Gold panic – Sell! Sell!

If you bought gold from some schmuck advertising on a syndicated radio show who was pretty sure gold would hit $2,000 an ounce by the end of the year, I have bad news. Gold is at $1,196 an ounce and dropping (or more accurately, the dollar is gaining strength as the world starts to believe Trump is for real)

One who advertises on Alex Jones is particularly obnoxious – the ad starts with saying you need gold for survival after civilization dies, but then switches to the greed approach of how you can make huge profits buying and selling gold. Pick one. They are opposite motivations.

By the way, don’t take advice from web sites written by anonymous people unless you are wanting to be fleeced. Or some guy buying time on radio on the weekends to recruit investors with promises of huge profits.

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4 Responses to Gold panic – Sell! Sell!

  1. JayMar says:

    I did well with Krugerrands back in the dark ages and with silver coinage. The Krugs I bought at $1440/10 and the silver was accidental. I happened to be making a deposit at Manufacturer’s Hanover in Brooklyn (around 1966-67) when this guy walks in to deposit almost $400 in Silver Dollars. He is standing right behind me and we strike a conversation. I told him I collect silver coins and he offered them to me AT FACE VALUE. So I went home with 3 bags of silver (pre 1964). I held onto both the Krugs and silver for a very long time (prob ’97). Finally, I decided to get divest and other than the extremely large commission I did fine. Of course, that is balanced by the times I did horribly (Gulf+Western, Houston Oil and Minerals, OUCH!).

  2. briand75 says:

    Gold shmold. I was a player back in the Hunt Brother days. Losing about $15K in bullion taught me a thing or two.

    • Fred Stiening says:

      Each generation gets to relearn the same lessons

      • TheChairman says:

        Depends… I was a buyer back in 2000-2001 when it was at a nadir point of $260 an ounce. Everybody said gold was dead, but I’d always been somewhat of a contrarian… so I looked around at the economy, dot-com overvaluations, record stock indices, etc and started buying. Mostly French francs, British sovereigns, and numismatics purchased from a local guy, with no reporting or paper trail (this point is lost on most people). I stopped accumulating after gold hit $450 in 2005, and laid low.

        The best precious metal to purchase back in 2004 would have been Rhodium. It went from $450 to $6,000+ per oz in about 2 years, ultimately hitting over $10,000 an ounce in 2008.

        Too many people get gold fever and lose sight of it’s utility… which is limited. A better investment for trading after ‘the collapse’ would be pharmacy/drugs, alcohol, tobbaco, etc.

        P.s. Happy T-Day from Arizona, we escaped MI just in time! 😉

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