned something about day trading assuming we day trade/speculate and are doing so bigly and losing our shorts, despite contrary to your assumptions that most of us do not day trade or participate in speculation in a bigly way and that most of us do boring style DRIP investment over 15-20+years and track pretty much with the 4% rule of compounding, and that while we might speculate here and there, it’s not really material enough to affect the overall financial situation….Then on the other thread where you offered financial advice, we’re trying to follow the logic that you mentioned it’s a bad time to invest and that you took a short position in some stock…which we mentioned really isn’t investing, it’s speculating/gambling and a lot more risking than anyone else who’s doing a DRIP style investment…Somehow, you took us down the path about how Gold is a great investment since 2009, where you mentioned that the bulk of your gold purchase was below $1000 in 2009. But we showed you that gold really hasn’t done that well relative to everything else, because it went as high as $2100 before coming back down to the $1300/1400 only recently have we seen it cross $2100 mainly due to the war and uncertainty of ukraine, and I said that I like gold because it’s pretty and maybe I’ll melt something down and coat a gun. But then you said how retail gold jewelry is a great investment. I said, it wasn’t because most jewelry these day is 14k and worth less than what retail price people pay. Then you indicated that gold jewelry is a good investment. I refuted that because gold jewelry typically is priced way above the price of the gold content and retail purchases also include a 8% sales tax, unlike bullion…Then you indicated you did the bulk of your gold purchases by buying gold jewelry from a family jewelry store who bought gold from desperate people that needed money and sold off their family jewelry and told us you bought some of that desperately sold jewelry well below spot value…something that I pointed out really isn’t a investment that anyone could really do that doesn’t have privileged status to a jewelry store and/or pawn shop, no different that Flyer who has privileged inherited money to buy homes in San Diego and make money “easily”….And I just wonder why you felt it was immoral for landlords to charge tenants high rent prices, while it was not immmoral for a jewelry store to take advantage of someone desperate and not give a fair market value for the jewelry they are trying to sell…And then you said we are going mental, when we’re really just trying to follow your train of thought on investment/speculation….
I might have missed something here and there, but that’s the summary of where you took our discussion on both threads…
