Gold ready to crash?

Market Watch.com ^ | Jun 1, 2006 | Jesse Czelusta

[Toddsterpatriot]

And if you touch my stuff I'll kill 'ya.

That's the fact, Jack!

[Toddsterpatriot]

Damn, beat me by 10 seconds.

[Blzbba]

Hopefully by the time I sell them (YEARS from now), there will be no IRS!

[Grampa Dave]

"My reflexes and body are too slow when I'm SOBER to catch a falling knife. Thank God."

This gal is a real blonde with a great sense of humor. When she heard what the ER doc said, she called him up asked if it would help if she wore a wig with dark hair in the kitchen. He had to hang up due to a severe laugh attack. His wife is a real blonde who should never have anything heavy or sharp in her hands.

[Pete]

How can a guaranteed store of wealth have a correction?

Maybe because it is traded in a free market made up of human beings - we are talking about the spot price.

[Jim Verdolini]

“World mine production today is almost 25 times as high as it was in 1850 (again, see figures). New discoveries and technologies have allowed gold and silver production to continue to expand”

Bad argument…the world population is also up many, many times as is the industrial demand for such metals.

It also does not credit world situations or individual perceptions as having any value. Gold is way down today, about $100 from a month ago, BUT, it is up $200 from a year ago.

I personally like the idea of gold dropping a bit…I hope to buy another few ounces over the next couple of months before I stop buying regularly.

[Mase]

Damn, beat me by 10 seconds I still own Tyco.

[Red Badger]

Needless to say, I didn't marry her for her brains. Now I'm beginning to wonder about mine............

[Toddsterpatriot]

No taxes due on collectibles. Educate yourself before insulting.

I stand corrected.

Gold Silverbug and tax cheat.

[Grampa Dave]

"Just don't let the IRS know about it or how you got the money from selling it. Coins are specifically mentioned in the instructions for Schedule D for capital gains. They are even treated worse than stocks (28% vs. 15%)."

Another myth has been destroyed by KarlinOhio.

[Axenolith]

GG pays a dividend every month plus a 10X once a year. I'm up ~260% on it over the last 6 months too...

[Old_Mil]

One thing that this article does not take into account is that the % of wealth accumulated by Asia's newly prosperous countries stored as gold will be much higher than it is here in the United States. The cultural tendency on the part of Indians, Chinese, etc to accumulate a familial gold holding is no less today than it was in the past...so I suspect that the demand for gold will increase disproportionately to what the world is accustomed to seeing.

[GSlob]

"you can never have too many bullets."
You can, when you have to lug the whole rig [rifle and ammo], and no coolies or wheelbarrows are available.

[Comstock1]

The Magnificent Seven. My third favorite McQueen movie behind The Great Escape and The Getaway.

[Toddsterpatriot]

Maybe because it is traded in a free market made up of human beings - we are talking about the spot price.

Or maybe because it really isn't a store of value?

[Cold Heat]

This should stir the Free Republic early morning stew pot

Yep!! No doubt!

[Atlas Sneezed]

A guaranteed store of wealth that dropped 13% in a few weeks?

---

What kind of moron buys gold in order to turn a quick profit?

It is about preserving wealth.

Go back to the post you responded to, and learn about "averaging in."

And remind me where to put my money that won't go down 13% in a few weeks, nor lose money with respect to real inflation, nor risk disappearing in a financial crisis.

[Iscool]

Gold is good as a hedge against inflation, not as a long term investment. Even if our monetary system collapsed gold will still have value.

That's right...Gold is always worth something...Stock is sometimes worth nothing...

[djf]

Yup!

But I'm inclined to think you may never see 500 dollar gold again.

Stopped at a garage sale yesterday, bought two large size serving spoons, I could tell by the tarnish.

Reed and Barton.
Total weight 145 grams, about 4 3/4 troy ounces.
.925 AG.
55 dollars or so of silver.

Total cost: ten cents

;-)

[Axenolith]

Absolutely, that's why the cries of "fiat currency" ring false upon examination.

Really, so if I have a printing press and you have a hole in the ground, you can extract metal and turn it out as money as fast or faster than I can roll it off the press in paper?

The issue is fiscal DISCIPLINE and that's what PM based monies confer.