tag:blogger.com,1999:blog-16646992.post7300444821392892817..comments2023-10-14T23:56:22.016-10:00Comments on Reflecting Light: All that glitters is not GLDRick Darbyhttp://www.blogger.com/profile/02371910140619422820noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-16646992.post-18064647800920985012010-07-23T13:06:34.868-10:002010-07-23T13:06:34.868-10:00Rick:
I'm a little surprised you dismiss those...Rick:<br />I'm a little surprised you dismiss those who advocate taking possession of gold and precious metals as conspiracy theorists and doomsdayers given the history of (attempted) gold confiscation in this country. Take the Obama Medical Scam Bill (please, take it!). It was revealed yesterday that it includes a provision to tax and track gold purchases from OTC merchants. <br /><br />http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611<br /><br />For decades they have tried to make buying gold in cash illegal here. Understand that gold represents a genuine threat to fiat currencies, and with the dollar in long-term spiral, any movement to an international special drawing rights regime (as has been discussed repeatedly by very mainstream, insider types like Jim Rickards, Mark Faber and Jim Rogers) will include gold as part of the basket of currencies.<br /><br />Given that backdrop (not to mention the GLD and other ETF's prospectuses), it seems to me that storing gold or silver in one's home is a relatively painless precaution, one I'd hardly associate with survivalists. I live one block north of Wall St, worked at Deutsche Bank, Liberty Financial and a major finance law firm, and I keep gold and silver (and palladium) in physical form. Nothing conspiratorial about it.<br /><br />Gold is in a long-term, secular bull market, like other commodities. We are nowhere near a top or hysteria moment. Gold at $1200 or so will look like a bargain after this Congress, President and Fed are through with us.<br /><br />And I'm no "goldbug," just a student of financial history.<br /><br />All the best,<br />MMarcushttp://www.youtube.com/user/MarcusCMarcellusnoreply@blogger.comtag:blogger.com,1999:blog-16646992.post-30574026780842725772010-07-16T09:06:34.394-10:002010-07-16T09:06:34.394-10:00My thoughts about buying gold are pretty medieval....My thoughts about buying gold are pretty medieval. Buy gold, then hire a small private army to defend it. And then pray that your small private army stays loyal to you. <br /><br />That was basically the strategy of Lord Bigacres in 1135. Of course,then you'll need even more gold to pay off that private army. . .<br /><br />Really, there are no good solutions.<br /><br />--Mary J.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-16646992.post-52140290820384587552010-07-14T09:22:12.258-10:002010-07-14T09:22:12.258-10:00Anonymous,
Understood. Of course, you have the do...Anonymous,<br /><br />Understood. Of course, you have the doomsdayers, survivalists, and conspiracy theorists who say unless the metal is in your actual possession, you may not have access when you need it; or the government can seize it with a few keystrokes; or it can send Gestapo units to torture your gold trader till he gives them the combination to the safe … <br /><br />I'm all for reasonable prudence in this (or any) asset class, but there is no such thing as <i>absolute</i> security.Rick Darbyhttps://www.blogger.com/profile/02371910140619422820noreply@blogger.comtag:blogger.com,1999:blog-16646992.post-45400821303702318292010-07-14T06:04:30.072-10:002010-07-14T06:04:30.072-10:00Reputable precious metals traders (i.e. not those ...Reputable precious metals traders (i.e. not those who advertise on talk radio)generally offer storage options for an extremely reasonable price. Thus you can own the real deal without hiding it under your bed (or in specially-built hiding places in your home that not even your widow will know of without your architect's advice - a real situation I know of). Sorry, reasons of professional courtesy and family security necessitate that this be an anonymous posting, Rick.Anonymousnoreply@blogger.com