gold/silver

[tomek30]

anyone investing in real money before the system collapses??? im thinking of buying silver before its too late, the only question i have is if the doomsday happens where would I sell the silver or would silver/gold just become the method of exchange, any opinions welcomed.

[Beep]

Yes good choice. APMEX and Tulving are good places to purchase and sell, or you can sell on EBAY. Everyone's savings, 401, social security etc will be wiped out by inflation and gold and silver will be in high demand. You will know if there is a metals bubble when your friends and neighbors are talking about the price of gold and silver, until then keep buying. Good to see another gold bug on the board.

[Romanowski]

ive been buying gold since it was selling at 300/oz, about 5 years ago

its a great hedge when inflation and money creation is high

however, it replacing "money" is simply not reasonable

"money" is simply a unit or production (IOU) and does not need to be backed by anything

once gold becomes anything but a market, it would have to serve the same purpose ( a unit of production)

any advanced nation knows that gold production cannot be tied to your nations production

if it were true than south american and african nations would be the richest without any other technology or production created

and producing nations would be at their whim for money supply

gold cannot be money, like I said above, a hedge against inflation yes, as money no

money creation isnt detrimental as long as it correlates with an increase in production

think of a nation as a corporation, if it creates more money, than it must produce more

so inflation in of itself isnt bad, as long as you produce more

the problems we are seeing now arent due to fiat money

they are due to a world market, where other nations ( corporations ) namely in asia are producing more and cheaper

so naturally our nation ( corporation) is producing less value, and thus have less to work with

but while we are producing less, we are spending more that combination is the problem

...so our dollar is worth less

its a natural balancing of the market, but doom and gloom is not on the horizon

we simply need to get back to what made the dollar #1, produce more, better and unique technology

as for gold now at close to 1200/oz, not sure where it will go

dont be discouraged if you missed the boat on the rise, I can see it rising further, perhaps to 2000/oz in the next 5 years

but dont be mislead to believe it will be money, it is not

it is a limited resource, and to create it requires mining ( costs energy to get)

a whole lot simpler to simply print, as long as its universally accepted...

its just an IOU...

our nation needs to spend less and produce more

this is hard when everyone feels they are entitled to things without working for them

but paper money isnt the problem, production and spending are, and gold isnt the solution

except to hedge against the imbalance of production and spending

[iggs111]

Well said, Rome. So you saying even though I missed this big jump already I can still make money investing in gold/silver?

[Kramer]

Rome perhaps you could clarify ,

you the "main" economist here ..

I have a $10 usa bill in my pocket
maybe off topic
from gold/ silver

perhaps relevant

it says
" federal reserve note"

this note is legal tender for
all debts public and private ..

ummm

[Romanowski]

what is your question? Im gonna guess since its not clear

you find it odd it says its legal tender for all debts private and public???

sometimes I think you smoke way too much weed...all it means is it can be used for both pubic good and services, such as paying your taxes to the govt, or private good and services, such as buying groceries or a bag of weed...glad I could clarify that

[iggs111]

yea I dont get what your saying either, Kramer? A $10 bill says legal tender for all debts, public and private.....so like Rome says you can use it to pay taxes, buy groceries, or pay your weed man lol....what are you questioning? Is this even about silver/gold anymore?

[Romanowski]

Originally Posted by iggs111

Well said, Rome. So you saying even though I missed this big jump already I can still make money investing in gold/silver?

I dont want to mislead you, so all i can do is give you an opinion

long term im still bullish on gold, and all precious metals, including silver

if youre thinking of buying I might try to buy at a low point

trading at 1161/oz close friday http://www.kitco.com/

maybe keep an eye open and buy when you see a dip, but either way id hold awhile ...minimum 24 months unless you see an out you cant refuse

5 year I see a very nice roi

[Chris46139]

Don't want to speak for Kramer but I took it as he was questioning the federal reserve note part of the bill, implying that our dollar is backed by gold anyways, which I don't think it is myself. Lol, no knowledge of that kind of stuff from me though

[iggs111]

Originally Posted by Romanowski

I dont want to mislead you, so all i can do is give you an opinion

long term im still bullish on gold, and all precious metals, including silver

if youre thinking of buying I might try to buy at a low point

trading at 1161/oz close friday http://www.kitco.com/

maybe keep an eye open and buy when you see a dip, but either way id hold awhile ...minimum 24 months unless you see an out you cant refuse

5 year I see a very nice roi

Thanks. That's all I was asking for. I will keep my eye on this. How many ounces do you suggest I buy? What did you start with 5 years ago?

[Romanowski]

money doiesnt need to be backed by gold, money is just a unit or store of production

gold is just a shiny metal that is subject to supply and demand like anything else

[Chris46139]

Originally Posted by Romanowski

money doiesnt need to be backed by gold, money is just a unit or store of production

gold is just a shiny metal that is subject to supply and demand like anything else

Didn't it use to be backed by gold years ago though or am I mistaken?

[Romanowski]

Originally Posted by iggs111

Thanks. That's all I was asking for. I will keep my eye on this. How many ounces do you suggest I buy? What did you start with 5 years ago?

I bought 10 ounces at 300, and since have accumlated more on its way up, last time at around 800

I dont know, whatever you can afford, I guess, I wouldnt put all my money into it

id diversify with stocks or whatever else, but Id have a good % in metals

Silver has grown at about the same rate

[Romanowski]

Originally Posted by Chris46139

Didn't it use to be backed by gold years ago though or am I mistaken?

yes, and its not any longer, with good reason

[tomek30]

Originally Posted by iggs111

Well said, Rome. So you saying even though I missed this big jump already I can still make money investing in gold/silver?

Nobody missed the big jump yet, gold will be much higher than 2K$/oz, gold in only the last 2 yrs is up 50% while the currencies around the world are holding their own. The US govnt keeps on printing trillions of dollars which will lead to inflation and once that happens who knows how high the price of gold might get. I beleive this country is fUked, it has no other way to pay its debt but by devaluing the dollar and creating inflation. As soon the world grows some balls and stops beleiving in the US $ you will see the real problems begein.