Does anyone buy physical gold for investment?

:rolleyes: Woody, you nailed it. Let me clarify: In my working years of raising kids, sending them off to school, paying for divorce attorneys, etc, the money was a bit tight. After I retired and the kids were out of the house the bills were a lot smaller and we could start doing the things I'd always wanted to do. But was too frugal to do them.
 
ErikE said:
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But, what I do have, I can go rifle through and be glad I have it in my hands rather than a bank account or brokerage....it is off the books...and I can get it exchanged for cash locally.

More than likely, my kids will find it once I am gone and decide dear old dad wasn't such a bad guy after all. :)
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Indeed. Plus I'll add that the dollar fluctuates. Just look at our inflation. An ounce of gold is worth an ounce of gold, everywhere. The dollar, not so much.

I have no expectation that suddenly metals will spike to ridiculous levels. However it hasn't lost value since my purchase 10 years ago. I may never use it. If I don't, it'll go to my kid.
 
Most treat gold like stocks by looking at short term exchange. The value of Gold is protecting against depreciation of the dollar.

Gold appreciates against all currencies plus you get the added benefit of inflation on the dollar right now.

It’s a buy and hold asset. Not for day trading. Gold/silver etc is always more valuable than government backed notes.

Research Chyna and gold. That will tell you everything you need to know.
 
A guy I worked with back in the '70s had a really good year and was excited about buying himself some gold. He bought about $20K worth of Krugerands mostly but some Maple Leafs. A couple years later he got into some bad woman troubles (divorce) and had to sell the most of it. The buyers hit him with a big deduction because, they said, the minting fees can't be recouped. I don't really know anything about the precious metal market, same as my friend Larry, but he lost about 30% on that deal. Whether those buyers just knew they had a pigeon and plucked him or if that minting fee is a real consideration when buying, I do not know but one should look close if your unschooled on the metals trade.
 
HalfHitch, your story kinda makes E*Trade and other brokerage firms who don't charge any trade fees or commissions look pretty good. That's not to say the market can't go down, but if the market does its usual steady climb it is a lot easier to get money out.
 
Yeah, that was my buddies mistake he bought the actual coins so he could touch it. He took such a hit, his soon to be EX, got all that was left.
 
My wife and I were extremely frugal early in our marriage, just socking cash away. It is how we both were raised. That changed a little bit in 2004 when we bought our first boat. We had too many friends whose parents had put off traveling and otherwise enjoying the fruits from a lifetime of work until after retirement only to get ill or die never having enjoyed their wealth. We vowed that would not be us. We still live well within our means and in no way live an "extravagant" lifestyle, but we enjoy ourselves. If I die tomorrow, I won't have any regrets.
 
ErikE said:
I am enjoying this thread and hearing the different thoughts and strategies.

I do not consider myself very knowledgeable with investing. I put more than I like into 401k and Roth IRA...have cash that I think daily I should be doing something more with...but gold and silver always have a place with me. I have no expectations that what I have will ever change my life or suddenly "pay off". And, I don't have much in the overall scheme of things.

But, what I do have, I can go rifle through and be glad I have it in my hands rather than a bank account or brokerage....it is off the books...and I can get it exchanged for cash locally.

More than likely, my kids will find it once I am gone and decide dear old dad wasn't such a bad guy after all. :)
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Bingo !
 
ErikE said:
I am enjoying this thread and hearing the different thoughts and strategies.

I do not consider myself very knowledgeable with investing. I put more than I like into 401k and Roth IRA...have cash that I think daily I should be doing something more with...but gold and silver always have a place with me. I have no expectations that what I have will ever change my life or suddenly "pay off". And, I don't have much in the overall scheme of things.
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Be sure that you understand the required minimum withdrawals out of your 401k and Roth IRAs once you retire. If these accounts get too large the promise of a lower tax rate when you retire will be shattered. :)
 
jmauld said:
Be sure that you understand the required minimum withdrawals out of your 401k and Roth IRAs once you retire. If these accounts get too large the promise of a lower tax rate when you retire will be shattered. :)
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Or convert your 401K to an IRA then convert that to a Roth IRA. You'll have to pay the tax when you convert it but then throughout your retirement you will never have to worry about RMD's or any tax increases. You've already paid the taxes when you convert it so you'll never have any future tax worries.
 
I have nothing in the stock market.
I started investing in real estate right after the 2006-08 RE market crash. Glad I did.
I’m big into Bitcoin now. And I love my gold and silver, silver more so. And of course the other metal, ammo.

So I stacked a bunch of silver buying under or at spot price. Here’s how.
Simply copy a picture of gold and silver bars and coins. Then run a simple 3 sentence ad on Craigslist. The headline of the ad says something like
“I will pay you top dollar for your gold or silver”. You will get an occasional call , and you offer to pay spot or maybe a discount for larger quantity. I’ve literally had guys call me trying to sell 5,000 ounces of silver rounds in the original cardboard boxes they were shipped in. Most want to sell 100 ounces. Some have rare stuff!

Never pay above spot again.
 
Regardless of the location, times and/or circumstances gold has always been accepted in trade for goods and services.
 
Wanderer 290 said:
Regardless of the location, times and/or circumstances gold has always been accepted in trade for goods and services.
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Sir between 1933 and 1974 it was illegal to own gold bullion in the US
 
I had a good laugh yesterday. I wanted to round up an order of silver to get free shipping, so I added a 1 gram gold bar..which I had never ordered before.

I got the shipment in and looked at the gold bar and couldn't stop laughing at the tiny amount it was. I told my wife that if anyone ever asks if we have gold, I can say we have a little without lie.
 
RBB said:
Sir between 1933 and 1974 it was illegal to own gold bullion in the US
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That is somewhat true but it was still mined and traded. Go to the black hills in South Dakota, Alaska or any gold rich area and check out the claims.
 
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