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Ghost of Jabroni
Edited Date/Time
5/29/2012 4:02pm
Im interested in investing some of my money in gold at the moment. With banking being as unstable as it is, Im not sure if I want my money in a bank, where they could at a moments notice keep me from withdrawing my money or convert my money to another denomination if they were to have to switch.
I could pull the cash out and hide it "under the mattress" like I've pretty much done my whole life but in the event shit really gets fucked up in the coming months or year, cash's only true value will be to start some fires.
Ive never really understood the actual value of gold. Its a great conductor of electricity but aside from that, it has no practical uses that we are aware of to warrant such high value. In retrospect if shit does hit the fan, I'll have wished I put my money into stored food, seeds, and lots and lots of ammo and a trusty AK-47 or two. Those items actually have practical value under ANY circumstances.
But Im going to reluctantly not go that direction and just go the gold route. At least with the gold, if shit doesnt go completely south, it should pretty much hold its value or increase over time, basically giving me the same benefits as if it was in the bank.
The question I have is where and how to buy actual gold?
Ive heard that in Dubai gold is the cheapest you can find. Do prices differ from place to place? Why would they differ when you can go to a ton of websites and see its international value at somewhere around $1585+ at the moment?
Where is a website that most accurately tracks its value?
Thanks.
I could pull the cash out and hide it "under the mattress" like I've pretty much done my whole life but in the event shit really gets fucked up in the coming months or year, cash's only true value will be to start some fires.
Ive never really understood the actual value of gold. Its a great conductor of electricity but aside from that, it has no practical uses that we are aware of to warrant such high value. In retrospect if shit does hit the fan, I'll have wished I put my money into stored food, seeds, and lots and lots of ammo and a trusty AK-47 or two. Those items actually have practical value under ANY circumstances.
But Im going to reluctantly not go that direction and just go the gold route. At least with the gold, if shit doesnt go completely south, it should pretty much hold its value or increase over time, basically giving me the same benefits as if it was in the bank.
The question I have is where and how to buy actual gold?
Ive heard that in Dubai gold is the cheapest you can find. Do prices differ from place to place? Why would they differ when you can go to a ton of websites and see its international value at somewhere around $1585+ at the moment?
Where is a website that most accurately tracks its value?
Thanks.
You've already missed the boat.
If you're buying so that you have something of inherent value when the world monetary system takes a dump, make sure you buy gold you can hold.
Don't buy gold that someone is going to just put your number on and hold it for you, 'cause there's gold on the market that doesn't exist.
Good luck, my friend.
See you on the other side.
Anyways, this is definitely not an investment. Im very good with investments and usually never have any money stored away for the simple fact that Im always using it. But with my current job, I cannot spend as much time managing my savings as I used too so it's been sitting in the bank. Even if I had the time, I'd be pulling my money in for the simple fact that I dont need everything Ive worked for invested in inventory headed for another country when the shit goes super-fucked.
And yeah, Im not stupid enough to be buying gold and letting someone else hold it for me.
Im wondering what the process is for buying actual gold bullion. Where to go. What to expect to pay. etc etc etc.
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No matter how you buy, or what form you buy it in, you're going to pay a premium on top of the per-ounce price and coins have a higher premium, which may or may not be worth the extra investment.
What is a normal "premium"?
I have no idea what the going rate is, off the top of my head.
They did a segment on buying and selling gold on the local news radio's Financial News Hour a couple weeks ago, but I can't remember the the numbers they discussed.
Just like the rest of the money world, it's set up in such a way that someone is going to make money off of your gold, whether you make money or lose money on it.
BTW, unless you're a licensed broker, don't expect to get a premium, or even the full market value when you decide to sell your gold.
Isn't finance wonderful?
Maybe I'll just go with my initial impulse and buy guns. No stupid premium. Hold their value. And are actually usable for something other than a paper weight when the zombie apocalypse finally is upon us.
You might want to put all of your cash in Ramen Noodles. And if you do, spend some of that cash on a secure place to hide those noodles.
As for what I would expect, I'd expect "dealers" to buy low and sell high. The "premium" is just a bullshit double tax on their part. It's like when a money exchange place charges a commission on top of the fucked up rates at which they buy and sell, and in some cases, they charge a teller fee.
Moto459, thanks for that link.
Still, how do go about buying gold (or silver) in person? Should I indeed go to a watch store as vet323 suggests?
A couple of articles on gold as an inflation hedge:
Gold1
Gold2
Buy ammunition and AR-15 receivers. They'll serve as currency quite well if the need arises. If not, they'll make a practical investment.
It is debatable on how society will react if the establishment takes a shit. The reaction by people in Greece has been encouraging. But I expect the situation to differ greatly depending on the existing culture of the people and the available resources. I dont expect most of America to react anything like Greece has.
In America, I would expect pockets of the country to get real bad. If I lived in certain areas I'd definitely be planning for armageddon because that is exactly what it is going to look like. In other areas where necessary resources are a bit more abundant (rural areas) I would not expect it to be that bad. Initial panic will occur but once people realize that food will still grow and their houses are still intact (and they no longer have a mortgage) then a huge epiphany will occur.
The places I dont expect much change at all are the 3rd world countries where theyve managed to get by with an already collapsed establishment, in fact, I would expect life to improve over time for these people as world politics will no longer be fucking with them behind the scenes. 3rd world countries and more so called "primitive" cultures are at a advantage under these circumstances because these people are already used to getting by with little to no help.
I would also expect little drama in regions where society is relatively intelligent. Could you see Norway or Finland all going apeshit and looting their own country if the world banking/finance sector collapsed? Those people are too smart and relaxed for that. They just go get drunk and continue about their lives.
Basically it could go one of 3 ways...
- Stay the course...however unlikely it is, my paper money would still be of "some" value
- Banking collapse...my paper money would be fucked but other forms of falsely perceived monetary value such as gold would still buy me bread
- Total fucked chaos across the board...and in this case, paper money would make a good fire starter and gold would make a fancy paper weight. Bullets and guns would be the only currency.
As someone who has dealt with the black market and the worlds more shadier cultures a time or two in my life, Im confident I could handle myself to some degree if it was total fucked and their were no rules or consequences for anyones actions, but I appreciate jmar's concern. I lived in that world plenty and survived fine. But that world would be much more tame than the one we might face if shit goes completely fucked. World militaries could go private and just start fucking individuals up worse than they already are. The rules of the game would definitely change compared to what I have experience in.
After some thought Ive been inclined to bet on the middle road and simply bet on banking collapse and hopefully an annihilation of all establishment. I live in an area where I dont expect people to go mad. But then again, Im just an amateur sociologist and there really is no way to predict peoples behavior in dire times. Especially when the degree of the direness is a variable that isnt even close to certain.
So if I understood you post correctly, then Im definitely intrigued by what you said. Those links are excellent. Looks like a 10-15% loss at going the gold route. Because there is no way I expect to see a 15-30% increase in its value over the course of time it will take to wait for the dust to settle on the current world mess.
The first link recommends stocks for inflation protection but if the establishment fails, can I expect my stocks to really be worth anything either? For starters, they every bit just a piece of paper that money is. Say I buy stock in General Electric... Unless that comes with a key to the factory, what exactly do I really own if shit gets all fucked up? Nothing.
Buying property would indeed be a wise move but again, if the establishment fails, so does paper deeds. The only property people will be able to own is the property they will be able to protect with their bare hands. But if Im choosing the middle road, property still looks like a smart investment. Rural land, close to me now, that has the potential to yield crops.
Buying a crate full of AK-47's sounds smarter and smarter with each post I read. No stupid premium spreads and they hold value under any circumstances.
Thankyou for the post borg. I genuinely mean that. Good info.
But what is it "really" worth? Other than being a good conductor of electricity and its rumored powers that the ancient Egyptians figured out, what good is it?
Maybe my wording wasnt correct but in context of that sentence and what I was talking about, did you not understand what I meant?
Pit Row
If you do............. buy gold or silver in the smallest amounts you can...why...if the dollar were to fold and now we are trading-bartering with ammo, food, trust, whatever to include gold and silver, you do not want to show that you have a bar and expect change.
If your gold/silver is too big you may have to wrestle just to keep it!
Small coins (that can be assessed properly) are better as a means of exchange, you more than likely will not want to receive change let alone show your stash!
That said - will the controllers of the game let the dollar fold......rather doubt it. If it does fold, it will be short term only and since they need us all in the game, they will get us back in the game real fast!!! Just our tokens will be worth substantially less with a new currency and this will be by design
Me? I would die anyway, so I only invest in ammo to take out as many bad guys with me as I can. My service to the human race.
South Park -- Cash for Gold
The first 10 minutes are gold. The rest is nothing.
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Still, how do go about buying gold (or silver) in person? Should I indeed go to a watch store as vet323 suggests
That is how we did it, find a local trading place.
I've always laughed at the whole concept of gold being the standard, and how arbitrary it is. A few thousand years ago, some culture discovered it and found a way to make the lowest level of society mine it for the highest level of society, who treasured it for decoration because it was shiny and hard to come by. While having virtually no practical value back then, its relative scarcity and its appearance made it something of value, and we still abide by that standard today. Makes very little sense.
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