Discussion in 'Bullion Investing' started by CHARLES GINETTO, Feb 10, 2020.
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I would like to agree with this, but also take the original side. It is a risky business after all, since you have to have an idea of the area and what it could hold gold wise, and if you guess wrong, you're out a lot of money. It is probably getting harder to either find a good spot or make enough to keep a mining company operational. Also, gold is a very limited resource compared to the others, so it most likely is getting harder to find, that point I would agree with. I wouldn't think that'd be the reasons for mines closing more so than the cost of running it, and making a profit in doing so. Those mines still probably found gold, but not enough to support their self.
People bring in jewelry and melt it, and they are still digging gold out of the earth,
besides South Africa.
US deficit even with full employment. Dollar index is in bubble territory.
I just went back into PMs. Slowly into GLD
About a third of gold supply each year is recycled. We're not going to "run out." When demand outstrips supply, price goes and less desirable gold gets turned into more desirable gold.
I bought roughly 25 ounces worth of 'collectible' gold when it was $900/oz. Not because I was so darn prescient, but because it was just the first time, in my life, that I had the money to invest!
Rather serendipitous, sez I....(and a total fluke)
Just as long as the price remains above 900, I'm cool.
I'm holding, I'm hoping the price will skyrocket but I'm already making money on some of my purchases, so I'm good! I don't think the world will ever run out of gold, not in my lifetime and I'm in my 60's so I don't have much time left anyways!
Will hard rock deposit mines for gold continue to decline? Possibly, but with massive copper mines do not see the world running out.
That was a repeat of an piece that aired months ago.
The depletion of the deep South African mines has been known for decades. An even bigger reducere of supply has been the capital mismanagement involving M&A and new mines which has resulted in huge destruction of shareholder value in the last 10-12 years.
Central bank selling continues to be an overhang and ultimately you need more demand to push the price up.
If things go "wrong" this November, the price could hit $3,000 an ounce by year-end.
Those mines were owned by private corporations. The government may own equity stakes in the miners.
@J.T. Parker and was fortunate that in the 1990’s I made some money and dropped a lot of it in gold coins. It wasn’t a brilliant play... I just wanted gold coins because I couldn’t afford any before. At this point I believe I have tripled that investment..... My whole point is that in hindsight I would say now that gold is a very long term hold. Is now a good time? Well, only if you can live without the cash for a very long time.
What do you mean "if things go wring?"
Can't say in this venue, I'm sure.
I'm assuming that private ownership of gold does not do a 180 back to April 1933, something I used to roll my eyes at in the past but now I have to at least assume it's possible EDITED
That said, I am talking about a fundamental reevaluation of private property rights in this country.
I am writing a piece on this for The WSJ and hope to comment more there.
I've collected Gold coins for ~50 years, and certified Gold since it's origin. Gold bullion value has increased to ~500% of that when I started collecting bullion African Gold coins.
The bullion coins were eventually easily sold at a profit on Yahoo, and then on eBay. The sale funds purchased pre-1933 U.S. classic Gold. I now collect scarce date certified U.S. classic Gold, which I believe to be a great tangible asset for a knowledgeable "collector".
These purchases, in my opinion, could not be surpassed for a stable investment, and relatively secure estate protector. If like purchases are made wisely today, it's believed to be one of the most secure for protection of an estate. The Gold coins are awesome items to hold and behold, relative to my fiat, and electronic collections.
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