Unlike me though, his business can take in many hundreds of thousands of dollars a day, all within a room not much bigger than my office; gold you know....
He walks in yesterday and looks like death warmed over...pale. He'd lost weight. Asked what 'da heck was wrong with him.
Said, "Stephen, all my net worth is tied to the spot price of gold. Every nickel I own is on the line."
Me - blink, blink.
Then, I said, "Sell."
Without a moments hesitation he replied, "Are you crazy, and miss the top of the market."
Hey, what do I know...
Stephen
Some people just amaze me. How about you?
ReplyDeleteA man can only take himself to the next life.
ReplyDeleteIf he has so much, and he gains another couple of hundred (thousand) because the gold price is in his favour, would it really make a difference?
Money helps, but it's not worth getting ill ("pale. He'd lost weight") over.
And how much "extra" does he need to live this life...? Maybe he should ask all those on, and below, the breadline, worldwide.
Rob, I've dealing with the public a long time...nothing, I mean, nothing, surprises me any longer. Thanks.
ReplyDeleteDani, so very very true. I just shook my head and waved him goodbye..thanks.
Rob, I meant, 'been dealing with,' I should really edit my comments a little more closely...
ReplyDeleteI think I would sell what I needed in order to re-coupe my initial investment and hold the rest. JMHO.
ReplyDeleteI might turn some of that stamp collection into tangibles, but only enough to lay back what I need.
ReplyDeleteOnce the market collapses our fiat money will turn into fire starter and toilet paper and be useless. As long as his wealth is in gold and silver it's worth something.
I'd hang onto it.
However, I might sell enough to start another gun shop at that location, as a hedge. ;)
Duke, my thoughts too.
ReplyDeleteMatt, good advice. Let's see what he'll do...I bet he'll wait too long.
if he is THAT sick about it, you gave him sound advice...
ReplyDeleteat the very least, he should do what Duke says..
his comment is telling..
You can't time any market. As someone who has worked in investments in the past any statement of "I'm 100% in _________." is little but foolish greed.
ReplyDeleteLong before gold gets to the value that would satisfy your friend copper wrapped lead and pento-beans will be more sought after.
Sell some of it now. And hang on to the rest. Or, like I do. go out and pan, sluice, dredge, or what ever for some free gold. Get a metal detector, and hit a park or two. You will find all kinds of things. Like silver coins. Why stress.
ReplyDeleteHe is just making it hard on him self. Plus, you can't take it with you.
Please read this and tell me what you think.
ReplyDeletehttp://wishonshootingstars.blogspot.com/2011/11/occupy-cstat.html
Odysseus has the right of it. No need to keep listening past "All my net-worth is in"...whatever comes out of your mouth next is what you should sell some of.
ReplyDeleteThere is no scenario which makes having all your wealth in gold (or any other single thing) a good idea.
If he's convinced everything is about to collapse, he should diversify into ammo, canned food, and cigarettes.
Always remember the old poker players' maxim: "there's a sucker at every table...if you can't spot him, check the mirror".
jamie, I agree...thanks.
ReplyDeleteOdysseus, again, I agree...now I'm not one of those that refers to 'greed' as all bad, but I believe my friend is thinking of his nest egg and his eyes have glossed over...
Flier389, very true, and amen.
BlueEyedBaby, comment made as requested.
As long as it makes you happy, do it. If not separate from at least some of it. Stress is not worth what it does to your health. I got rid of my stamp collection after 20 yrs, kept a few prize ones, sold the rest made more money than I would have ever imagined, invested that into my son's savings account. They say you can't take it to your grave, but you really can, and they don't mind at all= taking it right off your dead body.
ReplyDeleteKingturkeyoak, very true...thank you.
ReplyDelete