Selling Your Physical Gold

[metalman]

Re: Selling Your Physical Gold

While i agree his timing was off, he seems to have the same reasoning as itulip..... He is also calling for gold/silver and commodities to go significantly higher...

The difference seems to be that itulip had the foresight to see that a market crash would take a lot of the equities (domestic and foreign) down with it....

fer chrissake, the crash of the dollar has been forecast for more than 20 yrs.

google it for yourself.

for example...

Dr. Ravi Batra....
Forecasts Made in 1988 for the 1990s
21. The US dollar will crash by the end of 1994.

process and timing are everything. what else matters?

[art]

Re: Selling Your Physical Gold

The difference is that iTulip doesn't run a brokerage/investment management business that generates fees from collecting and keeping subscriber's investment savings. If Schiff had recommended all his clients go heavily to cash his business would have collapsed...would you pay anyone a fee to "invest" in US Dollar cash?

I'd pay someone a fee to know *when* to go to cash. Sort of why I subscribe to iTulip.

E.g. Back in '01, on EJ's advice (although a I didn't listen for a little too long), I took everything out of the market into cash. My money manager argued with me. At our next meeting about a year later he told me he wished he had taken everyone out of the market like I did as I was the customer with the highest returns that year (around 1%!). He, of course, had no recollection that I had to argue with him. I got a new money manager.

Eric need to start the EJ Fund.

[aaron]

Re: Selling Your Physical Gold

I think when the time comes, the difficulty will be in deciding which offer to accept from all the crazy buyers.

I put an ad on craigslist once to see what I could get. I put some eagles up there at $1500 an ounce and got a lot of hits. (no, I did not actually sell any, just testin' the waters). However, this was when bullion was hard to come by last year, and my ad said... "Go ahead, try to find real bullion... You cannot buy it!"

[Slimprofits]

Re: Selling Your Physical Gold

This past week I decided to sell one of my gold coins. It's one of the Austria-Hungary Corona restrikes that contain 0.98 oz gold. Advertised it on the local Craig's List at the APMEX price (provided a link). Thought that was fair; it would save the buyer the shipping cost.

Got no responses except for spam.

Don't take it personally. Craig's List, just isn't what it used to be. Spambots took it over in early 2008.

[hayekvindicated]

Re: Selling Your Physical Gold

I'll sell mine to them. I bought it from them and will sell it back to them.

[hayekvindicated]

Re: Selling Your Physical Gold

I'd pay someone a fee to know *when* to go to cash. Sort of why I subscribe to iTulip.

E.g. Back in '01, on EJ's advice (although a I didn't listen for a little too long), I took everything out of the market into cash. My money manager argued with me. At our next meeting about a year later he told me he wished he had taken everyone out of the market like I did as I was the customer with the highest returns that year (around 1%!). He, of course, had no recollection that I had to argue with him. I got a new money manager.

Eric need to start the EJ Fund.

The "cash" you'd want to be in would probably be an Asian currency like the Singapore Dollar - you wouldn't want Bonars.

[hayekvindicated]

Re: Selling Your Physical Gold

While i agree his timing was off, he seems to have the same reasoning as itulip..... He is also calling for gold/silver and commodities to go significantly higher...

The difference seems to be that itulip had the foresight to see that a market crash would take a lot of the equities (domestic and foreign) down with it....

I like Schiff but as a media personality - among all the TV commentators out there, only him, Faber and Rogers (among those who appear regularly on TV) speak the truth about the dollar and the deficits. Roubini also does but I dislike his theories.

When I started out as an amateur investor back in February 08, I listened to Rogers and Schiff the most. Now, I read only EJ and Faber for macroeconomic analysis and rely on Faber for my trading decisions.

George Soros once said that one only had to be right 4 times out of 10 to make it big as a trader. I am amazed how often Faber gets it right. He is not always right of course (that would be impossible for any human being but his track record is remarkable).

I returned between 30-40 percent in 2008. Without Faber that would have been utterly impossible.

[Adeptus]

Re: Selling Your Physical Gold

When the time comes to sell your physical bullion, how are you going to do it?

Umm... to the bank where I bought it from, or the other 3 next door. Gotta love Canada

[karim0028]

Re: Selling Your Physical Gold

I'll sell mine to them. I bought it from them and will sell it back to them.

They look like a jewelry store... Doesnt mention that they sell/buy coins/bullion... But, im assuming that they must sell bullion as well...

[jtabeb]

Re: Selling Your Physical Gold

When the time comes to sell your physical bullion, how are you going to do it?

Local coin shop? Won't get the best price there.
eBay? Listing + final value + Paypal fees
Classified ads?
Craig's List?


This past week I decided to sell one of my gold coins. It's one of the Austria-Hungary Corona restrikes that contain 0.98 oz gold. Advertised it on the local Craig's List at the APMEX price (provided a link). Thought that was fair; it would save the buyer the shipping cost.

Got no responses except for spam.

I think that this thread misses THE ENTIRE POINT.

Know why gold is going up?

People are Doubting the surviability of unbacked FIAT (all be it debt based) curriencies. ALL OF THEM.

You are seriously trying to tell me that you are going to take toilet paper for your gold?

Man, I wish I could run a printing press as fast as ben bernanke is and just buy up ALL THE GOLD FOR SALE IN THE WORLD AT MARKET PRICES.

In Fact, If the FED really had any brains, THAT's EXACTLY what they'd do.

Bottom line, read about any currency crises in HISTORY, and then with a straight face explain to me how your are going to take your only true safehaven asset and TRADE for self-same currency that is undergoing crisis?

That is about the worst logic, I've heard, EVER!

Notice, I did not say NOT USE YOUR PM's (to buy a house, factory, a farm, boat to nowhere, food, guns, small country, etc.)

But the idea of doing something OTHER than a direct exchange with you PM is EXACTLY why the dollar is still in place.

Notice how dollars are the transactional media for ANY and ALL purchases and sales. You are playing a MUG's game by falling into the same trap everyone else has ever since 1971.

At least China Gets it. If you can't get around dollars for transactions, you have given yourself ZERO advantage. yes ZERO. Because you tie yourself to the dollar gold/exchange rate officialdom sets.

That is system is BREAKING as we speak. If you don't change your operational paradigm for transactions, YOU WILL BE SCREWED.

Think about it. China is trying to make baby steps to leave the dollar system. The prisoner's dilemma just kick into high gear for the remaining unhedged dollar holders. And YOU GUYS want to WILLFULLY jump into that exchange mechanism just as it's teetering and about ready to tumble.

Worst POSSIBLE IDEA ever. (at least if you never owned gold, you couldn't be that mad. But if you were smart enough to move into gold but then willfully went back to dollars, freaking loony)

Do any of you ACTUALLY think that EJ is WRONG and that a world international GOLD standard will NOT be the result of this? (At least between governments, anyway)

Look you come here for EJ's advice and the opinions of others (but Mostly for EJ).

If you are CONTEMPLATING indirect exchange of your PM's (e.g. Gold -> currency -> currency to something you want or need), You are violating the key tenet of his 30% Physical PM allocation.

If this doesn't make sense to you, PM me.

Seriously.


Go read about any and all currency crises (especially ones associated with the financial collapse of a SUPERPOWER) and then look in the mirror and slap that idiot who's telling you to use indirect exchange for your physical PM's.

(Stop taking his advice too)

[vinoveri]

Re: Selling Your Physical Gold

Man, I wish I could run a printing press as fast as ben bernanke is and just buy up ALL THE GOLD FOR SALE IN THE WORLD AT MARKET PRICES.

In Fact, If the FED really had any brains, THAT's EXACTLY what they'd do.

OR slowly sell off CB gold reserves to restrain advances in the price of gold, thus indirectly inspiring confidence in fiat currencies, and keeping the $ from crashing ... and this could go on for many many years.

Then, when the stored gold reserves are near depletion, pull a 1933 FDR and call in all the gold from the public, revalue the $, forbid gold ownership, and start the cycle again.

[jk]

Re: Selling Your Physical Gold

at some point, absent teotwawki, it will be time to sell gold and buy other assets.

[jtabeb]

Re: Selling Your Physical Gold

at some point, absent teotwawki, it will be time to sell gold and buy other assets.

Remember teotwaawki Does not mean doomsday, everyone dies, etc.

It DOES mean the END of the WORLD AS WE KNOW IT.


I think this is teotwawki, I don't think that they will be able to put the golden genie back in the lamp this time. So I am making a humble prediction, that (quote me here) THIS TIME, IT'S DIFFERENT.

That's what I think. So I disagree with your qualifier, but agree with your statement.

(since it is teotwawki for unbacked fiat, there will not be a time to sell your gold for FIAT)

I agree, use gold to acquire assets, but not to acquire fiat, that is a proposition for and idiot, and only an idiot would accept.

[hayekvindicated]

Re: Selling Your Physical Gold

They look like a jewelry store... Doesnt mention that they sell/buy coins/bullion... But, im assuming that they must sell bullion as well...

They do sell bars and coins as well.

[Master Shake]

Re: Selling Your Physical Gold

I think that this thread misses THE ENTIRE POINT.

Know why gold is going up?

People are Doubting the surviability of unbacked FIAT (all be it debt based) curriencies. ALL OF THEM.

You are seriously trying to tell me that you are going to take toilet paper for your gold?

Man, I wish I could run a printing press as fast as ben bernanke is and just buy up ALL THE GOLD FOR SALE IN THE WORLD AT MARKET PRICES.

In Fact, If the FED really had any brains, THAT's EXACTLY what they'd do.

Bottom line, read about any currency crises in HISTORY, and then with a straight face explain to me how your are going to take your only true safehaven asset and TRADE for self-same currency that is undergoing crisis?

That is about the worst logic, I've heard, EVER!

Notice, I did not say NOT USE YOUR PM's (to buy a house, factory, a farm, boat to nowhere, food, guns, small country, etc.)

But the idea of doing something OTHER than a direct exchange with you PM is EXACTLY why the dollar is still in place.

Notice how dollars are the transactional media for ANY and ALL purchases and sales. You are playing a MUG's game by falling into the same trap everyone else has ever since 1971.

At least China Gets it. If you can't get around dollars for transactions, you have given yourself ZERO advantage. yes ZERO. Because you tie yourself to the dollar gold/exchange rate officialdom sets.

That is system is BREAKING as we speak. If you don't change your operational paradigm for transactions, YOU WILL BE SCREWED.

Think about it. China is trying to make baby steps to leave the dollar system. The prisoner's dilemma just kick into high gear for the remaining unhedged dollar holders. And YOU GUYS want to WILLFULLY jump into that exchange mechanism just as it's teetering and about ready to tumble.

Worst POSSIBLE IDEA ever. (at least if you never owned gold, you couldn't be that mad. But if you were smart enough to move into gold but then willfully went back to dollars, freaking loony)

Do any of you ACTUALLY think that EJ is WRONG and that a world international GOLD standard will NOT be the result of this? (At least between governments, anyway)

Look you come here for EJ's advice and the opinions of others (but Mostly for EJ).

If you are CONTEMPLATING indirect exchange of your PM's (e.g. Gold -> currency -> currency to something you want or need), You are violating the key tenet of his 30% Physical PM allocation.

If this doesn't make sense to you, PM me.

Seriously.


Go read about any and all currency crises (especially ones associated with the financial collapse of a SUPERPOWER) and then look in the mirror and slap that idiot who's telling you to use indirect exchange for your physical PM's.

(Stop taking his advice too)

Dude,

Over 50% of my "liquid" assets are in physical PM. It kind of freaks my wife out, so I told her I'd back off adding to the hoard. However, I still add surreptiously from time to time. Week before last, I picked up a NGC-70 2006 Buffalo for $1000 off Craig's list and a 1/2 sovereign off eBay for under spot, so I felt a little guilty and thought I lower the allocation a bit.

Plus, at some point, you're going to have to sell. I don't see a Mad Max scenerio happening.