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TheSilverTiger
Penny Sorter Member
USA
25 Posts |
 Posted - 09/01/2010 : 08:37:03
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A heavy equipment sales rep came by my office yesterday and began explaining how he is in a sales "valley" right now and how the purchasing power of the dollar has fallen off. He said he thinks we are about two years from everything turning around, but really wished he could find an investment that would hold the value of his savings. I told him that I thought he was wrong about things turning around that quickly, if at all. I suggested he look to precious metals to hold the value of his savings. I explained that due to the price of gold relative to what I could invest monthly, I chose silver as the metal I invest in. Now this guy was in his early to mid 40's, was very well spoken, and seemed fairly educated, but his response floored me. He said you must not have much in savings not to have gold, "it is what... $64 an ounce or so?" I gave him the current spot value and what an ounce purchased would cost and he was shocked. If more people had a clue about metals, they would own more.
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 09/01/2010 : 08:56:47
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| I will buy all his gold @ $64 an ounce! |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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mauk13r
Penny Sorter Member
USA
60 Posts |
Posted - 09/01/2010 : 09:35:11
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| I'll take some as well at that price... |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 09/01/2010 : 10:09:21
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| I would take a ton or two at that price. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 09/01/2010 : 10:48:20
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| Screw marble counter tops. :D Solid gold! |
Trolling is an art. |
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TheSilverTiger
Penny Sorter Member
USA
25 Posts |
Posted - 09/01/2010 : 12:03:21
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| That's just it, this guy is clueless about metals and how to use them to his advantage. What do you guys think is the percentage of people out there that is this in the dark about gold and silver? He would really think I'm nuts if he knew about my nickel and penny addiction! |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 09/01/2010 : 12:09:53
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| I would say its about 75-80% of the population that is clueless. Most just dont care, too worried about the next season of American Idol. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 09/01/2010 : 12:13:23
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tell him i'll pay $65 an ounce.
seriously, probably 5% or less in this country own pm's as an investment (as opposed to jewelry or flatware), and if you count tangible pm's its even less. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Roadrunner
Penny Collector Member
USA
413 Posts |
Posted - 09/01/2010 : 14:17:08
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I'll double you LT and pay $130! How bout that?  |
Selling rolls of ultra-rare 1956-1958 wheat pennies for a mere $5 shipped. |
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jasmatk
New Member
USA
10 Posts |
Posted - 09/01/2010 : 15:42:50
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| most people are clueless about pm investing i seen a video on youtube where a guy hits the streets with a 1 oz bar of gold trying to sell it for $50 some thought that was to high ill try and find the link |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 09/01/2010 : 16:54:20
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quote:
Originally posted by jasmatk video on youtube where a guy hits the streets with a 1 oz bar of gold trying to sell it for $50 some thought that was to high
Yeah, it proves a point, but the conclusions he drew were rather flawed. I commented on that guy's video post, and I don't think it ever got "approved."
EDIT, responding to the original topic: To your friend's credit, gold is within a few cents of "64 times" the value of silver. Maybe that's the way that number got stuck in his head. And consider this: an American Silver Eagle is one ounce of silver, and has a face value of $1. So how many of THOSE dollars would it take, to buy an ounce of gold? Why, that would be... 64. The more I think about it, the smarter this guy gets. |
Come to the new and improved realcent: http://realcent.org
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Edited by - uthminsta on 09/01/2010 17:04:36 |
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frugalcanuck
Penny Pincher Member
Canada
103 Posts |
Posted - 09/01/2010 : 16:54:30
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| I second Neckro's idea. |
One box of Nickels
11.65% .999 Ni |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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chris6084
Penny Collector Member
303 Posts |
Posted - 09/01/2010 : 18:24:49
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| Most are clueless. My company does some vending, and we have a cashier that runs all the coin to prepare for deposit to the bank (thousands of dollars a day). I got in a discussion with her about weather she pulls any interesting coins out of the deposit. She asked what would be worth pulling, and I told her silver dimes and quarters. She then told me all coins were pure silver, and was very adamant that she was right and I was wrong. She even told me that she handles coin for a living, and I do not, so I have no clue what I was talking about. I just laughed and walked away. |
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$64/ounce gold ! ! !
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