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 “This was an opportunity for me to get good cash for jewelry that is out of date, broken or that I just didn’t like any more,” she said.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.