Sold all my Gold

[Eco]

Hi all,

I've been recommended to create this thread some time ago from my "friends" over on Reddit. I've been reading  here for a while and finally wanted to sign up to share my thoughts and experience. Im a long term investor in many different assets but have long been a believer in precious metals ( mostly gold ). Ive been stacking and investing in Gold for 15 years.

In recent times things have gone crazy. I became very concerned about the state of the economy and where we would end up. In my opinion we are heading into a situation similar to Japan but far worse. In this scenario I believe everything will suffer and cash will be king. This will effect most of the developed world.

I know, I know. We are always told that in financial trouble stock up on gold. This is what they want you to think. Everyone is rushing out into stocks or gold thinking cash is too dangerous. The reality is that cash is going to be the safe haven in the pending deflation that will cripple economies. Alarms bells began to ring when I was reading about all the new Robinhood investors. Then, about 3 months ago my friend who never had a single thought of investing in anything other then his saving account told me he was buying some gold and asked for advice. Now alarm bells were ringing loud. I began to hear others talking about Gold. I know from my long experience this is the sign of the end of a bubble. Trusting my instincts made me a lot of money in the crypto boom when I got out in time to make a lot of money.

Anyway, long story short. I decided to start moving out of my metal holdings slowly. With the recent rise I panicked and sold all my vaulted metals. Then yesterday managed to find a buy for all my personal holdings in one sale. I was shocked at how easy it was to find someone to buy such a large remaining abut ( I wont say exactly how much but I was holding A LOT of bullion in different forms ).

To be honest it was an extremely difficult process taking this drastic step. But I am positioning myself in cash with the view to get back on the Bullion train as soon as values have fallen significantly. I am yet to decide exact range but I am thinking around 500 dollars. I know many will think I am mad but in my view always do what everyone is not. Its served me so well.

Any feedback and thoughts greatly appreciated. And please someone give me some confirmation in my decision 🤣. It still hurts to think about.

[Derv]

Wonger.....Is that you !?!

[Martlet]

Certainly interesting to hear an alternative view.  Not enough weight is given to the example of Japan and their QE programme. 

[Happypanda88]

Hi Eco,  you done well !  

Thanks for letting us know.

[Aknot]

I dont understand what you are looking for? With the "rates" now you should have made a killing. To "hold" that and wait for it to drop a bit and reinvest is well pretty smart if you ask me. However wtf do I know I just started this.

I can tell you one thing.... at 50 plus years of age I would never take confirmation from people over the internet. Advice, another viewpoint, sure.... but confirmation... come on you are an adult make adult decisions and live with them learn from them and move on.

The sky has been falling for one reason or another since I can remember but it always ends up being there when I look up.

 

[Norskgeld]

24 minutes ago, Eco said:

With the recent rise I panicked and sold all my vaulted metals.

Think I might have spotted a tiny flaw in your masterplan.😁

[HerefordBullyun]

30 minutes ago, Derv said:

Wonger.....Is that you !?!

Today this the most underated comment of the day. You sir have won the internet! I nearly spat my water all over my keyboard!!!

[Kman]

I think gold and silver are just getting going and the next two years look to be very exciting; I think we will see record highs broken over consecutive days or even weeks in periods

But my opinion is worth no more than yours and if you're happier in currency and it makes you sleep easier then you have to do whats right for you 

 

 

[Robda1986]

if you trust your government enough to swap from physical to fiat then good luck to you I don't trust the government to tell me the sky is blue or water is wet from what I've seen they lie about literally everything and I'm meant to accept they'll keep to an iou. The sad part is that most people don't realise all currency is is an iou 🤦‍♂️

[Jcollet]

Good for you for making some money. If that what helps you sleep at night.

 

This is a new bull market in precious metals. It only happens a couple of times in a lifetime. I dont post often, but I've been around markets for a long time. There will be large  percentage swings/movements up and down. Ultimately we will make new all time highs in most if not all precious metals. This will not be quick. You can make money by trading. But you get rich by sitting on your hands. 

[Prophecy]

I agree with OP. I bought Apple shares in 2005 for 5 bucks a share (adjusted)... Then the Apple bubble hit and I am so glad I sold at near the top for 50 bucks each.  A TEN BAGGER. I have never looked at the charts since because I'd hate to see how bad the price has gone for all those who's pensions are invested in them.

 

 

 

Anyone. Anyone?

[Tn21]

Interesting to hear your view. It's good that you made some profits on cryto and I'm sure you would have made good profit on the bullion you sold. I see your point regarding cash as you will be able to be to nimble and buy any opportunities there may be. 

I personally don't see 500usd AU coming. 

I'm bullish on the metals and would like to see it out till atleast 2030.

 

Nice story thank you for sharing, really curious on the amount of bullion you sold in one go👀 

 

[silenceissilver]

2 hours ago, Derv said:

Wonger.....Is that you !?!

Yes

[silenceissilver]

I'm a bit confused, why did the "got stung" part disappear?

 

[freefall]

Maybe you should have sold some instead of it all? It may well crash short term but over the distance id bet gold will do better than fiat. I think the cheapest mines in the world pull it out the ground at $800 per ounce with most significantly more expensive. So if it ever did get to $500 it would only be temporarily. 
 

Whenever I have doubts I think of golds history of desirability over thousands of years by different cultures for different reasons. I also remind myself that if you were ever lucky enough to get a peek inside the vaults of any nations central bank you wouldn’t find stacks of paper, you’d find bars of gold. 50 years after it ceased to be money its still there. For a reason. 

[silenceissilver]

12 minutes ago, silenceissilver said:

Yes

No one would put all his assets into cash now. Although we are still in a deflationary phase, the money printing guarantees a inflation we have not experienced before, even if you are old enough to remember the 70ies (unless you are from Venezuela or Zimbabwe). This time it's not just an asset price inflation, it's created via consumer cheques into a shrinking economy, it will therefore affect daily consumer product prices. People are still sitting on their money because trust went down and saving rates up, but once the velocity of money starts to move up a bit when the first banks crash, there is no way back. 2021 is the year of very big inflation. 2021 might even be the new 1923.

[Prophecy]

18 minutes ago, silenceissilver said:

No one would put all his assets into cash now. Although we are still in a deflationary phase, the money printing guarantees a inflation we have not experienced before, even if you are old enough to remember the 70ies (unless you are from Venezuela or Zimbabwe). This time it's not just an asset price inflation, it's created via consumer cheques into a shrinking economy, it will therefore affect daily consumer product prices. People are still sitting on their money because trust went down and saving rates up, but once the velocity of money starts to move up a bit when the first banks crash, there is no way back. 2021 is the year of very big inflation. 2021 might even be the new 1923.

£9.98 for a loaf of Mighty White. Mark my words. 5 years.

[OriginalS]

It's a very brave tactic, I see these coming years as a mash up of the great depression and crypto boom of recent years, the western world has had rampant consumerism for close to 20 years now, technology has advanced at such a rate and everyone has the latest tech and nice fancy German cars on PCP, but with the recession coming later in the year (and that's a given because of 2 quarters of no growth in the real economy) it's going to create 2 problems.

 

First credits going to be harder to come by, and that's really going to hurt consumer spending, and second, the general public are going to stop spending any spare income they have on consumer goods and instead jump on the stock market bubble thinking they can buy low and are guaranteed a profit (I see this a lot on the forum with members automatically thinking their stacks going to increase in value) about 75% of these people are actually going to loose money (not us savvy forum members though 😜) the real money and financial institutions are going to be moving out of this ridiculous stock market bubble and find the next profitable venture (because that's what they do best) and just like the wall Street crash of  1929 it's the small investors that have jumped on the bandwagon too late that'll be hurting from a crash, pensions will take a massive hit and it'll take more stimulus packages and QE from governments to try and print the economy back into consumer spending, so companies can start making profits again and banks can relax lending criteria.

 

And once again the circle repeats itself, the rich get richer, the middle class pay for it with higher taxes, and the poor struggle on as always been drip fed credit by banks so profits can be made.

 

It's certainly a ballsy approach getting out of PMs at this time but I hope it works out well for you, my gold is for the very long term and I certainly won't be trading it for fiat anytime soon, I definitely don't have a stronger attachment to my silver and that will be going if this bull market continues ready to jump into a bear sector. 

[trozau]

Free will. Gotta love it.

[r1lee]

I sit here and wonder the same, if I should sell at least half of my stack. Silver had hit $50 both times and sank and each time it was always "this time is different". 

I think it's a real smart move, I just don't have the guts cause I think it's different this time.

[dicker]

It’s all about balance and spreading assets across a range of investments, and accepting risk that you are happy with.  
 

If you are happy then you are happy, and I certainly am not going to tell you that you are wrong!

Best

Dicker

[Abyss]

It all depends on the cash holding as the currency will have big impact and how the dollar milkshake theory plays out. The dollar index recently taking a beating and assets appreciated vs the dollar Gold/Silver/GBP/EUR/AUD/CAD

Held the Gold in vaulted provider or ETF minimal spread between buy/sell selling now could have sold at the top and the most likely outcome now consolidation and the next move higher in price. Held Gold in physical form in your possession wiser to keep hold of it longer term appreciation/hedge/insurance.

  

[StackerCollector]

My pm are protecting me from the possible scenario of a hyperinflation. Yes, sometimes cash is king, but looking at the current world affairs I will never let go of my pm unless I can trade them in for the real estate I am after.

[MancunianStacker]

I just can’t see gold going back anywhere near $500 (without some kind of change to the $). We’d be looking at losing 15 years worth of $ creation and Trillions in debt plus the recent Trillions. Who would sell for such a weaker $. 

https://www.usdebtclock.org

I love the $ to Gold ratio on here.

However, selling now and having the fiat for other opportunities or so you can sleep at night is fine and probably a good thing. Each to their own.

 

[Ravoma]

9 hours ago, Derv said:

Wonger.....Is that you !?!

Dammmmn!