I am buying 23 k worth of physical gold coins
- Thread starter bad feeling
- Start date
Rationalizing ones unpreparedness with haughty "doomsday" skepticism is extremely shortsighted, IMO.
The problem with this type of thinking - only an apocalyptic scenario is thought able to separate the masses from their wealth or means to survival.
The popular example is Zimbabwe-style hyperinflation and wholesale destruction of the economy. Likely not going to happen. But if it does, gold will certainly have more value than worthless paper dollars.
Whats more plausible - a major political or terrorist event that prompts a Constitutional suspension and the imposition of martial law.
We're only one big attack away from seeing this Constitutional Republic go up in smoke (pun intended). General Tommy Franks and other military notables have said as much in recent years.
Given the "inevitability" of such an attack (see Cheneys giddy, weekly reminders), we're standing on a historical precipice, as it were.
If the golden cord is cut and an American Dictatorship rears its ugly head, its all over.
All electronic monies held by private citizens at commercial banks will be frozen from making large cash withdrawals or oversea transfers. Poof! GONE.
All safety deposit boxes will either be confiscated or subject to search by Homeland Security prior to withdrawal.
Precious metals and transferable securities might very well be banned and seized (to "prevent another attack"!)
Travel will be locked down. Check points everywhere. Citizens refused emigration from the Country....
How does your 5 million in a Citi HNW fund help you now?
My 2 cents:
Guns, ammo, storeable food, generators, fuel storage, solar, stock-piled medicines and gold/silver/cash (small denominations).
Have an escape plan if it gets hairy.
Preferably, a nice island farm outside the US. Jump on your boat or the next plane the moment a nuke goes off. You won't get a second chance.
If an overseas retreat is too pricey, get a nice island cottage in the country somewhere with some livestock. Go and hole up for awhile.
If theres a societal breakdown or military crackdown, you don't want to be near either. Far, far away...
The problem with this type of thinking - only an apocalyptic scenario is thought able to separate the masses from their wealth or means to survival.
The popular example is Zimbabwe-style hyperinflation and wholesale destruction of the economy. Likely not going to happen. But if it does, gold will certainly have more value than worthless paper dollars.
Whats more plausible - a major political or terrorist event that prompts a Constitutional suspension and the imposition of martial law.
We're only one big attack away from seeing this Constitutional Republic go up in smoke (pun intended). General Tommy Franks and other military notables have said as much in recent years.
Given the "inevitability" of such an attack (see Cheneys giddy, weekly reminders), we're standing on a historical precipice, as it were.
If the golden cord is cut and an American Dictatorship rears its ugly head, its all over.
All electronic monies held by private citizens at commercial banks will be frozen from making large cash withdrawals or oversea transfers. Poof! GONE.
All safety deposit boxes will either be confiscated or subject to search by Homeland Security prior to withdrawal.
Precious metals and transferable securities might very well be banned and seized (to "prevent another attack"!)
Travel will be locked down. Check points everywhere. Citizens refused emigration from the Country....
How does your 5 million in a Citi HNW fund help you now?
My 2 cents:
Guns, ammo, storeable food, generators, fuel storage, solar, stock-piled medicines and gold/silver/cash (small denominations).
Have an escape plan if it gets hairy.
Preferably, a nice island farm outside the US. Jump on your boat or the next plane the moment a nuke goes off. You won't get a second chance.
If an overseas retreat is too pricey, get a nice island cottage in the country somewhere with some livestock. Go and hole up for awhile.
If theres a societal breakdown or military crackdown, you don't want to be near either. Far, far away...
I think a Soviet style crumbling is a more likely result of our long term fiscal and monetary mistakes.
The Constitution required gold and silver ONLY be accepted as payment of debt for hard learned reasons, and we have forgotten them, so are condemned to repeat the mistakes that caused those words to be put there.
The Constitution required gold and silver ONLY be accepted as payment of debt for hard learned reasons, and we have forgotten them, so are condemned to repeat the mistakes that caused those words to be put there.
can someone help me interpret this, why is the treasury raising the wholesale price of eagles to $1119
http://frwebgate4.access.gpo.gov/cg...ISdocID=08337810093+1+0+0&WAISaction=retrieve
http://frwebgate4.access.gpo.gov/cg...ISdocID=08337810093+1+0+0&WAISaction=retrieve
Getting back to his original question "HOW to buy gold" - here is a useful video.
http://www.youtube.com/watch?v=glRYsCCltO4
The problem with ETFs and futures is that you are taxed as the dollar inflates, whereas you are not taxed on physical gold until you sell.
As for the debate on whether now is a good or bad time to buy gold I can only say that every paper currency is eventually worth the price of the paper. In between there will probably be a lot of fluctuation
http://www.youtube.com/watch?v=glRYsCCltO4
The problem with ETFs and futures is that you are taxed as the dollar inflates, whereas you are not taxed on physical gold until you sell.
As for the debate on whether now is a good or bad time to buy gold I can only say that every paper currency is eventually worth the price of the paper. In between there will probably be a lot of fluctuation
I don't think many ETers would doubt that gold will trade at 20000 within the next 30 years. It may well happen within the next 5 years. The simple fact remains that "these levels" are not really all that high. 5 to 10 years ago, when gold was trading around 300 or 400, food, gas, and pretty much everything except for pentiums was about 3 times cheaper than now. Gold really has not even started to go up as a commodity, just been keeping up with inflation so far.