The_Kat Posted January 10, 2009 Report Share Posted January 10, 2009 I have been hearing alotta old tymers talking about how they are buying gold bars and investing their savings in gold due to how the dollar is expected to lose up to 30% of it's value in the next year. Is this a good idea? How does one go about getting gold? Quote Link to comment Share on other sites More sharing options...
sskybnd Posted January 10, 2009 Report Share Posted January 10, 2009 i dk ant the dollar based off gold, Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted January 10, 2009 Report Share Posted January 10, 2009 Nixon took the US off the Gold standard back in the late 60's, maybe 70's I think. The Gov't can just print money without it being backed by gold. How do you get gold...? The US Mint and coin dealers are a great source. The American Eagle, Canadian Maple Leaf and Chinese Panda are pure 24K coins that not only have bullion value, they have collector value as coins. I have a few Eagles in 1oz, 1/2oz and a few Platinum Eagles 1/10oz coins. All these coins are legal tender. The 1oz coin is a $50 coin, but of course the bullion value is worth way more than the face value. Check out www.usmint.com You know you can trust them. I buy all my precious metal coins from the US MINT Look into Silver bullion coins also. I am a bit of a numismatic:D Quote Link to comment Share on other sites More sharing options...
Tominator Posted January 10, 2009 Report Share Posted January 10, 2009 i dk ant the dollar based off gold, Nope. U.S. went off the gold standard back in FDR times, and severed all ties with a gold standard worldwide in the early 70's I believe. Gold was over $1,000/oz. not too long ago. Probably not a good time to buy to be honest. Time to buy was a few years ago. 10 years ago it was down around $300. World markets are fluctuating wildly right now, and will for at least a year IMO. Check this out. http://www.goldprice.org/gold-price-history.html#5_year_gold_price Buy low, sell high. If you're looking for a long term investment, I'd look to something else. If you're looking for short term gains, you could make some money if you're the gambling type. Quote Link to comment Share on other sites More sharing options...
OJR Posted January 10, 2009 Report Share Posted January 10, 2009 I would stay away from any precious metals right now. They have piked and are headed down. Now a person should watch to see what inflation is doing and maybe look at silver, gold or platium later on! Quote Link to comment Share on other sites More sharing options...
Randy Posted January 10, 2009 Report Share Posted January 10, 2009 I would stay away from any precious metals right now. They have piked and are headed down. Now a person should watch to see what inflation is doing and maybe look at silver, gold or platium later on! Olran is right, wait for a while but then seriously look into silver I have a buddy who has made some serious cash from buying silver. Quote Link to comment Share on other sites More sharing options...
MCH Posted January 10, 2009 Report Share Posted January 10, 2009 If you're looking for an investment Kyle, I've got four letters for ya.....SQNM. Check 'em out. Quote Link to comment Share on other sites More sharing options...
fly Posted January 10, 2009 Report Share Posted January 10, 2009 My cousin works in investments a lot. He's been telling me to invest in gold as well. To tell ya the truth I'm not sure what to do. I know if I had some money I'd be considering buying large tracts of hunting land. In IL prices are starting to drop significantly. I'd say it'll be another year before they bottom out (depending on how the economy as a whole does). Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted January 10, 2009 Report Share Posted January 10, 2009 the "i'm not sure what to do" comment above is he most correct. i do believe gold & silver will be your best investments of 2009. i'm petrified of the stock market now, in light of obama and the socializing of our nation. social programs around the world have a 100% fail factor. that is simple history and now our government is going to socialize us. i have gold & silver personally, mcdonalds & wal mart for stock. i have others, of course, but not confident in the others. frankly, i'd buy a house now and rent it. real estate will go up. check with your local banks about forclosures they have. they want to get rid of forclosed properties and will add attractive financing for you. rent it out and in 10 years i can almost guarantee you that you will double your money. Quote Link to comment Share on other sites More sharing options...
RTPROFamily Posted January 10, 2009 Report Share Posted January 10, 2009 I think that land is one of the best investments like mentioned above. Land is something that they aren't making ANY MORE OF! If you can just buy a small lot or acreage for a start. It doesn't have to have a house on it. Land anywhere is a good choice.Missouri has some good acreage for sale in the Marion county and Lewis county area that is less expensive that in IL. The also have Over the counter hunting tags. Gold and silver coins and proof sets are always good also if you buy from the mint or a local bank. Good luck with your decision Kyle. Quote Link to comment Share on other sites More sharing options...
MCH Posted January 10, 2009 Report Share Posted January 10, 2009 Real estate is a tricky investment unless we're talking about your home, Kyle. Its very rarely a single payment transaction. Besides the obvious R/E taxes, you will most likely have repair and maintenance bills. Add to that the fact that R/E prices are currently on the downward slide and it doesn't look too attractive to a young investor without much "cushion". When you get older and have that "cushion", then I would recommend R/E investing. Like I mentioned on the phone, if you must invest in the stock market, companies like Caterpillar, Johnson and Johnson and Family Dollar will be somewhat recession resistant. Also, according to FD's CEO when he spoke on Cramer's show, FD is just now starting to implement the capacity to accept credit cards and food stamps. They've posted positive quarters in the recent past and are expected to exceed their next forecasted quarter. But between me and you, you can read and watch any show you want, but until the signs are clear that our economy is recovering, there is really no "safe" investment besides cash.:D Quote Link to comment Share on other sites More sharing options...
Strut10 Posted January 10, 2009 Report Share Posted January 10, 2009 If I were going to plunk any $$ into metals now (like I have any to do that with ) I'd go platinum. May actually be a little late now. But a few weeks ago platinum was near parity with gold in price. Historically, platinum's been considerably higher than gold. In checking, platinum is back up $100 or so more than gold and rose $22 in the last 3 days. Real estate has got to be the #1 investment. Not so much hunting land. But houses. No matter how bad the economy gets......people will always need a place to live. Buy fixer-upper 3 bedrooms that can be rehabbed under the cost of similarly comped houses in the area. Rent it out and buy another. There's SERIOUS cash to be made in it. Quote Link to comment Share on other sites More sharing options...
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