Wish I would have listened to a multi level marketer 20 years ago.

[pcgizzmo]

Hello! I'm new here. I've played around with a couple of toy metal detectors over the year but I'm in the process of getting something a little more serious and getting more involved. I look forward to making some new friends. I have a story that saddens me a bit but maybe some of you would enjoy reading it.

About 20 years ago a man asked to meet me at my local IHOP. Now, I was about 23 years old and just out of the military. I had a job at a computer company but didn't make that much money. Maybe 12 dollars per hour. This guy started to explain to me how we were no longer on the gold standard and that gold prices were very low but they were sure to go up some day and that I needed to have physical gold on hand because it was the only way to insure if every thing collapsed I would have any type of monetary means etc..

He then went into a spill about Golden eagle coins and how I could make a lot of money with this business selling these coins. I had a few friends that were hard into Amway and I had been beat down by that so MLM companies were already not good for me. Not to mention gold was dirt cheap and I just couldn't see how it could go up enough to make any money on these coins.

BIG Mistake. BIG Mistake for me. I'm still sick about my decision.

Flash forward today. One could make an argument that cold could keep going up and I should start buying gold now. BUT I find myself in the same spot I was in last time. Gold couldn't keep going up. It's just not possible for it to double in 20 years.

Ha.. Ha.. Am I going to repeat the same mistake twice? I could afford it at the prices 20 years ago but I don't know about today's price.

 

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[TreasurePirate69]

He was just as likely to be wrong as he was to be right. Keep in mind there were plenty of people who made the same sales pitch in the late '70s. Their "victims" turned around and lost a LOT of money on the deal when gold crashed from around $750 to below $400 over the next few years. The overall trend of gold for the past year has been down. Will that trend turn around? Who knows? But I wouldn't be so quick to make a huge bet on gold at these prices with the current trend in place.

The doom and gloomers are betting on gold based solely on fear. They can give no other real reasons why the price of gold is what it is today. If those fears turn out to be unfounded, the price of gold could continue to drop just like it did back in the mid '80s. And of course, if their fears turn out to be correct, then the price of gold could start going back up. I'll just finish by saying that people have been talking about the collapse of the US dollar since Nixon nixed the gold standard back in 1971. You can even find a video of Ron Paul warning everyone about the impending collapse of the dollar way back when he was a young lad in 1972. Here it is 2012, a mere 40 years later, and yet we are still here.

 

[TreasurePirate69]

By the way, if this really did happen 20 years ago then he was wrong and you made the right choice initially. The price of gold languished at the same price for many years back then. You would have been better off putting your money into the stock market 20 years ago. It has only been in the last 10 years that betting on gold has been more profitable than the stock market or many other investments. If you had put your money into gold 20 years ago you likely would have bailed after a few years of zero returns. So actually, you probably did the right thing. Too bad hindsight is always 20/20.

You can always go back and play the "should have" game. I can name 1000 stocks that could have made you rich if you would have put a lot of money into them 20 years ago. Many of them would have made you way more money than gold would have.

 

[Marchas45]

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