OpieRadio Logo
Compound Media Logo
Jim Norton Logo

PRECIOUS METALS: Gold, Silver Plunge As Investors Leave

Discussion in 'Current Events' started by SOS, Sep 24, 2011.

  1. SOS

    SOS ONA
    Wackbag Staff

    Joined:
    Aug 14, 2000
    Messages:
    47,931
    Likes Received:
    8,828
    wsj

    I was wondering when this would happen given the survivalist/anarchists pushing metals.

    I wonder if it is a start of a trend or a blip.

     
  2. Creasy Bear

    Creasy Bear gorgeousness and gorgeousity made flesh
    Donator

    Joined:
    Mar 10, 2006
    Messages:
    47,724
    Likes Received:
    35,499
    The gold bubble was bound to burst. Way too much hype for it to be healthy. Shit... like half the scamvertisers on Sirius/XM are "gold investment" scaremongers. Alex Jones' show has basically become an infomercial for the gold racket... that and "survival seeds".

    Oh well... another bubble pops.
     
  3. SaltyDelights

    Joined:
    May 24, 2004
    Messages:
    3,231
    Likes Received:
    503
  4. d0uche_n0zzle

    d0uche_n0zzle **Negative_Creep**

    Joined:
    Sep 15, 2004
    Messages:
    46,514
    Likes Received:
    6,802
    Silver is still a buy, IMO. Although, it could go a bit lower to the mid twenties.
     
  5. Jef Leppard

    Jef Leppard 4/5 ths

    Joined:
    Mar 2, 2005
    Messages:
    6,781
    Likes Received:
    126
    back when gold was $300 a troy ounce was when we were all riding high. i sold every price of gold i had when it was $1744 an ounce at a place that paid 90% of spot price. i walked out with just over 6k
     
  6. phillyfranko

    phillyfranko Registered User

    Joined:
    Jun 1, 2010
    Messages:
    5,768
    Likes Received:
    1,987
    our money is not worth the paper it is printed on...keep printing money feds...Gold will hit at least $2500 an ounch...maybe $3000 or more before its all over...Hope I am wrong...but it is not looking good...
     
  7. stevethrower

    stevethrower Got Sig?

    Joined:
    Dec 8, 2004
    Messages:
    47,995
    Likes Received:
    20,599
    So I guess I sold my chicks broken necklaces at the right time...
     
  8. The Godfather

    The Godfather Spark it up for The Godfather and say!!!!!

    Joined:
    May 9, 2007
    Messages:
    11,256
    Likes Received:
    9
    Gold isn't a bubble, you dummies.

    This is an excellent buying oppurtunity. I've shifted most (all, actually) of my domestic mutal funds into phsyical gold and silver the past 2 days. (I'm not yet willing to give up on my small cap asian funds)

    I can ASSURE you, at current prices... central banks around the world are buying up gold as we speak.

    The dollar has a limited life span at this point. Deflation will not be allowed to occur. Deflation will be countered with inflation, that has been the gameplan for years now.

    The Federal Reserve bank is going to ride in to the rescue on their white horse when the DJIA index drops below 10,000.

    QE3 will happen, because there isn't the political will to bail out the TARP banks from 2008 again. There also isn't the political will to allow BoA, GS, JPM, C, WFC, AIG... ect etc to fail after the massive political and capital (phony capital) investments made by Congress and the Fed just 3 years ago.

    A sovereign debt crisis is unavoidable at this point.
     
  9. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
  10. JoeyDVDZ

    JoeyDVDZ That's MR. MOJO, Motherfucker!

    Joined:
    Aug 20, 2004
    Messages:
    28,429
    Likes Received:
    5,450
    They have actually had booths set up in my employee cafeteria with some company buying gold from schmucks that work there. Weird shit.
     
  11. Motor Head

    Motor Head HIGHWAY TRASH REMOVAL

    Joined:
    Jan 23, 2006
    Messages:
    10,385
    Likes Received:
    435
    I sold all 22 ounces, for $150 under market value per coin. The dealer confided in me that the coins were already sold. Apparently the rubes are still scarfing up coins.

    Now where the fuck should I park the money?
     
  12. d0uche_n0zzle

    d0uche_n0zzle **Negative_Creep**

    Joined:
    Sep 15, 2004
    Messages:
    46,514
    Likes Received:
    6,802
    Ammo, water filter, food. These are a few things that will be helpful when the savages riot.
     
  13. Madness

    Madness Registered User

    Joined:
    Dec 9, 2004
    Messages:
    1,232
    Likes Received:
    219
    Dave Ramsey has talked about gold a few times and pointed out that it historically doesn't have a good annual growth as an investment.

    If the world collapses... what the fuck good is it then. Gold is only worth something if someone is willing to give you something for it. Otherwise it's just a paperweight. A gun, ammo and a willingness to use those for survival is worth more than gold.
     
  14. Motor Head

    Motor Head HIGHWAY TRASH REMOVAL

    Joined:
    Jan 23, 2006
    Messages:
    10,385
    Likes Received:
    435
    [​IMG]
    If the world is going to go to shit soon, of course this will be my first "investment". I already have guns and ammo and a dog. I guess a few cases of dog food and having two giant gas tanks installed would complete the deal.
     
  15. greensnacks

    greensnacks Registered User

    Joined:
    Dec 20, 2004
    Messages:
    759
    Likes Received:
    0
    I sold most of my holdings too and bought EPV and HDGE in anticipation of the Greek default and a lackluster US economy. With dollar strengthening (however temporary that may be) and people covering losses, they seemed to have dump gold this week. I had considered FSG as an investment for a few months, but gold makes me nervous. I am sure my logic is flawed a bit, but a few years ago, you couldn't walk outside without someone asking to buy gold from you. There is far less of it today and those same people are trying to sell you gold (mainly advertisers and talk show hosts). I feel the gold boat sailed a while ago and it's too late to join the party. You see stuff like, "Bullion Vaults Run Out of Space as Gold Rallies: Commodities", and it just feels over bought.

    Yep. I think the European Central Bank is laying down the framework for an orderly Greek default and loading up on gold and foreign currencies for when it happens. The euro will be worth so much less than most everyones currency.
    Central banks return as gold buyers




    I think we will see at least 8500. In 2008, the Dow touched 6600 and it could arguably be worse today, with our banks still weak and europe facing their own problems.
     
  16. CousinDave

    CousinDave Registered User

    Joined:
    Dec 11, 2007
    Messages:
    25,297
    Likes Received:
    198


    McDonalds just increased their dividends
     
  17. Creasy Bear

    Creasy Bear gorgeousness and gorgeousity made flesh
    Donator

    Joined:
    Mar 10, 2006
    Messages:
    47,724
    Likes Received:
    35,499
    I stopped listening to Dave's show like a year ago... not because he doesn't give sound advice, he absolutely does, but his shit gets crazy repetitive after awhile. A lot of it is just basic common sense which he repeats over, and over, and over...

    I was also getting fed up with Dave's claim that you could easily make a 15+% return on a standard mutual fund... like it's a guarantee carved in stone. He kept up the claim loooooong after it became obvious that the market had soured and nobody was seeing returns anywhere near 15% on any mutual fund. He may still be making that claim to this day. I don't know... I got sick of rolling my eyes whenever I heard the 15% thing and I bailed on him.
     
    Atomic Fireball likes this.
  18. Don the Radio Guy

    Donator

    Joined:
    Mar 30, 2006
    Messages:
    69,628
    Likes Received:
    5,082
    It's speculation. Not investment. This just proves that once again.

    Park that gold money in something diversified. Total market fund. Pick one and leave the money there until you retire. Forget it's even there. And never buy gold again.
     
    Atomic Fireball likes this.
  19. Madness

    Madness Registered User

    Joined:
    Dec 9, 2004
    Messages:
    1,232
    Likes Received:
    219
    You would be surprised how uncommon that common sense is though. I'm surrounded by people that have no concept of some of that shit.
     
  20. whiskeyguy

    whiskeyguy PR representative for Drunk Whiskeyguy.

    Joined:
    Jan 12, 2010
    Messages:
    36,186
    Likes Received:
    21,790
    I agree. I see silver at the very least doubling in value in the next 15 years.

    Gold in my opinion is pretty close to its ceiling, so it wont show the same returns silver is potential of... but I do think it's a fairly safe bet at holding its value over the next couple of decades at least. Gold will definitely have value as a currency after the collapse. Direct trading would probably be the norm immediately afterwards (for example, I'll dig a well for you for a cow), but that is inconvenient because some people won't need anything immediately in return. That's the entire point of a currency. Gold and silver make great currencies because they are hard to counterfeit and are finite.

    The only way I see the gold market plummeting is during a massive and obnoxious stock market recovery. If there is "easy" money to be made in the stock market, people may pull their money out of gold to do so.
     
  21. The Godfather

    The Godfather Spark it up for The Godfather and say!!!!!

    Joined:
    May 9, 2007
    Messages:
    11,256
    Likes Received:
    9
    Dave Ramsey's a douche.
    [video=youtube;ZladO06LVNI]http://www.youtube.com/watch?v=ZladO06LVNI[/video]
     
  22. Creasy Bear

    Creasy Bear gorgeousness and gorgeousity made flesh
    Donator

    Joined:
    Mar 10, 2006
    Messages:
    47,724
    Likes Received:
    35,499
    Huh? I didn't watch it all the way through but what I did see was comparing apples to oranges.

    Dave was right... the market didn't(hasn't) crashed, and Peter Schiff was predicting a downturn, not a crash. So I don't see how the conclusion is being drawn that Dave Ramsey was "wrong" where Peter Schiff was "right". They weren't even saying the same things.

    Oh... and whatever douche put that video together should be shot in the face for the completely unnecessary and awful music track they added.
     
  23. The Godfather

    The Godfather Spark it up for The Godfather and say!!!!!

    Joined:
    May 9, 2007
    Messages:
    11,256
    Likes Received:
    9
    Dave Ramsey was advocating in January 2008 investing in paid-for real estate and said "gold is a stupid investment, buying gold is a dumb idea, I don't recommend it."

    He's an idiot, don't listen to him. I'd rather listen to Suze Orman yell at home makers than listen to Dave Ramsey give bad advice.
     
  24. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
    Gold is currency. Holding any kind of currency is not an investment. It's the exact opposite of an investment.

    People store money on a permanent basis when they are afraid that investing it would cause them to lose it, not because it's a profitable thing to do.

    In today's economy, holding gold for that reason is a very good idea. Doesn't mean you can't also invest some of your money, but investing all of it would be a little reckless. And keeping it in
    USD would just be stupid.

    I don't know who Dave Ramsey is, but if this is the kind of wisdom you were left with after listening to him, he's a moron.
     
  25. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
    Money is a tool, not an end in itself. If you tell us what you are hoping to achieve, then maybe someone can give you some advice on how to use your money to achieve it. Until then, everyone who gives you any advice is full of shit, they have no clue what they're talking about.
     

Share This Page