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What happened to the $2,000 gold?

Posted by D&P-OR 
Re: What happened to the $2,000 gold?
May 24, 2021 08:04PM
Well boys, I'm just an old man that's been at this game for a long time.-----All I know is years ago the most honest man in town once told me "gold & silver has NEVER been a good investment".---Why do I think he was so honest?---Because for many many years he owned/operated a coin shop & made his living by selling (and buying) gold & silver.----He didn't care if his statemnt(s) killed his sales---he was going to have honesty as a priority.------I look at gold (and silver) as a hedge (insurance).-----It's fun to think that this time around it's going to be different though--who knows, maybe it will be!smiling smiley
Re: What happened to the $2,000 gold?
May 24, 2021 08:19PM
I am still waiting on that 100.00 a ounce silver was suppose to hit like 2 years ago now? I was called stupid for dismissing it, guess I'm not that stupid after all.
Re: What happened to the $2,000 gold?
May 24, 2021 09:55PM
D&P-OR Wrote:
-------------------------------------------------------
> ..
> the most honest man in town once told me "gold & s
> ilver has NEVER been a good investment".---

Well, if you're *lucky* and buy at the right time and sell at the right time, sure, you can make $$. But as a "certainty" , I would have to agree with your quotation. I'm old enough to remember, when I was about a senior in high school, when silver hit all time highs back then ($40-ish per ounce, if I'm not mistaken). That was about 1980. It was quite a thrill as a high schooler, to go out and find common mercs and roosie (back when the parks were still giving up easy silver at that time), knowing that I could sell each silver dime for $2 or more ! That was better $ per hours (assuming I could average 2 dimes per hours) than a high schooler could make in fast food at the time !

I remember gathering up about 50 silver dimes, rolled them, and sold them to a fellow md'r , at something like $2 each (hence $100-ish for the roll). As soon as he handed me the $$, he started laughing and telling me what a big mistake I was making for selling my silver. Since: "It's poised to keep going up and up". I have to admit I felt rather embarrassed at his chiding me. Like .... I'd just been hoodwinked and that I was foolish to be selling.

10 yrs. later that same gentlemen fell on hard times financially, and had to sell all the silver he'd stockpiled during his 1980 buying frenzy. I think by that time he was selling them for .25 or .30 each. He'd lost quite a bit, when he was forced to sell. Not sure if I felt sorry for him, since his decade earlier chiding still rang in my ear.

I realize that someone could say "But wait, it's back up to $2 per silver dime now. So if he'd merely held on to it, he wouldn't have lost", eh ? But don't forget inflation. Even if silver got back up to $40 per ounce, my friend STILL wouldn't have made any profit, after you account for inflation of the last 40-ish years.



Edited 1 time(s). Last edit at 05/24/2021 09:59PM by Tom_in_CA.
Re: What happened to the $2,000 gold?
May 24, 2021 09:58PM
Harold,ILL. Wrote:
-------------------------------------------------------
> I am still waiting on that 100.00 a ounce silver w
> as suppose to hit like 2 years ago now? I was cal
> led stupid for dismissing it, guess I'm not that s
> tupid after all.


I've been hearing the same tune as well. It's going to go up "any day now". And they point to all sorts of national debt, politics, etc.... as proof.

Might they be right ? SURE ! But as long as they are NOT right, they can keep pointing to the future and saying : "It will happen. Just wait and see". And they can never be proven wrong. Since "tomorrow never comes".
Re: What happened to the $2,000 gold?
May 24, 2021 11:49PM
Tom_in_CA Wrote:
-------------------------------------------------------
> D&P-OR Wrote:
> --------------------------------------------------
> -----
> > ..
> > the most honest man in town once told me "gold &
> s
> > ilver has NEVER been a good investment".---
>
> Well, if you're *lucky* and buy at the right time
> and sell at the right time, sure, you can make $$.
> But as a "certainty" , I would have to agree with
> your quotation. I'm old enough to remember, when
> I was about a senior in high school, when silver h
> it all time highs back then ($40-ish per ounce, if
> I'm not mistaken). That was about 1980. It was q
> uite a thrill as a high schooler, to go out and fi
> nd common mercs and roosie (back when the parks we
> re still giving up easy silver at that time), know
> ing that I could sell each silver dime for $2 or m
> ore ! That was better $ per hours (assuming I cou
> ld average 2 dimes per hours) than a high schooler
> could make in fast food at the time !
>
> I remember gathering up about 50 silver dimes, rol
> led them, and sold them to a fellow md'r , at some
> thing like $2 each (hence $100-ish for the roll).
> As soon as he handed me the $$, he started laughin
> g and telling me what a big mistake I was making f
> or selling my silver. Since: "It's poised to kee
> p going up and up". I have to admit I felt rather
> embarrassed at his chiding me. Like .... I'd ju
> st been hoodwinked and that I was foolish to be se
> lling.
>
> 10 yrs. later that same gentlemen fell on hard tim
> es financially, and had to sell all the silver he'
> d stockpiled during his 1980 buying frenzy. I thi
> nk by that time he was selling them for .25 or .30
> each. He'd lost quite a bit, when he was forced
> to sell. Not sure if I felt sorry for him, since
> his decade earlier chiding still rang in my ear.
>
> I realize that someone could say "But wait, it's b
> ack up to $2 per silver dime now. So if he'd mere
> ly held on to it, he wouldn't have lost", eh ? Bu
> t don't forget inflation. Even if silver got back
> up to $40 per ounce, my friend STILL wouldn't have
> made any profit, after you account for inflation o
> f the last 40-ish years.


Sounds like a smart kid that made a few bucks on the Hunt bros. fiasco when silver peaked (Jan. 18, 1980 at $49.45).----Better than they did---they lost over a billion dollars when the smoke cleared.
Re: What happened to the $2,000 gold?
May 25, 2021 01:56PM
One of them Hunt Bros. owns the Kansas city Chiefs so he is not hurting for money.
Re: What happened to the $2,000 gold?
May 25, 2021 04:16PM
N/T



Edited 1 time(s). Last edit at 05/27/2021 06:28PM by ozzie.
Re: What happened to the $2,000 gold?
May 26, 2021 03:40PM
D&P-OR Wrote:
-------------------------------------------------------
>...
>
>
> Sounds like a smart kid that made a few bucks

And here we are, 40-ish years later, and my wife is saying "don't sell your silver" and "buy buy buy". I tell her the same story of my youth. And, unlike you , she's not saying "smart kid". Doh ! Moral of the story: Take your advice from ugly guys on md'ing forums. Not your wives, haha
Re: What happened to the $2,000 gold?
May 26, 2021 03:42PM
ozzie Wrote:
-------------------------------------------------------
>....
>
> WHAAAT!!!,. . . . girl, did you screw up. . .. o
> h well.

Yes. Like NFL football. We can all sit & watch the Monday morning slow motion replays, and say : "The quarterback should have thrown left. Not right ". haha
Re: What happened to the $2,000 gold?
May 26, 2021 04:25PM
Hey Tom----If yah want ugly--you came to the RIGHT place (me). ha ha----Here's my top advice/top tip as to the direction of gold/silver prices!----I DON'T HAVE A CLUE! smiling smiley----If I knew that I'd be settin on some cozy warm beach sipping a pepsi---LONG AGO!----I'll send you my addy later where to send the 25 bucks for this valuable info! TU-----Tom_in_CA Wrote:
-------------------------------------------------------
> D&P-OR Wrote:
> --------------------------------------------------
> -----
> >...
> >
> >
> > Sounds like a smart kid that made a few bucks
>
> And here we are, 40-ish years later, and my wife i
> s saying "don't sell your silver" and "buy buy buy
> ". I tell her the same story of my youth. And,
> unlike you , she's not saying "smart kid". Doh !
> Moral of the story: Take your advice from ugly gu
> ys on md'ing forums. Not your wives, haha
Re: What happened to the $2,000 gold?
May 26, 2021 05:46PM
N/T



Edited 1 time(s). Last edit at 05/27/2021 06:29PM by ozzie.
Re: What happened to the $2,000 gold?
May 27, 2021 04:10AM
I go to lunch once a month with Bob, an 82 year old sharpie. He started loading up on gold back in the 1970's at $40 per ounce. Still has it. Its been a good investment for him , and soon his kids.
Re: What happened to the $2,000 gold?
May 27, 2021 12:18PM
possum mo Wrote:
-------------------------------------------------------
> I go to lunch once a month with Bob, an 82 year ol
> d sharpie. He started loading up on gold back i
> n the 1970's at $40 per ounce. Still has it. I
> ts been a good investment for him , and soon his k
> ids.


If the meaning of this was to imply that "Gold is always a good investment", then consider : Conversely, there's been guys who bought gold when it too reached all time highs in the very early 1980s. Yet lost their pants when forced to sell (d/t they needed to crack their nest egg for expenses) when gold had gone lower by the late 1980s and all through the 1990s.

However, I agree with you, that it will not likely go back down to the $40 per ounce range. Actually, once you adjust for inflation, it's .... what, like $200 equivalence ? But still, no one's expecting it to drop back that low.



Edited 1 time(s). Last edit at 05/27/2021 12:19PM by Tom_in_CA.
Re: What happened to the $2,000 gold?
May 28, 2021 02:54PM
Bob did his homework. HE knew what was coming long term. . The guys that bought high and sold low were the guys who did not do their homework. The fear of missing out crowd. Alot of people that poured into bitcoin lately got to experience the same thing. OUCH. If you want to succeed , do your homework. Whether in investing, business or detecting.

Some years back I did a housecall by an old widow whose late husband was Herb Kohler' s #2 man at the Kohler co. I struck up a conversation with the old gal. I mentioned that whatever Mr Kohler does, its seems to succeed.
Her reply to me was , "Sonny, you know why that is? " I said I'd love to know his secret. She said, " He meticulously does his homework. He is a stickler when it comes to details.
Hmmmmm, Tom D also comes to mind when I type this !
Happy hunting, y'all.
Re: What happened to the $2,000 gold?
May 30, 2021 07:48AM
As soon as Dementia Joe croaks and Kamaltoe Harris (no relation) is sworn in gold will hit $5,000 and silver $500 an ounce. Brass and lead will be the most precious metals though.
Re: What happened to the $2,000 gold?
May 30, 2021 04:49PM
possum mo Wrote:
-------------------------------------------------------
> Bob did his homework. HE knew what was coming lon
> g term. . The guys that bought high and sold low
> were the guys who did not do their homework. ....

But don't you see how you are arriving at this conclusion ? Of "who did their homework" and "those who didn't do their homework" ? Easy: You are looking at it on slow motion history replay.

Anyone who buys a penny stock, and make a million, will be hailed as "someone who did their homework" (because, gee, they scored). Anyone whose stock tumbled and went to zero (and the stock ceased to exist) is said to have "NOT done his homework".

In other words, I think we're all the victims of subconscious "selective memory bias". And we are all great at Monday morning quarterback psychology. Ie.: "That durned quarterback should have thrown left, not right". And how do we know where the quarterback should have thrown ? EASY ! : We're watching it on slow motion replay.



Edited 2 time(s). Last edit at 05/30/2021 04:51PM by Tom_in_CA.
Re: What happened to the $2,000 gold?
May 30, 2021 11:29PM
Del I'm still wondering what happened to the murder Hornets!! Ha ha ha
Re: What happened to the $2,000 gold?
May 31, 2021 08:56AM
Tom in CA. Bob bought physical gold, not penny stocks. The old saying goes, ya can lead a horse to water, but you cant make it drink!
Re: What happened to the $2,000 gold?
May 31, 2021 05:30PM
possum mo Wrote:
-------------------------------------------------------
> Tom in CA. Bob bought physical gold, not penny s
> tocks. The old saying goes, ya can lead a horse
> to water, but you cant make it drink!


I'm not necessarily talking about "gold" vs "penny-stocks". I'm just discussing the psychology in general, of the "shoulda-woulda-coulda" phenomenon : So if gold had never risen above $40 per ounce, then Monday morning quarterbacks would have been saying: "Bob didn't do his homework" And if someone buys a bunch of gold right now, at $1900 p/oz, and it tanks for the next 40 yrs, to $1k, then those persons would be said to have "not done their homework".

Sure, we all make guesses on the future based on data we feel is good (ie.: our "homework").

Let me put it this way, which I'm sure any married man can relate to : If you have a wife who is a constant doomsday prophet (skittish and worried about everything, and always 'giving advice' about "do this" or "do that" to her husband). It is VERY EASY, when something went wrong with a plan, for that wife to triumphantly chime in the following day and say : "See, I told you so". Right ? As if she knew the future, and you "should have listened to her". And thus: You are a "loser husband" and she "knew all along what you should have done".

Any husband can relate to the above ^ ^ . Right ? But the reality is, this type wife is CONSTANTLY tossing out "do this" and "do that" advice. And let's say 90% of it is non-issues, and things that didn't come true. Then those fears and certain-predictions are just swept under the rug. And she'll back-track and say "Well I only said maybe". Or "well I was just being safe" . Or "that was before I knew of such & such factor", etc.... In other words, she will only remember when her predictions come TRUE (and thus be your wonderful Monday morning quarterback, who knew all future events, all along). And promptly forget all the other predictions she made. Kind of like horoscopes: All just selective memory bias. No one hails the persons who lost in their investments. They only notice and remember those that did well.

And like I say: The only reason we know that the quarterback should have thrown left, and not right, is because we're seeing it on slow-mo-replay. Same for investments (gold, stocks, etc....) IMHO.
Re: What happened to the $2,000 gold?
May 31, 2021 09:42PM
With gold over $1900/Oz...... we're less than 5% away from $2K.

I DO have a hard time buying gold at $1900/Oz........... (((so I'll simply do my best to 'find' it))).

Remember: Gold does not change value. Only the fiat currency fluctuates. Gold is the 'rock'. Fiat is the 'fluid'.
Re: What happened to the $2,000 gold?
May 31, 2021 11:00PM
at 2k the ounce, it may be too "rocky" for most!
guess I'll be content to just "admire" it from afar!

(h.h.!)
j.t.
Re: What happened to the $2,000 gold?
June 01, 2021 03:34AM
Gold is pricey, silver is a steal at these prices.... if you can find it. Supply is VERY tight.
Silver is poor mans gold. Silver will have a massive upside price appreciation from here.
Re: What happened to the $2,000 gold?
June 01, 2021 02:55PM
Oh gold is going to $2000 a oz. and more. There just waiting for gas prices to catch up with it lol. Everything is going up. Crazy times we live in.
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