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If Gold Hit $ 5,000 Next Year, Would You Sell, And Why?

Would You Sell Gold If It Went To $ 5,000 An Ounce Next Year (Or Your Silver)?

  • Yes, All of it

    Votes: 5 15.2%

  • Yes, most of it

    Votes: 3 9.1%

  • Yes, about half

    Votes: 8 24.2%

  • Yes, but only a small amount

    Votes: 8 24.2%

  • No

    Votes: 9 27.3%
  • Total voters
    33
  • Poll closed .
SevenEyedJeff

SevenEyedJeff

Member
Joined
May 31, 2007
Messages
1,054
I, for one, would not sell. It could mean hyperinflation. I believe in Weimar that gold topped out at around 87 trillion German marks per ounce:

http://www.24hgold.com/viewarticle....anics,+Manias+and+Crashes&lastpublishingyear=

If a scenario like this played out, I wouldn't try to make a profit in dollars; it could be very costly.

And if silver went to, say, $ 100 an ounce, I would not sell that either unless I needed to for supplies.;)
 
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oops I meant to say most of it. I would sell most of it to buy up foreclosed homes.
 
Depends on the situation. I'm planning on trading in my PMs for real estate. Once I can get my desired amount, I'll trade in (whether that involves converting the gold to currency remains to be seen). I'm aiming for a block of lower class houses for 10 oz gold or equivalent silver. I would only trade in for currency if I needed money for living, in which case it wouldn't really matter what price it was.
 
oops I meant to say most of it. I would sell most of it to buy up foreclosed homes.
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I might buy one foreclosed home. :p

I've always had more humble intentions for my PMs, like survival.
 
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tmosley said:
Depends on the situation. I'm planning on trading in my PMs for real estate. Once I can get my desired amount, I'll trade in (whether that involves converting the gold to currency remains to be seen). I'm aiming for a block of lower class houses for 10 oz gold or equivalent silver. I would only trade in for currency if I needed money for living, in which case it wouldn't really matter what price it was.
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You can already get a house for about 10oz of gold if you know where to look.
 
SevenEyedJeff said:
I might buy one foreclosed home. :p
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well my thinking is they are already selling foreclosed homes in some areas for like 12k I suspect that will go lower. If gold hits 5k you can buy a lot of homes for just a 10oz of gold.
 
If gold hits 5k you can buy a lot of homes for just a 10oz of gold.
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Yes, but how much will property taxes be at that point? And if the economy is in such chaos, maybe there will be a lot of vandals and gangs trying to loot your homes and bust them up. :rolleyes: Of course, you could hire me for security, 1 oz gold per week.
 
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SevenEyedJeff said:
Yes, but how much will property taxes be at that point? And if the economy is in such chaos, maybe there will be a lot of vandals and gangs trying to loot your homes and bust them up. :rolleyes:
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That would be a problem. I would give most of the homes to my family to live in and protect. That is if they needed a place.

Lets hope gold does not hit 5k lol
 
SevenEyedJeff said:
I, for one, would not sell. It could mean hyperinflation. I believe in Weimar that gold topped out at around 87 trillion German marks per ounce:

http://www.24hgold.com/viewarticle....anics,+Manias+and+Crashes&lastpublishingyear=

If a scenario like this played out, I wouldn't try to make a profit in dollars; it could be very costly.

And if silver went to, say, $ 100 an ounce, I would not sell that either unless I needed to for supplies.;)
Click to expand...

The same amount of gold that buys a suit right now will also buy a suit then. No?
 
TheAmistad said:
The same amount of gold that buys a suit right now will also buy a suit then. No?
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Not exactly.

The value of gold changes according to the supply and demand of gold.

The price of gold in FRNs changes relative to the value of gold and the value of the FRNs.

Price and value are two different things. The primary driver behind the increase in golds price will most likely be an increased supply of FRNs. It is still possible golds supply/demand ratio will change too, therefore changing the value of gold.
 
I thought I read that in Weimar Germany you could take 10 or 20 oz. of gold and buy a whole city block with the buildings on them. I think that's more valuable than 10 or 20 suits. ;)
 
No, I wouldn't sell. If gold reaches $5000/oz. it'll likely keep on rising way, WAY beyond that. Gold at $5000/oz. indicates serious monetary issues with the dollar.
 
ItsTime said:
You can already get a house for about 10oz of gold if you know where to look.
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Block of houses, not a single house. As in, at least 4-5. Taxes aren't a big deal, as you would pay them out of your rents.
 
My first instinct was to say yes, I would. But then I thought about it a little more, and this is what I came up with:

Next year would mean that, like a few of you said, hyperinflation or a huge mess economically. There is also no way that the economy could be fixed by next year. To have PM's through the collapse or hyperinflation or whatever comes would be a huge help.

So, no, I would not. If we make the government get it's act together and have a say in the rebuilding process, then, and only then, would I think to sell. And it will be at least a couple years til the economy is stable after that.
 
I'd sell some of it to pay off my mortgage. That would knock a nice chunk of change off my current monthly expenses. :D
 
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