Rock wrote:
Do you have a reading problem? This isn't about me. On October 3, 2008, years before I joined this forum, you wrote:
momopi wrote:Don't chase tail ends. BUY LOW SELL HIGH.
GOLD AND SILVER ARE OVER-PRICED AND YOU SHOULD WAIT UNTIL THEY DROP BEFORE BUYING. Keep a small % of your assets in precious metals (1-2%?) but not everything.
That advice is very simple and straightforward no matter what the context!!! Nothing to do with emergencies man. Come on and own up.
No, you're the one who ignored this part from this very thread:
momopi wrote:
I tell people to hold a small % of their assets in gold, but I dislike telling folks to sell, because if the purpose is to hold for emergencies, then selling may defeat the purpose. At one time I may have thought "buy low sell high". Now I think "buy low and hold" on gold.
And this earlier post, addressed to you:
viewtopic.php?p=105910&highlight=gold+e ... ies#105910
momopi wrote:
1. I hold gold as a rabbit hole and thus I do not sell outside of emergencies.
<snip>
I advocate holding a small % of liquid assets in gold and silver as a rabbit hole. If your strategy is to buy and sell gold for a profit in the short term, then that's a different goal. My preference is investments that generate dividend and income over those that do not.
I've been advocating holding 1%-2% of assets in gold on this forum since 2007 (
viewtopic.php?p=1049&highlight=gold#1049). In the ~6 years since, I came to the realization that if you're holding it for emergencies, then selling it would defeat that purpose. If it was my intent to tell people to use gold as a primary or major investment, then I wouldn't have said only 1%-2%. My investment strategy today is simple:
1. Invest in cash-flow positive residential real estate for the long term.
2. Keep 1%-2% of your assets in gold for emergencies. (buy low and hold, not sell)
3. You (the target audience) most likely already own mutual funds through 401(k) and IRA accounts.
In other words, buy and hold, buy and hold, buy and hold. Those who follow this strategy will make
no profit on their gold. I repeat,
no profit. There is no "sell high".
1. The RE investments are cash flow, and thus rising/falling RE prices should not impact you as much. You sit back and collect rent, let your property manager do the work.
2. The gold is held for emergencies and not intended for sale. Rising/falling gold prices should not keep you up at night.
3. Your 401(k) and IRA accounts will most likely be kept until your retirement age (or 59 & 1/2 or whatever). Leave it alone.
If you speculate in gold (or stocks or commodities) and made a bundle, good for you. That is not the financial advice I give to people. The kind of financial advice I give today seek monthly income, which can be put into savings toward buying the next investment property. Those who wish to follow my advice will make
NO PROFIT on their gold holdings -- the gold is neither a trade, nor an investment, nor a hedge against inflation. It's simply money for emergencies and preservation of wealth.
If your head is still stuck on the 2008 thread, feel free to bang your head there and feel proud about your investment choices. It's always easier to look back and say "wow I hit the jackpot" or "damn I should have put my money on that". I don't like to play that game. What I want is that stack of rent checks in the mail, every month, month after month.