Gold - a foolproof way to get rich.

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   Ron Montgomeryposted 12 years ago

   A great investment.  It only goes up, never down.  During times of economic uncertainty, it goes waaaaaaaaaaayyyyyyyy up.  Don't be a fool, buy lots of gold.
   
   Purple Unicorn 2012.
   
   
   http://online.wsj.com/article/SB1000142 … 26568.html

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      Pcunixposted 12 years agoin reply to this

      I've always felt that an ounce of gold should be somewhere around an average middle class person's daily income..  whenever it goes higher than that, I think it's out of whack.

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         Sally's Troveposted 12 years agoin reply to this

         Gold prices are totally out of whack. And that's not a reason to not buy gold.  Gold is one of those commodities which will always have trade value, and probably an increasing value as time goes on.
         
         According to your formula for gold worth, gold's been "out of whack" since shortly after 1971, and we can blame Nixon for that.
         
         An ounce of gold will never be within the reach of an average middle class person's daily income. Those days are long gone.

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            Pcunixposted 12 years agoin reply to this

            No, you are wrong - or perhaps we just disagree on what a days pay is worth.  I'd call that a little short of $400.00 right now.  That's where i think gold should be.

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               Druid Dudeposted 12 years agoin reply to this

               The gold market has been artificialy inflated. When the hoarders dump...watch the price plummet!

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               Sally's Troveposted 12 years agoin reply to this

               Gold is trading at around 1,600 a troy ounce.  Go ahead and measure that against a day's wage. Mimimum wage would be around 80 per day. What are you thinking?

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                  Pcunixposted 12 years agoin reply to this

                  That's my point. It's out of whack - way overpriced.

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                     Sally's Troveposted 12 years agoin reply to this

                     Sometimes you make good sense, and sometimes you make no sense. This is one of the latter.

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                        Pcunixposted 12 years agoin reply to this

                        I think you just aren't understanding. But never mind. Think what you want.  Oh, and buy gold now  if you want to lose money.

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                           paradigmsearchposted 12 years agoin reply to this

                           Glenn Beck will get you for that...

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                              Pcunixposted 12 years agoin reply to this

                              What a shame.. And here we were on perfect agreement on..  Nothing whatsoever.

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                                 paradigmsearchposted 12 years agoin reply to this

                                 
                                 
                                 Actually , I agree with you.
                                 
                                 
                                 
                                 Given a choice between 15 useless, one-ounce gold coins or a brand new 2012 Camaro, what sane person wouldn't pick the car!?!

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                                    Sally's Troveposted 12 years agoin reply to this

                                    The gold will appreciate; the car will do the opposite.

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                                       paradigmsearchposted 12 years agoin reply to this

                                       One can't drive gold. In fact, unless you're an electronics manufacturer, there's pretty much nothing you can do with it at all.

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                           Sally's Troveposted 12 years agoin reply to this

                           There's nothing I don't understand here. If you were trading on the gold market, you would understand, as in, get it.

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                              Pcunixposted 12 years agoin reply to this

                              How do you know I haven't? 
                              
                              Trading isn't buying for investment.  Gold is over priced still.  Sure, you may squeeze some profits out but it's a horrible long term investment now. 
                              
                              But suit yourself.  Why should I care what you do with your money?

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            Druid Dudeposted 12 years agoin reply to this

            uhhh...Nixon was elected in '68. Finished his first term in '72, was re-elected. It was halfway through his second term when Watergate ended his admin. Just a little history for the historically impaired.

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      Sally's Troveposted 12 years agoin reply to this

      Gold does go up, but when it goes up it also goes down along the way. The short-term investor will lose.
      
      In the 80s, a lot of people bought Krugerrands for $250 each. Now they are worth six times as much.

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         Pcunixposted 12 years agoin reply to this

         Not really.  $250 in 1980 dollars had purchasing power roughly equal to $700.00 today.  If you bought your ounce of gold just a little later, it cost you 2-3 times that $250  and if you sold today, you actually gained nothing.  Might have even lost money in real purchasing power.
         
         Btw, in 1980, I worked for a company that bought millions of dollars worth of scrap gold and silver every single week. I know a little bit about gold :-)
         
         But even if you did buy at $250, all you've done now is just a little better than double your purchasing power.  In ONLY thirty years!  Great investment!
         
         But you go right on thinking I'm wrong.  What the heck would I know compared to someone who thinks 6 times 250 1980 dollars is 1500 dollars today?  You are correct - I'm just talking through my hat.

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            paradigmsearchposted 12 years agoin reply to this

            Come to think of it, I miss your hat.

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         Ron Montgomeryposted 12 years agoin reply to this

         No gold does not go down- ever.  Gold and tulips are the two bubbles that will never burst.

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            Pcunixposted 12 years agoin reply to this

            As I said, if you buy it when an ounce is roughly around a decent days pay (around $400  or so now), it is a safe investment. It will hold its purchasing power and sometimes be worth a bit more. 
            
            You can sometimes make money in rising markets like we had recently, but you can lose big there because eventually it will settle back to that days wage point. 
            
            It's a dumb investment for the long term but it is not a bad thing to have a little of in case of  economic disruption.   But goldbugs will always pick their dates to try to  convince you otherwise. 
            
            Oh, and they ALWAYS ignore purchasing power.

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   paradigmsearchposted 12 years ago

   
   Purdy

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   paradigmsearchposted 12 years ago

   All it does is just lay there and look pretty.

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      davenmidtownposted 12 years agoin reply to this

      paradigmsearch... did you call me?

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         shibashakeposted 12 years agoin reply to this

         LOL! But do you trade at $1,600 a troy ounce?

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   Anamika Sposted 12 years ago

   I wish I was like most women who love gold jewelry. But unfortunately, I was never fond of gold so never thought of accumulating Gold.

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      habeeposted 12 years agoin reply to this

      Neither have I! I much prefer silver and turquoise.

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   Pearldiverposted 12 years ago

   The Bumbletown - NZ Alchemist Christmas Party is celebrated on the 28th December this year and looks sure to be a success this year again.. especially given the number of Gold Diggers here and the presence of a newly discovered vein of Fools Gold!
   
   They have their Christmas Party after the day, so that they can give eachother the presents that they didn't like to others they don't like!  A Very strange set of almost people!

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   kikibird03posted 12 years ago

   I have to agree with Pcunix, Gold is a volatile investment, and it's been on an unnatural spiking trend.  There will be a gold bubble, and a lot of people who converted tons of cash to gold will lose money.  The gain is when you see the momentum picking up and jump in to purchase a the right spot on the curve, then sell while still spiking past your purchase price.  But buy and hold?  I wouldn't do it, and for those who can't keep away from it, do not go overboard!  Balance your portfolio, don't put all your eggs in one basket, unless you have a goose that lays golden eggs!

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