Buy Gold!

[moneymaker]

Just like land they are not making any more of it. Just found out it is not even made in our sun. Extrememely rare in the universe, can possibly use it to barter with aliens.

[Coronita]

There is no shortage of gold. Platinum is actually rarer than gold, and it has an industrial use. What’s interesting is there hasn’t been too many periods in time when the price of platinum was lower than the price of gold. We happen to be in one of them….

I thought you ditched your silver right after the fed said they might lift rates in June?

I don’t know, I think metal prices are way too volatile right now. I got in to NUGT right after the fed announced when it was in the $80ies and I was shitting in my pants when it went to the low seventies. But then a bad unemployment number sent gold and silver right back up and NUGT over $100 so I’m out on the etfs…just keeping bullion to pass on to my kid. Way too much volatility for my comfort. I got really lucky…it could have gone really badly the other way.

I am finding its not so easy to sell bullion back…especially silver.

[SK in CV]

[quote=flu]
I am finding its not so easy to sell bullion back…especially silver.[/quote]

You have to have a guy. I sold some junk today for $12.00/$, which is about 95% of spot. But yeah, transaction costs are high.

[poorgradstudent]

I’d rather buy Helium.

This would have been great advice in January, but right now Gold doesn’t look very cheap to me.

[moneymaker]

It’s all relative, yes flu I did sell my slvr stock but I still have silver/gold bullion. Like you I am patient and will not sell it until it nearly doubles. It seems expensive until you compare it to stocks, real estate, soon to be worthless paper. I guess buying it really is a vote of no confidence in the current economic system. By the way I’m not buying more, just holding on to what I have already.

[Coronita]

Well, I’ve been buying platinum coins and gold the week after the fed spooked the precious metal markets… I don’t have space for silver….Those bank safeboxes are only so big, and I don’t trust putting everything in one lockbox.

And imho, it’s a bad idea to leave things at home.

I guess I’m also hedging against a trump win, which although probably won’t happen, if it did, it would probably sink the economy. heh heh. 🙁

The ebay coin dealers are getting smart and have started to remove gold coins as coins that qualify for the eBay bucks programs…..So you no longer get $100 off for each ounce of gold, unless you decide to buy “random year” coins, which I don’t like…Platinum,however, have not been removed, but there’s like a $150 markup over spot. So buying it with eBay bucks, is like buying $50 over spot. Percentage wise, it’s still better than the markup of silver…But I guess silver is more popular, since it’s cheap.

[Coronita]

Gold just broke through $1300/ounce overnight and hitting 2 years high at $1315/ounce. This is insane. Almost a $115/ounce change since end of may when Fed spooked the markets..

[OwnerOfCalifornia]

[quote=flu]I am finding its not so easy to sell bullion back…especially silver.[/quote]

That’s unfortunate to hear…every time I sold gold or silver several years ago it was seamless. I sold to kitco once, but I usually bought and sold from the (now Chapter 11 and very likely criminal) Bullion Direct P2P platform.

BD was nice while it lasted, and if you’re bored you can read all about it. Best summary is blogged about here. Short version is that people thought aggregate ~~$30M of metals were stored in some fashion, but there appears to only be about $700k when they filed chapter 11. I always just took delivery. It looks like they’re trying to emerge from chapter 11 with the same basic P2P bullion trading platform, but with new management. I hope the old management goes to jail; FBI is investigating.

I’ve never tried selling to a coin shop. I’ve got some Ag 100oz bars I want to sell, possibly very soon if Ag price keeps up.

[SK in CV]

[quote=flu]Gold just broke through $1300/ounce overnight and hitting 2 years high at $1315/ounce. This is insane. Almost a $115/ounce change since end of may when Fed spooked the markets..[/quote]

And now down $33 from that high point. There’s an awful lot of resistance at $1300. Same for silver at $17.50. /pl is in it’s own little world.

[Coronita]

[quote=SK in CV][quote=flu]Gold just broke through $1300/ounce overnight and hitting 2 years high at $1315/ounce. This is insane. Almost a $115/ounce change since end of may when Fed spooked the markets..[/quote]

And now down $33 from that high point. There’s an awful lot of resistance at $1300. Same for silver at $17.50. /pl is in it’s own little world.[/quote]
Yeah no kidding…for something that is suppose to be a good wealth preserver it sure is volatile today. I was hoping by me talking about gold being at a high price, it would jinx things and he price of gold corrects a bit. I was more concerned that the stock market was going to have another bad down day, lol.

[moneymaker]

Wow! Just noticed silver is over $19! Should I sell or wait for $20?

[Coronita]

I don’t know, I think there’s more room to run for all the precious metals….Raising rates are off the table. UK will be sort of a mess, people seem to be paranoid about the economy and there seems to be a pretty hefty demand for bullion right now.

[The-Shoveler]

Well I feel a lot less stupid for buying silver at 15 now.

[moneymaker]

I think i bought last when spot was in the low 14’s, spot is at $19.33 now. That would be a return of around 23% after fees in around 6-7 months, not bad, but if I wait might be even better. If I sell at $20 then return will be 30%.

[moneymaker]

Bloomberg says silver is at $19.84, higher than kitco says on their website.

[Author]

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