Still time to buy gold imo. - Page 78 - Economics -- Two Plus Two Poker Forums

LOLOLOLOL Congressman Anthony Weiner (D, NY) takes on Glenn Beck, Goldline.

Because, you know, buying gold has been an absolutely terrible investment these past few years.

Video clip of Beck discussing this story this morning.

05-18-2010 , 12:09 PM

#1927

Bigdaddydvo

King of the Politics Forum

Join Date: Aug 2004 Posts: 21,329

Quote:

Originally Posted by J.R.

Sears, Kmart to offer customers cash for their gold, silver jewelery

Sears, Kmart help consumers cash in gold

This is brilliant imo. Convert gold to cash to cheap in-store chinese imports.

05-18-2010 , 12:46 PM

#1928

TimM

Carpal \'Tunnel

Join Date: Jan 2004 Posts: 9,771

Quote:

Originally Posted by J.R.

LOL Crazy talk - Dow Theorist Richard Russell: Sell Everything Liquid, You Won't Recognize America By The End Of The Year

"Tell them to get out of debt and sell anything they can sell (and don't need) in order to get liquid."

This sounds like he's expecting massive deflation.

05-18-2010 , 12:46 PM

#1929

ScottySo

old hand

Join Date: Jun 2005 Posts: 1,910

Quote:

Originally Posted by goomba

-112 dimes =$11.20 face, in silver they are going for @ $150-170.

Oops a daisy. Meant to say $17 not $7.

05-18-2010 , 12:46 PM

#1930

Bigdaddydvo

King of the Politics Forum

Join Date: Aug 2004 Posts: 21,329

Quote:

Originally Posted by Bigdaddydvo

Cross poast from the politard goldbug thread:

LOLOLOLOL Congressman Anthony Weiner (D, NY) takes on Glenn Beck, Goldline.

Because, you know, buying gold has been an absolutely terrible investment these past few years.

Full report now issued:

Rep. Anthony Weiner targets Glenn Beck and Goldline International

Quote:

Talk show host Glenn Beck and Goldline International, a California-based gold retailer, have colluded to use fear mongering tactics to bilk investors, according to a stinging report issued Tuesday by Rep. Anthony Weiner (D-N.Y.).

The report alleges that Goldline grossly overcharges for the gold coins that constitute the bulk of its business, uses misleading sales techniques and takes advantage of fears about President Barack Obama’s stewardship of the economy – which are stoked by its paid stable of paid conservative endorsers including Beck, Mark Levin, Laura Ingraham and Fred Thompson – “to cheat consumers.”

Goldline is the exclusive gold sponsor of Beck’s radio show. But, as POLITICO detailed in December, a number of gold selling companies pay other conservative commentators as sponsors and also advertise on a variety of conservative talk radio shows, as well as Fox News, which airs Beck’s television program.

In a statement accompanying the report, Weiner said “Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this is a trifecta of terrible business practices.”

Weiner said “it’s unacceptable that this company is preying on public fears to sell its products.”

A member of the House Subcommittee on Commerce, Trade and Consumer Protection, Weiner said he plans to introduce legislation to require Goldline and other precious metal retailers to fully disclose all their fees, how much the price of gold would need to rise in order for their customers’ investments to yield a profit, and the purchase price, melt value and resale value of the metal that constitutes their products. And he called on the Securities and Exchange Commission, as well as the Federal Trade Commission to investigate “the shady business practices conducted by Goldline International.”

Goldline president and CEO Mark Albarian said Weiner is targeting the company because of its relationship with Beck, the popular conservative radio and television talk show host who has drawn rebukes from the White House for his scathing attacks on Obama.

“It feels like it’s politically motivated in that neither the Congressman nor anybody from his office ever contacted executives from the company to really ask the important questions that they need to ask to understand this business,” said Albarian. “If I had to speculate, I would say that it’s because our relationship with Glenn Beck, which we are very happy with.”

On his radio show Tuesday Beck teed off on Weiner, accusing him of leveling a politically motivated attack on Beck and Goldline at the behest of the Obama administration.

“This is incredible. This is incredible,” he said. “This is again another arm of this administration coming out to try to shut me down,” he alleged, calling Weiner and the Obama administration “monsters” and the report a return to the “McCarthy era.”

Levin, a rival radio host, in an email to POLITICO blasted Weiner as “a grandstanding leftist” and said of his report “there's nothing here but Weiner's self-serving assertions.”

Wonder why Weiner is so worried about Goldline, when it seems the biggest threats to consumers now come from gold buyers, not sellers.

05-18-2010 , 02:19 PM

#1931

clowntable

Carpal \'Tunnel

Join Date: Jun 2006 Posts: 45,557

Quote:

Originally Posted by BurningSquirrel

Do you think the state will prohibited the possesion of gold in case the real crisis hits?

If the German state goes anywhere near this I'll be on my way to Berlin protesting and I'll be be using the following sign: "Welcome back gold confiscating Nazi regime"

Comparing politicians to Nazis usually does the trick here

05-18-2010 , 04:10 PM

#1932

J.R.

Econ Forum Czar

Join Date: Sep 2002 Posts: 8,292

Quote:

Originally Posted by TimM

"Tell them to get out of debt and sell anything they can sell (and don't need) in order to get liquid."

This sounds like he's expecting massive deflation of assets when priced in gold.

Which is essentially the same thing as price inflation when priced in dollar terms

He thinks the stock markets will crash, or as the hardcore goldbugs like to say, paper will burn.

Nominally that is arguable, but no argument when viewed in real terms.

05-18-2010 , 04:14 PM

#1933

J.R.

Econ Forum Czar

Join Date: Sep 2002 Posts: 8,292

Expected Returns: A Brief Look at Historical Bubbles

Quote:

As gold climbs to new highs, you will get a real-time lesson in why most people make very little if any money investing. Gold is the most obvious bull market of our generation and the public still refuses to participate in force because of nominal prices. This is baffling, but I'm not complaining since this widespread inability to pull the trigger on gold has allowed me to accumulate at relatively cheap prices.

False collective beliefs ultimately drive bubbles to insane levels. Fundamentals don't propel bubbles; pure, raw emotions do. As such, bubbles exhibit unique characteristics that reflect the emotion of investors. When even the most risk averse person capitulates and buys, that's when you know we're in a bubble.

Gold is a different story. Most people can't even give you an elementary explanation of gold's historic monetary role. To wit, gold is misunderstood. Many fall into the trap of claiming gold has no intrinsic value because it is not subject to classic discounted cash flow analysis. This is just plain nonsense. Gold is a store of value. Gold is a currency. Gold is a hedge against government stupidity; it is the default currency when governments mismanage their finances.

People need to understand that each individual asset class is unique. An overextended price move in one market may be a normal cyclical move in another market. That's why it's important to understand the historic behavior of any market before jumping to any conclusions based purely on price.

That being said, I briefly examine the price characteristics of stocks and housing respectively before examining the gold market. Each of these markets is unique, and we must allow the data to draw a conclusion for us, not our preconceived notions.
...

05-18-2010 , 04:19 PM

#1934

J.R.

Econ Forum Czar

Join Date: Sep 2002 Posts: 8,292

Quote:

Originally Posted by BurningSquirrel

Do you think the state will prohibited the possesion of gold in case the real crisis hits?

consider these ideas - Confiscation Anatomy

Quote:

...The US gold hoard is now off the table. Think of a poker cheat who pockets his winnings yet still wants to play. When he loses he writes paper IOU's to the other players. Can he ever pull his money back out of his pocket without having it taken away? Think of an individual who declares his own insolvency and defaults on his obligations to pay, only to resurface later with a windfall inheritance. What problems will he face?...

05-18-2010 , 04:47 PM

#1935

J.R.

Econ Forum Czar

Join Date: Sep 2002 Posts: 8,292

GoldSubject's musings on silver as a store of value as compared to gold

05-18-2010 , 10:03 PM

#1936

Mrmusicrecorder

veteran

Join Date: Oct 2009 Posts: 3,361

Jeff Christian debates Bill Murphy on the Financial Sense News Hour.

05-18-2010 , 10:11 PM

#1937

Mrmusicrecorder

veteran

Join Date: Oct 2009 Posts: 3,361

Quote:

Originally Posted by J.R.

GoldSubject's musings on silver as a store of value as compared to gold

from this link:

Quote:

What these observations amount to is this: demand for silver is spotty. Some folks want it and some folks don’t.

But a supply deficit of more than 15 years paints a contrary picture.

The author almost completely ignores industrial demand. Though I do believe the author's general premise that gold will be a better store of value.

05-19-2010 , 08:41 AM

#1938

clowntable

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Join Date: Jun 2006 Posts: 45,557

Some interesting 2% swings the last couple of days (Euro based)

05-19-2010 , 08:54 AM

#1939

Bigdaddydvo

King of the Politics Forum

Join Date: Aug 2004 Posts: 21,329

Will Gold be $800/oz in one year or two?

Funny how the MSM was oblvious to bubbles in stocks and housing, yet continually touts the idea that gold destined to crash.

05-19-2010 , 12:11 PM

#1940

Nitrub

Pooh-Bah

Join Date: Mar 2008 Posts: 4,386

gold has dropped quite a bit, yay! hope it drops some more!

I basically have only one place to buy gold and its 1010eur/oz, is that overpriced?

Last edited by Nitrub; 05-19-2010 at 12:41 PM.

05-19-2010 , 12:36 PM

#1941

goomba

centurion

Join Date: Aug 2009 Posts: 166

Quote:

Originally Posted by J.R.

GoldSubject's musings on silver as a store of value as compared to gold

Some points I disagree with:

1) While Silver is not the King that Gold is, Silver can be liquidated easier than the author represents. The internet age has assured that. During down times, gold and silver will be purchased by all big buyers at a discount, simply due to the financial duress the seller may be under. Under duress, we don't have fair market value. Willing buyer and willing seller with No duress, not related, etc=FMV

2) As Mrmusicrecorder said, there is no mention of industrial use.

3) The affordability to the average person makes silver a clear choice over gold. 13 OZ's of silver or 6 Grms of gold. By the time your done paying premiums on fractionals, the upside of silver is much more tempting if you were going to get many people to invest small.

4) That Pawn Shops snub there nose at silver is just wrong. They will give you caca for it, but they'll give you caca +1 for gold. So, lets be realistic here.

Yes Gold is awesome and I love it, but silver isn't exactly made of raw sewage.

05-19-2010 , 01:07 PM

#1942

Nitrub

Pooh-Bah

Join Date: Mar 2008 Posts: 4,386

okey the shop where im going to buy buys gold for the exact price i see from here and sells it about 4,75% higher price, is this standard? (im just checking as i dunno about that).

I always thought that this is the price I can buy gold for, was i wrong?

05-19-2010 , 01:20 PM

#1943

goomba

centurion

Join Date: Aug 2009 Posts: 166

Quote:

Originally Posted by Nitrub

How much are you buying?

05-19-2010 , 02:03 PM

#1944

Nitrub

Pooh-Bah

Join Date: Mar 2008 Posts: 4,386

want to buy about 600g total, about 19 oz.

there is no price difference between 100g-250g-1kg plates per weight unit.

but 2x50g would be more expensive than 1x100g

05-19-2010 , 02:04 PM

#1945

Bigdaddydvo

King of the Politics Forum

Join Date: Aug 2004 Posts: 21,329

Decent dip today down to around $1190 if any of you kids were waiting for a drop before buying.

05-19-2010 , 03:09 PM

#1946

Mrmusicrecorder

veteran

Join Date: Oct 2009 Posts: 3,361

Physical gold rush in China.

05-19-2010 , 03:13 PM

#1947

Mrmusicrecorder

veteran

Join Date: Oct 2009 Posts: 3,361

Quote:

Originally Posted by Bigdaddydvo

Will Gold be $800/oz in one year or two?

Funny how the MSM was oblvious to bubbles in stocks and housing, yet continually touts the idea that gold destined to crash.

lol, I loved that CNN article... shabby work from the Cendrowski guy.

05-19-2010 , 03:21 PM

#1948

goomba

centurion

Join Date: Aug 2009 Posts: 166

Quote:

Originally Posted by Nitrub

want to buy about 600g total, about 19 oz.

there is no price difference between 100g-250g-1kg plates per weight unit.

but 2x50g would be more expensive than 1x100g

You should be able to do better than 4.75% above spot. Try APMEX, TULVING or Bullion Direct. See what they quote, and check the Shipping Prices.