Selling Your Physical Gold

[thunderdownunder]

Re: Selling Your Physical Gold

Now that post written by Jtabeb shows he is a smart thinker - listen to what he is saying - don't ever sell "Manhattan" for beads mirrors and cloth. Exchange only for wealth.

[jtabeb]

Re: Selling Your Physical Gold

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

You assume that there will be a unbacked fiat currency when it is time to sell, what if they all go kaput? Like I said, I don't think most people reading this thread are GETTING it.

You all have a false sense of a "return to normal ops" It's not.

Go read EJ's it's 1981 in reverse article again, it really does change your mindset to the approprate framework of understanding.

I don't think Mad Max is comming either. A period of intense social unrest, accompanied by haywire supply demand and market processes, while the a new financial system (really international monteary system) struggles to be born, absolutely.

Russia and Argentina didn't get mad max, but they DID have severe social and financial hardship for the bottom 90%, I see the same thing happening here.

FYI, tell your wife to lighten up and trust you a bit more.

(My wife, god bless her, has acquiesced to my allcation decisions, we're at 90%+)

I think you are on the right track, BUT, I really think it would be wise for most people following this thread to re-read "it's 1981 in reverse" and gives some real thought to what circumstances would really give reason for exchange out of gold.

As I have said, if you are planning on the indirect exchange route (e.g. metals to currency to assets), you need to re-think your exit strategy (metals to assets).

If you don't agree that's fine, but what kind of Ituliper would I be if I didn't speak my conscience while it still mattered.

(I told you so, is both a weak excuse and not very helpful AFTER the fact)

V/R

JT

[grapejelly]

Re: Selling Your Physical Gold

I don't sell gold. It's better to just buy and salt it away somewhere.

I do have a local guy who I buy from. Everyone should support those local guys. If nothing else to have a contact who will go out of his way to do business with you when doing so is rough.

In the bad old days of 1979-1981, if you had silver it was very hard sometimes to sell because the smelters were so backlogged. Assays took forever. And there was counterfeiting (drilling and filling with lead) on the big bars, so dealers were suspicious.

Always pays to build a stock of goodwill with a local guy. That said, I like Apmex for big purchases.

Shipping in the US is very safe via registered mail.

[ThePythonicCow]

Re: Selling Your Physical Gold

As I have said, if you are planning on the indirect exchange route (e.g. metals to currency to assets), you need to re-think your exit strategy (metals to assets).

Isn't that a very short term tactical decision?

When the time comes you need to exchange gold for an asset, then that day, that week, decide how best to affect the transaction. If the seller will take your gold, fine. If he wants to exchange for some specified amount of fiat currency, fine. If he wants three loaves of bread and a box of ammo, fine. Whatever works for the seller and you, at a price to which you both agree.

Even as fiat currency loses its worth as a means to store wealth, it often maintains its usefulness as a common means of exchange. Just don't get caught holding the currency for longer than it takes its real value to decline much.

Why the fuss today over what might be a spur-of-the-moment detail five or ten years from now?

[pwcmba]

Re: Selling Your Physical Gold

I suspect the Nucleo market at bullion direct will have buyers (always has every time I've looked)

http://www.bulliondirect.com/nucleo/

[jtabeb]

Re: Selling Your Physical Gold

Isn't that a very short term tactical decision?

When the time comes you need to exchange gold for an asset, then that day, that week, decide how best to affect the transaction. If the seller will take your gold, fine. If he wants to exchange for some specified amount of fiat currency, fine. If he wants three loaves of bread and a box of ammo, fine. Whatever works for the seller and you, at a price to which you both agree.

Even as fiat currency loses its worth as a means to store wealth, it often maintains its usefulness as a common means of exchange. Just don't get caught holding the currency for longer than it takes its real value to decline much.

Why the fuss today over what might be a spur-of-the-moment detail five or ten years from now?

Small points if you have the "big picture", Huge points if you don't.

Just trying to make sure everyone has the "big" picture, that's all.

Trust me, there are folks here that HAVE NO physical PM's.

So, please don't tell me that just cause you're (not you singular cow, everyone) on Itulip, you have it.

[Kadriana]

Re: Selling Your Physical Gold

Small points if you have the "big picture", Huge points if you don't.

Just trying to make sure everyone has the "big" picture, that's all.

Trust me, there are folks here that HAVE NO physical PM's.

So, please don't tell me that just cause you're (not you singular cow, everyone) on Itulip, you have it.

That would make an interesting poll. People could say how much they have anonymously and you could find out how many people do, and how many people don't.

[Jay]

Re: Selling Your Physical Gold

Isn't that a very short term tactical decision?

When the time comes you need to exchange gold for an asset, then that day, that week, decide how best to affect the transaction. If the seller will take your gold, fine. If he wants to exchange for some specified amount of fiat currency, fine. If he wants three loaves of bread and a box of ammo, fine. Whatever works for the seller and you, at a price to which you both agree.

Even as fiat currency loses its worth as a means to store wealth, it often maintains its usefulness as a common means of exchange. Just don't get caught holding the currency for longer than it takes its real value to decline much.

Why the fuss today over what might be a spur-of-the-moment detail five or ten years from now?

Just wondering, how do you go about buying a house straight up for ounces of gold? Wouldn't you have to convert to dollars first? You would be paying taxes on the transaction right? Would the transaction be legal if straight barter?

[ThePythonicCow]

Re: Selling Your Physical Gold

Just wondering, how do you go about buying a house straight up for ounces of gold? Wouldn't you have to convert to dollars first? You would be paying taxes on the transaction right? Would the transaction be legal if straight barter?

One will need dollars to pay taxes, yes, for the forseeable future.

The day that the IRS doesn't accept dollars, that will be the day marking the end of the U.S. as a government.

But I suppose one could pay for the house in gold (or ivory or silver or paper mache) if the seller was willing to accept such. IIRC, someone recently posted on iTulip a listing for a house for sale for 50 or 100 ounces of gold (I forget the details.)

[Master Shake]

Re: Selling Your Physical Gold

You assume that there will be a unbacked fiat currency when it is time to sell, what if they all go kaput? Like I said, I don't think most people reading this thread are GETTING it.

You all have a false sense of a "return to normal ops" It's not.

Go read EJ's it's 1981 in reverse article again, it really does change your mindset to the approprate framework of understanding.

I don't think Mad Max is comming either. A period of intense social unrest, accompanied by haywire supply demand and market processes, while the a new financial system (really international monteary system) struggles to be born, absolutely.

Russia and Argentina didn't get mad max, but they DID have severe social and financial hardship for the bottom 90%, I see the same thing happening here.

FYI, tell your wife to lighten up and trust you a bit more.

(My wife, god bless her, has acquiesced to my allcation decisions, we're at 90%+)

I think you are on the right track, BUT, I really think it would be wise for most people following this thread to re-read "it's 1981 in reverse" and gives some real thought to what circumstances would really give reason for exchange out of gold.

As I have said, if you are planning on the indirect exchange route (e.g. metals to currency to assets), you need to re-think your exit strategy (metals to assets).

If you don't agree that's fine, but what kind of Ituliper would I be if I didn't speak my conscience while it still mattered.

(I told you so, is both a weak excuse and not very helpful AFTER the fact)

V/R

JT

I appreciate your input and admire your cojones for going "all in." I'll re-read 1981 in reverse.

[Thailandnotes]

Re: Selling Your Physical Gold

As I have said, if you are planning on the indirect exchange route (e.g. metals to currency to assets), you need to re-think your exit strategy (metals to assets).

I have told this story here before.

I came to Thailand on the eve of the Asian Crisis. The Thai Baht was losing its value quickly and eventually became worth less than half when compared to the US dollar.

I had brought 7000 dollars in 100 dollar bills in anticipation of buying a good used car.

I found several people who wanted to sell cars I wanted, but the currency was changing so fast, up and down, that they were reluctant to sell at any price.

How are you going to switch from gold directly to assets?

The assets you want to buy had probably be ones you want to keep for a long time.

Like a farm and you're better to buy it now.

I have my money in several countries and some in gold.

If the real end game comes, we'll all get creamed.

Gold to assets vs gold to fiat to assets...

I get it, but I don't see it actually happening.

[jtabeb]

Re: Selling Your Physical Gold

I get it, but I don't see it actually happening.

Then either I'm a false prophet and you are correct, in which case, No harm done holding onto your gold.

OR I'm have slightly better vision than you and I am correct in which case, being without gold would be a death sentence.

(Look at the people panning for gold in Zimbabwe to exchange for loaves of bread, because no merchant or trader accepts Zimbabwe Dollars anymore for transactions)

[media][/media]
From a cost-benefit analysis, which do YOU think is the better choice?