I_PatriaTexefor_efl wrote:WWu777 wrote:Is it wise to store your assets in gold bars?
Dear all,
My former wacko friend Stefan stored a great deal of his assets and wealth not in the bank nor in stocks, but in the form of gold bars. An extreme pessimist and doomsayer, he believed that the US economy was doomed to collapse as well as the value of the dollar, so he stores a great deal of his wealth in gold bars, which he claims maintains higher value and stronger stability than the dollar. As he says this, there is a glow on his face as though he’s found a secret formula that everyone else is too stupid to realize. Gold, he says, is the ultimate permanent stable form of money, which never loses its value.
Plus, he believes that the Federal government can steal the money in your bank anytime it wants to and that the safety of your bank balance was an illusion, whereas they can’t steal his gold bars, which he stores in some chests in a secret location that no one but him knows about. He says he put them in an area that is 100 percent impossible to find. (Though I think that with his weak will, anyone who captures him and tortures him like they do in the movies could easily extrapolate that information from him)
So I was wondering, is he right or wrong? And to what degree?
I asked a New York stockbroker friend about this who is very good in his trade, and he said that this reasoning was flawed, and that gold fluctuates just like the dollar does. The only time that gold yields a higher value, he maintains, is during recessionary periods.
What do you all think?
Mr.Wu:
First, your former 'wacko' friend Stefan AT LEAST has some money to put into gold bars. Do you often make it a point to engage in name calling, especially with someone who provided you air transport AND four months of free accommodation?? Calling your friend wacko is indeed funny coming from someone who has been diagnosed schizo AND has documented time in an institution.
You would be wise to check out some economic history, particularly with regards to the year 1933. At that time, then U.S. President Franklin Roosevelt declared a National Bank Holiday. In other words, he closed the nation's banks. People did not know when they would be able to retrieve their funds.
Gold has been used for thousands of years throughout the course of human history. Do you even KNOW the London Spot price for gold?? That price closed at $733.45 at the close of trade in London on September 20th, 2007.
Wu, I would heartily recommend you do more reading and by far less condemning and generalizing with regards to gold.
I_PatriaTexefor_efl
W: Patria, do you think I'm stupid? I can tell from your words WHO you are, STEFAN! Why do you need to hide behind another name? Weird.
He, or you, IS wacko. Look at the 9 wacky beliefs of his that I posted in this board, and tell me he's not wacky for saying those things that are so stupid that even children don't buy it.
Also, he spends hours ranting about politics and economics and world issues, yet 90 percent of his facts are wrong.
He is only good at one thing, his business, that's it. Yeah he has money, but a horrible personality. Every girl I've talked to here said they'd rather have a guy with a great personality yet poor, then rich but with a horrible personality. And they meant it too.
If I were a girl, same would go for me.
Also, even though he has a lot of money, Stefan has no ability to truly enjoy life. He's lived in Hawaii for 2 or 3 years and never once went to a beach or even went to Honolulu. He can't have any fun nor does he care. In that sense, he is like a sociopath. And a total party pooper as well. He doesn't even want to celebrate his own birthday and discourages others from celebrating their birthdays too, except for his fiancee when he was courting her with money and threw a big party for her. What a party pooper huh?
I don't deny that Stefan helped me, but he IS wacko without a doubt, and he ought to thank me for inspiring him to go to the Philippines, or else he'd never have met his fiancee.
