Gold, Silver, etc...

[LA_Guy]

Ft Knox hasnt had gold since the mid 70's....

So are you implying that the US doesn't have any gold in reserve?

 

[Spartan]

So are you implying that the US doesn't have any gold in reserve?

To answer your post before the edit,

We dont have one anymore. We dont need one...

In God we trust

 

[Wizard]

So are you implying that the US doesn't have any gold in reserve?

If we did, they would allow it to be audited. :worried:

 

[TiCKed]

Ft Knox hasnt had gold since the mid 70's....

http://www.usmint.gov/about_the_mint/fun_facts/index.cfm?action=fun_facts13

And, there are at least ten 1933 double eagles seized from a private citizen by the Treasury Department on the pretext that they were never released by the US Mint, and are therefore illegal to own.

 

[FUTURESTRADER]

So are you implying that the US doesn't have any gold in reserve?

Gold Coins are minted at West Point Military Academy from bullion transferred from Federal Reserve Banks

 

[Wizard]

http://www.fgmr.com/right2know.htm

In the 1970's a very courageous gentleman named Edward Durrell claimed that substantially all of the US Gold Reserve being stored at Ft. Knox was gone. Only 1,000 tonnes or so of the 8,500 tonnes supposedly being stored there remained. The rest had been secretly taken from Ft. Knox and shipped to London in 1967 and early 1968 for sale by President Johnson in an ill-fated attempt to keep the price of Gold at $35 per ounce.

Pandora's box. :blink:

 

[Brett]

Good read Wizard! I have heard stories about how Ft. Knox was empty for years. Not even sure you can take a tour.

Silver is at about $14.30 Oz. I went on ebay last night to see what it was going for. I bought 2 silver eagles below market, even with shipping!! I wish I had bought a 100 oz. bar a few months back when I was looking.

 

[Wimpy]

Good read Wizard! I have heard stories about how Ft. Knox was empty for years. Not even sure you can take a tour.

Silver is at about $14.30 Oz. I went on ebay last night to see what it was going for. I bought 2 silver eagles below market, even with shipping!! I wish I had bought a 100 oz. bar a few months back when I was looking.

Good for your Brett! Typically, coin dealers can have a fair size spread between their buy price and their sell price. This spread is where the dealers make their money. Ebay is going to force these dealers to be more competitive.

 

[Wizard]

Sorry Brett, did not see your post earlier. Great going!

You may want to try garage sales. I have got some really good deals there. One example was a "bag of old coins - make offer" for $20. There were 7 - $5 Indian Heads, among others mixed in.

NOTE: That was about 7 years ago. The good old days when everyone hated PMs and PM coins.

 

[JOVARN]

All the markets buy me had coin returns and charged 10% and none of the banks had the service. Now all the banks have the service at no charge. If there is a way to make some money the banks will be first in line.
I thought I heard a clip on CNN that said all pennies minted between 1956 and 1981 were worth 3 cents. I may have misunderstood??

 

[Wizard]

I thought I heard a clip on CNN that said all pennies minted between 1956 and 1981 were worth 3 cents. I may have misunderstood??

The price is correct. There are some REAL bull markets out there.

Wonder why this country is going bankrupt?

United States Mint estimates it now costs 1.23 cents (U.S.) to make a 1-cent coin and 5.73-cents to produce a nickel.

:blink:

http://www.theglobeandmail.com/servlet/story/RTGAM.20060511.wmint0511/BNStory/Business/home

Repeat after me - INFLATION IS CONTAINED.

 

[Wimpy]

The price is correct. There are some REAL bull markets out there.

Wonder why this country is going bankrupt?

Repeat after me - INFLATION IS CONTAINED.

You can bet your paycheck COPPER won't be factored into the CPI anytime in the near future. What a Rhino HORN in that chart!!!!

 

[nnuut]

Should have sold the house and bought copper in 2003, I think? Damit always mis the big ones!

 

[Wizard]

Should have sold the house and bought copper in 2003, I think? Damit always mis the big ones!

Median house price $212,500 in 2003 invested in copper would be worth $1.09M now. :worried:

 

[nnuut]

OUCH, see what I mean? Dammit BOY!

 

[TiCKed]

Median house price $212,500 in 2003 invested in copper would be worth $1.09M now. :worried:

Yeah....but isn't the median house price pushing $1.09M now?

Ok, not true. But the smartest "investment" I ever did make was buying my house in 1997. It's tripled in value since then! (Of course, in order to cash out, I'd have to learn to live under a bridge somewhere..... )

 

[Wizard]

 

[Wimpy]

Yeah....but isn't the median house price pushing $1.09M now?

Ok, not true. But the smartest "investment" I ever did make was buying my house in 1997. It's tripled in value since then! (Of course, in order to cash out, I'd have to learn to live under a bridge somewhere..... )

Re: Living under a bridge - This isn't the only option. A person could sell when the market is topping out and rent or possibly take a transfer and buy somewhere cheaper. The real estate bubble isn't happening in every part of the country.

Moving is a pain, but when the opportunity cost is factored into the equation...it makes a lot of sense.

Married couples definitely need to be on the same page with this concept and that is the reason the most important factor in acquiring wealth depends largely on who we marry. If both parties to the marriage are pulling on the same end of the rope...the results are absolutely amazing.

A house is not an investment if we are not willing to sell it.

 

[Wizard]

Re: Living under a bridge

Renting looks real good right now. I hear the property tax reevaluations are looking really ugly.

My brother has a great deal. He sold his house last August to a "investor" and now he is renting the same house. He never moved. The "investor" wants to pay him $50,000 now to break his lease and pay half the moving costs because his ARM is going to reset and he no longer can afford the property and wants to put it on the market to sell it.

The house value has fallen about 10% since my brother sold it and my brother is paying $400 a month less then what his mortgage was for and he no longer pays property taxes. His total savings is over $900 a month plus he sold at 10% higher.

House prices are the one thing that can not be saved during this fed rate hike. First has to be USD, second keep bond yields contained, third stock prices (pension benefits), then probably housing prices. They will not be able to help any longer term but that is probably the game plan.

 

[Fivetears]

Renting looks real good right now. I hear the property tax reevaluations are looking really ugly.

My brother has a great deal. He sold his house last August to a "investor" and now he is renting the same house. He never moved. The "investor" wants to pay him $50,000 now to break his lease and pay half the moving costs because his ARM is going to reset and he no longer can afford the property and wants to put it on the market to sell it.

The house value has fallen about 10% since my brother sold it and my brother is paying $400 a month less then what his mortgage was for and he no longer pays property taxes. His total savings is over $900 a month plus he sold at 10% higher.

House prices are the one thing that can not be saved during this fed rate hike. First has to be USD, second keep bond yields contained, third stock prices (pension benefits), then probably housing prices. They will not be able to help any longer term but that is probably the game plan.

What a read! That's some SERIOUS outside the box thinking. I don't think I could pull a move like that though, Wizard. I've gotta 1600sf home in West San Antonio... with just a $580 note; 15year 4.75% fixed. I could rent mine out for an easy $850.
Your brother made a great move.