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Forum - Has anybody ever gotten rich investing in gold?
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| scitops | Posted: Aug 22, 2010 - 13:15 |
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 Level: 4 CS Original | I know there are people who got rich telling people to invest in gold. However has anybody heard of anybody who got rich investing in gold? I've heard of people making a small profit, but not turning into Mark Cuban. | |||||
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| CyborgJesus | Posted: Aug 22, 2010 - 13:37 |
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 Level: 6 CS Original | How should they? It's nice for some safety, I have gold myself, but if you wanna get rich, build a company. Like one selling overpriced gold coins. | |||||
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| Edward L Winston | Posted: Aug 22, 2010 - 14:44 |
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 President Dwayne Elizondo Mountain Dew Herbert Camacho: porn star and five-time ultimate smackdown wrestling champion! Level: 150 CS Original | Buying gold today would be really stupid. Thanks to speculation and buying up by conservative-types, gold's price has sky-rocketed, but they don't realize that it's just a bubble and the price will go down again, back to what gold is actually worth. if you bought gold 10 - 15 years ago, you made a good investment, if you bought it 10 - 15 minutes ago, you're fucked. | |||||
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| advancedatheist | Posted: Aug 22, 2010 - 21:00 |
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Level: 3 CS Original | If you make a profit from selling gold, you also have to pay a capital gains tax on it. The role of gold in some conservatives' and libertarians' thinking shows the superstitious and magical thinking they engage in. Ironically fiat money illustrates Julian L. Simon's thesis about the human mind as "the ultimate resource," in that we've invented a cheap substitute for a scarce resource, in this case, gold. | |||||
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| DisordeR | Posted: Aug 23, 2010 - 04:49 |
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Level: 0 CS Original | As cyborgJesus says, its better to invest in something that will make you more money sooner. Property development is supposed to be quite good, just get a house and paint it up, but a patio on it and sell for 50% more | |||||
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| Nanos | Posted: Aug 23, 2010 - 09:48 |
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 Level: 0 CS Original | One of the problems I hear with buying and selling property is knowing when to stop before the bubble bursts.. Being a landlord on the other hand, I hear is a reliable way to make money. | |||||
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| advancedatheist | Posted: Aug 23, 2010 - 10:00 |
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Level: 3 CS Original | Correct, Nanos. Wealthy people don't make a lot of money from their own wages, but from owning property which gives them claims on other people's incomes. Your wealth, unlike your boss, can't fire you, much less subject you to various Dilbert-like humiliations. | |||||
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