Gold in Aussie Dollars

I would appreciate a consensus vote on the following situation.

I bought physical gold (coins) 2009 start when the Aussie Dollar was hovering around 80 cents US.

Since then it has gone skyward, as a consequence my gold is only just about breaking even despite the increase in $US.

Cash flow is tight & I am considering liquidating some.

Should I:

1. Sit tight sweat it out and seek liquidity elsewhere
2. Bite the bullet and sell some coins piecemeal at near cost (spot)
3. Another alternative?

PS: anyway, who is to say the Aussie won't keep on climbing for the rest of the year given the decrepitude of the $US?

 

America is in a pickle, but Australia insn't fairing too good either.

If it were me, I would try to hang on for as long as possible before selling any PM. However, sometimes you just have to rationalise regardless. Goodluck.

 

I vote... 2. Sell your gold to me at near spot.

or 3 Sell your gold to me at below spot.

 

Agree. Sit tight if you can.

If not. Put something on ebay and see if the fever there carries the price higher than you'd expect. Keep in mind you'll lose a bit in seller fees though.

You'll always find a buyer here at spot or above but your aust dollar premium will be lost.

I think the aussie dollar is about a month away from 96 cents but a fair way from 80 cents. (ie at least 9 months)

Good Luck

 

Depends what you need the cash for.

If its to pay off a credit card debt clocking up 21% p.a. interest, I'd sell something and pay it off.

If its to buy a new plasma TV, I'd suck it up and hold on.

If its just a short term liquidity issue, like you'd been on holidays and won't get a paycheck until the end of the month, I'd learn how to budget for my holidays better and suffer on bread and water for a few weeks.

 

Keep it.
You don't have to make a profit.I'ts insurance against potential collapse.
You buy house insurance and lose the cost every year.
Even at a loss its worth having.

 

Don't listen to them Jezebel... sell 'em to me!

 

thanks Clawhammer et al. for youse pragmatic response!

It was great to get a bit of impartial (and not so impartial :lol feedback.

Appreciate it

 

Sell 1/4 or a 1/3 or 1/2 of the gold stack- if you really need it.

 

It's the same story here in New Zealand. I started buying gold in November 2009 and now have just over 31oz. If I average out my returns so far, I would have gained a similar amount with my money in a bank term deposit.

Don't lose sight of why you bought gold in the first place. It's easy to say, "well in hindsight I haven't really made any gains (so far)", but what if things had turned out differently? You'd sure be glad you had that insurance (gold).

The global economic situation is going to get extremely ugly. No one can say for sure how fast it will deteriorate or what the trigger event will be. Will it be this year, next year, or five years from now? If you're only thinking one year ahead, your perspective is far too short term.

My advice is to hold on to your gold and only sell some of it if you're desperate for cash and have no other option.

 

I think it depends on how dire the situation is.

Just keep in mind our mate murphy, if you sell now it will shoot up and if you hold it will tank!

 

LOL

 

If you factor in what you could buy with the money once liquidated then you might find that instead of sitting even, that you are up 10% or more compared to inflation, which is probably one of the reasons you bought gold in the first place.

 

+1 on this.

31oz of gold is actually a damn fine position to be in. How I wish I had the knowledge I do now even 10 years ago....