Caveat: if moving to another country (I’m USA) I would definitely switch my 75% GE to that nation’s bullion (if they had one) merely for liquidity/legal. I would probably swap my 25% Kugs to GE though as AO noted based on premiums it’s looking like GE is filling the “international” role Kugs used to fill 1934-'74 when the US was the big persecutor of gold owners while it ran the fiat game. In the end, it’s all about liquidity where one lives; the rest is details. Thanks all.
I agree with you MKI. It’s noteworthy that one can do a like-for-like exchange (i.e. exchanging one form of gold such as bars for another form of gold like bullion coins) and it is NOT a taxable event in the US last that I heard. Switching from gold to silver, cash, Bitcoin, etc., however would be, to the best of my knowledge. The IRS is pretty useless in term of providing you with accurate and detailed information on this subject so consult with your accountant if you have any questions.
In my experience, most federal agencies provide substandard customer service although they constantly claim the opposite and frequently tout that they are tirelessly working to improve the consumer’s experience. Sadly, I’ve seen little evidence of the latter. The problem is federal employees who are virtually immune to firing and know it. I’m presently dealing with Social Security and Medicare on two different issues and find that too many employees seem minimally concerned about helping you solve any problematic issues. Some are polite, some are not, but the majority seem to be woefully under-informed about subjects you’d think they’d have more expertise in. Many also seek to do the least work possible. It’s like pulling teeth to get them to do their job. I would think many of them would be easily replaceable by AI since they are already acting like robots. Many of them have no idea how good they have it compared to the working man or self-employed who do not get a straight salary but are only rewarded in proportion to the quality and quantity of their work. End of rant.
It is informative to read all the varied assessments of gold/bitcoin/bonds/market holdings as I have believed in most all of them at some time or other. I currently think ‘social capital’ is near the top of the list (subject to change without notice).
TSLA hits $2000!!! Yeah!!! So much for predictions last month about an imminent crash. Will it hit $3000? Maybe… maybe not. My guess is YES. And the predictions last year that it would crash before it hit $700? What happened to that? I called $1000, I called $2000, and now I call $3000.
Clearly if the market was going to crash it would have happened long ago. Repeating the same old broken record about over-valuations is so passé. That’s so… 2019. It’s different this time. It’s the post-Covid world.
The world’s moved on, we’re way beyond that; that train left the station long ago. It’s high time PP admits that there is more going on here than they care to admit in terms of central support for the market.
As some other people have wisely said, this market will continue until all crumbs of middle class wealth have been swept off the table. As long as there is still profit to be made inflating the market, then the market will continue to be inflated. So do you want to be a member of the middle class, the upper class, or the poor? At this point if you don’t have lots of wealth stored up in physical assets like land and PM’s then your only option to stay out of the poorhouse is to play the market and take advantage of these unprecedented gains.
The market will go up until it’s time for the insiders to make some money off a crash by not supporting it anymore and letting it go down, just like they did with the CoronaCrash™. And I think we’ll hear lots of warnings of that ahead of time if you listen to the right insiders.
For now, keep playing the market and accumulating fiat credits. Don’t get too exposed so if it does crash you won’t get slaughtered. Instead you’ll fall back on all the gains you’ve made up until that point! There’s no need to get slaughtered in this market.
Disclaimer: I own no TSLA stock or derivatives, and I never have. Too bad, I have stayed away due to its volatility but it just keeps going up and up and up. My biggest mistake in life is not taking my own advice…
We remember some of our mistakes, & should-have-dones, which is why I have farmed out most investment management…to keep my hands off it! Larger agile predators being adept at panicking smaller fry. I was told once, that every 10 years or so, you may be able to recognize an exceptional opportunity; that has rung true for me.
I still remember back in March when the fed announced its new bond buying facility.
At the time I thought “This changes everything” (for the blue chip type stocks). If Equities are behind debt in a restructuring and if big corps can sell endless debt to the Fed when why would anyone (big) ever go bankrupt again?
Of course I lack a Phd or a billion dollar hedge fund but my thesis hasn’t exactly been wrong. In fact I hear tell that the Fed buys Apple bonds and Apple uses the money to buy their own stock so if anything I underestimated what the March announcement really meant.
So far my gold stocks are keeping me warm at night but I’m vigilant for the moment when these guys decide that the markets are now stable enough that they turn their attention towards “managing” gold prices again.
Gold bugs will tell you “its different this time, the genie is out of the bottle”, but Im not gonna sit through day after day after day of billion dollar comex sell orders waiting for an exchange default like I did last time.
Or will I?
Gotta learn to trust my gut…