Thursday, May 20, 2010

Is Gold Really Golden? - Daryle Lambert's Antiques and Collectibles Blog – I think not

Fools Gold - Thanks to 

I have been wanting to write this blog for some time, but needed more information before I did. Well, I think that I now have enough to shed some light on this subject that has been so puzzling to me. For perhaps three years, I have been saying that you should sell your gold on every advance over $1200 per ounce. In fact, I believe that I first said “sell” when it was at $1150. Since then, the range for gold has jumped and dropped several times, which has given everyone the opportunity to make some nice profits. I believe we are at the top of another cycle.

The problem that had stumped me, however, was where the buying was coming from, because I didn't think that the Chinese and Indians were the ones causing the rise in the price of gold. So if they weren't, who was? At last I have figured it out. It is us. “But Daryle, how could that be?”, I am sure you are asking. I think that it is us because you can't turn on the television without some celebrity telling you he has been buying gold for 10 years and you must be a fool if you're not doing the same thing. There is more gold being sold to moms and pops in America than all the other countries in the world because of the false fear that is being created.

Here is my theory. As we take our money out of circulation and buy gold, the economy will constrict because gold will never stimulate our economy. Just the opposite. It will restrict our economy, while the ones selling the gold will become wealthy beyond imagination. You see for our country to stay strong, we must invest our wealth into the very fiber of this nation where there will be employment and production so the economy will continue to grow. But if we can be persuaded to convert our money to gold, our economy will come to a grinding halt.

I can hear you now. “Yes Daryle, you are really sounding radical”, but am I really? Here is what finally convinced me to share this with you. Over the last few months, many of my friends have shared with me how they are making a pot full of money. First, their whole focus is on buying gold in any form, from jewelry and gold coins to commercial scrape. They then sell it to a broker for 80% - 90% of the quoted market price. This is sad to me because they have no interest in what they are destroying in the process and many beautiful items are being destroyed just to get the gold. You may remember when this country did the same thing with silver when the Hunt brothers tried to corner the market in silver. I still can see people stomping on vintage mint julep cups for the silver to sell it at $50 an ounce. But what happens next? The brokers sell it to the companies on the television to sell it to the moms and pops and more money is taken out of circulation.

It is so interesting to me when I am seeing “We buy gold” signs in almost every window I look into. Please help save America by keeping your money in coins and bills that say “In God We Trust” and keep them in circulation where they will help keep our neighbors employed and our country strong.

God Bless and I hope that I won't lose too many of you but this is a crisis that only we can cure. Yes, I will get back to antiques and collectibles, but occasionally I just have to blow off steam when I fear for this great nation that our founding fathers gave up so much for.
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