One has to agree with the man in the hat. Nothing has value unless more then one person puts a symbolic value on it and the more people trust,believe,follow or just accept that value, the more value that object has. Silver,Gold, Diamonds are the same as anything else. They go up and they drop. If the market is ever flooded more then the demand would want, poof- no more or at the least an inflation effect making your 420 gold coin worth 32 dollars. Anything and everything, paper, metal or mineral could go up or down. That is why there is a thing called divesting your investments. Gold bullion coins and collectable coins are a way someone can divest and hold onto their investment and be able to pick up there investment and go anywhere with it. Try that with real estate. This is one of the reasons that these products are in demand in unstable regions. As for paper money, hey I have traded in Marboros in Eastern Europe when a dollar could get you killed and if I'm ever in the middle east again, I think I'll visit the Indian Reservation down the road for some cigs before I go rather then the money exchange at the bank or money traders on those foreign streets. I actually live a somewhat boring but enriching life as of now so please excuse my trips down memory lane. Oh, all I was trying to say is buy because you can afford to buy and buy wisely. After that, forget about any worry for nothing is a given when you are playing the cards rather then dealing them.
Silver just crashed through $7.30 (for those playing along). Hong Kong market opens in a few mins. Anyone ever dabble in Palladium?
Palladium? The poor mans platinum. I love it. Don't sell any to the public, but my broker and I love this byproduct.
I see some deal in palladium, I've also seen rhodium....as soon as gold drops in to the $350 range, I'm buying I think.
I have a Pen/lighter made by Ronson that is plated in Rhodium. Very shinny stuff. (But I have noticed little brown dots all over it) Other then that, I never seen the stuff at a coin shop. They might have 1oz palladium bars. (Silver seems to have stablized at $7 for the last few hours.)
I buy Palladium when it's offered...just like I buy Gold and Silver bullion. But Palladium doesn't show up that often. I've never owned Rhodium...at least not yet. Hah. Silver is down just as I'm getting ready for a show. Will be an interesting weekend.
Looking at historical prices for rhodium, it was well over $1300 an ounce a few years ago...I think it is about $700 give or take now. I seen on some website info on rhodium coins, but can't find anything now. Palladium was over $1000 an ounce not too long ago, but then S. Africa put a lot on the market so the price slipped. My dad started collecting silver when it was going for $50 an ounce...I guess some where thinking the price would just keep going up.
Precious metals are just like any other commodity - they go up - they go down. If it was easy to predict which way they'll go and when - we'd all be rich. But we're not are we ? Playing in the commodities market has made many a man rich. But it's made a whole lot more of them poor. It is not something for the inexperienced to attempt. Gold can drop back to $260 an oz just as easy as it can rise to $450. And silver can be back at $4.50 almost before you can blink or jump to $10. It's all a gamble and nobody - and I mean nobody - actually knows which way or when. If you're gonna do it - then do it. But when you have a profit - you would be well advised to take it. Waiting for more often translates into ending up with less. When I used to write a financial newsletter I had a friend in the business whose favorite saying was from a movie. It was - "greed is good !" Well I often cautioned my friend about that saying with one of my own - Greed Kills ! Well that friend lost something over 5 million dollars when the market crashed. No - I didn't say I told ya so.
Good advice GDJMSP. While I do a little spectulating with a broker, coins are meant to be bought and sold. Small steady profits are the bread and butter of this business.
Why don't dealers allow you to purchase bullion via credit card? I know that it has to do with fees involved, so it would cut in to profits, but why don't they just add a premium to the cost? I'd be much more apt to buy at the spur of the moment knowing I could do this, then always have to have cash sitting around.
No that isn't it at all. The purpose behind dealers not taking credit cards on bullion is because bullion is cash. You could walk out of the dealers shop and get cash for your bullion very quickly.
OK, I checked a few sites and their claim is they won't take them because it cuts in to the little profit they make in bullion. Only place I found that takes them is MONEX.
"What other gold coins do you like besides Eagles and Krugs for bullion purchases? Anything older? From Europe" Scooby, I don't go to deep with giving out advice for I'm not an investment broker for one and two I believe that nothing always stays the same. Whats good today could always be a disaster tommorow. Of course their are best bets, most stable track records, growth sectors, etc but I suggest that you do your own research and your own investing outside of any pre-tax 401k programs your job might offer and then invest with the money that you don't need for bills and in investments that will not keep you up at night with worry. As for me, I was born into a poor family, in a housing project in Brooklyn, that raised me to be honest. Today, I do live way above my income due to investments but my true wealth is my family's love and the values that my mom and dad gave me. Invest to give yourself security but no one becomes a rich person with money if you know what I mean. If you want to banter thoughts on types of coins for investing, I think that would be fun and educational for all involved. Hope to read a post from you soon.
Hi Andy, I'm definitely not one to think money is everything. I'm just starting out in the world of investing. I've got a 401K, Roth IRA and money market. I just think adding gold (even though it may be a little), would be a good addition to my investments. It might go up, it might go down, or it may stay the same, but having a little gold that I can hold, and know it has worth, is always a nice feeling.
Andy, That was a very meaningful post. I can't help but admire your down to Earth insight. Even if you are a Yankee turned Snowbird. LOL (just kidding my friend) Scooby, Good luck with your endevours. You seem to have a good head on your shoulders, and I'm sure you'll do just fine.
