Job Discussion Forums

[revilo]

Does anyone else feel like it's 2008 all over again? the sense of dread, the unbelievable lies from gov't and media, and the general feeling of hopelessness?

I just dumped a lot of my mutual funds to buy gold. I will be carrying this gold as I travel around the world. This gives me several problems:
1.) getting it thru customs without declaring it

2.) finding a suitable bank that will keep it for me. the storage costs of gold are a pain, but not as much as losing everything in a global meltdown.

Any thoughts about what you are doing to keep what little you have?

[Hod]

Carrying actual gold around sounds like a Jewish ghetto in WW2. What do you think is about to happen to justify this extreme measure?

Apart from the risks you mentioned, it might get lost or stolen in transit, and you will certainly attract attention crossing borders.

You're also literally putting all your eggs in one basket which is just about the highest risk financial strategy possible.

There is always some risk when saving or investing. You need some risk for your funds to grow. One example of a time when you'd want to reduce risks would be a few years before retirement when a market dip would have a bigger effect. But if you're not planning to retire soon, diversifying is a better option than buying a whole lot of gold.

[revilo]

Do you have a better idea? American debt to GDP levels are at unbelievable highs.

Do you really think the FDIC has enough $$ to cover every depositor? Do you really think the SEC has your best interest in mind when they abolish laws like Glass-Steagal?

I still have cash, which may disappear when banks give depositors a "haircut" lke they did to Cyprus depositors. Frankly, I'd like to have real estate, which means a looooong time in the Mideast teaching and saving.
Given the state of the world, the Mideast would be the first place to blow up but I'm not willing to work PT in AmeriKa while administrators give themselves pay raises. If I'm gonna work, I don't want to pay taxes into a rigged system.

Honestly, how do teachers attract attention crossing borders? We are just a higher class of slave in the Mideast b/c we have degrees. Take your chances in AmeriKa. We'll see who comes out on top.

[Hod]

A better idea to deal with USA economy problems? How about investing in European, Asian or emerging markets funds, for example, for a bit of diversity?

Buying only gold is an unbelievably huge risk, and the price is already sky high so you're doing the exact opposite of people like Warren Buffet who only buy low. Warren Buffet has lived through WW2, Cuba, Cold War and all the nonsense going on now. I don't see him selling up and buying gold.

Gold would only be king in a doomsday scenario, but how would that work? Assuming you made it to the last remaining bread stall without being gunned down, what happens then? You pull out a gold bar and ask for change?

I think you're overreacting. The 2007/8 crisis was big and most of us lost money, but we're still here.

And as for being stopped at customs with stacks of gold in your luggage, you're right to think you'd be breaking laws and opening yourself up to duty, tax and whatever. But in this day and age, think about what sort of people carry piles of cash or gold across borders?

[revilo]

and Buffet is a genius. Apparently, you haven't been informed about gold manipulation.
What kind of people carry gold?? across international boundaries?? hmmmm.... JEWS! of course! Is there something about the "chosen people" that you don't like?

[caliph]

Precious metals shouldn't be more than 10% of your portfolio, according to most financial planners. Portability is a big problem, Pre 1964 American silver coins are the best way to start metal accumulation.

Metals are priced quite high now, this isn't the time to buy.

Low or no load mutual funds are good for new equity investors. Quality companies aren't going to disappear overnight, and they pay dividends, which metals don't.

Crossing borders with a load of gold is a recipe for disaster. There's also the possibility that owning gold in the USA could become a crime as when FDR nationalized gold and forced everyone to sell it to the government a $20. an ounce, then revalued it to $35. an ounce. Nice play!

[revilo]

I'll keep you guessing about how much gold I plan to convert. Even if it is high, it's better to have some than none. Thanks for reminding me about the lack of freedom in the U.S. It's better to have gold outside the U.S. than inside. BTW, how much gold does Mitt Romney have outside the U.S.? His answer is "none of your f'n business." It should be the same for every citizen. Ever since 1913, the U.S. has been led by the Central Bankers. They turned the economy into a rigged game where the most productive get to pay for the least productive elements of society. I wish Americans had the common sense to do what Iceland did to central bankers.

We are now approaching the endgame that these @ssholes designed for us. When it all comes down, I'll see you on the other side and we'll see where the chips have fallen.

[Hod]

[Prof.Gringo]

[scot47]

Getting bullion through Customs will be a MAJOR headache ! Bury it in the woods somewhere.