Gold Bubble Bursting

[lastleg]

"Your brother" wasn't investing in a reputable mutual fund family to lose that kind of money. You have to research who to trust
with money. They must have a long-term track record and be spotless in reputation. Yes there is one I invest with, the one John
Bogel used to run in Valley Forge, PA. It also has the lowest expense ratio in the mutual fund industry.

MF Global WAS a HEDGE FUND. You gotta love russian roulette to put hard-earned money into something you do not understand.
Evidently your brother and mom had no clue of what their investments were being used for. Wall Street is a den of thieves y'know.
Never would I trust anyone on the Street with my sweat earned money, knowing what we know now. Also these local "annuity/
insurance salesmen" will lie to your face. Big banks are pretty shady too. Do Your Homework because no one else but you will
be hurt if you invest unwisely.

I am sorry your family suffered that loss. They did have recourse from the SEC if the dealer of those bonds was registered.
Hope they got advise from a competent attorney and did not just swallow the loss.

The point is there is still in this country reputable companies who stand behind their products. They cannot afford to get bad press
with billions of investor dollars at stake.

 

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[jim4silver]

MF Global WAS a HEDGE FUND. You gotta love russian roulette to put hard-earned money into something you do not understand.
The point is there is still in this country reputable companies who stand behind their products. They cannot afford to get bad press
with billions of investor dollars at stake.

This is not true. MF Global was a derivatives BROKER. From what little I know about the situation, they allegedly used customer funds that were in the customers' accounts improperly. It was not money the customers gave them to invest that was then lost in the market.

It is always entertaining to see what comes out of the wood work when PMs go through a correction phase. I would bet the same people trashing PMs now were trashing gold at 500, 1000, 1500, etc. So it appears on the surface hard to argue with them now as gold has corrected approx 20% or so from its recent high.

Many of these gold/silver poo-poo'ers are probably folks who trash talk PMs but when they start to rally, these folks get nervous and feel like they are missing the boat, so they buy high, then the price corrects and they get scared and sell at a loss, then become PM trash talkers. I am not saying this about anyone in particular on this forum, but I have seen it before in certain individuals I know.

Personally, I have stopped trying to tell people what I think is going to happen (unless they ask my opinion or unless I am discussing it on a site like this). For example, I kept bugging certain family members to buy silver and gold since 2006 or so, and they all had comments like "last leg" here.

However, once PMs started taking off, they all started whining about not buying and it is too late now. Some even had the nerve to tell me I should have been more hard (persuasive, etc) on them to buy when I was trying to tell them!

I think it is actually good that there are many who still don't like PMs, that tells me the bull market still has legs. Once the trash talkers start saying buy gold and silver, it may be near a top and time to sell. Better that the prices stay where they are or lower so I can keep accumulating a little each month.

Jim

 

[lastleg]

Jim,

Trash talking is rather unkind, especially when you are not even aware that MF Global specialized in HEDGING commodity
futures. The Corzine hearings were televised on CNBC giving folks like you a dose of reality, but you were probably watching
Gold Fever instead. My idea of investing in Pm's is panning gold bearing streams. Or buying gold cons from Felix in Fairbanks.
If you want to talk prospecting then we can agree on something. I really don't need to stock up on au/ag for my old age since
it has already arrived. I prefer to receive divedends monthly from sound investments.

Back in the day I collected silver coins from a cafe business I was in and it still sits at the bank gathering dust and lichen. Some
investment! In the '60s silver was an everyday luxury from MDing. The easy silver bonanza days are gone now as you know, you
do metal detect don't you? As TNet is for detectorists and about detecting for PMs I feel confident to speak on the subject.

The investors who lost big in MF Global were farmers who HEDGED future grain contracts EVEN though the outfit had Corzine
at the helm. Talk about not minding the store, they might as well have worn KICK ME signs on their backs. It's very easy to post
about what YOU specialize in and not so easy to elaborate on subjects you lack knowledge of.

Buying bulk silver is YOUR specialty, I wouldn't know the first thing about how to do that and make a buck. But making money
from mutual funds is MY specialty and has been since 1979.

 

[jim4silver]

Jim,

Trash talking is rather unkind, especially when you are not even aware that MF Global specialized in HEDGING commodity
futures. The Corzine hearings were televised on CNBC giving folks like you a dose of reality, but you were probably watching
Gold Fever instead. My idea of investing in Pm's is panning gold bearing streams. Or buying gold cons from Felix in Fairbanks.
If you want to talk prospecting then we can agree on something. I really don't need to stock up on au/ag for my old age since
it has already arrived. I prefer to receive divedends monthly from sound investments.

Back in the day I collected silver coins from a cafe business I was in and it still sits at the bank gathering dust and lichen. Some
investment! In the '60s silver was an everyday luxury from MDing. The easy silver bonanza days are gone now as you know, you
do metal detect don't you? As TNet is for detectorists and about detecting for PMs I feel confident to speak on the subject.

The investors who lost big in MF Global were farmers who HEDGED future grain contracts EVEN though the outfit had Corzine
at the helm. Talk about not minding the store, they might as well have worn KICK ME signs on their backs. It's very easy to post
about what YOU specialize in and not so easy to elaborate on subjects you lack knowledge of.

Buying bulk silver is YOUR specialty, I wouldn't know the first thing about how to do that and make a buck. But making money
from mutual funds is MY specialty and has been since 1979.

With respect to MF, it was a "brokerage company". Yes, people hedge via trading futures, like farmers and such. But that does not make it a "hedge fund". These are two totally separate concepts. Hedge funds are not the same as brokerage companies who cater to investors who use futures to hedge certain positions. I don't know how else to explain this.

As far as my use of the term "trash talking", I was not referring to you specifically.

Jim

 

[Cappy Z.]

Here comes the big slide..................

Gold 1450. by mid January.

sell now!

 

[Goose-0]

It could be.....or not. I'm still buying.

 

[jim4silver]

Here comes the big slide..................

Gold 1450. by mid January.

sell now!

I hope it goes to 1250 or 1050 or even 550. I really want more gold (and silver) and have some cash saved up that is burning a hole in my pocket. I like to buy lower and sell higher, as opposed to doing the opposite of that.

Central banks are buying more gold than ever according to stats I have read. I think they know something that the sheople don't.

Jim

 

[Marchas45]

Here comes the big slide..................

Gold 1450. by mid January.

sell now!

How come your telling everyone else to sell? You don't have any.

 

[Cappy Z.]

Here comes the big slide..................

Gold 1450. by mid January.

sell now!

How come your telling everyone else to sell? You don't have any.

Dump the hyped shiny stuff now...then buy back late January 2012. The roller coaster ride is going south!

 

[Marchas45]

Here comes the big slide..................

Gold 1450. by mid January.

sell now!

How come your telling everyone else to sell? You don't have any.

Dump the hyped shiny stuff now...then buy back late January 2012. The roller coaster ride is going south!

Love you Cappy (mean that in a nice way) but I bought mine when it was around $900.00

 

[Cappy Z.]

Marchas45, You are a true blue real estate broker...always singing the sweet song...and that's okay!

If the Iranian thing blows up..gold will skyrocket again but only temporarily...once the Saudi's cover the loss etc...and the world is 'safe' lol...gold will lose it's shine...But hey...I'm just in the peanut gallery trying to cheer my cohorts up with some honest sound info..

 

[lastleg]

Jim,

I noticed you call non-bugs "sheople". However clever that is does it not denote a superior attitude toward non-hoarders?

I have been wanting to ask you this: How much silver/gold/PMs would it take to ensure a future life of leisure? Since you are
counting on an economic disaster of epic proportions to realize your goals how much will it take? A ton? A bushel basket?
And, who will have the cash to pay you the spot price when you are ready? Oh wait, you don't want any fiat, right?

So you really can't accept greenbacks for bullion can you? Wouldn't that make you too sheepish?

 

[jim4silver]

Jim,

I noticed you call non-bugs "sheople". However clever that is does it not denote a superior attitude toward non-hoarders?

I have been wanting to ask you this: How much silver/gold/PMs would it take to ensure a future life of leisure? Since you are
counting on an economic disaster of epic proportions to realize your goals how much will it take? A ton? A bushel basket?
And, who will have the cash to pay you the spot price when you are ready? Oh wait, you don't want any fiat, right?

So you really can't accept greenbacks for bullion can you? Wouldn't that make you too sheepish?

Does is seem strange to you that on a precious metals forum you would find people who are pro-PMs and have strong opinions about them?

If you are not into PMs, why do you like to spend time here? Isn't that kind of like going to a beer drinker's blog and preaching the benefits of AA?

I have my opinions about PMs and don't feel the need to explain any further to you. We'll see who is right in the future on the PM issue.

Jim

 

[lastleg]

Jim,

I never said I wasn't into PMs. Diversification is the key to financial security, not a boatload of silver in your portfolio. You would
be at the mercy of professional traders all your life if that was your main or only asset. You did sidestep the question of what you
would exchange your bullion for along with other questions I have posed. If you want everyone to agree with you I think you are
the one with rose-colored glasses.

 

[jim4silver]

Jim,

I never said I wasn't into PMs. Diversification is the key to financial security, not a boatload of silver in your portfolio. You would
be at the mercy of professional traders all your life if that was your main or only asset. You did sidestep the question of what you
would exchange your bullion for along with other questions I have posed. If you want everyone to agree with you I think you are
the one with rose-colored glasses.

LL,

I don't care who agrees with me or not. I only post my views and opinions. I sure wish I was as smart as you though.

Jim

 

[lastleg]

Jim,

Thanks, it take years of research and sticking to an investment plan. And not paying heed to fear-mongers.

 

[Cleetus]

A. Gold is not a commodity. A commodity is something you can eat up use up burn or destroy. You can't destroy gold. Every ounce that was ever mined still exists. You can't destroy it. B. Gold is not in a bubble. Because Gold has not increased one iota in value.....only the money that you would have to trade for Gold has become so incredibly worthless, that it takes a whole truckload of it to buy what it use to buy. Paper dollars can't be eaten, used, burned as fuel (but can be destroyed), so they have no intrinsic value. It costs 1 cent to make a dollar bill, so dollars should be have 2 cents of value by that logic. So therefore, gold IS Currency, of a far more valuable type than Confederate dollars or Federal Reserve Notes. .......Speaking of Corzine and MF Global, Casino Banking......this will give you some sobering thoughts about how stable and valuable your Paper (electronic) money is, and why Gold/Silver is the ONLY reliable currency right now. It's in cartoon form so very easy to digest :

 

[mts]

.... B. Gold is not in a bubble. Because Gold has not increased one iota in value.....only the money that you would have to trade for Gold has become so incredibly worthless, that it takes a whole truckload of it to buy what it use to buy. ....

Well, I disagree with this point. In general, the "value" of gold has been fairly constant over the years. However, there have been times (like now) when gold does go up in value compared to the dollar. If you look at what you could buy back in 2006 with an ounce of gold and what you can buy today with an ounce of gold, it has changed. Gold has more value.

Gold has nearly tripled in price since 2006. Yet the dollar has not fallen to 1/3 of its value in the same time frame. The bread, coffee, beer, bullets, and cereal that I bought in 2006 do not cost three times as much today.

 

[Marchas45]

.... B. Gold is not in a bubble. Because Gold has not increased one iota in value.....only the money that you would have to trade for Gold has become so incredibly worthless, that it takes a whole truckload of it to buy what it use to buy. ....

Well, I disagree with this point. In general, the "value" of gold has been fairly constant over the years. However, there have been times (like now) when gold does go up in value compared to the dollar. If you look at what you could buy back in 2006 with an ounce of gold and what you can buy today with an ounce of gold, it has changed. Gold has more value.

Gold has nearly tripled in price since 2006. Yet the dollar has not fallen to 1/3 of its value in the same time frame. The bread, coffee, beer, bullets, and cereal that I bought in 2006 do not cost three times as much today.

MTS where have you been? Welcome back and Happy New Year, Charlie

 

[Cleetus]

"Gold has nearly tripled in price since 2006. Yet the dollar has not fallen to 1/3 of its value in the same time frame. The bread, coffee, beer, bullets, and cereal that I bought in 2006 do not cost three times as much today"...................In 1969, the Washington quarter in my pocket would buy me a gallon of gas. Today that same quarter will buy me 2+ gals. of gas. Compare the growth of stock prices over the last 10 years, adjusted for inflation, stocks would have given you a flat to moderate yield over that period. Gold (adjust for inflation) would have given you around a 440%, or increase in buying power for your money. But what we are really talking about is the inevitable effect of printing such a high percentage of paper money, that it becomes worthless. Gold/silver is not printed, so it's really like comparing apples to oranges. I'm not saying just having PM's on hand will take care of all your future problems, I'm just saying it is one of several things that you need to do to start preparing. Food, water, shelter, security, are all good investments because those things will sky rocket in price, too. Just put a good portion of cash reserves in PM's, and for Gawd;s Sake, don't leave it in a bank, even a safety deposit box. Or have we already forgotten the lesson we learned about banks last time we went through a great depression? Pull the 10 year chart on Gold, it is a thing of beauty.