Friday, October 31, 2008

SHTF: Gold prices

I never talk much about gold and gold prices because frankly, I have never been able to afford to purchase much in the way of gold. When gold prices started to spike some time ago, I sold some of my smaller coins and turned the proceeds into "tangibles" as my wife and I like to call them.

After all, I cannot eat a gold coin, but I can eat a case of tuna fish!

Gold has been steadily (and sometimes dramatically) been rising for many years now. I think the big moment was after Y2K and shortly after 9/11. Since then, gold has gone up, up, up.

Why should you buy gold?

Gold is real, holds its value and has value to anyone worldwide.
Gold has proven its value during a bear market and during inflationary times.

When should you sell gold?

When you need money and tangibles for sure.
When the price is so high you can pay off most of your tangible debts.
Never. You will only be selling your gold for paper (I don't agree with this statement, because of what I noted above).

How can I buy gold?

You can buy gold from dealers which are sometimes jewelry stores or pawn shops, you can buy gold from auction houses and you can buy gold from other collectors.

Gold can be bought in coin or bar form. I prefer coins. They look like money and will have more value to the untrained eye for commerce. A bar looks like a Willie Wonka chocolate bar only it weighs more!

Should I buy gold?

Sure if you have the money. I would buy preps first.

And is now a good time?

Gold is down, hence the reason for this post. Gold prices are down because the dollar is getting stronger. As I write this, gold is down 14.00 and reached 1000.00 just a few months ago.

Hmmm.. with an election about to happen, economic uncertainty, and gold (and junk silver) being a good place to "relocate" your trackable investments and cash...

It might be a good time to buy gold!

Tell me what you think!

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