Sold all my Gold

[Jimmy2trees]

2 hours ago, HawkHybrid said:

https://www.youtube.com/watch?v=iAxiTtkL-OY

 

imo gold has been on the overbought side for a while now(short term). this does not mean

that it can't get even more overbought. I'm looking to take some profits(re shuffling my coin

selection).

 

HH

I'm not a fan of TA and think that unless you're a professional trader,  buying in and out is not a good strategy for your average guy looking to invest in PMs

If you believe in the fundamentals and are in it for the long term buy and hold is the way to go.

[dicker]

Jimmy - I agree.  I know very few professional traders who make money on their own.  
 

My mates who were traders - from LIFFE open outcry traders (Long time ago I know) through to people who do Algo stuff don’t really trade on their own account having stopped working for banks.  They do other things, I think because the infrastructure is not their to support them and their decision making. 
 

They are also more than smart enough to know what is and is not a mugs game.  
 

Best

Dicket

[Jimmy2trees]

3 minutes ago, dicker said:

Jimmy - I agree.  I know very few professional traders who make money on their own.  
 

My mates who were traders - from LIFFE open outcry traders (Long time ago I know) through to people who do Algo stuff don’t really trade on their own account having stopped working for banks.  They do other things, I think because the infrastructure is not their to support them and their decision making. 
 

They are also more than smart enough to know what is and is not a mugs game.  
 

Best

Dicket

Yes. And talking of algos, they account for a significant volume of trading in all markets today.

And when it comes to manipulation,  many of these algorithmic trades are artificial and carried out to give the impression of true price discovery while in reality they are just "trading" towards a predetermined end of day price.

Additionally they are carrying out millions of these trades per second. An amateur trader trying to compete hasn't got a chance.

The easiest way for an amateur to make a million dollars trading is to start off with two million 

[dicker]

Indeed... I have worked in banking for most of my life and will not bore everyone with trading stuff but you are spot on. 

Best

Dicker

[HawkHybrid]

24 minutes ago, Jimmy2trees said:

I'm not a fan of TA and think that unless you're a professional trader,  buying in and out is not a good strategy for your average guy looking to invest in PMs

If you believe in the fundamentals and are in it for the long term buy and hold is the way to go.

 

with hindsight would you have recommended selling pm's in 2011?

selling 100% is an extreme. holding onto 100% after a significant rise is also an extreme.

imo the moderate thing to do is to sell some to rebalance your position. many traders won't

hold onto 100% of their position for the full duration of their anticipated moves.

 

HH

[Jimmy2trees]

11 minutes ago, HawkHybrid said:

 

with hindsight would you have recommended selling pm's in 2011?

 

 

I held all of my stash throughout the previous high.

 

[dicker]

I don’t sell PM’s but I manage the rest of my portfolio actively.  Long term view for me. 

[HawkHybrid]

18 minutes ago, Jimmy2trees said:

 

I held all of my stash throughout the previous high.

 

 

with hindsight is holding for a horizontal movement in price that took 9 years to

complete the right thing to do for 100% of your investment in pm's?

 

HH

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Added 0 minutes later...

19 minutes ago, dicker said:

I don’t sell PM’s but I manage the rest of my portfolio actively.  Long term view for me. 

 

I try to get to free carry when ever possible.

 

HH

[Jimmy2trees]

8 minutes ago, HawkHybrid said:

 

with hindsight is holding for a horizontal movement in price that took 9 years to

complete the right thing to do for 100% of your investment 

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Added 0 minutes later...

 

well I'm happy with my decision. 

I didn't need or want the cash at the time so probably would have wasted a lot of it.

I have other investments besides gold but they don't give me the same "vibe"  I get from holding physical gold. 

 

[vand]

I don't have a problem with TA. It's useful and I use it myself, but I have learnt not to allow short term signals to influence my long term strategy, which is to buy and hold for the main duration of the bull market. TA might be useful to tell me that its overbought on a daily or weekly timeframe and so don't be surprised at a short term pullback, but don't let the tail wag to dog, and accept that a short term correction is a necessary and inevitable part of a healthy uptrend. The main trends that develop over many years are the ones that you must not lose sight of, regardless of what indicators over a shorter timeframe indicate might happen.

[Prophecy]

I feel sorry for all the people in Venezuela who sold their gold a few years ago to capitalise on the ridiculous gains they saw. They would have enjoyed another 1000% gain

[Abyss]

19 hours ago, Prophecy said:

I feel sorry for all the people in Venezuela who sold their gold a few years ago to capitalise on the ridiculous gains they saw. They would have enjoyed another 1000% gain

In a collapsed fiat currency does not matter how many zeros in your bank notes and whatever % gains obtained by selling your Gold for fiat in Venezuela it lead to the destruction real purchasing power. The video below published Aug 17, 2018 demonstrates in real purchasing power in Venezuela increased five fold for those owning Gold and those that sold early for paper profits wipe out with continued paper de-basement.

 

[Spectre77]

6 minutes ago, Abyss said:

In a collapsed fiat currency does not matter how many zeros in your bank notes and whatever % gains obtained by selling your Gold for fiat in Venezuela it lead to the destruction real purchasing power. The video below published Aug 17, 2018 demonstrates in real purchasing power in Venezuela increased five fold for those owning Gold and those that sold early for paper profits wipe out with continued paper de-basement.

 

Apparently with 1oz gold you could buy a house there lol

[Jimmy2trees]

Bitcoin  and other cryptos have also proved useful in Venezuela's hyperinflationary crisis and their usage is soaring.

They not only provide a more convenient means of exchange but are also a better store of value than both dollars and local currency.

[Prophecy]

33 minutes ago, Abyss said:

In a collapsed fiat currency does not matter how many zeros in your bank notes and whatever % gains obtained by selling your Gold for fiat in Venezuela it lead to the destruction real purchasing power. The video below published Aug 17, 2018 demonstrates in real purchasing power in Venezuela increased five fold for those owning Gold and those that sold early for paper profits wipe out with continued paper de-basement.

 

that's what i was getting at

[MancunianStacker]

1 hour ago, GSTrading said:

Apparently with 1oz gold you could buy a house there lol

Soon you might get a street 😔 

[Minimalist]

On 29/07/2020 at 20:47, Abyss said:

In a collapsed fiat currency does not matter how many zeros in your bank notes and whatever % gains obtained by selling your Gold for fiat in Venezuela it lead to the destruction real purchasing power.

The principle is correct. However there are massive sanctions on Venezuela blockading basics into the country leading to such conditions.

[Prophecy]

3 hours ago, Minimalist said:

The principle is correct. However there are massive sanctions on Venezuela blockading basics into the country leading to such conditions.

What's that got to do with the topic? The sky is blue too lol

[AuricGoldfinger]

I just came here to say “got stung” but was beaten to it. Goodbye.

[abishop]

Its good to hear someone who has made on the sale of gold from many years collecting it. As long as its good for you that's all that matters.

Personally I hope to never have to sell and will only sell when I retire to cover my back for a short period of time (up to 5 years income worth) if (or rather when) my dividends and investments take a hit during retirement so I don't have to sell securities at a loss or live off diminished dividend returns.

Of course if gold goes to the moon in the next 5 years or so I may be tempted but as I have no idea where gold will be I hope to stick to my plan.

[Silverman2U]

On 24/07/2020 at 02:29, 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.

I think you mean no one smart would... most people in the world May have a car and house (liabilities not assets) ... but ask the after person on the stretch about their asset portfolio... PMs? Rental properties? Passive income? ... the population not that financial smart as a whole. 

[Glorfindel]

On 24/07/2020 at 12:30, FoolzGold said:

I thought it was that old thread being resurrected again too. Whenever I think I did something really dumb I always look back on that thread and think - okay, it was dumb, but not as dumb as what that guy did.

I've made 9k on the stock market since then with the money I got from my gold sale. I don't regret it at all. Had I not sold I'd be worse off. 

[Abyss]

11 hours ago, Glorfindel said:

I've made 9k on the stock market since then with the money I got from my gold sale. I don't regret it at all. Had I not sold I'd be worse off. 

Timing market entry and exit is one of the most difficult skills to learn. You only realise loss/profit once exited your position. Buying physical Gold never going to achieve potential rewards obtained by having speculative position in stock market / crypto’s / other investments because Gold should viewed as an asset to protect purchasing power over long time (10+ years).

[RoughDog]

On 24/07/2020 at 10:54, Eco said:

You see what people what people dont understand is we have already had massive inflation. Its showed itself in assets, particularly stocks, but also property and gold. 

Governments are trying to push people more and more into these assets because its the only thing they can do to sustain the debt driven society they created. They are creating this myth that they are going to inflate currency, they have no ability to do that.

So much of the "currency" that exists in the world isnt real. Its debt, its inflated stocks that are no "valued" way beyond the companies actual worth. Once companies start failing and debts have to be written off by countries, people and companies, all this currency disappears into thin air. We are left with a world that is actually drastically short on currency. Once the collapse happens its currency that will rocket. Something like Gold is no good to anyone, its value is on the way up to this bubble when debt and fake value is being created and "currency" supply seems endless.

I thought inflation was an increase in money supply which is nothing to do with the price of assets.  I don't know, It's only what I have read. 

If the governments want to push people into assets how is it that people complain that metal prices are rigged and being artificially knocked down?

I assume that if the prices of assets/stocks are rising it's because people are putting more and more money into them.

If people were to take their money out where would they put it?  In saving accounts?  The interest rates are next to nothing.

Maybe it's interest rates/saving rates that are pushing people into assets.

 

 

[ZigZag]

13 hours ago, Abyss said:

Timing market entry and exit is one of the most difficult skills to learn. You only realise loss/profit once exited your position. Buying physical Gold never going to achieve potential rewards obtained by having speculative position in stock market / crypto’s / other investments because Gold should viewed as an asset to protect purchasing power over long time (10+ years).

Exactly my position, I’ve been diversifying a little from the stock market to other assets, including P.M’s as a physical hedge and “insurance policy” approach.

Made some money in the markets, now I want more of a cushion against purchasing power, part of the reason I’m here not to really increase my wealth; more to protect it.