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Ant
Penny Hoarding Member
USA
894 Posts |
 Posted - 03/12/2009 : 08:09:28
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"Gold bullion itself isn't worth the hassle. If I bought more than a few coins, I'd need to rent vault space and pay for an armored car to transport it there."
This quote came from a writer named Jim Middleton at MSN Money, in the article linked below:
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Please indulge me in a small rant. "Few" to me means "not many, but more than one". But even if we allow that by "few" the author means more than oh, let's arbitrarily say one dozen, those one dozen coins could easily be stored in a safe deposit box, a form of vault space that I'm sure he already rents. In fact, you could probably cram 100 one ounce gold coins into one of those long, narrow safe deposit boxes. At $1000 per coin (allowing for today's spot price plus a generous premium), 100 coins is $100,000.
Secondly, let's say the writer did just buy a "few" gold coins, "few" meaning our arbitrarily defined number of 12 (one dozen). Let's postulate that the 12 coins are worth $1000 each --> $12,000. Women wear wedding rings worth that much, a fancy Rolex costs as much. So renting an armored car to move the coins? What a drama queen.
I don't care that the writer is down on gold. It's the hyperbole and misinformation that irritates me. 
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Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
Edited by - Ant on 03/12/2009 08:10:29 |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 03/12/2009 : 08:22:32
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I always thought that a "few" was 5-6. Still, people imagine gold as those giant bars from the James Bond movies. |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 03/12/2009 : 08:39:07
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| Maybe he was thinking of that giant maple leaf at Apmex. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 03/12/2009 : 09:07:44
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quote:
Originally posted by kieblera5
I always thought that a "few" was 5-6. Still, people imagine gold as those giant bars from the James Bond movies.
The writer should have written, "If I buy more than a few, I'll have to rent a secret underground lair and hire a forklift and an evil henchman to move them there." |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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sunsetcliff
Penny Pincher Member
USA
101 Posts |
Posted - 03/12/2009 : 15:50:09
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| yeah- and people buy 71k SUVs that sit right out in public too! That is what? Less then a coffee cup of gold 1 oz eagles. What a PR piece. lol |
It is great to be here ~ !
http://groups.yahoo.com/group/silverme/ |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 03/12/2009 : 17:39:35
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Clearly another case of too small house disease. No room for precious metals because they fill their house with impotant dodades and other junk. Solution? Rent vault space.
Industrial users, jewelers and Asian investors retreat from gold when its price spikes. Among Western investors, however, the opposite occurs: They get excited only when it rises.
Except in China where gold bullion is flying out of the cases, and people see gold jewelry as a good long term investment. India must not be in Asia either because I read they can't keep gold bars and coins in stock lately. I heard they sell some gold in Dubai too... but that might be just a rumor.
Therefore, gold is an unusually volatile asset class. It's also a very poor long-term investment. It pays no dividend, that bit of cash a company delivers to shareholders just for owning it. In fact, owning actual gold costs you, because you have to store and protect it.
Sounds like my one share of GM, and my shares in Citibank. Oh and my shares in a few other companies that don't pay dividends and are costing me money as they slide toward zero.
The whole article is an ad for Spider fund. I bet they slid him a few units to write the article because it says at the bottom he owns some of the fund, and I can't see this guy parting with his paper money for anything linked to gold willingly. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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keys
Penny Collector Member
383 Posts |
Posted - 03/13/2009 : 21:37:49
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msn=Mindless Stupid Nincompoops
These are the same writers who sang praises of the dot com stocks, the new economy and that 'housing Always goes up' mantra.
I guess it is true, take room full of monkeys to pound on typewriters for an indefinite length of time and eventually they will re-create the works of Shakespeare, or at least churn out worthless financial advice like this.
"Despite the lull, these are all relatively high prices historically."
Not if you take into consideration the effect inflation has on our money.
$850 in 1980 dollars would have the buyin gpower of roughly $2,309.45 in today's inflation adjusted dollars (provided that inflation is truly measured by the 'official' CPI 2.717 increase from 1980 to present.)
While he is bashing gold, he can't come up with one reason why gold bounced back from $700 to $940 while The Dow and S&P 500 are still down and falling.
Keep trash talking gold Mr. Middleton,
you and Cramer are two pea(brains) in the same pod. |
I change with the times-
but like silver coins found in your change
I stay the same.
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The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 03/15/2009 : 18:47:14
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Baaah-baaah...
My dear, sweet, elderly mother mentioned to me that owning gold bullion bars was a bad idea.....she saw it on the Tee-Vee....
I told her to hush-up and finish splitting the firewood. (Kidding)
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 03/15/2009 : 18:53:59
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| OH NO!!!! someone just bought a 5 Gram bar in the "buy now " section....They better call an armored car to haul that thing to their vault |
You don't have to be the BEST you just have to be.......SLICK
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 03/15/2009 : 21:27:55
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| natsb88 is going to personally deliver the bar to the buyer's house in an armored motorcade. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 03/15/2009 : 21:28:23
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| ^ with a ninja hanging off of each door. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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natsb88
Administrator
USA
1850 Posts |
Posted - 03/15/2009 : 22:33:48
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| And guard dogs, aerial support, and flamethrowers |
Nate
The Copper Cave
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Edited by - natsb88 on 03/15/2009 22:34:07 |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/16/2009 : 06:00:29
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quote:
Originally posted by natsb88
And guard dogs, aerial support, and flamethrowers
I'll ride....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Nickelless
Administrator
USA
5580 Posts |
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" . . . I'd need to rent vault space"
Forum Locked
