For those of you on the metals sideline...best jump onboard.

Roccland · Peak Oil Prophet Joined: Jun 16, 2007 Posts: 1696

What a buying opportunity!!

Get on!!!

Train will not wait.

Holy hell!!!

Honey!!! Back the truck up!!!!!!!!!!!
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500 MPH into a brick wall - me

Tyler_JC

Gold has fallen off the cliff. We're down to $830!

I'm still up...but not by much.

If the dollar continues to strengthen and oil continues to fall, buying gold now is like trying to catch a falling knife.

I think we'll see $800 before we see $900.

But I'm just an observer, not an expert.
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"www.peakoil.com is the Myspace of the Apocalypse."

startswithearthquakes · Tar Sands Joined: May 27, 2008 Posts: 93

Oil Will continue to fall .... there's been a deal.

coyote

I agree with Tyler, though I'm no expert either. Prices on metals (and just about all commodities besides agriculture) are still screaming downward. Wile E. found there was nothing under his feet... time to wait just a bit longer until he finds bottom?
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"If a path to the better there be, it begins with a full look at the worst." — Thomas Hardy

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

Cashmere's rule of precious metals:

Buy metals to preserve wealth, not to gain wealth.

Gold at 700, 800, or 900 will preserve your wealth for the next 100 years, barring government theft.

Never buy in haste. Never sell in haste.
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

Twilight · Expert Joined: Mar 02, 2007 Posts: 3076 Location: UK

Thus spoke many a dotcom investor. Let's see where it goes first.
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Volatility. When life isn't exciting enough.

joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317

DrillBites · Tar Sands Joined: Jul 31, 2008 Posts: 29 Location: Oregon

coyote

Ayoob · Expert Joined: Jul 15, 2004 Posts: 1110

PMs are good savings vehicles sometimes. Not always, but sometimes. As a former investment adviser, I would say it's probably a good idea to buy PMs on a consistent basis for a significant portion of your savings dollars.

Let's say you made $100K a year, and kept $70K after taxes. A prudent person might allocate 20% of that for housing, 20% for savings, 10% each to transportation, food, and clothing, with the remainder split up among other wants and needs as the individual sees fit.

20% of 70K is $14K, or about $1200 per month. If I were putting together a savings plan for that amount of money, I would rotate through buying different kinds of savings vehicles. One month I might buy silver rounds, another month I might buy gold in 1/10th ounce sizes, another month I might buy short-term CDs in various currency denominations, etc. As an alternative to all of the above, I might invest in barter goods from time to time. I might look for something that's cheap today and stock up on it, just for fun. For example, I might buy .22LR rounds or cast iron pans or steel wool or something of that nature. Even wool socks!

Over the course of a year, I would have twelve $1200 buying opportunities. If I bought short-term CDs with three of those, silver with another three and one for gold, I'd still have five $1200 buying opportunities. Right now, $1200 would buy you 80 bricks of .22LR, or 40,000 rounds. Cast iron pans are $10-20 each. Wool socks are $2-5 a pair.

If you spread your investment dollars around, watch for good deals, and practice patience, you can build up a supply of wealth for yourself that will grow in value over time. Also, in buying different kinds of assets, you have the option of liquidating from a choice of assets rather than being overly invested in just one thing.

I doubt the government would ever outlaw the stocking up of wool socks, by the way.

frankthetank

Silver Kookaburras!!!!!

Ayoob-
I'm long cotton panties Smile

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Clothing should be optional.

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6278

Rule #1: The trend is your friend. Never buy when things are going down or short when they are going up.

I agree that there's a buying opportunity in here somewhere, but the day when gold loses $30 aint the day to buy.
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"So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS

StuckInPhilly · Heavy Crude Joined: Jul 24, 2008 Posts: 120

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6278

americandream

Trying to predict a rigged market is a risky game. It would take imminent and catastrophic failure of capitalism to make gold a worthwhile hold. That's not likely to happen any day soon. Not when China and India are only just starting up. Consequently, play safe, watch the price action and hitch a ride.
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Bugger me, I hear oil's runnin out mate!