June 15, 1933. a Warning to Bury gold . I'm sure the Smart people did

[fistfulladirt]

I bought hers in 2017 when gold hit $1,258. I bought some every year since it dropped in 2011. My average today is $1,348 per ounce for my gold. That's still $142 an ounce profit. Just think if the people of Venezuela bought gold before the crash they could now live like millionaires.

Many put their life savings in at $1800+

 

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[fistfulladirt]

Just think if the people of Venezuela bought gold before the crash they could now live like millionaires.

A common Venezuelan couldn’t afford gold before the crash.

 

[Jason in Enid]

Many put their life savings in at $1800+

Those people would be "stupid". Just like the people who dumped everything into bitcoin at its peak. Chasing fads in investment is the surest way to lose most of your money. Putting your "life savings" into any single thing is the epitome of foolishness.

 

[fistfulladirt]

Those people would be "stupid". Just like the people who dumped everything into bitcoin at its peak. Chasing fads in investment is the surest way to lose most of your money. Putting your "life savings" into any single thing is the epitome of foolishness.

So, a good investment? /s

 

[Jason in Enid]

So, a good investment? /s

I've posted this many times over multiple threads. PMs ARE NOT AN INVESTMENT. They are a hedge. The only people who can make money investing in PMs are the ultra rich who can afford to buy and sell huge amounts at the drop of a dime. These people arent hold/hoarding physical metals, its all paper transactions.

 

[Billieg]

Not really, Not when you look at all your options. You can invest in stocks which could have your investment anywhere from 100X increase to a complete loss. You can put it in a bank (the electronic version of your mattress) and watch as its value drops year after year because inflation continually robs the "value" from the dollar total. Or you can bury it in you closet, or the backyard and hope that fire or rot doesnt eat up all that fiat you squirreled away.

PMs wont burn and wont rot, wont go bankrupt, and over hundreds of years, it still has a roughly equal buying power.

In 1900 an ounce of gold would buy you a fine suit, tie, shoes and a hat. Today an ounce of gold will buy you the same thing. God never loses it's value like the dollar. Look at it like the value of what it will buy. It's a way to keep the value of your money. In 1970 if you put a $100 bill in your nightstand today it would be worth 42 dollars. If you bought 2 oz of gold it would be worth almost $3,000.

 

[Honest Samuel]

Best of luck to those buying and selling gold and silver, most of us cannot afford to buy them.

 

[Billieg]

Best of luck to those buying and selling gold and silver, most of us cannot afford to buy them.

Silver is now only $17.61 an ounce. Go down to the pawn shop and buy 1 or 2 Maples a week. When silver hits $50 again you will have a nice nest egg. I have 2100 oz of silver dollars buying them that way and never missed the money. Instead of buying a new car I bought a 2004 Jaguar with 24k on it and looked new. I put the $380 a month that I would have spent on payments into buying gold. There are survivors and there are fools...

 

[fistfulladirt]

Silver is now only $17.61 an ounce. Go down to the pawn shop and buy 1 or 2 Maples a week. When silver hits $50 again you will have a nice nest egg. I have 2100 oz of silver dollars buying them that way and never missed the money. Instead of buying a new car I bought a 2004 Jaguar with 24k on it and looked new. I put the $380 a month that I would have spent on payments into buying gold. There are survivors and there are fools...

Guess I’m the fool. 10 years ago, bought at $17. Here it is today at $17, a loss of almost 20% through inflation. What a hedge. Sure, there have been a few bucks gain here and there, but the windows for opportunity have been short. Top it off, both times that silver prices grew close to 50 bucks (twice in 40 years!) was due to market manipulation, and not true market forces. Banks are being fined for rigging, but it continues. I’m sure you can sense my bitterness.

 

[Force_of_Iron]

Guess I’m the fool. 10 years ago, bought at $17. Here it is today at $17, a loss of almost 20% through inflation. What a hedge. Sure, there have been a few bucks gain here and there, but the windows for opportunity have been short. Top it off, both times that silver prices grew close to 50 bucks (twice in 40 years!) was due to market manipulation, and not true market forces. Banks are being fined for rigging, but it continues. I’m sure you can sense my bitterness.

Yeah but let it go. It's not a loss until you sell. All it means is that you have tied up your money longer than you expected.

Of course if you were just holding it with no expectation to sell like many do the cost to market ratio is totally irrelevant and you are upset over nothing.

Tell your heirs what you paid and let them worry about it.

 

[RTR]

A bird in hand, is worth two in the bush

 

[Billieg]

Guess I’m the fool. 10 years ago, bought at $17. Here it is today at $17, a loss of almost 20% through inflation. What a hedge. Sure, there have been a few bucks gain here and there, but the windows for opportunity have been short. Top it off, both times that silver prices grew close to 50 bucks (twice in 40 years!) was due to market manipulation, and not true market forces. Banks are being fined for rigging, but it continues. I’m sure you can sense my bitterness.

Well, if you are in it to make money then you should have sold 2 weeks ago when it hit $18.61. If you put your cash in a box it also is worth 20% less and will never be worth more. I'm in it to keep my worth in case SHTF. Just watch the market go down some and both gold and silver will go up. I did day trading a few years ago and after a year I was down $28k. My Annuity in 2 years time has made me $243. Nothing is guaranteed except if the SHTF you better have some gold or silver.

 

[fistfulladirt]

Well, if you are in it to make money then you should have sold 2 weeks ago when it hit $18.61. If you put your cash in a box it also is worth 20% less and will never be worth more. I'm in it to keep my worth in case SHTF. Just watch the market go down some and both gold and silver will go up. I did day trading a few years ago and after a year I was down $28k. My Annuity in 2 years time has made me $243. Nothing is guaranteed except if the SHTF you better have some gold or silver.

Billieg, do you really think your silver dimes will have value if SHTF? That’s pure fantasy. When only 2% of the population (and I think that’s a generous estimate) holds any kind of PM’s? Well, the way I see it, you’ll have to look long and hard for someone to barter with. Value will be held in food, shelter and ammo.

 

[Billieg]

Billieg, do you really think your silver dimes will have value if SHTF? That’s pure fantasy. When only 2% of the population (and I think that’s a generous estimate) holds any kind of PM’s? Well, the way I see it, you’ll have to look long and hard for someone to barter with. Value will be held in food, shelter and ammo.

I never said anything about dimes. I have 1 oz silver dollar maples and 1oz gold maples. My next door neighbor probably won't take them but the local store will.... and the electric co, water co etc....

 

[fistfulladirt]

I never said anything about dimes. I have 1 oz silver dollar maples and 1oz gold maples. My next door neighbor probably won't take them but the local store will.... and the electric co, water co etc....

Sure they will. Because we’ve been there before?

 

[Johnnybravo300]

Venezuela had a gold confiscation in 2012 I believe it was. The govt knew what was coming and the sheeple arent very smart. Since then it has gone up almost 4 million x. Silver 3 million x

 

[cw0909]

from searching the old newspaper link and links to some google books
the list was from the banks,of who stored and bought gold, the wealthy
took the gold to Europe to hide in banks there.
some of the articles,late 1933 and early 1934, say successful prosecution
caused folks to turn gold over, and the gov still thought there was still
several mill more unaccounted for.
didnt save links, search the names,William H. Woodin ,Homer Stille Cummings
and Treasury Woodin and Attorney General Cummings years 1933-34

 

[jim4silver]

One thing to keep in mind regarding the '33 US gold "confiscation" is that the Executive Order expressly allowed each person to keep (free from confiscation) up to $100 face of US gold coins or roughly 5 oz of gold bullion. That is, every man, woman, and child. That would have been a large amount for most families back then to own, so that exemption didn't really mean much to most citizens. To those who did have large gold hordes, the exemption would have been meaningless.

One of my coin store owner acquaintances once told me years ago a family brought in several big, heavy, crude looking necklaces and bracelets to sell that belonged to a deceased relative. They tested out to be .900 gold.

The family told him that the original owner had, back in the day, had his US gold coins melted to make them. Gold jewelry wasn't subject to the "confiscation" Order of 1933, only gold coins, bullion and gold certificates. I thought that was pretty clever thinking.

I don't know why people turned in what they had back then, other than folks were more patriotic than today? Nobody I know would turn theirs in today.

 

[Billieg]

Sure they will. Because we’ve been there before?

I agree ammo, food and supplies will be important but do you really think the electric co, water co, grocery store, bank will take ammo or oranges as payment?

 

[Jason in Enid]

I don't know why people turned in what they had back then, other than folks were more patriotic than today? Nobody I know would turn theirs in today.

It probably had something to do with govt agents standing in your living room telling you they have the bank records of the bullion coins you got from them, and its time to cough them up or go to jail, lose the house, and your family will be homeless and in the streets.