Gold Breaks Above 680
April 13th, 2007WARNING: This is not a recommendation to buy sell or hold any financial instrument.
Key resistance.
Posted in Economy | Top Of Page
cryptogon.com
news – analysis – conspiracies
WARNING: This is not a recommendation to buy sell or hold any financial instrument.
Key resistance.
I know you don’t like precious metals Kevin but I still sleep better at night knowing I have a portion of my wealth in silver and gold.
I don’t like gambling, but if it helps you sleep better at night, uh, thanks for sharing!
I’m recently long some gold. It’s a decent bet/hedge at the moment. I doubt that it would be a worse bet than converting USD to NZD right now. Another option was to let my USD sit there and erode further… Or maybe the bottom is in? Doubt it. That’s why I’m dabbling in gold… Just a bit, to cover my NZD exposure.
I think that as an investment vehicle, gold and other dollar denominated assets are a big risk. But if you are using gold and silver to preseve wealth, ie: limit losses, it is as good if not better than most things.
If the doomsday scenario does come, everything you own will be worth what ever you can trade it for. So your shiny one ounce gold coin may buy you a car to get out of town one day and a hamburger the next and a stick of gum when it gets real bad. But when the dust settles and you miraculously survive and manage to hold on to a few of them, your gold coin might be worth 300 ameros or some such, not the $680 it might worth today, but we’ll have to see what 300 ameros buys you.
So it really depends on your out look. Gold has stood the test of time through out the ages. People still covet it. Gov’ts still stock pile it. Just don’t expect to make “Mad Money”tm on it and you should be ok.
As much as gold will go up, I still feel that when the economy does finally come crashing down, the mass majority of people with actual goods will be looking more towards the barter system in which case having tangible, useable items will be worth far more than gold. A sturdy shovel, some heritage seeds, various foodstuffs, or a bottle of rum or vodka will become much more desireable, especially during times of utter chaos..investing in these things now while they are still relatively easy to afford might be an even better investment.
If any readers don’t understand the fallacies of gold, see:
https://cryptogon.com/?p=452
https://cryptogon.com/?p=525
https://cryptogon.com/?p=524 (Scroll down to the NOTE on gold)
https://cryptogon.com/2006_07_16_blogarchive.html#115351812720211145
I’m not an investor. I’m a technician who is being forced to hedge bets on a different asset (holding very overvalued kiwi dollars).
My use of gold is tactical, not strategic. I hope people are damn clear on the difference. My strategic needs are met, and they have nothing to do with gold. Money is for tactics. Water, shelter and food (and security/community) are the strategic considerations.
Investing Very Close to Home summed this up:
https://cryptogon.com/2006_07_23_blogarchive.html#115374267650651782
Kevin,
I noticed your call on the ascending triangle formation on gold here:
Gold: Switch Off Your Targeting Computer
https://cryptogon.com/?p=613
That information was actionable and very profitable later in the day.
I also noticed that you called the bottom on oil several weeks ago:
Oil: For the Gamblers Out There
https://cryptogon.com/?p=207
Have you considered providing a dedicated commodity analysis service? I don’t know what you would charge for such a thing, but I would seriously like to see more posts like the ones above.
There have been many times in the last year when I’ve wondered whether it was a good thing to cash in the energy stocks my parents gave me as gifts for silver and gold. Especially this year when I’ve paid a lot to the IRS for the exchange from paper to precious metals. Anyways, along with Kevin, I have my strategic needs taken care of. I will have water, food grown from seeds, heat, shelter, tools. I’ve been working at this since 2001, maybe even before then without knowing why I was doing what I was doing and what for.
I wouldn’t go out and buy gold under any circumstances if my needs in the basics of survival were not secured. I’m not totally satisfied with where I am situated, but, I have done what I can do with the energy and thought I can devote to survival. Everyone’s circumstances are different.
My precious metals will remain underground for several years – at least 5 to 10 (I think). I would never consider the precious metals as something to barter with.
Whether I did the right thing from selling stock for precious metals, I dunno. But the inner dialog I have with myself over converting from U.S. electronic “funny money” to precious metals ALWAYS ends up with me feeling more secure. I didn’t do it to get rich. I did it to the PRESERVE WEALTH. This inherited wealth (less than $100K U.S) was earned by my parents from the 1940’s on. If I can preserve even that amount in the times ahead….
I highly recommend The Moneychanger (Franklin) at http://www.themoneychanger.com. I don’t know if he does international. He is a wonderful person with a wealth of story and tradition. He also knows what it is like to face the GMen down. He is also a farmer under the credo of the Weston Price Foundation. Excellent kind of fellow.
Best of luck friends, me, I’m going to go and buy a stash of my German/Swiss cosmetics from Dr. Haushka before they get wise to the exchange rate.
Regards and best wishes.