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Old 11-23-2007, 04:27 PM   #41
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Aside from being illiquid, inconvenient, limited to local market pricing and the potential for loss or theft, I guess it'd be a great idea.
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Old 11-23-2007, 04:34 PM   #42
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Aside from being illiquid, inconvenient, limited to local market pricing and the potential for loss or theft, I guess it'd be a great idea.
Whether one should invest in gold is another question, and a good one, about which you raise good points.

I was only offering an opinion that if one is going to invest in gold, why not do so anonymously and privately.
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Old 11-23-2007, 04:51 PM   #43
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My comments had to do with buying, holding and selling physical gold, not anything having to do with whether to invest in it or not.
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Old 11-23-2007, 05:04 PM   #44
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My comments had to do with buying, holding and selling physical gold, not anything having to do with whether to invest in it or not.
Oh, I see, I misunderstood. Okay, my thoughts:

"illiquid, inconvenient" - While gold is highly liquid in one sense, true, you can't trade actual gold privately from your computer in your PJs.

"limited to local market pricing" - Perhaps. But If you're reasonably close to a major metropolitan center, I'd wager that there's enough competition to get a fair price.

"the potential for loss or theft" - Anything can be stolen. What's more safe, having gold locked away in a safety deposit box, or being the registered owner of some gold that someone else is holding for you? I don't know the answer to that question, but it's a valid question.
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Old 11-23-2007, 05:08 PM   #45
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Or, as in the case of my FIL as mentioned above (who lives in the heart of Gold Country), he cant sell it to anyone at all at any reasonable price. The dealers dont wish to buy any more.

Thats pretty darn illiquid and inconvenient.

Also tells me that people who are in the business are expecting a price drop.
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Old 11-23-2007, 05:22 PM   #46
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Or, as in the case of my FIL as mentioned above (who lives in the heart of Gold Country), he cant sell it to anyone at all at any reasonable price.
Well, how could you expect to sell gold in gold country!? You can't swing a dead cat there without hitting a fifty pound nugget of gold.
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Old 11-23-2007, 06:12 PM   #47
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Yep, you can actually pan for the stuff after a heavy rain and with a good days work might come up with a fleck or two. We had a huge mudslide after some early and heavy rains a couple of years back and the local stores were selling out of the pans and kits. A lot of guys came up with some nice chunks.

Point was, there must be a couple of dozen coin and metal shops downtown from my FIL's house. It sure isnt NYC or LA, but these guys do a serious business just in tourist transactions. Its a pretty good volume business and theres plenty of competition. He'd like to sell the coins right now because he feels the price is good and he could use the cash to do some work on his RV. But he cant.
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Old 11-23-2007, 06:35 PM   #48
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Point was, there must be a couple of dozen coin and metal shops downtown from my FIL's house. It sure isnt NYC or LA, but these guys do a serious business just in tourist transactions. Its a pretty good volume business and theres plenty of competition. He'd like to sell the coins right now because he feels the price is good and he could use the cash to do some work on his RV. But he cant.
That's surprising. When you say he can't sell it, you mean they're offering too low of a price? Kitco is buying at $819 right now, which is within a few bucks of the spot price.

When you say downtown, are you talking about Sac? Have you tried Marconi Coin in Carmichael, that's not too far from gold country (30-45 minutes?).
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Old 11-23-2007, 06:39 PM   #49
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Yep, around that area. Sac to Grass Valley.

He went into some local shops and called a bunch more. They flat out told him they have all the gold they want to have in inventory at this time, and dont expect to buy anymore any time soon. I'm sure if he was willing to drop his pants they might take it.
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Old 11-28-2007, 08:11 PM   #50
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I have a friend who owns his own printing business. One of the applications generates silver as a by product. He reclaims it somehow and has these large heavy silver bars in his office. They have been accumulating and kicking around his office for years and now they are worth quite a bit of money. He wants to keep them though, in case of emergency. Deep down I think he has bunker type survivalist mentality at heart.
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Old 11-28-2007, 08:52 PM   #51
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I have a friend who owns his own printing business. One of the applications generates silver as a by product. He reclaims it somehow and has these large heavy silver bars in his office. They have been accumulating and kicking around his office for years and now they are worth quite a bit of money. He wants to keep them though, in case of emergency. Deep down I think he has bunker type survivalist mentality at heart.
A K and C survivalist?
(Kalashnikov and concertina wire)
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Old 11-29-2007, 10:54 AM   #52
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I have a friend who owns his own printing business. One of the applications generates silver as a by product. He reclaims it somehow and has these large heavy silver bars in his office. They have been accumulating and kicking around his office for years and now they are worth quite a bit of money. He wants to keep them though, in case of emergency. Deep down I think he has bunker type survivalist mentality at heart.
Interesting turn in the reason to keep gold or silver. Just a few days ago a friend asked what I thought of the idea of keeping a bar of gold or silver in the safe for a major upheaval situation. He thought he could shave off a little at a time to buy necessities. I told him I didn't think it would work to well. I suggested a small bag of diamonds of different sizes you only expose what you are willing to trade. With more thought a well stocked gun cabinet would probably be more important.



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Old 11-29-2007, 11:18 AM   #53
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well. I suggested a small bag of diamonds of different sizes you only expose what you are willing to trade. With more thought a well stocked gun cabinet would probably be more important.
If you have guns, you can get all the gold, silver, or diamonds you need..........
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Old 11-29-2007, 10:31 PM   #54
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If you have guns, you can get all the gold, silver, or diamonds you need..........
Diversify: Lawyers, guns, and money.
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Old 11-30-2007, 11:53 AM   #55
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Diversify: Lawyers, guns, and money.
Well I am fully diversified. Though overweight in lawyer.
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Old 11-30-2007, 11:59 AM   #56
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Not gonna touch it.
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Old 11-30-2007, 12:01 PM   #57
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Gold is "financial apocalypse insurance". I think it's reasonable to have 3-5% of ones assets in it (for insurance and "diversification" purposes against the dollar) but more than that is probably a loser unless the worst case geopolitical and economic fears come to pass.
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Old 11-30-2007, 12:15 PM   #58
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Not gonna touch it.

Please don't. I'd have to slap you.
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Old 11-30-2007, 12:25 PM   #59
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Old 11-30-2007, 01:59 PM   #60
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Please don't. I'd have to slap you.
I thought you were going to try to *discourage* him here...
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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