Buy more gold?

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

  1. Gonzo

    Gonzo Active Member

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    @wones Buy gold.... absolutely. It's high yes but at least it's come off a bit. Personally I would say buy a third of what you're prepared to put in today, buy that amount today/tomorrow cause sod's law is such. And then I would buy the second third in maybe a week or two and the final third in a month or two.
     
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  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    It's not just for fleeing borders. North Korea had a currency reform a decade ago where the currency is abolished and a new currency was introduced. However, the amount that each person can exchange for new currency is probably less than $100. North Koreans who had stashes of foreign currencies hidden at home became "millioniares" overnight.

    If you think about the tens of millions or even hundreds of millions of RMB that some officials had stashed at home, it makes sense to simply cancel the currency. All the corrupted money will be wiped out instantly because it would be impossible to bring them to the bank to be exchanged with new currency.
    https://www.forbes.com/sites/steveh...eas-economic-crisis-what-crisis/#1cc00614437a
     
    Last edited: Nov 20, 2019
  3. TreasureHunter

    TreasureHunter Well-Known Member

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    Obviously you are right, that is the way things work in the world, but suppose you suddenly appear with 100 ounces of gold at the airport bound for... let's say Vietnam.

    You're up for a load of questioning, I think :D

    Some people might have that much.

    Second part: when arriving, you might have to pay some sort of customs tax. Most countries will charge you, I think.
     
  4. TreasureHunter

    TreasureHunter Well-Known Member

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    In fact, many believe that Chinese and Russians are using Bitcoins and other cryptos to drain huge funds (millions of USD) from the USA.

    Or, in this case: I suppose they are doing the same thing when leaving China. Probably to Singapore, Japan, 'Stralia...
     
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  5. TreasureHunter

    TreasureHunter Well-Known Member

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    I think it's easier to move PM's between EU countries. I know that Germany allows you to go in and out... but I suppose 10 kg would raise eyebrows.

    But what if you travel with 5 kg gold from Australia to India, will they just "let you through" :D

    Normally you're allowed to take 10k USD across any border, but if you have more, you have to declare them.

    Still, many people are being stopped at airports with kilograms of gold and I don't see where the problem is. If it's not stolen or part of some criminal activity, but merely personal possession, e.g. collected for retirement, then it should be OK.
     
  6. TreasureHunter

    TreasureHunter Well-Known Member

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    Go for it now! Don't wait until January.

    Don't buy at highs, true, but sometimes you don't know whether price will go higher or lower. So people keep waiting and try picking the bottom - to buy at the lows. And it's hard...

    I advise you this: watch the oscillations and when it dips (significantly, like now): BUY. That way you buy during a dip. :D

    So it's cheaper than before (because it just dropped). And that way you feel a bit good about yourself.

    But if you keep waiting and waiting to pick "rock bottom", it might spike unexpectedly.
     
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  7. wones

    wones Member

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    Thanks for the advice!
     
  8. 66rounds

    66rounds Well-Known Member Silver Stacker

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    My two cents....unless your about to drop 100k or so on gold, the price is relative. So what if you lose $100 on the ounce in the next few months. The upside is you could gain $1000 over the next five years on the ounce. So it's all about the purchase size. For the average Joe buying the grams here and there, dips don't even matter. Just buy what you can afford when you can afford it. If you're talking buying ten ounces at a time, then yesterday was better than today and today is better than tomorrow. The bottom is here and if it does continue to fall won't be much more than $50 an ounce. So you'll lose $500 on ten ounces. That's pennies relative to your $21k total and pennies to your upside of $3k an ounce or more.

    Don't overthink your stacking. It's easy. Buy low premiums as often as you can and as much as you can afford and you won't go wrong. Only rich people need to worry about dips :cool::D
     
  9. Gonzo

    Gonzo Active Member

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    Oh and @wones, I'm not sure where you're located and how much you're planning to invest but if it is significant and you can get regularly to a bullion dealer, I would recommend buying 2 ounces of gold a day or if you can (and you trust) from here on the forum. All my gold has come from bullion dealers in this way and this way you don't need to declare your identity which may prove valuable upside in the future. But keep your receipts as well as they could also be valuable if you offload at a loss.
     
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  10. wones

    wones Member

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    Haha 2 ounces a day is not in my range at all as I just finished High School. Main aim now is to work as much as possible when uni starts so I may stack as much as possible
     
  11. wones

    wones Member

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    Alright cheers, will take your advice
     
  12. wones

    wones Member

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    Sounds good, cheers
     
  13. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    You're still young. My only advice is make sure you don't sell them, or get into a situation you need to sell them. Of course, if silver goes to the moon, it might be a good time to sell and buy stocks or get back in later.
     
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  14. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Good advice. Don't over extend. Set a small weekly budget to stack with and stick to it. Make sure youre also saving cash and setting yourself a budget to spend out as well
     
    Last edited: Nov 21, 2019
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  15. SilverDJ

    SilverDJ Well-Known Member

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    Yes, if they double in price, sell. Or better yet, sell half and free-carry the rest.
    If they "go the to the moon", say 5-10 times it means the entire economy has collapsed you'll probably be more worried about keeping or finding a job than stacking.
    Use any profits on your education and a side business, something that will reap dividends shoudl the job market go to the dogs.
     
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  16. wones

    wones Member

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    Yeah just hoping I’ll be able to accumulate enough before the price does double...
     
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  17. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Everyone has a different style and different goals. I still have the first silver and gold I ever bought and every piece of gold I dig at my gold claim I keep. I'm saving everything I can at my age for the future.
    My son buys and sells daily on ebay and other places and he makes some side money with it and is into trading. He also is building a stack of his own and has things he wouldnt want to sell.
    I always tell him hes crazy for selling at these low prices and he just laughs, and he tells me he will sell some of mine whenever I want, then I laugh.
    We both do our own thing and have fun with it.
    Everyone has their own reasons and interests but the time is now.
    Dont stress over a few bucks either way!
     
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  18. TreasureHunter

    TreasureHunter Well-Known Member

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    2 oz gold a day? Are you serious?

    That's 22+ kilos a year. Most people can't afford that.

    Some are lucky to buy an ounce in 5 years. Others can merely buy 10 grams.

    I suppose it was a joke.

    2 oz a month is too much for most people. To many even 2 oz of silver is unaffordable.

    I think a new buyer who just finished highschool should not buy on an forum, not from eBay or similar sources, but from a trusted LOCAL dealer shop, so that they can return the product in case something isn't like it should be.

    That's not to say some should not buy on this forum, let's just say it's for the "advanced" gold bugs :D
     
  19. Gonzo

    Gonzo Active Member

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    Hahaha. The advice was more for someone looking to get some exposure real fast without details being recorded. Obviously this was not too apply every day of the year... but someone looking to invest $50k or $100k can do it relatively rapidly and in doing so, should not ignore the benefit of flying under the radar. o_O
     
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  20. wones

    wones Member

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    For now I’ll be buying from local dealers, in the near future I’ll probably attend some SS gatherings. But yeah, most casual/part time jobs for ppl my age pay max $20-25 per hour, so atm just have to stay focused and buy what I can with what I have...
     

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