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Posted: 12/7/2022 2:08:56 PM EDT
[#1]
Quote HistoryQuoted: BASED. You know the difference between CURRENCY and MONEY. nothing backs the dollar, your gold will make you rich when the dollar collapses. Quote HistoryQuoted: BASED. You know the difference between CURRENCY and MONEY. nothing backs the dollar, your gold will make you rich when the dollar collapses. for historical background own 'owning bullion' and dollar collapses... note that it was a simple executive order. one and done.... Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." The executive order was made under the authority of the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act in March 1933. |
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Posted: 12/7/2022 2:11:13 PM EDT
[#2]
Me too! And I put it all in my mouth!
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Posted: 12/7/2022 2:13:05 PM EDT
[#3]
If you did this because some charlatan/predator was screaming about the upcoming apocalypse, get off social media.
I wouldn't have recommended the move 
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Posted: 12/7/2022 2:13:17 PM EDT
[#4]
GD provided the correct advice on pg 1.
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Posted: 12/7/2022 2:13:34 PM EDT
[#5]
There is always the possibility that President Biden declares the US$ return to the $35/oz.gold ratio.
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Posted: 12/7/2022 2:15:18 PM EDT
[#6]
Quote HistoryQuoted: BASED. You know the difference between CURRENCY and MONEY. nothing backs the dollar, your gold will make you rich when the dollar collapses. Except there isn’t enough gold backing that paper shit. I would’ve gone physical and miners as a hedge. I just bought a bunch of GLDG (after doing much research and seeing lots of potential not including all the buy ratings) a few months ago well against the advice of my financial advisor who said that was a bad idea. Looks like it was a great call on my part. Also, physical gold is a hedge, not an investment. People in this thread comparing physical gold to investments haz the dumbz. |
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Posted: 12/7/2022 2:19:42 PM EDT
[#7]
Let Me Guess. You listen To WAR ROOM.?
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Posted: 12/7/2022 2:22:09 PM EDT
[#8]
Quote HistoryQuoted: Not sure if parody thread or genuinely bad decision It's arf gd. Why not both? |
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Posted: 12/7/2022 2:25:26 PM EDT
[#9]
The level of faith of an imploding system in here is mind boggling. Or its feds posting? Or boomers? Or old guard loyalists? Joe Biden's handlers are not going to stop till the ship is sunk.
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Posted: 12/7/2022 2:26:19 PM EDT
[#10]
Quote HistoryQuoted: The level of faith of an imploding system in here is mind boggling. Or its feds posting? Or boomers? Or old guard loyalists? Joe Biden's handlers are not going to stop till the ship is sunk. Yep the dollar is worthless and becoming more worthless every day |
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Posted: 12/7/2022 2:26:30 PM EDT
[#11]
Serious thread?
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Posted: 12/7/2022 2:26:34 PM EDT
[#12]
For $17k, you could get a used 2013 Ford Explorer with only 87,000 miles on it.
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Posted: 12/7/2022 2:28:57 PM EDT
[#13]
Quote HistoryQuoted: Not sure if parody thread or genuinely bad decision Hard to say I know enough people who are that clueless that I could see it. Guy at work cashed in his 401k to buy a boat. “I’m only losing that money in the market, may as well enjoy it.” |
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Posted: 12/7/2022 2:29:31 PM EDT
[#14]
Quote HistoryQuoted: There is always the possibility that President Biden declares the US$ return to the $35/oz.gold ratio. That would circumvent current law, which says gold is $42.22222222222/oz. If gold is revalued it will be much much higher to cover the currency supply. Physical federal reserve notes are the first lien against Treasury gold.  Current Valuation of the Federal Reserve Note Relative to Gold |
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Posted: 12/7/2022 2:30:59 PM EDT
[#15]
Dumbass.
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Posted: 12/7/2022 2:32:07 PM EDT
[#16]
Quote HistoryQuoted: BASED. You know the difference between CURRENCY and MONEY. nothing backs the dollar, your gold will make you rich when the dollar collapses. Yeah especially during shtf scenarios, everyone will be lining up to trade food and bullets for your shiny metal! |
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Posted: 12/7/2022 2:32:41 PM EDT
[#17]
Quote HistoryQuoted: Gold has underperformed stocks and bonds for the last 100 years... Why would you do this? Quote HistoryQuoted: Quoted: Cashed out my 401k. 17k. Bought gold etf's with it. I'm hoping this was a good decision. Took me a long time to get that much money. Maybe I should have gone 50/50 gold/silver? Gold has underperformed stocks and bonds for the last 100 years... Why would you do this? When you invest, are you getting the last 100 years? Or is it the future that will determine the value of your investment? |
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Posted: 12/7/2022 2:35:46 PM EDT
[#18]
Quote HistoryQuoted: When you invest, are you getting the last 100 years? Or is it the future that will determine the value of your investment? Quote HistoryQuoted: Quoted: Quoted: Cashed out my 401k. 17k. Bought gold etf's with it. I'm hoping this was a good decision. Took me a long time to get that much money. Maybe I should have gone 50/50 gold/silver? Gold has underperformed stocks and bonds for the last 100 years... Why would you do this? When you invest, are you getting the last 100 years? Or is it the future that will determine the value of your investment? You are 100% correct that you are getting the future but it is worth pointing out when a particular asset class perpetually underperforms. Nobody gets a crystal ball but we all have access to history. |
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Posted: 12/7/2022 2:38:16 PM EDT
[#19]
HA !!!
I saw the direction the market was going early on, so I cashed my 401k in and put it all in fidget spinners. Yeah, I know their "out" - now. You just wait. They'll be back, and I'll be sitting pretty. |
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Posted: 12/7/2022 2:41:12 PM EDT
[#20]
Rated troll because no one is that dumb. They could be, that might explain why only $17K in a 401K.
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Posted: 12/7/2022 2:41:28 PM EDT
[#21]
Gold is a hedge against central bank stupidity.
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Posted: 12/7/2022 2:42:05 PM EDT
[#22]
Quote HistoryQuoted: If you did this because some charlatan/predator was screaming about the upcoming apocalypse, get off I wouldn't have recommended the move FIFY. This is a daily occurrence, sometimes multiple times, in GD. Wait until the "went to cash" guys check in. |
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Posted: 12/7/2022 2:43:14 PM EDT
[#23]
Did you recently suffer a head injury that might have caused you to make such a decision?
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Posted: 12/7/2022 2:45:09 PM EDT
[#24]
Just one of many stocks to choose from
OP can always sell part of the ETF and purchase other stocks that will perform better |
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Posted: 12/7/2022 2:45:41 PM EDT
[#25]
Quote HistoryQuoted: That would circumvent current law, which says gold is $42.22222222222/oz. If gold is revalued it will be much much higher to cover the currency supply. Physical federal reserve notes are the first lien against Treasury gold.  https://www.youtube.com/watch?v=xMJPnXjj6WkDid they change the legislation authorizing the president to change the price of gold? That is how Nixon closed the gold window back in 71. |
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Posted: 12/7/2022 2:46:19 PM EDT
[#26]
Quote HistoryQuoted: Wait until the "went to cash" guys check in. oooooh is that me, I went to cash today, then bought back, then went to cash, then bought back, then went to cash, then bought back and so forth and so on up about 27% for the day oh that's right, don't time the market...... does it count if my timeframe sometimes is less than 5 minutes???? |
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Posted: 12/7/2022 2:48:31 PM EDT
[#27]
Smart move! The 10% 401k early withdrawal penalty can be deducted on your taxes, so that's win-win!
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Posted: 12/7/2022 2:50:30 PM EDT
[#28]
Quote HistoryQuoted: Doesn't count unless you have pre-33 gold coins buried in your back yard. What specific area of the back yard are we talking about? How deep? |
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Posted: 12/7/2022 2:51:15 PM EDT
[#29]
Quote HistoryQuoted: does it count if my timeframe sometimes is less than 5 minutes???? It will indeed make you a pattern day trader. Not that there is anything wrong with that. |
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Posted: 12/7/2022 2:51:55 PM EDT
[#30]
Quote HistoryQuoted: Dumbass. Needs more Red: 
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Posted: 12/7/2022 2:52:49 PM EDT
[#31]
Gold might occasionally have some volatility - but it feels like it is heavily manipulated. Dollar can tank (with regard to other commodities), and generally gold tends to depress a bit too much with it. That said, I have never lost money like I have lost it with the stock market.
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Posted: 12/7/2022 2:55:12 PM EDT
[#32]
Quote HistoryQuoted: oooooh is that me, I went to cash today, then bought back, then went to cash, then bought back, then went to cash, then bought back and so forth and so on up about 27% for the day oh that's right, don't time the market...... does it count if my timeframe sometimes is less than 5 minutes????  |
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Posted: 12/7/2022 3:04:35 PM EDT
[#33]
Quote HistoryQuoted: Gold might occasionally have some volatility - but it feels like it is heavily manipulated. Dollar can tank (with regard to other commodities), and generally gold tends to depress a bit too much with it. That said, I have never lost money like I have lost it with the stock market. If you can determine that a market is heavily manipulated, shouldn’t you be able to determine which side of the market to be on? |
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Posted: 12/7/2022 3:08:32 PM EDT
[#34]
Quote HistoryQuoted: Did they change the legislation authorizing the president to change the price of gold? That is how Nixon closed the gold window back in 71. no; and Nixon only "temporarily" suspended the convertibility. If you look at the interviews after he closed the gold window, they apparently only intended for it to last 3 months.... Book Value: The Department of the Treasury records U.S. Government owned gold reserve at the values stated in 31 USC § 5116-5117 (statutory rate) which is $42.2222 per Fine Troy Ounce of gold. The market value of the gold reserves based on the London Gold Fixing as of September 30, 2020 was $493.4 billion. (b)The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934. https://www.fiscal.treasury.gov/reports-statements/gold-report/21-02.html https://www.law.cornell.edu/uscode/text/31/5117 |
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Posted: 12/7/2022 3:09:29 PM EDT
[#35]
Did you pay the withdrawal penalty on the way out or does that come later?
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Posted: 12/7/2022 3:09:55 PM EDT
[#36]
lol
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Posted: 12/7/2022 3:10:30 PM EDT
[#37]
Quote HistoryQuoted: When gold hits $5000 try cashing them out for bullion. that sounds buy high-ish. |
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Posted: 12/7/2022 3:11:23 PM EDT
[#38]
Quote HistoryQuoted: Trolling... It's a parody thread (the true "dupe rule" rule) I hope of an earlier thread where some guy was thinking of pulling out of his 401K |
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Posted: 12/7/2022 3:12:25 PM EDT
[#39]
Quote HistoryQuoted:It's a new paradigm bro I thought that was crypto? 
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Posted: 12/7/2022 3:16:59 PM EDT
[#40]
Quote HistoryQuoted: I thought that was crypto? fidget spinners, bro |
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Posted: 12/7/2022 3:27:19 PM EDT
[#41]
I hope this is a troll. If not, you are too impulsive to manage your own investments.
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Posted: 12/7/2022 3:29:11 PM EDT
[#42]
This feels like a poors thread..
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Posted: 12/7/2022 3:31:24 PM EDT
[#43]
Quote HistoryQuoted: fidget spinners, bro Quote HistoryQuoted: Quoted: I thought that was crypto? fidget spinners, bro Nah, nah, nah, fidget spinners is MY game. I'm gonna corner the market. You go find your own thing. |
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Posted: 12/7/2022 3:39:57 PM EDT
[#44]
In 2009, a 50yr old guy I know, who is a self-professed expert in all things that recently got laid off, cashed out all $50k worth of his 401k in order to pay off $30k in credit card debt, and used the rest to buy an old Hardley. He didn't have enough cash left over to pay for it in full, so he got an 8% motorcycle loan that was around $12k. It was one of the dumbest things I've ever witnessed.
But I have to say I think this guy was smarter than OP. At least he got rid of high interest credit card debt and purchased something he could actually sell if needed. Paper gold IOUs are more worthless than cash if the shit really does hit the fan. |
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Posted: 12/7/2022 3:41:13 PM EDT
[#45]
It's your funeral.
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Posted: 12/7/2022 3:42:29 PM EDT
[#46]
A whopping $17k in a 401k.
You'd better be under 30. |
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Posted: 12/7/2022 3:42:33 PM EDT
[#47]
Quote HistoryQuoted: Cashed out as in took a penalty to remove money from your 401k? To buy paper gold? I hope this is a joke post.  Attached File |
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Posted: 12/7/2022 3:48:18 PM EDT
[#48]
Quote HistoryQuoted: A whopping $17k in a 401k. You'd better be under 30. Exactly i do more than that per year. |
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Posted: 12/7/2022 4:03:42 PM EDT
[#49]
Quote HistoryQuoted: What specific area of the back yard are we talking about? How deep? Right in the middle. About 6". |
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Posted: 12/7/2022 4:06:47 PM EDT
[#50]
Quote HistoryQuoted: Exactly i do more than that per year. I do more than that per month. Poors disgust me. |
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