getting OLD and sitting on a lot of gold, no time left for a bear/bull cycle back to 2000

[El Dios De la Plata]

I never factored in old age. I have been buying gold bullion since the late 1970's at under $300 per oz. and can't complain. I traded for decades, equity index options (OEX and SPX), scalping off spreads as a CBOT full member. And I put a lot of that money into gold, and never thought much about it. The most I ever bought was one day in 2005 I bought 330 1 oz. maples. The point is, I'm sitting on a lot of it. I'm retired, I don't trade anymore, and sold my membership a long time ago, and you can't scalp retail, at least I can't. I have lost a lot of money in gold in the last month, and all my old reflexes are screaming to get out. I'm NOT a gold bug, I'm a profit bug. But what, get 5% in some savings account? Actually, maybe so. But unlike paper, which is meaningless to me, I have a hard time dumping what took over 40 years to accumulate. If I was young, I'd do what I did when I was young, and try to buy dips, get a better price, and just wait: And that's the whole problem. I don't have 5 or ten years. Say what you will, I think we are in a bear market with gold. However long that lasts, the cycle back to 2000, and there is a chance it never will get that high, could take many years. When I was trading, market direction was meaningless, as every trade was spread and I traded the differential. I feel queasy about gold. I'm losing many thousands every day in the bullion, (of course not realized until I sell) I am long GLD puts and that is defraying some of the loss, but if gold plummets like I expect, and I have seen massive commodity retracements and expect that with gold, I expect a big net loss. I do not want to risk a whipsaw with the GLD options. I know ALL the arguments about the ruined dollar, and know all the party line specs about all related topics, and all the Fed bull****, and always made my own decisions, and on this one I don't have a clue. I think I'm stuck holding the gold, but at my age, it feels like too much weight. I don't want to sound like I'm crying with a loaf of bread under each arm, I just value good judgement more then anything, and that always precedes profits. And at the moment I have no wisdom with this market situation, and old age says, get out, or just forget the whole thing, it doesn't even make any difference. Old habits die hard. If you have some sort of productive opinion, I'd sure be interested.

[digbird]

I wish I had your problem...haha. I started stacking in 1978, but a lot less than 330 oz. of gold. Smart move by the way.

Have you no heirs in your family that would deserve a good start in life?

Ever consider selling 1/2 and holding the rest if you can use the fiat now? That would be the 1st. step in getting out.

When the Fed Res. starts reducing the interest rates we may well see a rise in commodity prices. What are your views on that scenario as you sound like you have a lot of trading experience.

[maxwellsilverhammer]

"I have lost a lot of money in gold in the last month"... lol.
you only lose if you sell but even then it sounds like you are still going to see a lot of profit over what you probably paid for it. yes, maybe you will be selling at less than the TOP all time high but still??? we would all love to have your problem. jmho

[Lawrence]

Gold has had a retracement of around 7% since its recent high of around $2025. I too, started buying around $300 an ounce, not to mention heavy buys in silver over the years. You make no mention of diversification in your portfolio. If it's all in gold, then yeah, I would be a little concerned.

If you are up in latter years, like I am, then I look on my wealth as 'generational' wealth that the children will enjoy spending. If you have truly been investing in gold since it was $300 an ounce, then a 7% retracement is minuscule. Get on with life and enjoy what little time you have left and thank God for what you have.

[ynot2k]

You are the only one who knows your entire situation and you are the only one that knows what's best for you. I do get your view/take.

Something in you guided you through out your life up until now, I think it is still there.

[sam740]

I'll give you $600/oz for as many of those coins that you want to liquidate. 100% immediate profit! What a deal!

[Miteysquirrel]

I dont understand this post at all.

You must have 1000s of oz of Au...if you bought 330 oz in one day...I imagine you have more than just that.


I really dont see a problem,...gold is NOT crashing, unless you think a lot of debt is good for currency....use the gold to enjoy your life...take a trip, buy a car, if none of that thrills you, look into helping people in your orbit that need some help. that always feels good...you don't have a gold problem, you have an imagination problem...its an asset, use it.

[Atlas Shrugged]

How much do you need?

What does it profit a man to gain the world, but lose his soul?

This must be a fake post.

[PandAu]

You say “Losing many $1000's per day.”
As the average has been $4 per day, for a month.
To lose $1000s per day – Let's say $4,000 per day.
Hence you are telling us that you have over 1000 ounces.
Your wealth, just in gold must be $1,890,000 and you are asking advice from strangers on the interweb.

Get a grip !

[golditiki2]

When the god of silver, alias dios de la plata has not a higky profitable alternative for his pretended thousands of Toz,, his words stink !!!

Probably one of those paid gov . shills. Let him sell his gold and bathe in FRNs. All governments are in deep debt and he wants to throw gold out of his nest? Bullsh*t !!!

Golditiki2+++