The “accident” happens at about the 5-min mark, but you should see the entire video because the woman economist has good points too (and Schiff gets back at the end):
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ETF gold is like playing Russian Roulette or musical chairs – IF the music ever stops you might get screwed.
The whole point of buying gold/silver for investment vs a stock or mutual fund is to have a tangible asset with no counter-party risk. If you buy metals you need to buy the actual thing, not some virtual IOU.
That means either you can hold it in your grubby little hands or go to the vault and retrieve it when you ask for it. Logging onto your Ameritrade account and printing your trade history doesn’t count.
And Schiff is right – stay the hell away from Numismatics coins unless you know what you are doing or have a trust fund.
I see money drawn out of realty and stocks is being put into gold. I guess all we need is for Russia to empty it’s bullion reserves and that will take gold into a major commodity nose dive.
I’m sick and tired of people trying to defend Glenn Beck. He is an obvious shill for the GOP, and is trying to act like he’s libertarian minded to suck in would be tea partiers to the republican party. Either you’re for freedom or you’re not, it isn’t that difficult. Why anyone would trust Glenn Beck (or anybody else, for that matter) at his word without doing any of your own research is beyond moronic. That’s why the government is so successful at passing all these regulations, most people are brain dead idiots, and need nanny government to protect them from big bad business, when all they have to do is a quick, private and secure http://www.startpage.com search to find the current prices on gold. Sheesh.
#4 Beck is not all that friendly to the GOP. He is vastly more conservative than most GOP leaders and he is not loath to stick verbal harpoons in those he thinks have earned them.
As for gold as an investment. I would have liked to have invested in gold years ago because when you get right down to it the dollar is just a small piece of cotton fiber paper with a pretty design on it that looks likely to end up in a vast over supply.
Unfortunately it was obvious to me that the small time buyer has to pay a huge mark up to buy precious metals and when you get around to trying to sell you get bleeped again.
The little guy doesn’t stand a chance. It’s the dealers that make money.
Buying gold is betting against America. Do real patriots do that?
#1–Damndirty is WRONG!! and I do wonder why he posts such silliness. Sounds like a libertarian economist a la Greenspan before he learned everything he preached was BS.
Markets ALWAYS GO DOWN, there is no “if” about it and when they go down, there is no maybe you get screwed–you always get screwed==of course, unless you can hold on to the asset for 15 years for it to recover and another 5 to break even on the commissions.
TV is a medium of fraud. Everything we are told therefrom is a sham. “Lost is an excellent tv show.” “Prell makes your hair nice.” “Gold is a wise investment.”
Its the religious mind set dressed in secular robes all to the same end goal: to fleece the believers.
Stoopid Hoomans.
That gal is wearing a Wilma “The Flinstones” dress.
WIIIIIIILMAAAAA!
buying gold is not betting against america. it is betting against the asinine fiscal policies of america. Big Difference.
Bobbo – you are the one who is wrong. Before you sound off on something you know little about, do some basic research on the math behind the gold ETFS – they would likely fail to deliver if the market were to implode. There is not enough gold in circulation to account for all the paper shares being traded. Thus you do not really own that gold, only a certificate.
Enron is a perfect example of why paper assets like stocks do not permanently exist until you liquidate them and convert that to a currency. I’m not simply talking about the numerical value of an ETF as it trades, I’m talking about market makers not being able to satisfy call options in gold to everyone in an emergency.
Normally that’s fine since the same could be said of other paper securities, but the idea behind gold and silver for investing is, as I already said, to own an asset with no counter-party risk.
Deficits much higher than those under George Bush, whose deficits were so high it prompted posts titled ‘Is the US bankrupt?’ on certain blogs.
The meme seems to be, “buy paper gold – don’t buy physical gold.”
Anyone who buys gold now is a yutz.
Even if it goes up to 1500 and you buy it around 1200 you are looking at only 20% ROI. It will not double. So you would be better off in real estate which is cheap and very available.
Buying a super high commodity is a great example of a fool and his money are soon parted. The crud WILL go down more than it will up. If you had gotten in when it was 350-500 an ounce you’d be sitting pretty now. But at 1100-1200 you missed the party.
tl;dr Don’t buy precious metals now, wait.
Cursor_
Ummm…
What else would glorified bean coun… err MBA do for food in a post apocalyptic world? They’re going to need something to barter with.
i watched the video and i think its right.
# 2 Damndirtyape:
“And Schiff is right – stay the hell away from Numismatics coins unless you know what you are doing or have a trust fund.”
Absolutely right. Collecting anything other than money in NOT an investment strategy. At best, it’s a hobby that _can_ pay off, but don’t count on it! Even the experts get burned occasionally.
Of course, the same can be said about real estate, the stock market, etc., etc., etc.
Of course, if you just _have_ to collect something, the best strategy is to find a stamp collector you really, really admire and collect all the exact same stamps. After all, imitation is the sincerest form of philately…
Gold is no safer than any other investment, specially when used as a hedge against an imaginary financial apocalypsis. What most people don’t realize is that gold is only worth anything right now because there are dollars to buy it with. Imagine that you have some gold coins, and the dollar goes to hell. Unless we return to a medieval financial system, that gold will be really hard to get rid of, because nobody will have money to buy it back from you, and very few people will be interested in what at that point is a shiny trinket with no real use.
People that are buying gold now are falling into the same trap that real estate investors fell into 5 years ago… the thought that certain things always will go up, without the realization that there is a limit to its potential value, and that once people see it as overvalued, it will quickly collapse.
Also, there is no lack of gold, there is a lot of interest in gold, and that is two very different hings… if interest in gold goes down, there goes it’s value. Since the economic cycle is definitely trending uppwards. the interest in gold will collapse… I can easily see $400 / ounce gold in 5 years, and that still makes it overvalued.
Like any investment, once the MSM starts saying BUY it’s already too late. Sell Sell Sell.
If you are worried about the future don’t buy gold but a years supply of food for you and the members of your family. You can’t eat gold and if or when the shit hits the fan gold will be worth only what other people are willing to give for it.
The sky is falling, the sky is falling, oops never mined.
Stupid fact that may interest only me…A recent National Geographic stated that the total amount of gold mined so far on earth equals roughly two olympic swimming pools.
If anyone cares to do some research you will find that inflation will not be a problem. What will be a problem is DEFLATION. To have inflation people have to have money and be willing to spend it.
whats that? –your from the CFR?
-get a rope”
/sarcasm
[so noted for the “thought police”]
—-
interesting body language..
love how the CFR stooge chokes around 5:55 on the inflation remark: “but should it come in the future”
—-
screw gold, buy Silver..it has far more *utility* than just a monetary marker..
-s
I don’t know what people are bitchin’ about…
this is the Free Market/Unregulated Market in action.
“Make your money and screw everybody else.”
Look at the land rushes.
Look at 1900’s Railway.
Look at 1910’/1920’s Newspapers
Look at 1900’s – ’30’s Oil.
Look at the Depression Crash Stock Market.
EVERY ONE of those was caused by “Free Market/Unregulated Market” policies.
Then the Gov. HAD to step in and put LIMITS on how badly Big Biz could screw the smaller companies and people…
Honestly if your wanting a hedge again the Apocalypse you should buy silver not gold. How do you buy a bag of groceries with a 2000 dollar gold coin or fill your gas tank ? 1oz of silver is trading in 19dollar range right now and i have multiple monster boxes which have mede me much more money than gold would have ion the same time
silver was 16 bucks an ounce when I bought my last monster it is now almost 19 dollars: 500 1 oz coins multiplied by 3 dollars is a hell of a lot more than 4oz of gold up 100 dollars
All you Nobel prize economists make me laugh.
Why are you all wasting your valuable knowledge on this blog instead of saving the world and getting rich?
“Let it be heard over every city and suburb of this land that the National Debt is no topic for frivolity, and the mailed hand of Obama shall smite all offenders.”
http://tinyurl.com/34twxu6
@MikeN
If you can’t make fun of it you will just have to cry instead.
Improbus said “If anyone cares to do some research you will find that inflation will not be a problem. What will be a problem is DEFLATION.”
2 problems… first deflation is a problem of being on the gold standard… you’re money is worth more relative to gold. Second, countries– or at least our country– can print itself out of deflation. Print enough dollars and people will use it as toilet paper.