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My only long position in the market is AUY.

The next bubble is Gold, IMO. I expect there maybe a panic into Gold and a scramble into physical gold as citizens, who are not dumb, realize that the Central Banks are engaged in a contest to print the most money, to keep the cost labor low, the employment high and to erase the Nationial debts. This will destroy the currenies, confidence and create instability, IMO. 

I am aligned with Marc Faber here:

Also before any of you Bulls get carried away with excitement here is Marc Faber saying "the US will go bankrupt, this I guarantee" 

 

"I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said..."


"With those mealy words, America's Depression-era president ventured from bad luck into treachery. The Executive Order he issued on the 5th of April 1933 confiscated Americans' private holdings of gold, then valued at $20.67 per ounce. Then, in January, 1934, the U.S. president fixed the price of gold at $35. All of sudden, Americans' dollars had been devalued by 69.3%.

Whether this act of nationwide larceny did the economy any good or not, we cannot say. It was not until after World War II that the economy fully recovered the spring in its step. And U.S. stock prices didn't return to their '29 highs until 1950.

FDR reneged on America's historic obligation to its own citizens; after 1933, they could no longer redeem their paper money for gold. Richard Nixon stiffed the foreigners in 1971; henceforth, if the French wanted to trade their dollars for gold they were out of luck."

- Bill Bonner

 

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"Central banks have become asylums for economists that have turned insane, and in their insanity they became money printers"

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Holding it outside the country is for gazillionaires... all the power to him. For us little guys, I'm glad we have CEF. :)

Here's some more food for thought.

http://www.fool.com/investing/international/2008/11/26/39-trillion-was-a-drop-in-the-bucket.aspx

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This is getting crazy.  We are certainly in uncharted territory.  Although I like CEF, it seems like Marc Faber is even implying that a global implosion may not spare anything in the system, hence holding the physical.  The counter-party risk factor is becoming large.  All I know is that the true economic problems are still just beginning.

abitare what are you holding long-term, as far as stuff in your trading account?  Or will you mainly be outside the system?

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Hmm..this gets interesting.  I am in Thailand where there are 2 gold shops on every corner.  The current exchange rate is decent.  Buy it now and then trade it in later for Thai Baht?  Maybe not a bad idea.  I agree with a gold bubble followed by a big gold crash.  Heck it's been going up since '01? But of course don't know what the ceiling will be.  $1k, $2k..?  I guess I could walk around with a big 23k gold chain for a few years.. :)

 I'm a gold bear long term (5-10 years) but short term looks up...

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This is the same things these idiots were saying in 1973...and again in 1979....and again in 1982....and the world is still here and life goes on.

I distinctly remember hearing on the radio a right wing expert predicting,and I paraphrase, "We will all soon be peasants working in labor camps for our daily ration of rice and beans. The only free people left will be those who sold the dollar and bought gold.
The US government is broke and will default on its debts and Europe (Japan was a mess and China was in flames at this time) will own us. We will soon be worse off than the poorest third world country". And this was the general consensus of all but the most ardent left wing nuts.

This was in 1973. And life was good for a bare foot kid who didnt have anything other than some hand me down clothes and a job making fifty cents an hour working in the groves pulling weeds.

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ALCON,

Thank you for the replies, Happy Turkey day. 

TMFSinchiruna,

Actually, Perth Mint minimum is $10k. It is even less in other places, such as gold money. Good link, by the way.

falang1,

I read Thialand is falling apart. Are you really holding Thia Baht.

johnw106,

This is the same things these idiots were saying in 1973...and again in 1979....and again in 1982....and the world is still here and life goes on.

What was gold per once in 1973? Now?

You conviently left out some years ad points in history. Right?

I am sure it is what the Polish were saying in 1939. Germans were saying in 1943. Chinesse in the 1950s, Vietnamesse in 1971, Romans in 460 AD, Argentinias in 1990s, Mexico in 1980s,  Icelanders in 2008, Ukrainians in 2008, Hungry,  Americans in 1929, Zimbawians ....  Mas?

If you have food, family and a shelter you can be happy. It is a global phenomenon. Shoes are optionial.

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Harold71,

I do not have anything "outside of the system", but I think people should consider the Perth mint or gold money. 

I had SKF as a long term hold but it went from 100 to 300 in a month and I sold. I would do the same with AUY, if it went parabolic.

Here you go john106: 

 

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Hey thanks for the vid. I needed a laugh.

And I remember the silver certificates. And the gold ones.

And I do agree it is better to own beans and wheat than gold if you think the world will end.

And no I wasnt leaving out any dates. I just picked some random dates. Thats my point. You can pick any date you want and you find doom sayers who see only evil and conspiracies.

I still see no alternatives offered by anyone. Just more "buy gold so my mine stocks go up" advice.

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Invoking the MOT factor!

I grow wheat for a living, so I guess I'll diversify into gold/silver.

You've got to admit that the US gov't has never been in more vulnerable situation.  Not in the Great Depression, not in 73.  The sheer magnitude of public and private debt loads, the future pension liabilities, coupled with a rapidly disintegrating real economy...it's basically the same recipe as Weimar Germany...according some smart dudes

http://www.youtube.com/watch?v=dpDgrvYd36k 

This is going to be test for continuity of the United States itself...I can see states seceding from the Union, quite possibly.

The Perth Mint is not accepting orders.

http://www.theaustralian.news.com.au/business/story/0,28124,24687337-643,00.html

abitare you've got silver, that is what I mean by outside the system...it's not in a trading acct, bank, zero counter-party risk.

If you've got time I'd love to learn how to embed...maybe I can find it somewhere.

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johnw106,

I think you have me confused. My portfolio is up over a 100%+ this year. My SKF pick which was 50% of my portfolio went from $110 to $300 in less then a month.  You can read and heed my Proud to be Long SKF post. You can also see in CAPS when I closed my position, for a performance guestimation.

Did you see my post on 21 Nov  08

#1, #1 and #14

I said:

abitarePERFECT is #1 (Clean Bear and pursues the accuracy Fool goes crazy for)

abitare is #1 in points (a point chaser)

abitarecatania on updown.com is #14 out 104K,  YTD is 333.36%

 

Doomsayer? Are you kidding? I am one of the luckiest guys in the market today. Seriously, I would not trade my performance with anyone I know this year.

Do you see that Red Ribon I earned last Friday? That is the Top Fool Ribon, the Number one spot here on Fool.com. 

You are confused this is not Yahoo Message board or the office water cooler, I am not selling a book and my track receord is known and view able.  Doomsayer? LOL!

As for me, I am an opportunist, I do not care a bit about the "doom and gloom" garbage response Fools have been saying to me for over a year... blah, blah, "that is doom and gloom" blah, blah....

I did not create the asset bubble, the corrupt FED, the I.O.U.S.A., the "borrow and spend economy", the 8 trillion debt,

I voted 3rd party, I gave money to Ron Paul.

I am not scared. I do not own beans. I do own guns, gold and silver.

Why? Because so many Fools, who said "that is doom and gloom" and lost their retirement, home equity, job, and purchasing power, who did not grasp the circumstance are not going to be bailed out and are not prepared. You?

I am paying cash and buying guns, gold and silver, where I find it and I have had a great year in the stock market.

FYI - Long AUY is 20% of my stock portfolio. 

Harold71 

Good reply as always. I am sorry sometimes, I am a little tired and cannot give a good reply.

To embed, just copy the embed code on the right side from youtube and paste it.

 

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Harold7,

Good find. I like that guy, I have seen him before.

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I am new to this website and would like a few questions:

1. Is it better to buy gold miner stocks (ABX etc) than to buy physical gold?

2. Where can we buy physical gold and silver in USA and Canada? Something like kitco.com. I prefer to visit a vendor in person in Eastern part of USA (NYC, DC or Philly) or Toronto. 

3. Are energy stocks better against hyperinflation than gold stocks/physical gold?

4. My current broker is very expensive. Any suggestions to inexpensive and good discount online broker?

Thank you very much!

 

Jimmy

 

 

 

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Jimmy2008,

It is more complicateed then that.

How old are you?

How much do you have in assets?

Physical gold is insurance and wealth protection from FED inflation or hyperinflation. Such as, Soviet Union, Germany, well all fiat currencies collapse eventually.

Gold miners are for people trying to get rich.  

But during deflation gold can fall and it has in the last six months. 

Faber like physical gold, but most his clients are worth millions of dollars. Miners can be nationialized, as many have been in the last decade.

Check out 321gold.com for physical gold. DC has places to buy gold. But be advised there is an amazing panic into gold, at this moment and those panicing into gold are paying big premiums.

People and companies reduce spending and consumption in hyperinflation, so there is less energy needs. People still have to eat so soft commodities and gold (money) should do well.

I recommend a credit union that is FDIC insured, that has a boring location outside of bubble states, no derevative exposure. Interactive brokers has no devervative exposure, as per there advertisements. Everbank is FDIC ensured allows you to denominate in other currencies. 

Peter Schiff has been very right and he works for Euro Pacific capitial. They might be a safe bet. Take a watch of some Peter Schiff videos, if you want some ideas.  

Scotttrade a Fool advertiser has decent rates.  

Also here is a site with investing coupons codes:

http://www.retailmenot.com/coupons/investing 

BREAK-----------------------------------------

If anyone else has recommendations please speak up. 

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abitare;

Thank you very much for your comments.

 

I am in the midddle 40s and in the middle to upper middle class (not rich). It seems to me that physical gold is a better choice than gold miners to me. Many people are talking about INCREASing gold prices. Maybe I should get some gold coins now before it becomes even more expensive.

 

I believe that it is less likely to nationalize gold miners in Canada and Australia than in US. Do you think safer investing in Canadian, South African and Australian gold miners than in American ones?

 

Thank you very much!

 

Jimmy

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Jimmy2008,

First 35k should be to start in your own business. If you have all your consumption debt paid off, you can start to accumulate gold coins. I am not sure if they will nationize miners or not. England did when it got in trouble, we are like England. Miners are a gamble. In a deflationary period miners will not hold up well and they have not look at Downwithinfidel, who got killed earlier. 

Best thing is to save money and develope a useful job skills. Gold will not likely make you rich. Gold is insurance and an asset protection device. If you have over $50k in assets, I think gold is a good asset to own after you have stockpiled six months of food, six months of salary and have some fire arms. 

Google: Buy List Outside of Stocks by abitare

and Leasons from the Argentina Collapse by abitare for some more ideas 

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abitare,

Are you serious about the guns?

What is the correlation between the quoted price of gold and coins?

I didnt have the stomach for SKF. In at 117 out at 119. I believed the Fed/Treas was going to disrupt SKF but Leh ended up taking care of that.

It looks like a new entrypoint in SKF is coming. What's your take?

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jegr5347,

The gun show in VA was scheduled for three days, they were out of the popular guns in 2 days. I was told they closed up. I think guns as an asset class are not a terrible idea. Guns are a tool, they are relatively liquid, they are "off the grid", they can appreciate with time, and they can protect your family. 

Ref my Post on the Collapse of Argentina  

I got a call from a relative last week about getting into SKF. I think SKF makes more sense as a long term buy and hold then most Amercian stocks. "Something for nothing finance " have taken to large a roll in the US and world economy and are going to get taken down.

Would you believe an analyst upgrade from one of these Zombie banks? Or would you want your 401k held in a bank that has lost 80% of its share price?

Printing a bunch of money out of thin air is not going to instill any trust in these institutions.  

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FYI - Marc Faber: Buffett's Approach to Investing is Dead

Warren Buffett's approach to investing is dead, says Marc Faber, editor & publisher of The Gloom, Boom & Doom Report. He tells CNBC's Maura Fogarty why Buffett's investment strategy is going to be dead for another 10 years.

http://www.cnbc.com/id/15840232?video=945507426

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For people in the states that want to buy gold and silver check out www.apmex.com and www.bulliondirect.com both of these sites are excellent.
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FYI -
Marc Faber Says Time to Buy Gold Exploration Stocks

by: Peter Cooper December 01, 2008 | about stocks: GDX / GLD 

http://seekingalpha.com/article/108506-marc-faber-says-time-to-buy-gold-exploration-stocks?source=feed 

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