BUY GOLD!

[Manuel A.]

Well, if I could I would, but I want to buy my first property before I buy any gold as my money supplies are not that big... but, I wanted to share it with everyone else that I believe you should buy gold very soon. Now let me give you the reasons:

I subscribe to an Austrian economist named Peter Schiff's ideals. That's the main reason I believe more of you wealthy folks should buy and if you'd like to hear his reasons why, here's some of his videos:

(This one details what's going on currently)
http://www.youtube.com/watch?v=XC-XZJK0qD0&feature=g-all-u

(Here's some of his past stuff when he was predicting the 2008 bubble entitled, "Peter Schiff was right")
http://www.youtube.com/watch?v=Z0YTY5TWtmU
http://www.youtube.com/watch?v=2I0QN-FYkpw

Of course, I don't just blindly buy his ideals, or just heard of him. I've been following him for about 4ish years, and I think a lot of his ideas are rational. Of course only time will tell. I also like Milton Friedman (I think he was one of the best in the capitalism philosophy) as an economist, and Peter Schiff is fairly similar so I like that too.

Books I recommend by him would be "How an Economy Grows and Why it Crashes" (it's a fun read), and "The Real Crash".

Not trying to advertise him necessarily, but I think if you guys look into his ideas and decide you subscribe to his ideals to, I think you guys/gals may be able to make some good money in a gold investment. Of course I don't think you guys/gals will just blindly listen to me, but I'm just throwing it out there for you to investigate for yourself so you may decide if this makes sense to you too.

What do you guys think of this?

EDIT: Oops, wrong section, if one of you Mods could move I'd be thankful :D

[J Scott]

Originally posted by Eric Jozwik:

They will see there is no safe place on earth to store their wealth other than real tangible assets and no other tangible asset shines brighter than silver.

Not sure what you mean by "tangible asset"...

Wood is just as "tangible" as silver. Steel is just as tangible. Doorknobs are just as tangible...

If you're referring to the intrinsic value, well, there is actually less intrinsic value in silver than there is in cars, real estate or ball-point pens. (Not that I'd recommend investing in ball-point pens.)

You could make an historic argument for gold and silver when they were backed by (essentially insured by) large governments as a currency. But silver currently has no backing by any government currency I'm aware of (I guess I could be wrong), and certainly you can't trade silver for bank-notes of any major government currency.

In other words, the only thing that makes silver valuable is that people think it's valuable. This is quite similar to Internet companies that were making no money back in the late 90s but were seeing their stock prices go up and up. There was nothing supporting those prices other than irrational exuberance that eventually faded.

Come to think of it, silver is no different than a $100 bill...it's only worth something as long as people think it's worth something. If one day a $100 bill is worthless due to massive inflation and/or economic collapse, I can promise you silver won't be worth much more. What will be worth something is those things with INTRINSIC value, like food, water, weapons, cars, shelter, etc.

Did I mention gold/silver ratios are at an all time high? Google that!

Given that this is a real estate forum and given that we have just recently seen the largest real estate crash in history, you may be hard-pressed to convince people here that something is a good investment because it's at an all-time high... :)