You are right in some semblance of a working economy, at least that is what history has shown thus far. Ask the people in zimbabwe how well gold held its value against inflation.
So why is there so much really cheap gold on the forum at the moment?
- Thread starter Peter
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You are right in some semblance of a working economy, at least that is what history has shown thus far. Ask the people in zimbabwe how well gold held its value against inflation.
Some people actually sold their gold at good profits when spot was @ $1720 and have put their money in cash. Basically bought low and sold high and now they can buy it back $70 cheaper.
Good thing we don’t live in Zimbabwe.
You know what they’re using in Venezuela? Cryptos.
Good thing we don’t live in Zimbabwe.
You know what they’re using in Venezuela? Cryptos.
Venezuelan bolivar makes cryptos look stable though
Gullintanni
Well-Known Member
The craziest thing about your comment is that it is not even an exaggeration.
Crazy world we live in .
Of course they can not possibly be in a bubble though,aye
Crazy world we live in .
Of course they can not possibly be in a bubble though,aye
The craziest thing about your comment Oz is that it is not even an exaggeration.
Crazy world we live in .
Of course they can not possibly be in a bubble though,aye
Bloody Crazy yes, but worth taking a side punt, take advantages of the bubble.
Turn one single holiday 8nto a good little lump sum or miss out on one holiday.
Gullintanni
Well-Known Member
ABSOLUTELY TAKE A PUNT as many of us here are doing.
I am just not under any illusions like ?????????????? many here that cryptos that are currently on the market will be around in 2 years time.
It is impossible to make these people see that the illusions they live under could be wrong and they continue to fight tooth and nail that cryptos are the way of life.
In every bubble people do this and it frustrates me that many here i thought were very smart enlightened people have been blinded by their own bias.
I would love to think i am wrong but i fear i am correct that when the bubble pops it will to ZERO and what will really really frustrate me is some of them will BS us by telling us how that just sold out and it was LUCKY when in fact they and probably many of their friends and family that they managed to suck in will be broke.
I will find a link to a guy that posts on YT that was sucked into silver at its height and after getting burnt on that he FOUND THE HOLY GRAIL that was NO FAIL in Perth mint lunar and then commenced to by many of them AT THEIR MOST EXPENSIVE and now sits back to say he is just waiting for them to sky rocket so he he can out AGAIN.
It would be so so funny if i did not personally know some of these poor foolish people that get so easily sucked in for long term on what should be short term buys.
But I like it.
probably because I'm a fearful, pessimistic, hoarder too!
Warren Buffett quotes regarding gold and why he hates it so much.
1. "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
2. "The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you….it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time."
3. "Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn't produce anything."
4. "I will say this about gold. If you took all the gold in the world, it would roughly make a cube 67 feet on a side…Now for that same cube of gold, it would be worth at today's market prices about $7 trillion – that's probably about a third of the value of all the stocks in the United States…For $7 trillion…you could have all the farmland in the United States, you could have about seven Exxon Mobils (NYSE:XOM) and you could have a trillion dollars of walking-around money…And if you offered me the choice of looking at some 67 foot cube of gold and looking at it all day, and you know me touching it and fondling it occasionally…Call me crazy, but I'll take the farmland and the Exxon Mobils."
5. "The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end."
6. "What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth - for a while."
7. "I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (NYSE:KO
Read more: http://www.minyanville.com/trading-...ng-investing/10/3/2012/id/44617#ixzz53jmddBgU
probably because I'm a fearful, pessimistic, hoarder too!
There is too much passion in the debate.
Does it matter who is right or wrong?
Money like religion, everyone believes theirs is the right way.
Throughout history there has been a boom and bust every few decades, there are likely descendants of Dutch families who made fortune selling Tulips still enjoying and smelling Tulips in the morning 2018
My philosophy, dont have to be the right person, just need to be the smart person.
Fortunes are made in a Boom/Bubble
Fortunes are made in a Recession/Depression
Does it matter who is right or wrong?
Money like religion, everyone believes theirs is the right way.
Throughout history there has been a boom and bust every few decades, there are likely descendants of Dutch families who made fortune selling Tulips still enjoying and smelling Tulips in the morning 2018
My philosophy, dont have to be the right person, just need to be the smart person.
Fortunes are made in a Boom/Bubble
Fortunes are made in a Recession/Depression
dinduboy14
Active Member
Am planning on purchasing a property so need the cash/
I thought Russia taken care of their oil already
Gullintanni
Well-Known Member
I know it should not matter as long as money is made and to that end ,it matters not.
But i have found myself getting very grumpy with 2 particular ex stackers here that are now crypto religious .
I do not know why it bothers me so much,i can only say that i completely disagree with their crypto views and i think they are going to lose a lot and by the sounds of it assist many of those people in their sphere of influence to lose it all as well.
Perhaps it may be that we all used to share similar views and ways to make money with gold and silver and now that they have gone to crypto i am worried that my own views on metals may have been biased?
All i know for sure is currently cryptos are a great way to make money , but anyone who looks at them as more than a new form of gambling is not going to come out the other side with money left in the bank.
I think this is the pertinent point . Its a gamble & like all gambling any smart gambler will cash out & enjoy the spoils. Imo the "put it all on black " types will more than likely eventually lose the lot .
Entirely natural, people get angry or upset when something or someone challenges their long held beliefs and values. Good opportunity to look at the situation as rationally as you can and re-assess what you believe. Who knows, you may come out of it feeling more strongly about what you currently think or you may have a new paradigm.
You’ll do okay, you’re not a Statist.
Gullintanni
Well-Known Member
I like money as much as the next person and i have kicked myself for selling some cryptos earlier than i "should have" but in the end i make money.
Could have made more money but i was not to know that at the time.
Gold and silver on the other hand are really things that if all else fails i can melt them down and make jewelry and most importantly THEY ETCHED INTO SOCIETY THROUGH MILLENNIA OF USE.
I saw what happened to some people that were buying at the the heights of 2011 and thankfully i have never been one of them.
When it comes to most things financial (other than property) i never hold onto anything for very long and like to buy low and sell higher than i paid.
The reason i did not get burnt in 2011 was because i only bought cheap stuff (all relative to any given time point) and sell it at current market value.
As far as the white metal goes i am still waiting for $13 or under and the golden stuff always has a place in my safes as long as i feel i get a good deal compared to spot at the time
lakesentrance
Member
I reckon crypto is at least a 2 faceted beast. 1 is the speculative buying and selling to make quick profits, which was easy in Nov-Dec. My opinion is that has come to an end, or can only end in tears now.
and 2 are the token/coins ICO's which are purely an investment in an idea you research to the best of your ability for a longer term hold. A bit like buying amazon or google in the early days of the dot com blitz. Instead of buying their shares, you're buying their token/coins. Same diff.
I'm out of all speculation in cryptos now, and only hold some tokens I think are good business models with potential to become leaders in their field.
So after a year or two away from stacking, i'm back and looking for that cheap gold.
and 2 are the token/coins ICO's which are purely an investment in an idea you research to the best of your ability for a longer term hold. A bit like buying amazon or google in the early days of the dot com blitz. Instead of buying their shares, you're buying their token/coins. Same diff.
I'm out of all speculation in cryptos now, and only hold some tokens I think are good business models with potential to become leaders in their field.
So after a year or two away from stacking, i'm back and looking for that cheap gold.