Would you buy an ounce of gold for $50? They wouldnt!

l2tradr · Nov 10, 2009

Quote from Jesus:

I do know, however, that it will retain most of its value.

Oh really? Its been nearly 30 year since the last gold BUBBLE, and its price adjusted for inflation is still HALF of what it was. Bubbles occur throughout human history and it's amazing that most people never learn (this time is different). Gimme a break.

Lethn · Nov 10, 2009

rofl I remember all these gold for cash ads that poured out of the UK the damn fools were being made to think they were getting a good deal but really all that was happening was clever traders were getting gold for a cheap price and selling it really expensive for much more on the commodities market.

Yeah, ordinary people have absolutely bugger all idea of economics which is why they'll believe anything politicians tell them.

Optional · Nov 10, 2009

Quote from ammo:

that US military is why the dollar will never go to zero [/B]

You got it backwards, bud. If the US Dollar goes to Zero, the military is gone. The only way America can maintain her empire is through economic hegemony

AyeYo · Nov 10, 2009

Quote from Jesus:

2. The government would take your gold? OK, whatever you say.

You're kidding, right? Maybe you're the one that needs to read up on your history. Do you not live in the US? Between that and your "illegal" guns (to a picture of perfectly legal guns) comment, I'm going to guess you don't.

http://www.the-privateer.com/1933-gold-confiscation.html

ElCubano · Nov 10, 2009

Quote from aegis:

If some random asshole walked up to you on the street and offered you an ounce of gold for $50, would you really believe it's genuine?

If so, I have a couple of Rolex watches to sell you as well.

I bought a shark tales dvd from a kid who was hustling in the street and I got half a tale and no shark...at least the $5.00 probably bought him a nice binger...

Anaconda · Nov 10, 2009

Quote from AyeYo:

When the world goes to shit, gold won't be worth shit either. You can't do anything useful with gold. Think about it.

In Zimbabwe, gold & silver are the preferred form of monetary exchange. Would you call that a SHTF scenario, or at least, pretty close?

Scataphagos · Nov 10, 2009

Quote from peilthetraveler:

He tried to sell a 1 oz canadian maple leaf with $1,100 for $50...then lowers the price to $20...then $5...then for just a cup of starbucks!

All these people have no idea what gold is worth...can you imagine what will happen the price of gold when these people get a clue?

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There are clads with 51 mg, of gold offered on TV all the time... gold content, < $2. That's all you could afford to pay and still be safe... unless you had a gold test kit.

Anaconda · Nov 10, 2009

Quote from AyeYo:

Do you own physical gold? It's not that easy to sell. When you do sell it, you aren't getting anywhere near spot for it, not a chance.

You do not know what you are talking about. You can sell it within a day at no more than a 5% discount to spot. Some coin shops will buy a coin for spot and just resell for the premium.

I'm currently buying some bullion from an older gentleman who obviously needs cash ASAP. He had no real problems selling his bullion by simply offering it at spot and allowed himself to be negotiated down to a few % below spot. All through craigslist with a less than 24 hour turnaround.

AyeYo · Nov 10, 2009

Quote from Anaconda:

You do not know what you are talking about. You can sell it within a day at no more than a 5% discount to spot. Some coin shops will buy a coin for spot and just resell for the premium.

I'm currently buying some bullion from an older gentleman who obviously needs cash ASAP. He had no real problems selling his bullion by simply offering it at spot and allowed himself to be negotiated down to a few % below spot. All through craigslist with a less than 24 hour turnaround.

I haven't found anyone or anywhere that will buy it for remotely near spot without me paying to have it inspected and verified. Anyone that will buy it straight up isn't giving me within a lightyear of spot. Then again, I haven't tried in years, so the situation may be different now. That'd just be more confirmation that the bubble is near maximum size.

AyeYo · Nov 10, 2009

Quote from Anaconda:

In Zimbabwe, gold & silver are the preferred form of monetary exchange. Would you call that a SHTF scenario, or at least, pretty close?

That's a single, small country as opposed to a world-wide fiat meltdown.

Someone else said it already, it depends on the severity of the situation. If it's truly SHTF, governments failing, survival, your gold is worthless. If it's simply some hard times and heavily devalued currencies, then, yes, gold/silver are good to have.