Why Gold Owners Are Targets of the Government

[jeff of pa]

If you own gold, you are in a war.
You are under assault. You had better figure this out early.

There is a full-scale war against you.
The politicians and central bankers who are
conducting this war against you are determined
to see that you lose money on your investment



http://www.garynorth.com/public/4857.cfm

 

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[mistergee]

hmmmm....lots of food for thought there....thanks for the info

 

[MD Dog]

He doesn't seem to think the Giver-Mint will be making another gold grab like in the thirties. So as long as that's the case I'll keep buying and putting it away.

 

[jeff of pa]

Just Don't Buy from the Mint.

Their Gigantic Premiums
Are their way of Making Sure
It is a Long time, If at all
that you have a chance of making a Profit.

 

[MD Dog]

My secret is that I don't buy gold in coin form.

 

[thrillathahunt]

nor do I.

 

[Gettintoknowsomethin]

I wish I didnt buy the gold eagles eather! I have 20 of the 1oz coins and have been trying to sell them here localy but the coin dealers only offer 70% of melt value for them. I guess I will have to sit on them another 20 years before selling so I can just break even on what I paid. The dealers here tell me they dont have a big demand for gold eagles so they have to sell them for a loss. With the price of gold going up like it has I am suprised they dont have a demand for them.

 

[MD Dog]

Anyone who invests in Gold should be prepared to take a loss at sale unless like me they are investing for hard times like a world economic collapse. Gold prices rise for a number of reasons but one of the most common reasons is because uninformed investors buy with the intent of buying low and selling high, but as the previous poster found out that doesn't work without hugely wild swings of the Gold value. The reason for the most recent rise was an economic down turn which led such investors to hedge their funds with gold. But then they can't sell it in real form for what they paid for it because the stock value is much higher than the actual gold value. Coins are especially risky as their value is tied to the coins intrinsic value not just the precious metals value. If buying gold don't buy coins, buy jewelery at melt value. Then save it for when Gold values go up or when TSHTF.

 

[Gettintoknowsomethin]

I suppose I could use the gold eagles in my metal detecting coin garden. I only have silver coins planted there so some gold coins would be good to practice on. Or I could send them in to the cash for gold people I see their commercials and they seem to want to buy gold.

 

[MD Dog]

Here's what you do Gettin, go plant those things all over your yard or any ones of your friends who have a large yard and then invite a whole bunch of MDers to come metal detect for them, but charge each of them an entrance fee of say $100. If you have say more than a few then break it up and do this several times a year.

 

[jim4silver]

I wish I didnt buy the gold eagles eather! I have 20 of the 1oz coins and have been trying to sell them here localy but the coin dealers only offer 70% of melt value for them. I guess I will have to sit on them another 20 years before selling so I can just break even on what I paid. The dealers here tell me they dont have a big demand for gold eagles so they have to sell them for a loss. With the price of gold going up like it has I am suprised they dont have a demand for them.

There are coin shops that are paying a premium over spot for gold eagles. You need to do some research on that if your local guys are only offering 70%. Check out Apmex, Golddealer.com, etc. I only buy and sell locally, but many like these online stores.

Anyone who invests in Gold should be prepared to take a loss at sale unless like me they are investing for hard times like a world economic collapse. Gold prices rise for a number of reasons but one of the most common reasons is because uninformed investors buy with the intent of buying low and selling high, but as the previous poster found out that doesn't work without hugely wild swings of the Gold value. The reason for the most recent rise was an economic down turn which led such investors to hedge their funds with gold. But then they can't sell it in real form for what they paid for it because the stock value is much higher than the actual gold value. Coins are especially risky as their value is tied to the coins intrinsic value not just the precious metals value. If buying gold don't buy coins, buy jewelery at melt value. Then save it for when Gold values go up or when TSHTF.

I have to disagree. Jewelry is far worse than bullion coins, unless you are getting them below melt. There is a lot of stuff out there marked 14K, etc, that is fake. Most people do not know how to properly test it.

There are places where you can get gold bullion coins for not much over melt, for example Coronas and Mexican Peso gold coins.
I bought some old European gold coins (20 francs and sovereigns) a while back for only 2-3% over spot, and the coins are in AU condition.

I would stay away from numismatic coins though, and stick to bullion.

Jim

 

[MD Dog]

Jewelery is easy to test with a test kit, the cheapest ones start at around twenty bucks and anyone who invests in gold in the form of Jewelery or any form for that matter should be thoroughly experienced in testing it's purity, And unless someone is foolish enough to buy from such online sources as say ebay then there's really very little fraudulently marked Jewelery. I myself buy most of my pieces at little known online sites with fewer then one hundred buyers, and at yard and garage sales. Plus I get allot of valuable stones thrown into the mix too. Most sellers are even more --deleted-- than a half way educated buyer. I get many pieces at ridiculously low prices by simply asking what the seller wants for the item, this usually engenders a response something akin to "Well how about $30 bucks on an 14k 8 gram wedding band. I can usually even ask to make an even better deal by saying how about we throw all this jewelery together and I pay you say $75 for it and they quite often become the shrewd bargainer and offer it for $100. I end up getting several pieces for a fraction of the cost and don't have to worry about Uncle Sam knocking on my door one day nor the tax man.

 

[MD Dog]

If you could buy Gold "Coin" Bullion at spot your still probably paying more than you can get for it at resale. But very few people can find the deals to buy coins at spot and instead end up paying a premium for their intrinsic "Coin" Value. Even the U.S. mint sell these coins at an inflated price due to it being a coin. Now bullion bars are fine if you are investing heavily except you'll still find it all comes numbered and registered with the U.S. treasury Dept as well as the I.R.S. But jewelery can be easily melted down and even purified if your of a mind to do that sort of thing. Once it is a molten mass the whole ID thing their talking about for Gold Buyers etc... Becomes allot less troublesome. After all the whole point of the OP text was that Gold investors can and will be the targets of the Government again because of the current economic meltdown and it stands to get much, much worse before and if it will ever get better. Having gold resources that are untraceable is the only possible hedge that can be utilized at such times as History bears out. When Uncle Sam comes a knockin I won't be a victim of Federal Thievery.

BTW thanks for the compliment about my avatar !

 

[markmopar]

I wish I didnt buy the gold eagles eather! I have 20 of the 1oz coins and have been trying to sell them here localy but the coin dealers only offer 70% of melt value for them. I guess I will have to sit on them another 20 years before selling so I can just break even on what I paid. The dealers here tell me they dont have a big demand for gold eagles so they have to sell them for a loss. With the price of gold going up like it has I am suprised they dont have a demand for them.

Your dealers are feeding you a line.
Gold eagles are bringing $1008 each on Bulliondirect's Nucleo Exchange.

 

[cyberdan]

... have been trying to sell them here localy but the coin dealers only offer 70% of melt value for them.

I know of a refinery that only charge 2%, drop me a PM if interested. I am sure there are more.

 

[cyberdan]

Jewelery is easy to test with a test kit, the cheapest ones start at around twenty bucks and anyone who invests in gold in the form of Jewelery or any form for that matter should be thoroughly experienced in testing it's purity, And unless someone is foolish enough to buy from such on line sources as say ebay then there's really very little fraudulently marked Jewelery.

Absolutely true. With the amount of jewelry I buy I had to get an electronic tester. The acid method is too much work for me. Best $200 I ever spent. Almost 1/3rd of the marked gold I buy is lower kt than stamped. A 14kt may be 12kt. But when I buy I take that into consideration when I make an offer.

So far I have only purchased one piece of marked 14KT that was not gold. I paid so little for it I just considered it the cost of doing business.

I get many pieces at ridiculously low prices by simply asking what the seller wants for the item

I tried that method and sometimes people tend to remember what they paid and really ask high. But I do pretty good. I bought a pin a few weeks ago for about 50¢ if I remember correctly. It was unmarked but just had that "look" to it. Took it home and it tested 18Kt. I wanted to see what my competition would pay so I acted like a dumb customer and walked into 2 different jewelry stores that had WE BUY GOLD signs. One acted very professional (I even learned a few things) and offered me $35. The other place looked very hi-end & snobby. The owner pulled out her electronic tester (without even looking to see if the piece was marked) and did a one second test, and then another one second test. She either had no idea how to use the machine or thought her play acting would fool me. I have the same tester and it takes a good 3-4 seconds to do the test and there has to be some gel on the end of the tester wand which she did not adjust. I got a $25 offer at that store. Melt value is really around $80

 

[Seamuss]

Banks have been waging war on the public for everything from gold to real estate to personal accounts with the bank. If you have a bank account, you are looked at just like the person with a few stocks in the market or a few ounces of gold at home.

If you own something free and clear then your a threat to the bank because you don't owe them anything. And that gives you the power over your own life.

 

[Gettintoknowsomethin]

Thomas Jefferson wrote, “I place economy among the
first and most important republican virtues, and public
debt as the greatest of the dangers to be feared. To
preserve our independence, we must not let our rulers
load us with perpetual debt.”

 

[goldsworthy]

as for government confiscation of gold I would like to point out that I attend as many TEA parties as I can and I am noticing that more and more people are showing up and the speakers are angrier and angrier. I also go to gun shows and have noticed crowds and buyers are growing like crazy. Look in any Lowes or TSC and you will see gun safes selling like crazy. Any attempt to confiscate gold could and very likely will trigger a civil war