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Buying Gold?

post #1 of 23
12/18/07 at 10:36pm
Thread Starter 
Since inflation is becoming a problem and will get worse as well as the entire economy, what do you think about buying gold to protect the value of your wealth?
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post #2 of 23
12/18/07 at 10:43pm
Where would you keep it?
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post #3 of 23
12/18/07 at 10:48pm
Under thy mattress.

No, seriously. Safety deposit boxes and other bank vault avenues. I have some that I've only seen once in my life and that's where I've been told it's kept at.
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post #4 of 23
12/18/07 at 11:04pm
Thread Starter 
Keep it where I think it's safe obviously..........
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post #5 of 23
12/19/07 at 12:14am
I'm only buying gold if Ron Paul tells me to.
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post #6 of 23
12/19/07 at 12:16am
Just buy a gold ETF.

Streetracks has a phenominal one. Ticker is GLD.

I put a good amount into it back in April. Itll probably continue to trade flat until the majority of mortgage resets occure in March/April of '08, at which the price of gold will start increasing again.
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post #7 of 23
12/19/07 at 5:42pm
Gold is overvalued and due for a correction, the time to buy gold was a few years ago, want to protect your wealth? Buy Silver.
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post #8 of 23
12/19/07 at 5:54pm
Quote:
Originally Posted by Snaieke
Gold is overvalued and due for a correction, the time to buy gold was a few years ago, want to protect your wealth? Buy Silver.

I've heard as much and I'm considering moving some cash over to it in the First Quarter.
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post #9 of 23
12/19/07 at 5:54pm
Quote:
Originally Posted by Snaieke
Gold is overvalued and due for a correction, the time to buy gold was a few years ago, want to protect your wealth? Buy Silver.
Exactly. I've been telling people to buy Joel Silver for years. Sure the Matrix sequels saw a bit of a devalue, but Silver's on its way back up I tell ya.
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post #10 of 23
12/19/07 at 7:01pm
The progressive talk station in LA runs adds for this company constantly.
http://www.itmtrading.com/

After a while, I feel like buying some gold just so they'll shut up.
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post #11 of 23
12/19/07 at 7:08pm
There are several ways to go about this. You could purchase gold coins (From Canada, US or South Africa. I know other countries do this) and ingots if you want to have it physical form. Or you could buy a Gold ETF that either buys Gold futures or Gold mining companies, mutual funds that invest in gold. Or the stock of gold mining companies or if you very adventures gold futures.

I've heard many times over that it's recommend to have a portion of one's portfolio as part of diversitifications seeing how it's a hedge against inflation and there are these ways depending on what you exactly want.

It just annoys the hell out of me that some people think (Points finger at Ron Paul) that Gold is the end all be all to currency and that we should go back to it.
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post #12 of 23
12/19/07 at 7:33pm
I once had a friend tell me this:
"We need to get back on the gold standard! Money is only valuable because we all agree it has value. Gold is actually valuable!"

That was good for one long, brutal session of laughter, courtesy of me.

(I think this can stand apart from any debates on the merit of the gold standard itself)
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post #13 of 23
12/19/07 at 7:58pm
I spoke to the host of the coin show here at the shopping network I work for and he said that investing in gold is a very smart move, but it would have been an even smarter move if you had started a few years ago.
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post #14 of 23
12/19/07 at 8:30pm
Quote:
Originally Posted by Snaieke
Gold is overvalued and due for a correction, the time to buy gold was a few years ago, want to protect your wealth? Buy Silver.
Once the EU credit market begins to follow ours, gold will continue to rise. $1,000/ounce by the end of '08.
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post #15 of 23
12/20/07 at 1:45am
Well then, why not just short the shit out of european securities? It's easier than carrying ingots around isn't it?
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post #16 of 23
12/20/07 at 1:52am
Quote:
Originally Posted by The Closer
Once the EU credit market begins to follow ours, gold will continue to rise. $1,000/ounce by the end of '08.

But, the problem with speculation like that is there's a lot of "ifs" to see if the EU Credit market will actually come in alignment with ours in a proper amount of time.
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post #17 of 23
12/20/07 at 7:30am
I've been yearning to invest in platinum, silver, gold, and oil stocks for years now. There may be some short term corrections, but the Earth isn't making anymore of that stuff.
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post #18 of 23
12/20/07 at 7:37am
I ain't buying no gold! All the gold I need I dig up from a mine like a real man! Damn pampered city slickers.

/spits tobacco on a dog's head.
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post #19 of 23
12/20/07 at 10:13am
Quote:
Originally Posted by Overlord
There may be some short term corrections, but the Earth isn't making anymore of that stuff.
In an age where resources are not as plentiful such as oil, I think it'll come to a culmination point in which the the world markets cannot withstand the continuing declination of the dollar, even with most or all economies backing up their currency with the U.S. dollar.

Color me stupid, but I think that gold could be worth thousands or millions per ounce in the future.
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post #20 of 23
12/20/07 at 12:36pm
My gut feeling is that if resources got THAT strained, the productive resources (oil, natural gas, etc) would be the ones to see astronomical inflation. Gold would obviously increase dramatically, but a lack of practical application would leave it lagging behind. This all depends on some pretty dire happenings, though
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post #21 of 23
12/20/07 at 1:02pm
Three letters: PCU.

Thank me later.

Note: I own about $2K of PCU. That's after the 91% increase in its price since the time I bought it.
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post #22 of 23
12/20/07 at 1:52pm
Dammit, once again I think this is a thread devoted to buying gold on WOW, and instead I get some bullshit "real world" advice.

I'm gonna go kill a dragon, n00bs, enjoy your "gold".
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post #23 of 23
12/20/07 at 4:58pm
Quote:
Originally Posted by Barzun
Why is gold valuable? This should be fun.
because we deem it to be, no real other reason.
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