In case you've been living under a rock, Gold prices have been on fire, jumping 20% in just the past 2 months. That takes gold to a near-doubling since pre-pandemic, when it was meandering along at just $1500. Yesterday it closed above 2400. So if you don't own any gold, it might make sense to get some in case it catches on. Plus, Peter Schiff can now buy nice shirts.
I stopped by a coin place a few weeks ago and considered buying one gold coin for over 2k, but decided that was ridiculous. What if I lost it? I put money into gold mining stocks instead, although like you said, that could all disappear. And I put a little bit more money into Bitcoin. Hard to know what to do.
The problem with gold stocks is you hope the management of the companies is good. I remember Kevin O'Leary saying he only owned gold and not gold stocks because he wanted the pure play of gold without having to deal with the gold company's management of their business. As an aside, the gold junior market has been in a funk so long, I am not sure it will ever recover.
Thanks, thats the big debate. El Salv has BTC on its treasury, actually even the US govt has the largest stack. many countries are accumulating. We just have to wait and see. Read, Softwar, by Jason Lowery, its an eye opening book.
No argument there. I would go further and say gold is money. The dollar is merely currency and backed by nothing other than public trust and acceptance, thanks to FDR and Nixon.
Peter, While I dont disagree with anything you have said, you need to get your act together on Bitcoin. You may be doing your readers a disservice by encouraging the horse carriage when the car is available.
Gold is real money. Bitcoin is pure speculation. It is not a good store of value. It has no inherent value as gold does. It has an incredibly short history compared to at least 5,000 years for gold and no one can say for sure how it came about since the founder, whoever or whatever organization that might be, has conveniently disappeared. Central banks are buying gold and not Bitcoin. Why do you think that might be?
Believe it or not you can transfer your IRA (meaning it stays tax deferred) to an actual Gold backed IRA. You work with a gold broker and they purchase gold on your behalf and it gets stored in vaults (like Brinks, etc) No need to cash it out and incur penalties.
I would not recommend gold bars. I would recommend gold coins produced by a sovereign country. Why? There's always a chance a bar may have be assayed when selling, which costs. Gold coins produced by sovereign countries are never assayed when selling because they are virtually impossible to counterfeit. Bars are another story.
I hope they are all buying real Gold. Paper Gold will likely go up in flames with pensions, shares and bank balances in "The Great Taking".
More here; https://truthaddict.substack.com/p/the-great-reset-is-the-great-taking
I stopped by a coin place a few weeks ago and considered buying one gold coin for over 2k, but decided that was ridiculous. What if I lost it? I put money into gold mining stocks instead, although like you said, that could all disappear. And I put a little bit more money into Bitcoin. Hard to know what to do.
The problem with gold stocks is you hope the management of the companies is good. I remember Kevin O'Leary saying he only owned gold and not gold stocks because he wanted the pure play of gold without having to deal with the gold company's management of their business. As an aside, the gold junior market has been in a funk so long, I am not sure it will ever recover.
A little bit of everything never hurts
here is one option https://www.goldback.com/
Gold is old Peter!
Thanks, thats the big debate. El Salv has BTC on its treasury, actually even the US govt has the largest stack. many countries are accumulating. We just have to wait and see. Read, Softwar, by Jason Lowery, its an eye opening book.
"Fundamentally, gold is insurance."
No argument there. I would go further and say gold is money. The dollar is merely currency and backed by nothing other than public trust and acceptance, thanks to FDR and Nixon.
Peter, While I dont disagree with anything you have said, you need to get your act together on Bitcoin. You may be doing your readers a disservice by encouraging the horse carriage when the car is available.
Gold is real money. Bitcoin is pure speculation. It is not a good store of value. It has no inherent value as gold does. It has an incredibly short history compared to at least 5,000 years for gold and no one can say for sure how it came about since the founder, whoever or whatever organization that might be, has conveniently disappeared. Central banks are buying gold and not Bitcoin. Why do you think that might be?
What to do if money is tied up in an IRA? Cash out, take the tax hit and go to Costco? Pray you don’t get mugged on the way home 🥹?
Believe it or not you can transfer your IRA (meaning it stays tax deferred) to an actual Gold backed IRA. You work with a gold broker and they purchase gold on your behalf and it gets stored in vaults (like Brinks, etc) No need to cash it out and incur penalties.
Yes, thank you. Wondering if the assets in these types of storage vaults could be seized by the federal government?
The FBI seized all the assets in US Private Vaults in Beverly Hills in 2021 and property has yet to be returned to innocent renters.
Also, if the company that owns the vault goes out of business or changes hands, that might potentially bring problems.
I would not recommend gold bars. I would recommend gold coins produced by a sovereign country. Why? There's always a chance a bar may have be assayed when selling, which costs. Gold coins produced by sovereign countries are never assayed when selling because they are virtually impossible to counterfeit. Bars are another story.
Great article, Peter! We posted it to our website: https://www.moneymetals.com/news/2024/04/19/gold-prices-are-on-fire-003134
You clowns are the ones who keep spamming me, even though I never requested any information from you.