Buy more gold?

Discussion in 'Gold' started by aelmsu, Jul 18, 2019.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    It might as well be. But December could bring another bearish trend during the holiday period, just before New Year. It usually shoots up after that and keeps going and going and going until around Chinese New Year (and Thai Songkran) in April.

    My opinion:
    - if this WAS already the correction, then we're looking forward to a powerful bull market next year
    - if this WAS already the correction, then we might never see gold prices below 1,500 $ next year: the good buying opportunity is this here, NOW
    - if there is more road down, then it won't be much lower: I think Marc Faber said something about 1,380's, but even he wasn't so sure (buy who can be?), so again: NOW is still a good time to buy

    Regardless, I don't think it will go much lower anytime soon. I'm nostalgic about 1,200-1,300 $, but 1,400-1,500 $ will feel the same later!
     
    sgbuyer, JS1880, madaw1 and 2 others like this.
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You're right on all points. I've stopped worrying about spot. Only check sparingly to look at trends. I buy as often as I can afford to at the best price I can find at the time now. My future self will either thank me for it or have a nice collection of shiny coins to give out to the young ones as gifts.
     
  3. madaw1

    madaw1 Well-Known Member

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    I have the same point of view- I'm not worry about $ 50 this way or the other-I'm buying where is the value and low mintage.
     
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  4. JulieW

    JulieW Well-Known Member Silver Stacker

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    The expert advice is always diversify.

    25% each to stocks, cash, metals and property. Sell and buy into each to maintain the balance as each asset class rises and falls.

    I prefer ultra safety and go 33% cash, metal, RE. BUT we have compulsory super so the 25% probably applies in reality. Also my aim is to preserve wealth, not build it - hence I'm for zero risk.
     
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  5. SilverDJ

    SilverDJ Well-Known Member

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    If you have the means to work for yourself (and you should, at least as a side gig), then investing in your own business and knowledge is probably the best thing you can do.
     
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  6. madaw1

    madaw1 Well-Known Member

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    I found,that preserving wealth is more time consuming than to achieve this wealth.
     
  7. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    There's a deadline of 15 Dec for tariffs increment. In my opinion, HK will influence what happens next. If HK protests ends in a bloodshed, there will be zero chance of a trade agreement.
     
  8. TreasureHunter

    TreasureHunter Well-Known Member

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    It's sad what's going on in HK. It used to be a very safe place.
     
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  9. TreasureHunter

    TreasureHunter Well-Known Member

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    Yes, you will have a nice fortune. Consider it like Real Estate. Not winning on it is also in the game, but you still have it. Can bathe in gold and silver! :D
     
  10. SilverDJ

    SilverDJ Well-Known Member

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    Do the HK people have the option to flee with all their money? i.e. are they currently under the same restriction about removing money from the country as the Chinese are?
     
  11. TreasureHunter

    TreasureHunter Well-Known Member

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    That's a great question, I'd also like to know the answer to that.

    But how about: can anyone do that? Like: can you do that if you left your country?
     
  12. Freaksta

    Freaksta Member

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    Hong Kong doesn't have any capital control rules from what I can see(other than on cash which is a worldwide standard). Generally money can flow pretty easily between countries. An example where this doesn't happen is South Africa, you need reserve bank approval to take out any sums of money above $100 000 or there about p.a.
     
  13. TreasureHunter

    TreasureHunter Well-Known Member

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    Yeah, but it's prolly not the same thing with PM's. I read an article about some guy travelling to- (or from-?) Switzerland with I don't know how much gold (prolly kilos) and he got arrested at the airport.
     
  14. SilverDJ

    SilverDJ Well-Known Member

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    There is nothing, legal or otherwise that stops me transferring unlimited amounts of money outside of Australia.
    The foreign currency transfer places are obligated under the "know your customer" laws to get information on the nature of the transfer, but they can't stop it, just delay it and collect the information and report the transaction should they deem it suspicious.
    The government can't stop you unless they deem you to be money laundering or involved in some sort of criminal activity.
     
  15. alor

    alor Well-Known Member Silver Stacker

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    use the virtual banking, the money balance is not under the jurisdiction of your home staying
     
  16. Gonzo

    Gonzo Active Member

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    or Bitcoin?
     
  17. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Living in Singapore, I still prefer gold or silver. But if I were living in China, I will get bitcoin.
     
  18. alor

    alor Well-Known Member Silver Stacker

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    use bitcoins to buy gold and take delivery...then take it to exchange for cash to use

    virtual bank is in the system, so just transfer and use atm to withdraw-cash at hand
     
  19. Gonzo

    Gonzo Active Member

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    Ahhhh i meant if you're fleeing borders, then a crypto is the best way to do that. Even gold has limitations in that respect. So the longer form of post i should have made is Buy bitcoin - travel to country - exchange bitcoin for gold / cash.
     
  20. wones

    wones Member

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    Ok screw it... let me know what you guys think but I’m probably just going to pull the trigger and buy my very first physical gold now. I know we are at a high for gold (in Aud) right now and just coming off a usd high for this year however I just started stacking this year and don’t even have any gold in my posession yet (just silver). Think I will just buy some now, and if the prices keep going lower, buy some more. Let me know what you guys think, some people have told me it’s “never a bad time to buy gold for the long run” while others have told me to never buy at the highs.
     

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