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  • paperinfire2011 paperinfire2011 May 15, 2012 10:43 AM Flag

    Ye Redneck, O' ye redneck: Call the Murdok

    You my dear friend write well but are the one spreading misinformation:

    (1) US Mint: 1885 for 1 oz (91.6% gold) coin. That comes to $ 2057.86 for 1 oz of Gold. Current quote is $1550. So the loss on purchase is 1550/2057.86 or 25%. Try selling it. You will lose more the additional 5% needed to make 30%. You also owe sales tax though the US mint does not collect it. But you are legally required to declare and pay it. So the losses are more than 30%.

    http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=10118&langId=-1&parent_category_rn=10191&top_category=10191

    2. beckster coins: I will not even go there.

    3. Gold jewelry: Just try it. Go to a jeweller. Buy some gold jewelry. Go to another one. Try selling it. Lose 70%.

    4. I love Indians. Smart technically and in business issues. Dumb when it comes to gold. dumber when it comes to jewelry.

    5. The INR (Indian Rupee) is in collapse. USD holdings of the Indian Government are miniscule compared to China. They are barely enough to maintain liquidity and normal functioning of currency markets. <USD 300 billion or less than USD 250 for each Citizen of India.

    6. Once the Indians figure out that gold jewelry is a scam the last remaining buyer of this junk metal will disappear.

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    • "The INR (Indian Rupee) is in collapse. USD holdings of the Indian Government are miniscule compared to China"

      Indias USD reserves are $293 billion, their gdp is under 2 Trillion.
      That is around 15%. That is HUGE for the size of India. $293 billion is enough to buy half of the available gold in the world.

      You confuse the economic status of the country of India, with that of the buying power of its citizens.

      Just like our government is insolvent at variuos levels (federal, state(CA) city(stockton) county(Jefferson AL), so is India's government. Which has NOT MUCH to do with wealth in the hands of private citizens, which can be used to buy gold and de-invest in treasuries, equities etc.

      Sorry, but your gold bashing needs to be more fact based.

      In fact, i am a gold 'bug' and can come up with WAY BETTER reasons against owning gold than you have demonstrated.

    • It is very disingenious of paper to quote an extreme example of gold prices.

      Most all informed gold buyers would NOT pay such a premium. We cannot help if there are suckers out there who pay HUGE premiums.

      Go to tulving.com and see what their spread is on plain bullion. on gold it is 2 % or less on a lot of stuff.

      Most bullion holders (investment purposes) buy bullion type bars etc, where the round trip loss given a spot price is under 2%.

      Indians are not DUMB when it comes to gold. They have seen the fiat experiment fail many a times in Asia, and hold on to the real stuff.

      The 23$ billion stash of jewelry discovered last year in India, would be worth nothing if it was fiat currency.

      Indians have been holding gold for 5,000 years, to date they have not 'figured out' gold is a scam. Why do you claim they will find out now?

      If you buy retail jewelry, and use it as an example of golds round trip trade comission loss, then you are not arguing proerply.

      www.TULVING.COM Examples from website TODAY:

      Canadian Maple Buy 18 OVer spot, sell 38 over spot. 20$ spread on 1,550$ is only 1.3% round trip trade comission loss.

      2012 American Eagle Buy= $44 over spot, sell at $65 over spot $20 spread on $1,550 spot gold = 1.3% loss on round trip trade commissions.

      Stop using extreme examples to make your non-existent case !!!!!

    • I did not say that it is not possible to buy Gold with low round trip costs. GLD is an example of low costs. Usually $10 to 20 on etrade or ameritrade or fidelity.

      GLD holds the physical for you at very low cost.

      Indians buy retail jewelery and routinely lose 70% on round trip. The RT is only needed when a family is in financial trouble. It is too late by then. They get into financial trouble by investing in junk like gold.

      I stand by my examples.

      >Gold is a junk metal with no use.
      >India has single handedly supported the price of gold at great personal cost.
      >When Indians figure out the 70% RT loss on Gold jewelry or 30% loss on Indian bank gold coins it is game over for Gold.
      >Gold will never (1000 years) see $1970 per oz again.

 
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