I have been in gold since 1999 and kept a close eye on it ever since. Gold is not an investment for me. Gold is a hedge against a debt based fiat currency that is destined for collapse. No debt based fiat currency has ever survived, and we are at the end of our era. I could have made a bunch of money selling at $1900 since my average cost is about $260, but I didn't buy to make more fiat, I bought it to preserve my wealth. I will hold till after the current dollar fiat collapses and then move into something else on the other side. That is, if I don't pass it all along to the kids. Their future is looking much darker than what my generation experienced at the same age. I think everyone should have 10% or more of their investments in precious metals. And I'm talking gold you actually have in your possession. Money put into paper investments in the PM area are in no way in touch with reality, and a sure way to lose everything. An ounce of gold in your hand will never be less than an ounce of gold. A paper certificate in GLD can eventually be worth nothing. Numismatics are nice but I just don't know enough about them. I buy the cheapest gold coins I can find, trying to stay as close to the spot price as I can, actually bought some below spot. You can keep an eye on the spot price at kitco.com. Another great site is coinflation.com to help find gold content and prices for coins.
If you want to see what happens to fiat currency take a look at the Weimar Republic (path we are currently on).
Hyperinflation of the Weimar Republic in 1923 Germany
I would recommend buying physical gold that you hold in your hand. I am not a believer in safety deposit boxes (think bank holidays i.e. Greece, you can't get to it).
At this point I would use dollar cost averaging and buy a little at a time, say 4 purchases over 2 months.
Out of all the investments I have made over the last 30+ years, gold is the only one I have not worried about for a single moment.
And don't forget silver, it's just a lot more volatile. On a percentage basis there's a lot more to be made with silver. But you need a strong stomach, it's an E ticket ride.
Posted by: macromny@lycos.com
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