GOLD- the only true currency?

Pssst

Perhaps its better not to have money or wealth? just spend it all then you will have had some value from it all. Hey thats what they want isnt it? Save it> lose it,spend it>get value

purch

Me........... I'm in it for the money

Ditto :T

But I do love these almost 'surreal' discussions....a muppet with 7K in Gold telling me I'm wrong when I have owned real Gold Bullion since 1991 :rotfl:

What seems to get forgotton in all this is that these 'bloggers' that are read so avidly, and every word believed as gospel are only in it for the money as well..........they want you to sign up for their newsletters, or like Shiff give him your money so he can lose half of it for you, non of what they write or say is done for anything other than their own personal gain. This Shadowstats site that most of these bloggers like to use to justify their opinions is just another site that wants you to subscribe in order to access their guesstimates. There's another 'nutter' who always refers to the Federal Reserve Bank as the Private for Profit Fed.....yet always omits to mention that the opinions he spouts are his own private for profit opinions !!!

Yet people appear to want to believe these people, with their own vested interests are more honest and believable than their own Governments and Central Banks !!!

What a wierd World we live in.

the_ash_and_the_oak

I think there is a 10-15% chance of needing to have some gold.

I have around 10-15% of savings in Gold. I got in around £400 something. It seemed high then tbh. I'm kinda shocked at it being high £600s even though it seemed likely

I'm 85-90% out of gold. I'd prefer it to go down. I'd rather lose on this than win.

If I had bought in 1980 I would be sitting on a loss yes. Luckily I didn't, mainly because of not being born yet. Whether it is gold, houses, shares, whatever, buy at the wrong time, sell at the wrong time: you lose. Don't get overly attached to any one thing. Don't be afraid to switch horses mid race.

I'm not selling my existing gold. Neither am I buying anymore. Both these statements may change in the future

Lol_UK_2

purch wrote: »

Yet people appear to want to believe these people, with their own vested interests are more honest and believable than their own Governments and Central Banks !!!

So you trust these institutions then? :rotfl:

I would hate to be thought of as the 'muppet' who tells you how to invest in gold!
Really...I was hoping to get a discussion thread going that would seriously look at how gold could be part of a 'safe' investment plan...if there is such a thing right now. Looking at the evidence- and hearing how people are losing money in their long-term savings, gold doesn't seem like much of a risk!

cloud_dog

purch wrote: »

What seems to get forgotton in all this is that these 'bloggers' that are read so avidly, and every word believed as gospel are only in it for the money as well..........they want you to sign up for their newsletters, ...........

Yet people appear to want to believe these people, with their own vested interests are more honest and believable than their own Governments and Central Banks !!!

Purch, I must admit I do read a number of private reviews/posts although I prefer the 'reports' where they appear to have done their investigations and provide evidence to support their position. Having said that if at the bottom of their post they say..... 'sign up to my news letter for the latest info...' etc, etc then they obviously aren't good enough to make money from their investing skills and need to rely on their sign-up fee's. All good fun though.

Lol_UK wrote: »

Really...I was hoping to get a discussion thread going that would seriously look at how gold could be part of a 'safe' investment plan...if there is such a thing right now. Looking at the evidence- and hearing how people are losing money in their long-term savings, gold doesn't seem like much of a risk!

Lol, I think your post may have come at an unfortunate time, there have been sooooo many gold threads and some people spouting 'buy, buy, buy' without considered or back-up information that people are a bit twitchy / fed up.

Also, with gold at the high's its at you have started a discussion when opinions are also divided as to whether it has reached a top temporarilly/fully and you also need to consider where the GBP / USD exchange rate may go. I (we) benefited quite a lot over the recent past as the gold price increased but doubly gained because the GBP weakend in relation to the USD.

cloud_dog

Lol_UK_2

Thanks for that cloud_dog...I guess that is what I'm sensing (being new to these forums)...there's me thinking I'm imparting new found information, when you've all been there before!!
I know it's all subjective depending on whose view of the financial crisis we take...and I am convinced that we are in for a truly rough ride, despite assurances from governments and central banks...

mrposhman

sabretoothtigger wrote: »

Posh, if the dollar loses value it means the price of gold in dollars will rise. Like a normal exchange rate except gold is not bound to a country of course but supply and demand

I sort of agree, sort of don't.

The value of the dollar over sterling has increased recently and yet the price of gold has risen.

My understanding is the price of gold is a certain price in different currencies (but overall its rated in $) and therefore if someone wants to buy in at a price in their own currency then that occurs though the "actual price" that its worth to sell may change in line with the exchange rate. I doubt this is explained well so I'll make my point.

For example. if Lol_UK wants to buy gold at £650 today then he goes ahead and does that. Say thats at a value of $1.4/£1 that provides a gold price of $910. If the exchange rate was to change to $1.5/£1 but the price of gold does not change then this would mean in sterling terms the investment has fallen to £607. Are you saying that the price on gold will jump to $975 to compensate??? If so I'm not really sure I agree with that.

tradetime

Gold has a global price in USD, it's price by and large in other currencies is a function of the exchange rate between the USD and that currency, there will of course be small intraday fluctuations, but not much

For example. if Lol_UK wants to buy gold at £650 today then he goes ahead and does that. Say thats at a value of $1.4/£1 that provides a gold price of $910. If the exchange rate was to change to $1.5/£1 but the price of gold does not change then this would mean in sterling terms the investment has fallen to £607. Are you saying that the price on gold will jump to $975 to compensate???

Perhaps not quite that reactive, there will be intraday variations in spot, this explains how I understand it.
http://en.wikipedia.org/wiki/London_Gold_Fixing

cloud_dog

SA GOLD "BLEAK"
Gold market surplus to widen in 09

The VM Group looks at what lies ahead for the gold market this year in its Yellow Book.
Author: Tessa Kruger
Posted: Thursday , 26 Feb 2009

http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=79138&sn=Detail

Stavros_3

Warren_Buffett_in_2005 wrote:

Buffett: Gold is way down on my list, I would rather own assets that produce value. Dow went from 66 to 12000 and paid dividends. If you owned Gold you paid 20 and went to 400 a hundred years later, and you paid insurance and storage costs. It's really not a store of value. Farm, apartment, businesses have utility. I'd rather be able to sell someone candy in 20 years than holding gold. I see no reason why it will work well in the future.

Muffett: Gold was great if you were a well-to-do Jewish [person trying to save the] value [of your assets] in Austria in 1935. But for us, it has none.

Now although his statement was 3 years ago, I'm more inclined to listen to this guy than some of the 'There's gold in them thar hills' prospectors on this website.