How Joe Biden will make me a rich man

rockytopva said:

I am investing in gold as I believe Joe Biden is going to destroy the value of the US dollar. I am already sitting on huge gains along with a 10% dividend compounded monthly. I must always warn though that any US stock is subject to losses in value but so far so good!

GGN - Gabelli Global Gold Natural Resources And Income Trust
Gold prices top $1,800, settle at highest since February

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Good fer you, this isn’t advertising a particular stock, is it?

rockytopva said:

Well... Don't buy GGN then.

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What other solicitations will you be “offering” us, one wonders?

The only people who are going to get rich off of gold bought in at $ 270 an ounce in 2001. No one will ever make a fortune buying at $ 1750 and selling at $2000.

I remember when they were talking about gold in 2008.

If anyone is going to buy gold coins, please make sure you understand the difference between bullion and “proof” coins. My experience is that a proof coin (by way of a loose analogy) is like that more expensive, special make of car that retains its value. I had a horrendous experience with a firm that advertised on conservative talk radio. The way the coins were described to me, I somehow thought they were proof coins, but they turned out to be bullion. My fault technically, but as for the just side of things…. Anyway, precious metals took a tumble just after I purchased the coins as part of a rollover from a 401k to a self-directed precious metals traditional IRA. The metals lost over 50% in fair market value. And for anyone fond of saying, “Yes but what about spot price back then?” (Spot price determines how much you can get for selling the gold). Well, spot price was barely much higher.

The above happened about five years ago. Gold has surged to the point that my coins on deposit with the custodian are now up to about 90% of the original rollover amount. My goal is to hang on and punch out when gold growth allows me to clear a growth of about 20 percent of what I began with. I’m still miffed about the experience, especially since I told the IRA rep for new sales that my only goal was to preserve capital. Again, be careful to consider the pros and cons of bullion versus proof coinage, and know for certain what you are getting, before you take the plunge.

Sketcher said:

I remember when they were talking about gold in 2008.

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Yes, still are. Perhaps for good reason. It just creeps me a bit when the actor says in one TV ad, “I even like the feel of gold.”

Ringo

rockytopva said:

I am investing in gold as I believe Joe Biden is going to destroy the value of the US dollar. I am already sitting on huge gains along with a 10% dividend compounded monthly. I must always warn though that any US stock is subject to losses in value but so far so good!

GGN - Gabelli Global Gold Natural Resources And Income Trust
Gold prices top $1,800, settle at highest since February

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<looks at stock market and people who are knowledgeable in economics>

OK, you have fun with that.

rockytopva said:

I am investing in gold as I believe Joe Biden is going to destroy the value of the US dollar. I am already sitting on huge gains along with a 10% dividend compounded monthly. I must always warn though that any US stock is subject to losses in value but so far so good!

GGN - Gabelli Global Gold Natural Resources And Income Trust
Gold prices top $1,800, settle at highest since February

Click to expand...

My employer - one of the biggest investment banks on Wall Street - disagrees with you and is putting their money behind the stock market specifically for the next 4 years. Gold will be slowly creeping down - already is. Only bumps along the way for the stock market are inflation (which has bottomed out) and a small housing bubble caused by Covid, but otherwise market will see very strong growth.

Investing in gold only hedges ones bets in cases of mild-to-moderate economic downturns (with the understanding and premise that it'll bounce back down the road)

If the value of USD was "destroyed" as you put it, being invested in gold (or even owning physical gold) isn't going to help much in that particular doomsday scenario.

If millions and millions of people are jobless, starving, etc... you may have a hard time finding anyone to buy it from you.

If you're that worried about a doomsday scenario, knowing how to procure your own food, and having access to a fresh water source is a better prep strategy than precious metals.

And if one was worried about a USD collapse of any significant size, a better hedge would be to be partially invested in diversified international currencies to spread out one's risk (as the odds of every developed countries' currencies going belly up at the same time would be highly unlikely)

ThatRobGuy said:

Investing in gold only hedges ones bets in cases of mild-to-moderate economic downturns (with the understanding and premise that it'll bounce back down the road)

If the value of USD was "destroyed" as you put it, being invested in gold (or even owning physical gold) isn't going to help much in that particular doomsday scenario.

If millions and millions of people are jobless, starving, etc... you may have a hard time finding anyone to buy it from you.

If you're that worried about a doomsday scenario, knowing how to procure your own food, and having access to a fresh water source is a better prep strategy than precious metals.

And if one was worried about a USD collapse of any significant size, a better hedge would be to be partially invested in diversified international currencies to spread out one's risk (as the odds of every developed countries' currencies going belly up at the same time would be highly unlikely)

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In a doomsday situation I have no problem selling a loaf of bread for a quarter ounce of gold.