Posted on 08/04/2013 8:14:47 PM PDT by freedumb2003
I have a $100K investment that is about to mature.
I have been strongly considering buying real gold -- the kind I can hold in my hand and put in a vault.
I am thinking of building a strong save (too afficed to move) in my home, buying $50K or so of real Gold, then splitting it between my home safe and a Bank Safety Deposit Box.
But now I am ready to do it, I am really concerned and so I come to you, my Freeper brethren, for real-world advice.
1) Is this a good idea (I want to be ready if "Greece" comes here) 2) What are the mechanics? Whom can I trust and how do I take delivery? How do I know what I get is the Real Deal?
Those of you who have experience can help me, but I don't want so many specifics that you endanger yourselves.
Of course, being Freepers, an attempt by lurkers to take anything that is yours would probably result badly.
Thanks in advance!
>>Also, if you are paranoid, I think there is a risk that the government might seize assets held by banks. If you get the gold, I would consider keep 100% under your control<<
I am somewhat paranoid — thus I want 50% under my personal control.
In event of disaster or riots, having hard currency is always a good idea.
Bunker upgrade time. ;-]
or Anguilla National Bank
Don’t forget silver..
I wouldn’t call you paranoid.. History shows us that it may happen again when we least expect it...
RL Prepper ping —
I could not figure out how to ask this question on any Prep threads, but Mrs. FD pointed out today that if I don’t take action in the next 2 weeks or so, I’ll be stuck in a stupid, yet safe, investment.
I have convinced her we need the Gold (or precious metals) in our hands but now need a solid plan.
All Preppers and other FReepers advice gratefully accepted. Many will contradict and some will be derisive, but the I really want to hear from those who have done this.
$50 gold coins? I didn’t know there was such a thing.
- While silver probably will have greater upside potential, it is very volatile. So, if you're going to buy some silver, I would make it a smaller portion at this point that you are just becoming a new precious metals owner. The wild ride can be like literal bull riding - and the volatility can tear up a person emotionally unless they're used to it and prepared for it, with a good understanding of how the markets work.
- Be very careful in shopping around to minimize premiums that you'll pay. Prices vary widely, even among well known "names." Definitely don't buy from companies like "Goldline" (sorry Glen Beck!).
- Be clear/sure that you are buying for the long run.
Transaction costs in buying gold are moderately high - so you want to be sure up front that this is a long turn buy and hold situation; that you are not a "trader." Don't buy for the short-term and don't expect a quick increase in price. Be prepared for significant pull-backs; they happen. You're anticipating continuing dollar value declines, and over time this is highly likely.
- If you have a large shipment coming - you may want to consider having it shipped directly to the area's UPS "hub" - where they won't have your home address. I never want a driver to show up with a delivery at my house. No thanks to that.
Good luck! And, ignore those who don't understand precious metals. They were saying the same negative things 12 years ago when gold was selling for $250/troy oz and silver was trading between $4 and $5. At the same time, don't believe all of the hype of the crazies who assert that you're going to get rich. Highly, highly unlikely - but you will have something of value when others eventually get stuck with depreciating currency.
My 2 cents worth, anyway.
“..And, ignore those who don’t understand precious metals. They were saying the same negative things 12 years ago when gold was selling for $250/troy oz and silver was trading between $4 and $5. At the same time, don’t believe all of the hype of the crazies who assert that you’re going to get rich. Highly, highly unlikely - but you will have something of value when others eventually get stuck with depreciating currency...”
BRAVO!!!
Here’s a good round-up of the prices of the major players:
http://www.comparegoldprices.com
http://www.comparesilverprices.com
I’ve bought from Blanchard with no problems whatsoever. Personally, I like buying coins. I think Krugerrands have an ounce of gold but more non-gold stuff than other one-ounce coins, which makes them a little harder.
I would rather have land and the rights to the water under it.
>>I know you’d be ashamed to stand on the corner and ask for change. But you come on hear and ask people how to invest your money, for nothing.<<
I am asking a specific question about a specific type of investment (precious metals) in times of potential political trouble. This is about philosophy, not tactics.
The larger point was about the mechanics. I am going to do this, but I was hoping to learn from those who have already done so.
I have a financial adviser, but this is “off the books” since many do not understand the real possibility of shortages in the Main Street USA with the slightest prodding (much less the legislature taxing things like BANK BALANCE WEALTH).
You are not cruel, just a little clueless but I can see you enjoy a coddled mean streak.
If you are concerned about the lights going out—metaphorically—you should consider keeping cash in reasonable denominations in your home. In a safe, in the walls...just in case.
Foo don wan no hep, foo don get no hep.
...and some day “bad boys with bigger than yours..” would come and take it away.:-)
THANKS!
That is the kind of advice I am looking for (and am willing to accept the slings and arrows of the skeptical/comedians).
I am a LONG-HAUL investor in all things. I see churners as fools. This is my hedge against our own — the legislature, the “We are treyvon’ers” etc.
Not a large part of my portfolio, but large enough to keep me going when others find their credit cards and even dollar bills don’t work.
And you and a few others are giving great advice I can mull and use.
Which was the point of the thread and why I knew FR would come through.
Canadian Maple Leaf is the best. Krugerrands and American Eagle are 22 karat.
>>Foo don wan no hep, foo don get no hep.<<
That was originally “Nigga don wan no hep, Nigga don get no hep.”
They BURIED the original and I don’t think it can be found. Lucas should have used the same people who buried that original to bury “A Star Wars Christmas.”
A broadcast outlet played “Used Cars” the other day. They butchered it up so bad anyone who had never seen it before would just shake their head an go “what?”. It made no sense whatsoever.
And why they censor the fart scene in “Blazing Saddles” is beyond me.
>>If you are concerned about the lights going out—metaphorically—you should consider keeping cash in reasonable denominations in your home. In a safe, in the walls...just in case.<<
That is my plan. A safe attached within the walls with rhebar supports. One that will withstand most natural disasters and all manmade ones.
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