Posted by MarkB_MI on March 31, 2014 at 19:11:23 from (75.198.66.154):
In Reply to: OT--GOLD Investment? posted by Jiles on March 30, 2014 at 22:01:28:
I'm sure there are honest gold brokers out there, just as I'm sure there are honest used car dealers and honest roofing contractors, even if I haven't met any myself. But it's a fair assumption that the more heavily a dealer advertises, the greater markup he's going to have to get to pay for that advertising. Several gold dealers who advertise heavily on conservative talk shows have come under scrutiny for their business practices. Google "gold coin scams". Buyer beware.
Figure out how much your actual buy/sell spread will be after you calculate in ALL your costs including shipping and credit card or wire fees. If the spread between what you'll pay to buy and what you'll receive when you sell is ten percent, gold is going to have to go above $1400/oz JUST TO BREAK EVEN. I sure wouldn't bet my retirement savings on the prospect of that happening.
A lot of folks here have been preaching the "buy gold now" mantra even as gold prices have plummeted. I guess what was a good buy at $1700 is an even better deal at $1300. But it will be better still when gold crashes down through $1000, which might well happen this year.
Keep in mind that gold peaked after the greatest economic crisis since the Great Depression. So we'll need another crisis just as big if gold is to rise above 1600 again. I'll also note that doomsayers like Howard Ruff have been predicting the demise of the dollar since the seventies. So far their dire predictions have not come true. Sure, it could happen. Even a broken clock is right twice a day.
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