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great story crazyrj – which brings another aspect to the gold debate, confiscation; Gov’t interference at it’s best. When it didn’t suit them, they took away a man’s right to own it (1933).
Anything is possible with your investments when the Government get’s involved. Their fiat monetary system is challenged by gold and that is why they sell it; keeping down it’s value as long as possible. If you have faith in the Government you should hold the dollar, if you have a healthy contempt for them you should buy gold.
I agree with the security of gold, however in the States you aren’t able to possess bullion, only coins. For that I purchased in Canada and brought it here in my possession by plane. Yes you have to declare it if its over $10,000 but its not illegal; it is currency and the declaration just a formality. The value has since quadrupled!
but lets remember just like stocks and bonds gold can go up and down. It’s kind of silly just to exclaim “it’s tripled”? I can say that and more about securities I have purchased…apple at $26 a share…if you buy at the right time you make money and that’s easier said than done! Funny that few people say wow I bought “gold” at $875 and just sold it at $600!
But wasn’t that the whole point of the argument – The trend is your friend – and now is the right time for gold and the wrong time for stocks. Furthermore your comments seem to underscore my own point that market timing is not easy so don’t bother with it. Find a bull market in whatever asset class you can and hold for the long term as long as the bull stays intact.
Hey you have me interested in gold and I have had some fun reading about it. I don’t try to time the market but have found Brinkers calls pretty helpful over the last 20 years.
I usually don’t buy on “tips” from my customers but one strongly suggested gold about 3 or 4 years ago. Yes I bought some stocks and did very well and like everything you buy you wish you bet the house! Lol!!
Edited on Aug 27, 2007 16:03
actually you can own bullion in the u.s. the problem with it, as i understand it,is that to sell bullion it has to be assayed , at the then cost of 35.00 per ounce. coins are accepted on the face of it. but, needless to say, buy low and sell high and be patient. trading time should be over years. of course you can lose your a** if you’re imprudent or unlucky or desperate but…..temper my advice with the fact that i’m not wealthy, just not poorer. sounds like many of you have done well. good luck down the line!
You can own it, but you cannot buy it in the States. A helpful link to see charts, values and progress of gold is Kitco.com
It’s now 23 January 2008 and the DJIA is at 11,651.81 and most major global stock markets are extremely weak …
How do we feel now?
I would love to know what you are thinking…
Scott Oliver – Founder
WeLoveCostaRica.comWell hello Scott and CR friends, I hope none of you are burning through packs of cigarettes and taken to hitting the bottle yet, hopefully not ever but reality is reality and human nature is exactly that. Not to encourage bad habits but coincidentally, SIN stocks are an excellent refuge in recessions, those mainly being tobacco, alcoholic beverages, guns and SEX, yes SEX. Throw in the pharma business too, it can be a lucrative place to invest in down times. First, are we in a recession? Many believe so, many do not, we shall see shortly for sure. Other safe havens: being in cash is a good choice right now, Swiss francs are an option, a solid agro ETF is an option. Take note of Latin American markets, of course China. Think globally! There’s always a bull market going on somewhere! 😉 Going forward a good commodity ETF could come in very handy and Japan may be back strong in 2008. In any case it’s good to remember the market goes in both directions and also key here, we are in the last yr of the US presidential term and the Reps have lost major ground with the war issue and the main issue has now turned to the ECONOMY, how very interesting. A rescue or at least a perceived rescue might do wonders for the Rep party (gosh forbid). One has to wonder if the recent cuts and coming cuts accumatively along with the following psychological effects will eventually kick in and create a rally(s) Markets have tended to soar after downturns. Of concern is just how far the USD will go down, it is a very dangerous game as has been warned by France and China, an economic war could be disastrous. How schizophernic is it to see Mr. MASSIVE credit himself try to scare people into not carrying so much credit card debt, save more and live within one’s means? The only thing I am sure of is that the 30yr fixed mtg rate is very attractive and may get even better! Refinancing naturally might be a very good idea and save a lot of people from disastrous current mortgages! And finally, where’s the bottom? It’s anyone’s guess. Time to revert back to the basics, most of all rule #1: Don’t lose when investing!(for many, no doubt the reminder comes too late) Note here that I do not claim to speak as an expert or anywhere near it, I am basically a socio-economic hobbyist, voracious reader and lover of Costa Rica! Best wishes in ALL aspects of your lives! Chuck C
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