Anyone buying gold?

[Don T. Lukbak]

Originally Posted by enderwiggin

I researched the coin incorrectly. It is a half-ounce coin and I was pretty sure it was a quarter-ounce. At least I didn't burn my bridge with my dealer...

Thanks. Believe it or not, I've been fretting that you got stiffed.

With all the talk about deflation currently, my guess is gold prices may drop ... for a while. The consensus is we won't have a double dip recession...and we all know how reliable consensus opinions have been. I'm trying to imagine good ways to discount the economic effects of the invitable gloom from Dip 2 (or the next slowdown, if you prefer). Incumbent elected officials will be even more desperate and crazy than usual. The indebtedness incurred by Obamanomics is unsustainable: it will either have to be repudiated or inflated away. The historic response to such a dilemma has been war. I'm not talking about small war either; it's total warfare and inflation that look all but inevitable to me, especially if the Obama regime is allowed to persist.

And, once again, ignorance will have been proved to be the most expensive commodity in the world.

[Victoria of Houston]

You can buy bullion and coins from sellers on ebay as well.

[JoeDelt]

Originally Posted by rwksl

I didn't mean to say the selling American Eagles for profit was exempt from federal taxation, I just trying to say the buying and selling of American Eagles are exempt from reporting requirements (I was referring to the requirement to report certain cash transactions). If no transaction is reported, then you are simply on your honor to report the gain on these coins to the IRS. See the following for a full discussion of this and related issues:

http://the-moneychanger.com/numismat...coin_con.phtml

I miss-read you post. Sorry, didn't mean to offend.


Peter Schiff was asked on Fox news "what really is the value of gold." his response was what do you think Fiat money is? (the dollar) Money only has value as long as it's accepted for commerce.

What we buy when we buy gold is security.
We see the crazy deficit spending, fact that the US government can not meet all it's obligations in Social Security, Medicare and creating money out of nothing by the Feds and we worry about the value of the dollar.
Gold has always held it's value.

You can't create gold by typing $1,000,000,000.00 into a computer screen.
That's how the Federal Reserve creates the dollar. Some dude in the basement of the Federal Reserve building types $1,000,000,000.00 into a computer screen and vila! He created 1 trillion dollars! (One million, million dollars.)
They call in "Quantitative Easing." Sounds fancy doesn't it? Like it involves a lot of work. (it's actually worse than that. Each bank that gets those new dollars multiplies it by 10.)

Some argue there is a floor to gold prices. $1150? The price that the Indians bought 200 tons of gold several months back.
If gold falls below that, the argument is, the Chinese will sell US treasuries to buy gold at that price.
It's a little more involved than that. There is a geopolitical war going on all around us all the time.

It's good to ask questions.

The gold and silver eagle coins are created by the US Mint under constitutional law and I think it's very patriotic to own it.
Dollar is created by Federal Reserve, a private company. And who knows who owns that. The Chinese? The Queen of England? Maybe even by people who created Al Qaeda.

[absolut]

Originally Posted by Prowordsmith

I'm buying stock in a company that buys gold. Look at symbol GLD.

Buy stock in the company that MINES gold and you will be ahead.