Man my "unique" situation has been this never ending string of bad luck. As some of you know, in late 2011 my ex took off with our metals stack and I've been in court to remedy the situation. We got property settlement done late last year and I ended up with a stack of gold and silver worth roughly $60k. But I'm unemployed and haven't been able to find work in ages, so I have to slowly trickle off my stack just to pay the bills. Its uncertain when I'll be back in the land of the employed, hopefully soon, but the situation has once again got my attention because we just finished our settlement for custody of my child and so we're wrapping up all the court matters. I'm going to have to sell at least 3 more gold coins to be done with that stuff. So today I check on the prices and OF COURSE it tanked yet again about a week ago. Sigh. Always with this, metals prices drop to the lowest point on the year chart when I am FORCED to sell a bunch of it. I have the patience to wait for prices to go up (but beginning to wonder if they actually ever will). But this situation is just ridiculous because of my unemployed state and sudden high expenses that coincide with a price bottom. There aren't enough facepalms to describe my feelings about this. So the situation is that I'm still sitting on about 800 ounces of very nice minted silver because with a gold/silver ratio in the mid 60's I'm still feeling like I should hang on to silver if I need to sell something. I'm down to 12 gold coins left now, 3 of which I'll have to sell probably this week. I keep hoping that there will be a sudden rapid climb in price so I can minimize my losses, but waiting for that has proved frustrating. I'm hoping to make this stack last as long as possible so I can survive long enough to find work. I've contemplated just getting out of metals entirely once the price goes to say, 1500 for gold. I truly don't know what I should do. Incidentally, if anyone here wants to give me a better price than Perth Bullion co for the 3 coins I need to sell, I'm open to the idea. Perth Bullion (thankfully) does offer above-spot prices for gold coins. But honestly, its starting to seem like it doesn't matter. What, with the spot price itself continuing to slide down, a price 2 weeks ago seems high by today's comparison. Anybody got any thoughts or advice?
Why not put them up for sale in the for sale section, if you get a sale, happy days. If not its off to Perth Bullion.
Considering how volatile the PM market is with no guarantee of it heading back up any time soon and your need for funds, I'd sell up and put it in the bank. I hate to say it but it'd probably be safer there to maintain some fiat value. Would certainly give you peace of mind knowing that it won't drop any further and would make a tiny bit more with interest. What gold coins are you looking to sell? That would shift them quicker! Put them up on eBay and offer them here, should get better price than from PB. Also, what's your industry/skill? Have you looked into short term work such as labourer/hospitality etc? Just to get you by until something better comes up. Best of luck with whatever you do!
Always a shame being forced to sell, especially at the lows. is there some premium silver you have that you can sell first? That tends to hold value a bit better in low spot environment. maybe sell some at the Perth meet ups when they have them?
I would agree with trying to sell off those premium items first if you really need to pay the bills. They tend to keep their premiums better so you might get more for selling them in such a low-spot environment. I would hold off selling low-premium items until spot goes back up (unless you really have to). And sorry to hear about your situation but I hope you will be able to find a decent paying job soon!
I am sorry about your bad news. Hang on to it, better things ahead. As for the PM, I think it will gradually drop, to about 50% of what it is now (both gold and silver, gold maybe 60% of what it is now), so I would sell and put the money in the bank. As House says, also for some peace of mind. You seem to have already many things to worry about...
I agree. I've done a couple of trades with Recon and it hasn't helped me either - everytime I buy off him the price drops again! In your situation I would do my budget and figure what it's gonna cost me to live another 6 months assuming still unemployed. Sell that, keep the remainder in bullion - I'm preparing myself for a price drop to $1100 gold, $15 silver. Then buy back in once your situation has improved and you have your 6 month emergency fund rebuilt. Consider upskilling, door knocking and just do whatever it takes to get that next job. I know your in software and with all the low cost imports you really need to stand out and prove your value to a company. All the best mate.
I'm truly sorry to hear of your troubles Recon. Unfortunately, the truth is, investing fiat money into metals is very risky (as you've found out)...no different than any other risky investment. Would you have invested money in the stock market you'd be having winfalls right now likely. There's no guarantees about employment in life. I was injured on the job nearly 4 years ago and have been unemployed for a long time as a result. I have been tapping heavily into my retirement savings over the past few years. I very much understand the plight you face in terms of no steady income...makes things exceedingly difficult. You are definitely not the only person I have met who is thinking seriously of getting out of precious metals as soon as you reasonably can without taking that bad of a hit. I really do hope that you can find someone who will give you a better price than the PBco. I am in no position myself to buy gold or even much silver at all so unfortunately at this time I can not be of much help to you. I wish you the best. .
Yep its all so very annoying. As for skills, the only thing I've ever done is be a computer programmer. Mostly the .NET languages, but sadly no ASP or MVC experience which is what most people want these days. The frustrating thing is that if I actually landed a job I'd probably be earning $50 per hour. But right now I'm earning nothing. And I don't want to retrain into a lower paying industry, leaving IT behind. I certainly don't want to take on a job delivering pizzas or flipping burgers. I'm highly skilled. Just nobody is hiring. Its been this way for two years. I keep thinking I will trickle-sell until it spikes up again. The problem is, I can't predict the top of a spike. For a while I was holding out for 1600. Then 1500. It just keeps getting more depressing. Its as low now as its been in three years. The chart shows that usually things bounce back up after getting this low. But man I'm not nearly as good at reading charts as I thought I was. Can it just keep sliding downward? That's crazy. Inflation is still happening. The world economy is still crap. Commodities are going up in price. But PMs are going against both somehow. Its so counterintuitive. As for my specific collection, all 12 coins are 1oz Canadian Maples. For silver, I have a fairly good variety. I have some 10oz silver dragons. A whole bunch of very nice looking 10oz Sunshine Mint bars. About 300 1oz Kookaburras. And some random stuff like Golden Lion Mint items, one of them a 50oz bar which is really cool looking. Regarding putting them up for sale on the board here, I've done that in the past, and that's fine but its a lot of work arranging sales, especially if I have to post them long distance. PBco isn't nearly as low paying as Perth Mint, so at least there's that. And I'm mostly running out of local friends from this board who are still in the market. Seems a lot of you guys are getting disillusioned with buying metals even with the prices dropping as they are. The attitude used to be... Prices dropping = METALS ON SALE!! BUY BUY BUY!! Now, its just a depressing box-seat to a continuing drama of lowering prices. I still see plenty of die-hards on youtube explaining how sometime soon there is bound to be a drastic jump in price. But you know, I've been hearing that for the past 3 years. It starts to draw the impression that maybe these commentators really don't know what they're talking about.
Perhaps you can try looking overseas? I've always thought IT jobs are in demand (at least over here in Singapore). You can try selling the kooks cos there's plenty of collectors here who could be interested. Or try eBay for that matter.
maybe sell the gold and keep the silver? If you have been unemployed for that long maybe consider doing the pizza delivery route just to get some income coming in - certainly better than selling gold. I have absolutely no doubt that metals will ultimately rise but who the hell knows how long that is going to take. I have braced myself for $1000 gold. Maybe look at hedging, some of the guys here use it and has worked out well - try a search.
So you have been two years on the dole, but don't want to do anything else because you are highly skilled in something nobody is hiring? That's recipe for disaster. Why don't you retrain yourself in ASP or MVC, or then take up another job? I believe there are other jobs in the world than delivering pizzas, flipping burger and .NET computer programmer...
Well yeah of course. But see I've been kinda busy fighting for my daughter for the last 2 1/2 years. Its been a VERY bloody court battle, and I've had just about every dirty trick played against me. Finally, YESTERDAY we signed a settlement agreement which will give me 50% custody in about 3 months. So I've been super focused on this battle and in-between fights trying to find work. Now that this is over, I'm hoping I can put a lot more energy into my career.
It is generally agreed that an unemployed $50/hour worker is less desirable than a $50 per hour worker accepting $10/hour work to stay in the workforce. One is motivated, the other is not, all things being equal, and from the perspective of a employer. I've taken a lot of welfare applications for people who have been unemployed a long time, because they can't find a job paying them 'what they are worth'. Welfare approved. I've taken a lot of welfare applications for people who have been unemployed a short time, can't find work in their field, are willing to take other work. Welfare application withdrawn. One is with welfare a long time, the other, gone. You have good suggestions from other posters. I wish you the best, and realize you are not the welfare type. At some point those who have not worked in a long time are lumped in with the loafers, deserved or not.
I can't see why you can't obtain employment out of your chosen field until something you do want comes along. The longer you are unemployed the harder it will be to find anyone wanting to employ you as you would come across as unmotivated. I had a mate who was in a similar situation. He was a IT geek all his working life, was made redundant and sat around for months looking for work in IT. I convinced him to apply for a prison guard job of all things who just happened to be hiring. Turned out he loved it, was made in charge of the local intel department which required sound computer skills and was making more money with penalty rates than his old job and with the security of a public sector job.
Get a job cleaning toilets and keep your metal. I had to back in 2008 when made redundant from my IT position, and a month after buying a new sports car. I did shelf stacking and call center work before getting back into my IT role again a full year later! Luckily kept afloat enough (just) to keep my sports car... was touch and go. Get out there, work and keep your investment!
Guys, you don't seem to realize that I apply for mundane off-skill jobs pretty much every single day, and I am repeatedly denied. Nobody wants to hire someone like me for mundane work. I've applied for really low level stuff. Even night fill at the supermarkets. I am repeatedly told that my application was unsuccessful. Its ridiculous. Its not like I am holding out for just the "perfect job" so take that into consideration. People would much rather hire a high school graduate for a minimum wage position than someone with 16 years of software development experience.
I can feel your pain. When I finished my PhD (no kidding!) I was constantly told that I was "overqualified" and couldn't find a job for a long time. It's bloody stupid, but somehow one can be "too smart" for jobs. How that is possible, you should ask an employer...
Can't help, have abit a bah feeling reading this. Want this. Don't want that. Options left: nothing. Then hoping for others to pay more for your silver, in order to continue this nothing. Your order of priorities is messed up. I would forget I own silver + act accordingly + work towards work without a 'Highly Skilled' T-shirt. In such a situation, shouldn't have bought silver in the first place. It was basically just trying to get an income without doing a thing for it. There are others out there, doing the same. This game is a shifting game, ones gain implies another loss, and someone has to be the losing side, in this case, you. Not sure what to do? Doing something doesn't need to be sure. Trying suffices, and there you gave up. You shouldn't be on this forum now. You should have other priorities. Have a nice day!
It's no rocket science, just take a couple margin values: Imagine a world with only nuclear scientists. Imagine a world with only pizza deliverers.
