I just don't believe all the hype about gold being a great place to park money right now. The price of gold has been at a plateau for the past 3 years, with ups and downs, but it just doesn't look like there is the big climb the gold sellers are trying to tell potential customers. If gold was such a great buy, wouldn't they put all their resources into buying it for themselves, rather than selling it to others?
Any thoughts on gold are appreciated.
As you are no doubt aware, the price of gold is held down by the paper market.
Until such time as that market collapses, for whatever reason, the price of gold (and to a lesser extent, silver) will, as you suggest, stay stagnant.
However, once that paper market fails, which it will do all at once, it will be too late to buy gold and silver, because there will literally be nothing to prevent it finding its true value.
When that will happen, and what will finally trigger it I have no idea. I do believe it will happen though.
Ok, thank you. The gold seller didn't bring that issue up, but he did HEAVILY mention that some of the big banks are buying gold now, so that would seem to indicate that they think the end of paper currency is near. (or are planning to do whatever they can to end paper currency, since they will obviously profit from it if they have a huge hoard of gold)
Buy silver not gold. More underpriced. Take delivery or dont count on owning when SHTF happens
It's for a retirement account, so 'THEY have to hold it until I start withdrawing, at that time, I can either have the gold sent to me, or have the dollar equivalent credited to me.
I don’t know much about the subject, but from what I understand, you want to have actual possession of metals. Otherwise it is just a digital number and you can get screwed if the SHTF.
The central banks storing up more gold is likely related to the upcoming BRICS+ basket currency which will be pegged to gold, amongst other things.
Such an act will immediately debase fiat currencies, especially the US dollar. If they continue to sell gold in fiat dollars, then everyone and his dog will be trading for the BRICS+ currency, and off-loading ll their US debt. All those dollars flooding back to the US will create hyperinflation and likely destabalise the entire planet. i.e. WW3.
However, if people have truly thought ahead, then each and every country will be forced to stabilise their national currencies by backing it with gold, which could explain why the central banks are buying it up so fast, they will need to have enough to peg a currency to in order they don't immediately go bankrupt.
If that scenario really is the one that is about to happen (I don't actually know that it is, but it seems likely something like that is happening behind the scenes) then gold will immediately be the hottest product on the planet, and then some.
If the entire world moves to a gold backed currency, with current GDP levels, I wojldn't be surprised if an ounce of gold became worth the equivalent of what $50k might buy you today, and to be honest I feel that's really conservative.
Silver will also jump, and as a percentage of its current value it will likely jump more than gold. $1k/ounce for silver doesn't seem overly impossible. Maybe not that much, but I think it might peak somewhere there before dropping to maybe $7-800.
Remember, if I use dollars here, what I'm really referring to is equivalent purchasing power, ie. what those dollars would buy you today.
Because if all this does come true, then fiat dollars will be worthless and it will likely cost you $1k to buy a toothbrush.
This is just my guess, I have no insider knowledge. For all I know the figures could be 10x what I said, or we could all burn in a nuclear fireball :)
Pretty good range of possibilities :) Maybe the thousand dollar toothbrushes will be nuclear proof :)
Paper refers not to just paper currency, but to paper silver and gold contracts. Silver and gold contracts are paper with nothing to back them, much like paper currency. It is my thought that when enough people convert their paper to physical, that’s when we understand the magnitude of this ponzu scheme and the value gets reset to what it really should be.
If your gold “salesman” is pushing anything other than physical, run!
It's physical, but they keep it in some vault, so the question is, would I be able to "cash out" in 5 or 10 years, if the whole global economy tanks.
If it’s not in your hand, it doesn’t exist. That’s my motto.