I went to a gold shop for advice and it scared the hell out of me

in #money7 years ago (edited)

View this post on Hive: I went to a gold shop for advice and it scared the hell out of me


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Enjoyed your article :) Very few people understand gold. Its not an investment, its money. Money is not meant to generate return, but rather maintain its purchasing power. Those that truly understand gold do not buy it hoping the "price" goes up. Those that truly understand gold use it to protect their savings over time. Investing in gold related equities is a completely different story. This IS done for return, but to gain this return you must take on risk.

Owning physical gold has no counter party risk.

My favorite thing is when people say "you can't eat gold." That makes about as much sense as someone saying "you can't eat a $100 bill."

Gold is to be measured against currencies, and not pizza, or a cheesburger.

precious metals will always be precious, and therefore always valuable.
I think people are becoming inured to crisis after crisis.
Each day there is a new reason to panic - and then nothing really bad happens.
So people don't feel the need to squirrel money away on gold - or they don't have any spare cash to squirrel away.
If I were you, and had money to squirrel away, a few hundred gold bar buried in the garden would give me some peace of mind in terms of financial security.
But I'd be super paranoid that someone would come and dig them up in the night hehe.

time to buy a shovel :)

The gold businessman was correct (and note this is his business, and he's probably been in a long time and understands it deeply). There was a gold bull run starting around the year 2000 to 2014.

However Gold has retreated and a bear market started in 2014 and has some way to go.

Basically gold is a hedge against inflation, but we're in a global deflationary cycle right now.

Thanks for your input.

I have dealt with many dealers, each have differences in opinions.... but the most important take away is they do not care if you buy or sell, they need the trade for profit... that's all they seem to care about (with few exceptions).

I started collecting Silver coins as a child... you know when a silver dime (90% silver) was worth 10 cents, now it is about $1.20. I started collecting Gold at $500 per ounce... now $1250.

Always remember(I can only speak of US comparison), an ounce of gold was originally $20, silver coin (90%) was a dollar.

Disclosure: I know @rmach you young, in your lifetime the Euro will no longer exist, most companies now will not exist Gold and Silver will. Silver being the better investment, but a damn pain from the weight involved in the same currency purchase.

I could go on, but one last thing... it is completely private, no taxes, no scrutiny, when you die your heirs get it without legal hassles and or taxes.

thanks for sharing

thanks for reading :)

"Gold price is right", yeah with paper gold manipulation ahahaha
"Silver coins are only 30-50% silver"... what is this guy smoking?

yeah... it was weird

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