The Ron Paul Case for Gold

[madRazor]

Can someone with a good knowledge of this kind of thing confirm or deny?

I was thinking that Gold is a good investment whether RP wins the nomination or not.

Case Win: Takes steps to 'legalize' (forget the constitution, gold is not legal - HA!) competing currencies, and the demand for gold will increase. Demand increases, price increases.

Case Not Win: Economy continues to tank, recession, and gold acts like a safe-haven. Demand increases, price increases.

If my reasoning is sound, is there a serious amount of risk in paying into the GLD etf? I mean how hard is it for those in charge of the etf to just confiscate 'your' gold if the shtf? How any of you have physical gold in your possession, and how do you keep it safe?

Thanks for any info!

 

[born2drv]

physical is always safest...... there's a lot of "paper gold" out there too, people promising to hold you gold or what not and if there was a run on the system you'd be out of luck. i've heard reports that the electronic or paper gold out there issued by banks and governments outnumbers physical by 4 to 1 or more.

where to keep it? well you can get a good sized safety deposit box in your local bank . before i kept my gold in my safe, i paid $250/yr for the biggest box my bank had which was about 12" high by 12" wide by 30" long or something like that.

 

[hocaltar]

Your mostly correct. Just remember though, the value of gold doesn't really change. The value of fiat money does. Thats why you could buy an $800 suit in 1910 with one oz of gold and you can buy an $800 suit today with oz of gold. Gold is simply a safe way to store money. I am holding my gold forever to give to my kids one day. Who knows, if Bernanke starts printing the money by the helicopter load, it may be the best investment I ever made.

I bought 12oz of gold at $770 (10k was all I could afford). My father bought 50oz at $400.

 

[madRazor]

physical is always safest...... there's a lot of "paper gold" out there too, people promising to hold you gold or what not and if there was a run on the system you'd be out of luck. i've heard reports that the electronic or paper gold out there issued by banks and governments outnumbers physical by 4 to 1 or more.

where to keep it? well you can get a good sized safety deposit box in your local bank . before i kept my gold in my safe, i paid $250/yr for the biggest box my bank had which was about 12" high by 12" wide by 30" long or something like that.

Didn't the US Government raid people's boxes for their gold in the early 1900s?

 

[born2drv]

Didn't the US Government raid people's boxes for their gold in the early 1900s?

i believe so, and the IRS can raid your box if they find you guilty of evading taxes, etc... but it's the safest place for now for the average person. if things start getting ugly i'd pull my gold out quietly and just keep it in my house without telling anyone.

that's the most important thing about storing your gold if you do it at home, just make sure no one knows you have any gold, don't brag about it, don't flaunt it, and keep it hidden, you should be the only one who knows about it and you should be fine.

you can also buy a nice safe for like $4000-5000 and stick it in your garage, if you're really paranoid you can hire a security company to put sensors and monitor the safe just like a jewelry store, and on top of that you can get insurance to insure the contents of the safe against theft, again like a jewelry store would.

 

[DGambler]

The best case for gold, is to use real world examples. Look at what is going on in Zimbabwe right now with there 150,000% inflation (a tube of toothpaste costs them 60,000,000 of their dollars). The central bank is pumping more money into the economy try to curb the rising prices (LOL, like that will work)... if their currency was tied to gold, you would never see this.

http://news.bbc.co.uk/2/hi/africa/4665854.stm

 

[Edu]

You may want some silver coins 1oz, because that will be spendable for food or whatever. Gold will be somewhat worthless since you need to trade a lot of food and goods for it and most people will be in a bad situation.
Or small gold coins, like dime size.

 

[robert4rp08]

I just started buying silver and gold not too long ago. My first purchase were Liberty Dollars, but they never made it to me (damn the FBI). Since then I've bought silver eagles and bullion. I wouldn't think of it as an investment though. More like security against the tanking dollar. You can also buy foreign currencies too (I think this is called hedging).

 

[extrmmxer]

You want physical metal, silver and gold. Keep it somewhere that the government wouldn't know about. Better buy it quick because it's going to continue to rise.

 

[twdahm]

DO NOT KEEP YOUR GOLD AND SILVER IN A SAFTEY DEPOSIT BOX!!!! The best deal is to buy "junk silver" go to your local coin shop tell them you want to buy so much dollars worth of junk silver (these are fifty cent pieces, quaters, and dimes 1964 or earlier. All are 90% silver) this is where you will get the best deal and closest to spot price.

 

[robert4rp08]

DO NOT KEEP YOUR GOLD AND SILVER IN A SAFTEY DEPOSIT BOX!!!! The best deal is to buy "junk silver" go to your local coin shop tell them you want to buy so much dollars worth of junk silver (these are fifty cent pieces, quaters, and dimes 1964 or earlier. All are 90% silver) this is where you will get the best deal and closest to spot price.

Yeah, good call. This is a great way to get into silver purchasing (plus you might get extremely lucky and find a diamond in the rough). You can also get private mint rounds/bars that are near spot value from local shops (or online, but you need to pay shipping).

 

[madRazor]

Awesome, I'm out of equities now, so I guess it's on to my local gold / silver shops. I am looking on CoinInfo.com for places close to me but does anyone know of another source? (I don't have a phone book.)

 

[Redmenace]

I went to google maps and looked for "gold and silver" near my home address and it came up with several results.

 

[steve005]

I bought 12oz of gold at $770 (10k was all I could afford). My father bought 50oz at $400

I wouldn't make that kind of info public

 

[Edu]

DO NOT KEEP YOUR GOLD AND SILVER IN A SAFTEY DEPOSIT BOX!!!! The best deal is to buy "junk silver" go to your local coin shop tell them you want to buy so much dollars worth of junk silver (these are fifty cent pieces, quaters, and dimes 1964 or earlier. All are 90% silver) this is where you will get the best deal and closest to spot price.

Do you think people you want to trade with will understand or be able to tell that these are not just plain old coins?

Silver rounds, private mint, 1oz are 99.9% silver and they tarnish (which to me is a good thing).

You could pay your employees in gold etc.. and save them the taxes:
http://www.wethepeoplefoundation.org/UPDATE/Update2007-09-30.htm

Probably something you never heard about (isn't that amazing).

 

[kirkblitz]

http://www.goldmoney.com/

i use them and i like it.

Kitco.com and apmex.com are good if you want to physcially keep it.

 

[robert4rp08]

Awesome, I'm out of equities now, so I guess it's on to my local gold / silver shops. I am looking on CoinInfo.com for places close to me but does anyone know of another source? (I don't have a phone book.)

google maps. type in your address and search for business near you. try "coin collecting"

 

[theseus51]

One way to do it if you own your house, is to dig a big hole. Then buy a safe, and put it in the hole. Then pour concrete to secure your safe, and make it way too heavy for anybody to remove the safe. That way you don't have to rely on bank safe deposit boxes, and save money on rental fees. Plus you don't have to worry about the government raiding those safe deposit boxes. And of course cover up your safe with wood or something to hide it.

 

[jacmicwag]

Thought I read somewhere that Ron Paul once owned a coin shop. Wonder if he is still in that business.

 

[kirkblitz]

One way to do it if you own your house, is to dig a big hole. Then buy a safe, and put it in the hole. Then pour concrete to secure your safe, and make it way too heavy for anybody to remove the safe. That way you don't have to rely on bank safe deposit boxes, and save money on rental fees. Plus you don't have to worry about the government raiding those safe deposit boxes. And of course cover up your safe with wood or something to hide it.

how do you get to it then?