Investing In Gold... Another Scam?

By
Real Estate Broker with Daytona Condo Realty, 386-405-4408

Jason Potrzeba posted Buy Gold. The Best Financial Advise I got that I Never Took...

And I remembered an article that I ran into just recently. About Gold - Jon Zolsky bloginvesting in gold… It came by e-mail, so I can’t give you the link to the article. It is written by Jim Gillespie, a commercial Real Estate coach… And this is him, who I quote in this blog post.

In the article they were labeling this gold rush as “the greatest scam in history”.

Empty Bag - jon zolsky blogIn a nutshell, what they were saying was that for every 100 ounces of gold that people think they’re currently holding a claim to, only one ounce of physical gold actually exists”

Which pretty much means that if everyone asks for their gold. 99 out of 100 ounces would not be delivered. And if you are one of those “lucky investors”, all you are is an “unsecured creditor”.

Which in turn means that you might be holding an empty bag… an expensive empty bag…

Listen to a bit over half-hour interview featuring a London Metal Trader veteran and Adrian Douglas of the Gold Anti-Trust Action Committee. Just click on image saying “MP3 Not for Redistribution” on the bottom of  the page on the left side to listen to the interview.

I am not investing in gold, or silver, or in Real Estate in Panama, or Costa Rica. Maybe it is great, but then what I am doing in Real Estate if I know that this is a better investment venue? All I know (just a bit) is real estate, and only in the US. And plan to keep it this way.

Jason, maybe it was a blessing that you did not follow the advice?

·  Image courtesy of Flickr.com under Creative Commons License

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate General Information
Groups:
Diary of a Realtor
Out Of The Box!
REALTOR LIFE
Realtors®
Silent Majority
Tags:
scam
jon zolsky
daytona realtor
daytona agent

Comments 13 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
883,319
Lane Bailey
Realtor & Car Guy
Century 21 Results Realty

I'm wondering if Gold is on the verge of a bubble anyway.  As soon as something seems to be a "no-brainer"... it becomes for those without brains...

May 12, 2010 12:48 AM
Rainmaker
446,986
Tim Maitski
The Agent Who Uses "Watermelon Tough" Sign Posts
Atlanta Communities Real Estate Brokerage

I've been following that story.  It is really amazing.  Many are buying Gold ETFs thinking that they are buying real gold that is being stored someplace when in fact they are only buying promises and nothing more.  That's why if you are going to invest in gold and silver, I think you need to buy the real thing, not some kind of paper substitute. Buy it and bury it in your backyard if you have to. 

If everyone wanted their gold in physical form, only one in one hundred would get it.  What do you think that would do to the price? 

How long can our paper currency be a store of value?  Eventually all the fiat currencies will be worth only what the paper is worth.  Think about the recent European Union bailout.  All of these countries that are basically bankrupt chipping in to bail each other out?  The United States which is in deep debt supplying a trillion dollars?  Where does that come from?  It's all funny money.  We print up money with nothing backing it and we pretend that it's real.  If it were that easy, all we would have to do is have the Federal Reserve print up a million dollars for every American and we all wouldn't have to work again.

May 12, 2010 07:21 AM
Ambassador
1,305,375
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Lane - if there is no Gold but just paper, then it is a problem. It is then simply an 'empty' bubble. The empty bag breaks but there is nothing in it... except for mere change

May 12, 2010 02:21 PM
Rainmaker
123,468
Aaron Silverman
Improving the Real Estate Experience through Educa
Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC

There are many methods to make money and earn a living; however, the best way to do it the way you know the most about.  That is why I am sticking with real estate.

June 01, 2010 02:05 PM
Ambassador
1,305,375
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Aaron - I agree

However, with your last name, you could try some metal (LOL)

June 01, 2010 02:39 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
1,305,375

Jon Zolsky

Selling Daytona paradise for heavenly good prices
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

hit counters View Jon Zolsky's profile on LinkedIn