Peter Schiff on Gold w/ Kitco!

Discussion in 'Bullion Investing' started by fretboard, May 16, 2020.

  1. fretboard

    fretboard Defender of Old Coinage!

    As you know the US is printing more money than you could ever imagine, treasury bonds will be worth Zimbabwe bucks! :D After all the QE possible, gold will once again be King of the Mountain! Yes, everyone thinks the price of gold will go up, but when?? Well, it may take a couple or more years but it sounds to me that it will definitely stay strong especially since Peter Schiff has spoken! :D If you're on time constraints, just listen from around 8:00, the video is from last month! ;) After watching this video, I'm thinking on buying some, but I'm still in the thinking stage! Premiums are so dang high and my LCS is still closed for maybe another month! What about you?? :cigar:

     
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  3. ToughCOINS

    ToughCOINS Dealer Member Moderator

    While not eager to be willfully left in the dust, I am not a self-professed goldbug either. I maintain more dollars in non-gold inventory than in gold, and strike an appropriate balance in cash, real estate and A 401k account as well.

    Yes, premiums are high. Contracts on gold outstrip physical supply by orders of magnitude. Investors in the options markets are playing musical chairs with tremendous financial consequences.

    Why will the consequences be so great, you might ask? Because when the music stops, the number of chairs missing will be many more than just one. This is about much more than just having to pay a high premium to satisfy delivery contracts. It’s about having to do so at a time when gold will increasingly be viewed as the ONLY reliable store of value, and will enjoy demand it has not seen in 100 years.

    For those who desire to be protected when the time comes, you would be wise to consider that the premium paid to obtain that protection now pales when compared to the downside of being unable to have that protection at all.
     
    Last edited: May 16, 2020
  4. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    I have 10+ oz of gold coins, for the US coinage primarily, but my concern is that gold is not getting stronger but the US dollar and it's backing principles are getting much weaker. So an ounce may well increase if people have big hunks of cash to throw at it, but as current holders may need cash for food and other expenses, they may have to exchange it, and as more occurs, the price of exchange transactions should go down due to increased gold availability. Although some may proclaim to know the future of the world, I don't, therefore increased expenditures by the government to support American people, continued health threats from pandemic waves, if vaccines are available and effective, hope that no countries' idiots don't start wars or expansion threats, etc. No one can honestly know. We are living in the curse " May you live in interesting times" and it is still in progress. Also I expect the price of PM to be "manipulated" by those in control of extreme quantities for their financial gains, so one must be aware. IMO, Jim
     
  5. midas1

    midas1 Exalted Member

    Do you think some investors are speculating w/ cyber currency instead of gold?
     
  6. fretboard

    fretboard Defender of Old Coinage!

    You got that right, I agree totally! :D I didn't want to mention it earlier as I don't like saying I bought gold until it's in hand, especially if it's off ebay as you never know when you're gonna get screwed! :smuggrin: Got my gold coin set today! I got tired of looking around and I ran into my LCS guy on Thursday and they won't open for another month! Anyways, I looked around on the bay a couple days ago and bidded on this coin set and I won. Paid a few dollars less than $500 but I'm okay with that and slowly I plan on getting more as there really isn't a more popular "store of value" at all!! :D Sellers pics and mine on the bottom! :cigar:

    U.S 1991-95 World War II 50th Ann. Commemorative Gold & Silver Proof Set-Box
    goldseta.jpg goldsetb.jpg goldsetc.jpg IMG_1731.JPG
     
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  7. ToughCOINS

    ToughCOINS Dealer Member Moderator


    I think there's really no question about that. Personally, I think that's an awful move in times like these.

    Imagine falling victim to COVID and being unable to give your loved ones your blockchain account information before dying. At least if you have cash in the bank, gold in the safe deposit box or real estate, your family has something to work with. Blockchain simply erases that which goes unclaimed.
     
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  8. losthomer

    losthomer Active Member

    People have been saying the dollar will be worthless for decades. Much like "Democracy is it the worst form of government, except for all the others," the US dollar is the worst currency, except for all the others.
     
  9. longnine009

    longnine009 Most Exalted Excellency

    It's the Bowery wino with the best breath.
     
  10. fretboard

    fretboard Defender of Old Coinage!

    Yep, with all this quantitative easing going on we're bringing it on ourselves! The national debt is beyond crazy!! The stock market has taken a beat down and from what I hear, Bitcoin isn't doing well either! That leaves gold and I'm thinking within the next couple of months we may hit a new sluggish price for gold! :D
     
  11. FryDaddyJr

    FryDaddyJr Junior Member


    is it better than the Swiss Franc? Or the Kroner? No it is not.
     
  12. baseball21

    baseball21 Well-Known Member

    PMs are nothing but an investment. Ask why someone would sell them to you for dollars if they think it's the only safe haven or just going to spike, they should be buying and holding not selling
     
    losthomer likes this.
  13. Cachecoins

    Cachecoins Historia Moneta

    Interesting that those people selling gold seem more than willing to accept that worthless ol currency. :)
     
  14. fretboard

    fretboard Defender of Old Coinage!

    Absolutely but as our money gets closer to being Zimbabwe bucks all hell will break lose! :D
     
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  15. baseball21

    baseball21 Well-Known Member

    They could put out another 50 trillion and it wouldn't be close to Zimbabwe money
     
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  16. fretboard

    fretboard Defender of Old Coinage!

    Yeah I know, I'm just joking! :D
     
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  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    It's the RESERVE CURRENCY and will remain so for decades.

    If you understand capital flows, trade, and monetary economics -- not to mention stock and bond markets -- you know that any talk of another currency replacing the dollar is moronic.

    You'd sooner see rocket ships to the Moon running on grape juice. :D
     
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  18. GoldFinger1969

    GoldFinger1969 Well-Known Member

    It's LIGHT-YEARS better.

    Try moving $20 billion over the weekend into Swiss money markets or bonds. You'd have an easier time getting an elephant into an old-style phone booth. :D
     
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  19. Tater

    Tater Coin Collector

    I've done neither.
     
  20. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I've moved Big $$$ right before the Fed Wire closes. I even moved the Treasury market. :D

    You have to have LIQUIDITY and SIZE. Only 2 bond markets have that right now: the U.S. Treasury bond market, and the Mortgage-Backed Security (MBS) market.
     
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