Discussion in 'Bullion Investing' started by xCoin-Hoarder'92x, Aug 6, 2020.
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It's gonna change real soon as things slowly come back 'online'........
They printed tons of money and could this not be the beginning of inflation mixed with a scared market looking for a safe haven?
Gold and silver are going ALOT higher.
In a world of 0% rates....killer viruses....Socialists determining how much of your income is yours and how much of a slave you will be.....gold and silver are way-underowned by Western wealthy individuals, to say nothing of China and India, let alone Asia and Africa and South/Central America.
I can make a case for $20,000 gold. I'm not predicting it, but I can make a plausible case that doesn't require a re-run of the 1970's.
Now, the question: is this a May 2011 drop (to be followed by a surge higher), or a September 2011 drop (to be followed by a long, long decline)? Or something unlike either one?
(The answer, of course, is that it depends on everything in the world, and not just a pattern on a chart...)
I would disagree with the supposition that gold is underowned by those in the Far East, India, Middle East, etc. Everyone I know with family there probably has gold as their #2 asset held, after land. Many have it as #1 if land is not easy to own. MASSIVE amounts of gold are owned by every family in those areas of the world. My mother in law probably owns 70 or 80 ounces and she is not rich. Such ownership is actually the main reason the GSR is not 16 to one anymore, but more like 80 to 1, since there are so many families around the world wanting gold and only gold.
But there are millions of new middle-class families EACH MONTH in China and Asia and India alone, forgetting about the ROTW.
I think the data and stats show that on a per-capita basis, gold is not that widely held. I can probably dig out the numbers.
Yes, for a select few like your family members, they probably held the bulk of their assets in gold since they remembered and didn't trust the non-traansparent financial institutions of the 1970's and 1980's.
No, not what I see. My sister in law does not have much money, but whatever she has she has it in gold too, and that has been purchased in the last 8 years.
You ever been to the Far East, India, or Middle East? Gold shops EVERYWHERE. They are worst than Starbucks in the US. Even in small towns dozens of them. A friend owns 2 in Lumphun Thailand, a town of about 15K only 10 miles from Chiang Mai. You would think they wouldn't need ANY gold stores, but she has about 8 competitors in that town, but she still turns over a few million USD a year in sales in EACH store. You go to larger stores in Chiang Mai or Bangkok and you have about 25 sales staff and you have to wait usually 10 minutes to get anyone to help you they are that busy.
My wife has poor relatives, do not own a car but only have a scooter, and by the looks of their house you would think maybe they own $500 to their name, but they will show up with 4 ounces of gold jewelry on fancy occasions on them.
Basically what medoraman said - I spent years in India, going through the Middle East to get there, and it was all gold, all the time. Temples in India have fortunes of it in them, and every Indian family I know bought gold. And the last time I was there was 2013 or so, before everyone had cars
Indian workers in Bahrain and UAE buy gold to return home with illegally. Go to the Dubai airport if you want to see hordes of duty free gold, it's patently ridiculous. It's the fricken currency, dude Hell, they've probably got the gold form fort knox in the Dubai airport.
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