Remember the Charles Bronson movie “Death Hunt” where he’s on his way to Alaska, trying to escape Lee Marvin and his cronies? Remember the old dude that was shooting people and taking their gold teeth? That movie ruled. I remember watching it as a kid and particularly remember the part where they’re about to blow the shit out of Bronson’s cabin, only he prepares by digging a mega pit inside his cabin to hunker in. They fire onto the cabin and then throw a few sticks of dynamite in, there’s a big *boom* and the cabin comes down. The dudes think they finally got him and start approaching when bad ass Bronson busts out of the ground with a pair of shotguns – LOL – Bronson.
What, you want to buy the movie? Sure, scroll down the left sidebar and type “Death Hunt” in the Amazon search bar. They have used DVD’s for under 5 bucks. But I digress, where was I going with this? Oh, gold teeth. Why did those ever go out of style? They RULE! Nothing like a mouth of bling, but I digress again. What’s up? OH! - GOLD – is it time to sell?
Yep, we all know the crazy price rise, but nothing lasts forever and trying to time the market is . . . well, it can’t be done; unless you’re Warren Buffet, and Warren Buffet isn’t buying gold. He recently said he’s buying STOCKS. Ben Stein said the same thing. Smart investors do what everyone else ISN’T doing. Both Buffet and Stein see the drop in stock prices as a good time to snag deals. At a minimum, now would NOT be the time to buy gold. As to whether you should sell or not . . . . well, some people are doing it – out of necessity. One of Maine’s newspapers ran an entire article on the subject a few days ago entitled “Gold Prices Have Mainers Looking to Sell“. Here is a worthy quote:
Tina of Pittsfield, who asked that her last name be omitted, started looking through her jewelry when she saw the prices going through the roof. “This was an opportunity for me to get good cash for jewelry that is out of date, broken or that I just didn’t like any more,” she said. A half-hour search netted her enough gold to take $717 home from a pawnshop. “This time of year, with gas and oil so high, that money is really coming in handy,” she said. “I’m taking a gamble that it could go higher,” Tina admitted, “but I’d be stupid not to take advantage of this.”
Although area pawnshops report business is not as brisk as they expected given the high gold prices, plenty of people are bringing in their gold, oftentimes saying they need the money for survival expenses.
“It’s amazing how many people follow these prices,” Lee Ann Shawley of The Money Shop in Newport said. “I am seeing lots of people who are bringing their jewelry in just because the price is so high, not because they need the cash.”
Are YOU planning to pawn that bling? Me? Ha! I don’t have any gold. For people on fixed incomes, now IS the time to sell – for survival purposes. Check the Portland area at www.maineoil.com and you’ll see that prices for home heating oil range from $3.55 to $3.85 – for the cash price. $3.85 x 275 gallons to fill up one tank = $1,058.75. Holy black gold! Egad!
If I had a big pile of gold coins I’d be thinking long and hard about when to sell. I wouldn’t sell quite yet, but I’d be thinking hard. Remember, you don’t make a profit UNTIL you sell. I’m not a big gold fan, though. I like silver better, but is it time to sell that as well?
- Ranger Man
BTW: Here’s a DIFFERENT view on the financial markets entitled Look! The sky isn’t falling! Don’t read it if you’re enjoying the anxiety and “end is near” feelings associated with current economic news. This “things will recover and we’ll be just fine” talk can be a total TEOTWAWKI buzz kill.
Also, Sam asked that I mention his Christian Survivalist Forum.
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{ 9 comments }
You can’t eat gold and it’s too expensive to shoot. Sell now and buy OTHER tangibles. That way you won’t be hoarding.
Michael
Gold is cool and shiny… that is why I love it. Is it really part of my survivial plans? No, extra food will be your bargaining chip when the SHTF.
Also, contrary to my survival buddies I do think everything financially will be ok. It won’t be good mind you… but ok. There is an old saying…”Don’t fight the Fed” which means if the Federal Government is working with you thinks will be ok. This happened in 1986 but most people forget that. The bottom of the crisis in ’86 occurred when the banks failed and the Fed bailed them out. What happened next, 13 years of growth and prosperity.
The financial markets are controlable. I don’t worry about them. Now briefcase nukes, birdflu and asteriods …. those are the uncontrolable.
Love the Blog Ranger Man…. it is now my favorite one. Yes, even over Rawles’ (Sorry Jim!)
Look what you did! You suggest selling , and the price drops over $35 / oz. You are powerful, Ranger Man.
Sell your PM’s?
Weeeeell pilgrim, that all depends.
It depends if you are prepped to the point of where you feel that you can take care of you and yours.
Ya know, spiritual, food, shelter, clothing, defense.
PM’s are the last thing anyone should have on their priority list.
If TEOTWAWKI does happen, PM’s will always hold an intrinsic value. For barter if nothing else.
But, if TEOTWAWKI does happen, who are you going to barter with? Who will you be able to trust?
It just all depends on which scenario (one or many) that you prep for.
As for the current financial crisis……. I think that the talking heads on CNN and the other alphabet soup networks are all on psychedelic drugs and have their heads in the sand.
Bob
Everyhting has its place . Having a little gold might just buy my way out of a difficult situation, where food isn’t really what there looking for…………………
surviving the SHTF requires preparedness on lots of levels. Food and ammo are great But the Jews in germany couldn’t buy there way out with it but gold and diamonds did it for some/
and there ……….alive in Isreal.
Don’t sell yet! Ten, and even twenty, percent contractions are not unusual for this commodity, but the overall trend is still up. How can it be otherwise with more and more “money” (FRNs) in circulation courtesy of Mr. B. of the Fed?
Gold’s been a store of value for many centuries precisely because no government can duplicate it the way they do with other forms of money, especially paper money today. (Yes, they can debase the metal coinage, but folks catch on to that pretty quickly, or at least they used to.)
One other thing, it’s not that gold is any more precious now than when it was at $250/oz., it’s just that the dollar is much weaker now, due to inflation of the money supply by the Fed, and it buys less. Keep in mind that while the price of gold over the short run may or may not reflect its true value, emotions being somewhat involved, over a longer period of time its price is quite accurate when compared to fiat currency.
Now is definitely the time to sell some gold. I mean if the stuff is just sitting around, you might as well make some cash for it to pay the bills.
Quick…what rifle did Lee Marvin carry in the movie?
Sell my gold at less than halfway to its top over the next few years?? Why that would be like throwing profits or purchasing power out the window. No Thanks. I will think about it when gold hits $2,000.
(Now as a short term sell at a seasonal top, the idea has a small amount of merit)