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Pillar of the Community
United States
3670 Posts |
My poor grandfather has all his life earnings tied up in cd's and he claims that they are not worth near what they once were. Fortunately he has some rental property bringing in income, or him and my grand mother would be in much worse shape, minus what they already both are in being very ill and close to the end....
Part of me wanted to try an convince him to invest in some gold an silver, but being from another generation, an totally clueless on computer technology and the means an ability to move an sell products in this new technical world, it would be like trying to convince a mule to carry a 200 pound load up a mountain....
My grandfather himself was all about the cd, worked his fingers to bone entire life, lawn mower repair, a junk/flea market guy, buy anything cheap, fix an sell for a profit. Also worked as a meat cutter for years at Kroger, saved every penny, had and lived on next to nothing, just what they needed. I recall story's of living in silver stream in fifty's, pump whale for water, no power, 30 bucks a week earned working two jobs, one 12 hours a day tossing mattresses in a mattress factory. Tied it all up in cd's, and so the rest of the family has sucked him dry, that an the economy, and now he can't hardly see, no balance to walk, smoked filter less pal mals an drank coffee since age of 7 and he is 79. Ten siblings, 3 sisters and 7 brothers all gone now, minus one other sister, the oldest. One even died two weeks after the war in Patton's division, injured in post war skirmishes....
Sorry for the rant, but my point is he never took a chance beyond that darn specialized savings account, via cd's and to me that was a waste, and this is coming form the guy who is so anti gamble, that I will not even waste a dollar on a lottery ticket. That is not always the right way to think in the end I feel now, some times you gotta take a chance....
Edited by Silverhawk74
04/06/2011 3:36 pm
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Pillar of the Community
United States
648 Posts |
Buy a 5 OZ Gold Pamp Bar and put the rest on Silver.
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Pillar of the Community
 United States
1026 Posts |
Well after posting that realize gold and silver can change allot in the next month two months.
Will do not really care to publish my life's financial report on the public INTERNET. Let's just say that money I can live without and everything I have has been paid for for quite a few years now.
Guess I will wait more closer the June maturity date and then ask opinions again, know it is up to me but I like other peoples advice also.
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Pillar of the Community
United States
648 Posts |
Bruce - if that's the case, get the 5 oz bar for sure :). In my humble opinion, gold is going no where but up..steadily and put the rest on silver. Just two quick cents.
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Pillar of the Community
United States
505 Posts |
No Way would I recommend buying into PMs right now,This has gone too high too fast....Its your money to lose,but keep a close eye on the dollar index
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Pillar of the Community
United States
1026 Posts |
Well thanks for your information, I have been buying PM for several years now so hate to be paying these rates it scares you. I do buy for security as I feel the US dollar is doomed have thought this for some time now. And the stock market is being kept alive by the Feds printing press this can't keep up forever no way I will put a dollar in the market took it all out some time ago. Really do not plan on spending the PM but let it for my kids unless something happens and I need it.
Two of my retirement pensions come from the government since the government is bankrupt that is scary. Semper fi
Anyway I like small one ounce gold and one ounce and even half ounce silver figure it is easier to sell more people can buy it than a big 5oz bar.
No one knows what will happen it's anyone's guess but when you look at the world and the US dollar almost impossible to see things getting better.
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Pillar of the Community
Canada
3692 Posts |
Bet on the sure thing, not the maybe. You have the option now but not later, with only a chance of the interest going up at all. However, I'm with I'm with Frazzle in that you shouldn't gamble your savings when spot prices are high and climbing. They're due for another correction, if not a full-on pullback. Wait for gold to dip. In fact, don't take that chance. Take out half to play with, and put the other half back in the pot. That way you don't lose everything.
What I'm doing now, since I've been doing it for a year, is buy high-grade pieces and on occasion keydates and semi-keys in the case that spot prices plummet. I've already broken even on silver so I can afford to do this with my collection.
What would I do with your cash? Take it out. Who knows how long banks have until they crash? All it takes is the stroke of a key. If you really do believe that metals will climb more, then go for the smaller pieces since they may be easier to unload to different people instead of having to find a buyer for 5 whole troy ounces all up front. Back when palladium was under $700 I wanted to buy an ounce but no one had any for sale. With your budget, however, you should be able to afford some $20 St. Gaudens pieces.
Edited by Libertad
04/07/2011 10:59 am
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Pillar of the Community
United States
4008 Posts |
Quote:
My grandfather himself was all about the cd, worked his fingers to bone entire life... We aren't of the same generation, Silverhawk, but I can really relate to your story. My grand parents passed on in the mid 1980s but they were some real salt-of-the-Earth type people. Not well educated but wise in the ways of the world and extremely hard working. My step-Dad is 85 now and always invested in CDs. I tried a number of times to talk him into buying stocks or mutual funds but he would never go for it. Well, last spring he had a $100k CD come due and they offered him the amazing rate of 1.5% for 1-year. At that point he realized that CDs were simply not paying enough to invest in them until the interest rates perk up a bit. He made me a deal. If I would invest the money for him, we would split the profits. I would have done it for nothing but it meant a lot to him for this to be a partnership. I invested the money in 2 dividend paying mutual funds and 5 major US companies that have a strong dividend record. His account is up more than 12% since last June and he could not be happier. I fully realize that this is not money that can be invested in anything that isn't pretty conservative, so have protected the stocks with trailing stops that adjust upwards as the stocks rise. The mutual funds cannot use trailing stops, so I keep a close eye on their value and will sell if it looks as if a pull-back is occurring. Even if my step-Dad can't invest on his own, he knows that I can and have done it successfully for over 30 years. Best of all, he also knows that I will never put him in an inappropriate investment or churn the account to raise my fees. I am just glad that he has opened up to a larger investing world than CDs. They have their place but putting 100% of his money in them is really not a very good investing plan. Oh, yeah... to keep this all on topic... no silver or gold for this fellow. Some juicy profits could be made there but the risk is WAY more than an 85 year old gentleman should be taking with his money, even if it is only 10% of his net investable worth. |
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Pillar of the Community
United States
3670 Posts |
Yes Ed, sounds like our family's came from similar places, as my grandparents are definitely not educated in a book sense, but for sure in a common sense survival kind of way. As my grandfather walked away from school to never go back in like 6th grade. His dad beat him with a belt for it, but the stubborn old guy could care less. In those days, he would actually take it an go on his way, often taking chickens up to Cinci via boarding a train illegally hobo style, and riding back to town here the same day, and that is about eight hour drive from here. Something that is nothing short of asinine to someone from my weak cable t.v., video game generation, lol.... Nice to hear you were able to do that for your stepfather, very good thing. Gotta diversify like the Etrade baby says, not put all your eggs into one basket as most of the real wise around here would say. But I gotta admit if you all have not noticed, I am a bit bi-est towards pm's. I always wanted to go out and find a treasure, via pirate adventure, lost map, find the X, etc., lol. But hey, this is the real world, so I just built my own treasure via ebay, customized. Most people are blown away by the way, when they first learn from me, that they can actually buy silver or gold on the Internet, rof  .... So needless to say Brucec, I say go for the precious medals, or perhaps plan to buy when they dip some in price would be my advice, as novice as it is. Good luck which ever way you go.... Edited by Silverhawk74
04/11/2011 12:35 am
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Pillar of the Community
United States
4008 Posts |
Quote:
Yes Ed, sounds like our family's came from similar places, as my grandparents are definitely not educated in a book sense, but for sure in a common sense survival kind of way. - Silverhawk My grand father made it all the way through the 8th grade, so perhaps that was a pretty decent education for them thar days? Lots of other folks had less than that because everyone in a family but the toddlers, infants, and really old folks had to work to support the family. Quote:
Something that is nothing short of asinine to someone from my weak cable t.v., video game generation, lol.... Well, that;s the thing about people. We all do pretty much what we HAVE to do. I mowed and trimmed lawns as a kid to earn spending money. Worked at that all summer long, with some afternoons off to play baseball or go fishing. Wife and I have lived in a very nice neighborhood since 1994 and not one single kid has ever come by to see if they could mow our lawn for a few bucks. Be glad to pay it to get the grass shorter and maybe some character built in a youngster. No luck so far, though. Quote:
Nice to hear you were able to do that for your stepfather, very good thing. Yes, it is good that he is seeing the light in terms of investing. Perhaps after some successful investing he will want to branch out even a little further with some PMs. He has plenty of silver but no gold, so maybe that would be an option.  Quote:
But I gotta admit if you all have not noticed, I am a bit bi-est towards pm's. Yeah, there IS a bit of that going on around here! |
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Rest in Peace
United States
9104 Posts |
Quote:
Wife and I have lived in a very nice neighborhood since 1994 and not one single kid has ever come by to see if they could mow our lawn for a few bucks. Be glad to pay it to get the grass shorter and maybe some character built in a youngster. No luck so far, though. Got started in coins with lawn mowing money. Made $3,000 in 1968, $2-7 at a crack. Put 6,000 miles on a bicycle in three years, a lot of it pulling a lawnmower. Kids don't dare cut grass anymore. Aside from not knowing the nutcase on the other side of the doorbell, there's all sorts of laws, liability, insurance, etc, "protecting" everyone from everything. |
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Pillar of the Community
United States
4008 Posts |
Quote:
Aside from not knowing the nutcase on the other side of the doorbell, there's all sorts of laws, liability, insurance, etc, "protecting" everyone from everything. Yeah. About the only thing they are not protected from is laziness... and that path definitely leads to the dark side of life. |
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Pillar of the Community
United States
508 Posts |
It's funny, I tried when I was like 13 to cut lawns in my neighborhood and not a single neighbor would take me up on the offer, and I lived in a crowded area with townhouses, people everywhere. Everyone would just rather do it themselves than throw the youngster $10 bucks for mowing their lawn. Society just isn't the same in today's world. Oh man how I could have grown my coin collection had I not started working at the age of 16.
Anyyyway, to comment on the topic at hand, I had a couple CD's that my grandmother was grateful enough to set up for me before she lost her wits due to dementia. I found no reason to keep them when your only getting a 1% return and the money is locked up for 1 year. I put the money in my savings account and I'm much happier watching my savings account grow that way. Of course your dealing with a figure much larger than I did, but I don't particularly like the idea of the bank having my money locked away from me with no way for me to obtain it without paying them to do so. Granted the banks are a lot stronger than they were pre-bailout, I still don't have much faith in our economy or the banksters.
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Rest in Peace
United States
9104 Posts |
Quote:
About the only thing they are not protected from is laziness... and that path definitely leads to the dark side of life. Never realized that's where forn collectors came from. |
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Pillar of the Community
United States
4008 Posts |
Quote:
Never realized that's where forn collectors came from. Oh, lots of things come from this... including lawyers, politicians, and other odd forms of life. |
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Posted 04/06/2011 9:16 pm
