Buy more gold?

[sgbuyer]

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.

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.

In 2009, the North Korean government attempted to address runaway inflation by implementing a phony currency “reform” program, which it promptly bungled. The so-called reform was actually just a currency redenomination program, which arbitrarily lopped two zeros off of every won note. North Koreans were given less than two weeks to exchange all of their won for new notes. And, the government set limits on the quantity of won a family could exchange for new won. For those North Koreans who had saved a few too many won, the redenomination program was effectively a wealth tax program.

https://www.forbes.com/sites/steveh...eas-economic-crisis-what-crisis/#1cc00614437a

 

[TreasureHunter]

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.

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

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.

 

[TreasureHunter]

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

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...

 

[TreasureHunter]

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.

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"

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.

 

[TreasureHunter]

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.

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.

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.

 

[wones]

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.

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.

Thanks for the advice!

 

[66rounds]

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.

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

 

[Gonzo]

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.

 

[wones]

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.

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

 

[wones]

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.

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.

Alright cheers, will take your advice

 

[wones]

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

Sounds good, cheers

 

[sgbuyer]

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

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.

 

[66rounds]

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.

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

 

[SilverDJ]

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.

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.

 

[wones]

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.

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

 

[JohnnyBravo300]

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!

 

[TreasureHunter]

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.

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

 

[Gonzo]

2 oz gold a day? Are you serious?

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

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.

 

[wones]

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

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...

 

[openeyes]

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

That is quite an understatement. I would like to know a few people who could afford that. Heck I would like to be one of those people.

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...

Well I guess that could be an ounce of silver per hour. Not so bad.


On a more serious note I think people have made many good points. Time is what you have on your side. If you bought an ounce of silver a day for the next 15 years you will have a mighty stack. 5475oz in 15 years. That’s about 176 kilos. Most people here would be very happy if their stack looked like that.
If your around 18 today then 33 years old and a mighty stack of silver. Time is your strength. Use it well.