Author Topic: America is heading into trouble, buy gold (Read 624 times)

miko2d · « **on:** December 15, 2003, 04:27:14 PM »

"America is heading into trouble, buy gold" says the conservative icon and talk-show host Sean Hannity, joining Michael Savage and Laura Ingram among the right-wing mouhpieces heard (by miko) advertising gold as an investment.

Hannity specifically mentioned that gold can and should be held in retirement accounts - rather than cash or interest-bearing government securities.
"We are doing great" says he one minute, "The country is heading into hard times, the heck with buying (war)bonds and suporting your government or investing into economy, save what you can", says he a minute later.

The fans of the scoundrel will doubtlessly claim that he was just talking down his country for money rather than from deep convictions - as opposed to pushing the neo-conservative line in his regular talk and in his books - for which he is also handsomly paid.

miko

mrblack · « **Reply #1 on:** December 15, 2003, 04:32:15 PM »

The sky is falling the sky Is falling LOL:rofl

Ripsnort · « **Reply #2 on:** December 15, 2003, 04:33:52 PM »

Theres nothing wrong with having a percentage of your portfolio in precious metals. Its a safe, though usually low-return investment, unless theres a huge stock market crash.

AKS\/\/ulfe · « **Reply #3 on:** December 15, 2003, 04:36:09 PM »

Screw that, I'm going to burn a bunch of idiots with some fool's gold.

Suckers.
-SW

ra · « **Reply #4 on:** December 15, 2003, 04:37:01 PM »

Isn't this thread a re-run?

miko2d · « **Reply #5 on:** December 15, 2003, 04:51:36 PM »

ra: Isn't this thread a re-run?

Savage and Ingram are 3-rd raters.

Hannily is 1st tier - a Rush Limbaugh-class personality.

miko

DmdNexus · « **Reply #6 on:** December 15, 2003, 05:48:09 PM »

Quote

Originally posted by Ripsnort
Theres nothing wrong with having a percentage of your portfolio in precious metals. Its a safe, though usually low-return investment, unless theres a huge stock market crash.

A the market is cornered by a couple of brothers.

Scootter · « **Reply #7 on:** December 15, 2003, 07:01:02 PM »

Preservation of money, then gold is good, but for investment it really sucks. Look at the last 10 years (corrected for inflation), I think you can do better with base ball cards.

JBA · « **Reply #8 on:** December 15, 2003, 08:08:31 PM »

You tried this troll before. give it up

SunKing · « **Reply #9 on:** December 15, 2003, 08:12:52 PM »

This is common knowledge. My family moved over to gold from mutual funds investing ever since 9/11. Turned out to be a prosperous move.

miko2d · « **Reply #10 on:** December 15, 2003, 08:16:03 PM »

Scootter: Preservation of money, then gold is good, but for investment it really sucks. Look at the last 10 years (corrected for inflation), I think you can do better with base ball cards.

For preservation of money cash is good - or interest-bearing government securities. Maybe even a stake in a booming (according to them) US economy.

Buying gold means selling government short - a vote of no-confidence.

miko

NUKE · « **Reply #11 on:** December 15, 2003, 08:22:23 PM »

Buying gold is evil!

ra · « **Reply #12 on:** December 15, 2003, 08:33:32 PM »

Quote

Originally posted by miko2d
Buying gold means selling government short - a vote of no-confidence.

That is one reason to buy gold, but gold is a good hedge against any cataclysm, even those not caused by government.

But if you have limited money to invest, buying a house with a mortgage is a better hedge/investment. In times of inflation a mortgage payment gets smaller and smaller. Plus you can deduct interest payments, so the government is subsidising your mortgage. Then there's the minor advantage that your family can live in your house. Gold has no value except as a way to store wealth.

During good times a house increases in value. A couple of 30-year olds can buy a house, raise a family in it, then sell it and use the proceeds to begin a decent retirement. During most periods gold would have just sat there, not even keeping up with inflation.

So gold is only a good buy if you already have a mortgage and you want a place to store some wealth for the event of economic meltdown.

ra

miko2d · « **Reply #13 on:** December 15, 2003, 08:48:07 PM »

ra: buying a house with a mortgage is a better hedge/investment.

Very good point, though better or not depends on circumstances. A house where you can survive the hard times is different from any random property.
Like a house in a country with a few acres of wood, private well, huge tank of heating oil, huge tank of LP for regular cooking or running a backup generator in case of electricity disruption.

A couple of 30-year olds can buy a house, raise a family in it, then sell it and use the proceeds to begin a decent retirement.

After the government confiscates a huge chunk of value that is really an inflation trick, not a real capital gain.

miko

Scootter · « **Reply #14 on:** December 15, 2003, 09:09:57 PM »

Quote

Originally posted by miko2d
ra: buying a house with a mortgage is a better hedge/investment.

Very good point, though better or not depends on circumstances. A house where you can survive the hard times is different from any random property.
Like a house in a country with a few acres of wood, private well, huge tank of heating oil, huge tank of LP for regular cooking or running a backup generator in case of electricity disruption.

A couple of 30-year olds can buy a house, raise a family in it, then sell it and use the proceeds to begin a decent retirement.

After the government confiscates a huge chunk of value that is really an inflation trick, not a real capital gain.

miko

In that case buy tools, ammo, salt, guns, seeds, motor oil, spark plugs. soap. meds. tampons. condoms. band aid, etc. these will be worth more then gold and much more useful.

That is a vote of no confidence.