Loading ...So ? What the Hell is so addicting about The Gold Markets ?
Why are You here ?
I mean here at Goldtent ?
Some of you have been here ( at this url) for 12 years , from back when it was Goldbug Central all thru the Great Gold Bull of the 2000s .
Some have been starting to read here more recently because there are always those who become fascinated by the whole “Gold Story”.
You know ,the whole….
1..”End of the Financial System as we Know it is Imminent Theory” that every one of you believes in at some level ……….thing.
2.. Keynesians vs Austrians thingy.
3…The whole Powers that Be thing where Those who cannot be named , hate gold because it hinders their diabolical plans .
4….The Gold IS Manipulated all day every day group.
But You may be opening you mind to the fact even though we think Gold is the only honest money
It is ultimately just a good trading vehicle and fascinating to watch trough the eyes of “THOSE with CHARTS” !
Rambus likes to tell subscribers he is not a goldbug , but he watches the Gold Markets primarily because the Chartology tends to be the best and cleanest of all the markets , and the sector is small enough to get to know really well.
One thing we have going for us in this community is we have become gold traders via many different TA disciplines
We are fortunate enough to have posting here , Classical Edward’s and Magee Chartists , Elliot Wave Analysts (Amatures and Pros) , Cycles Experts , A Market Historian , Full Spectum Analysts ( like Jordan) who study FA as well as TA , Trend Analysts , And some who blend all of the above and more. Not to mention a Crazed Comedic Weed Analyst .
Its OK to believe the Gold Story. Personally I still believe some of it . But investing in that story can and has lead to financial ruin for those who jump into Gold without a plan.
Like a lot in this group I find having a little physical gold but actively trading paper gold via TA and an online trading account, works for me , while we are waiting for Armagolden to come.
I would like some of you battle tested veterans of this site to share your experience with us. There are still a lot of goldbugs and those who wont admit they are who have been fascinated by this story since 1975.
Good weekend project
FGC
For those without a voice who would like to join the club of posters and commenters….
gmag@live.ca
with a brief bio of your TA and PM experience.
PMs seem to focus the mind like no other sector, like gold itself, small, portable, valuable.
For me, it’s the theory that fiat currency will become worthless and that this theory is eventually going to be proven correct in the marketplace. Very few people out there hold to this theory. Most have never even considered it or thought about it. It is the ultimate judgment for decades of defying the laws of economics and nature itself with the arrogant notion that men can create wealth, or forever avoid the consequences of frivolity, by doing nothing more than expressing a desire for more money and pressing a few buttons on a computer keyboard. Such is the nature of what we see today at the highest levels of politics and finance worldwide. To buy gold is to bet against this arrogance and to put your money on Karma playing out on a grand financial scale. When it happens, I think it will be quick, surprising, and devastating, much like the effects of a tsunami or earthquake.
Neil I Kinda believe that but I have held to that theory for about 30 years or more. Always expecting the end of the financial world. That’s a long time waiting. LOL
I’m 62 years old and soon to be 63. I got interested in gold back in the early 70s after reading Harry Brown’s “You Can Profit from a Monetary Crisis” and the booklet “Why Gold” put out by Col. Harwood of the American Institute of Economic Research (AIER) in Great Barrington, MA … AIER was pro-gold very early … circa 1960’s or even late 50s… and stayed that way well into the 1980s if not a bit later…. I bought my first oz in 1978 and added little by little over the next 20 years (AIER was big on dollar cost averaging) … finally went in big starting around 2001 (read all the stuff by Another and Friend of Another on Mike Kosares’ USA Gold site)…was all in by 2010 or so … all physical (mostly gold some silver)… I dropped out of gold stocks in the early 2000s. Now? Still holding on but my long-term stubborn confidence in the eventual “victory” of gold is completely gone … donated all of the gold-related books in my library to Goodwill just last week. In hindsight, I should have followed my Dad’s example and stayed in bread and butter stocks and bonds…
I was always strictly a fundamentalist when considering gold (and I might should say “simplistic fundamentalist” now after reading Plunger and Rambus and others at this site) … I basically accepted the argument that imbalances in the fiat system could only be cured by TPTB bringing gold back into the monetary system (with a much higher valuation) and that would happen sooner or later. Thought it was in the works so to speak all through the 2000’s as gold made what some were calling a “managed” ascent … oh, so wrong!
Anyway, that is this gold bug’s story in brief …
Thanks Captain Joe. fantastic…. honest reflection is needed by everyone several times in a good lifetime.
Loved this Post
Thanks again
I like precious metals. I’m not sure about the collapse of the financial system, but I know I don’t like all the sovereign debt one bit. Precious metals are good insurance against the debt but I wouldn’t go all-in. There are too many tricks that governments can play, and they range from forgiving debt(already been mentioned for Japan) to banning precious metals, limiting ownership, or heavily taxing purchase & sale(Think India & China). Who knows what other ways they can kick the can down the road. So in that sense, I’m hesitant to go all in.
The closest thing to dooms-day happened in 2008 and gold didn’t do what many would naturally think. Gold didn’t increase in price, and the system didn’t collapse and leave us in a barter economy because of govt intervention. So then what was everybody holding for? Nuclear war?
Another reason people buy is because of the depreciation of paper currencies over time. That’s true in theory, and has held true in reality in the past. But again I point to another trick by governments and central banks. The dollar can depreciate 50% over 50 years, but if the rest of the world currencies also depreciate roughly 50% due to govt. printing or sovereign indebtedness, then relatively speaking, not much has changed in terms of value of currencies relative to goods or other currencies.
I figure if I buy a little bit every year, sometime between now & retirement(~40years) I’ll catch a bull cycle and maybe make some money. But then again – won’t we be mining asteroids & deep sea mining by then? Think massive supply increase.
In summary I guess it’s emergency protection & fun during bull phases, but thats it.
Wow fantastic…! And you are under 30 years old ? Ha !
25 🙂
At this age you have a great thinking. WOW!!! Keep it up !!!
Buying bullion on a regular basis is the way to go looking at the world monetary system and fundamentals.
Between 2004 and 2006 I bought heavy bullion below 722. I am still up from that purchase. I am not concerned about golds everyday ups/down.
BUT for miner investor i need to. Many mistakes over last 10 years. LOL???
I will not address the specifics of why I personally am interested in these markets, nor even all the reasons why people in general might be interested.
However Au (and Ag) markets can be enticing for people
with financial assets or hopes of having financial assets (even small)
who have active minds and who are or imagine themselves to be independent thinkers, who are not taken in by dogma the way (as they/we) see it more prosaically minded, or unminded, people are. The role of special person with special interests comes with an aspect of Hidden Treasure (inapparent knowledge +/- literal unmined deposits +/- political intrigue)
assets + desire to think independently or notion of one’s self as independent thinker + something odd, offbeat, hidden yet real
Fiat money is the child of the arrogance of human intellect, which has sought to invalidate the laws of human nature which have regarded the precious metals as money for thousands of years, and has sought to substitute an intellectual construct for the real thing. Hugo Salina Price