I'm new to this site and also to the whole big picture you all seem to have about what's going on in the economy and more importantly in the PMs. I've hunted and pecked around the web and found, among other things Damon Vrabels' rennaisance 2.0, Chris Martensons' crash course, this site of course, and a whole bunch of others very useful stuff. I keep reading references to Jim Sinclairs' angels. Can anyone tell me a good place to get a laymans' grip on what exactly the angels are? I assume they are resistance and support levels for gold, but can't find the info in one place or on Mineset website either.
Also, I have a couple of basic questions about buying physical gold right now. I've read the predictions about 12,000-60,000 gold but, if that happens, how the heck does one know when to sell? Will there be a huge government imposed, capital gains tax on gold if it gets to that level, or will gold eventually correct way back down after the dollar is 'restructured' or a new global currency is established? Just can't get my mind around these concepts, and as with anyone that does not own an asset that is going up by leaps and bounds ( real estate and .com bubble ), I don't want to get in near the top. Guess my real question here is : what convinced all of you to go into gold and stay in?
Sorry to ramble on so much, but I have a lot of powder and would like to get on this ride.
Check out the Gold forum. Ig Gold does as high as you say, no worries about gains taxes, you will be spending it like cash.
In 1980, i decided to buy $1k of silver rounds at $50. That was not a good move. I think I am wiser now. We are not even close to the parabolic moves that we saw in 1980. I think I will be letting loose of my gold and silver in this way.
When gas is $50/gallon or the gas station no longer accepts fiat, I will break open my silver quarter rolls for barter.
When I can pay off my mortgage with 20 ounces of Gold, or buy a new median priced house outright for 50 ounces.
When the milkman or my brother and sister tell me they have decided to buy gold, I will probably sell sell my gold to them, if they can afford it
When the ratio of Dow Jones Index and the price of Gold/ounce meet 1:1, it is time to sell gold and buy stocks
If you buy a new car with five $20 gold pieces, you pay sales tax on the $100 face value of the purchase, not the $20k that the car is worth in fiat. Research this, you will find that I am right.