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"The Crash is Here"


Al Kowsky
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This morning I clicked on the Kitco website to check out precious metal prices & wasn't happy with what I saw 😒. Gold was trading at $1711.00 per oz, silver at $17.95, platinum at $839.00, & palladium at $1996.00. The stock market & crypto currencies have been plunging steadily too ☹️. So why hasn't the modern & ancient coin markets crashed yet 🤔? Are coins really a solid investment or are they on the precipice of a crash 😖? I don't know the answer to that but I'm not turning into a "nervous Nellie" either. Yes, the coin markets have been trading slightly lower but nothing like what we've seen in the other markets. 

In light of that I have to share an amusing but thought provoking article I saw on the Kitco website by Anna Golubova, "The crash is here": stocks, gold, silver, bitcoin & real estate are crashing, "it's time to get rich"- Robert Kiyosaki.

https://www.kitco.com/news/2022-08-30/-The-crash-is-here-stocks-gold-silver-bitcoin-real-estate-are-crashing-it-s-time-to-get-rich-Robert-Kiyosaki.html

Kiyosaki is a well known investment guru who has done quite well for himself & his followers. He states "It's not what's in your wallet, but what's in your head. Middle class getting wiped out by higher oil inflation. Yet the rich are getting richer". Kiyosaki is recommending that we invest in canned tuna fish & canned beans because we can't eat gold & silver 🤣. Maybe he's got something there....

24466800_TunaBeans.jpg.6f2e503bbf2de6da8817f2782b69f630.jpg

 

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4 minutes ago, Ancient Coin Hunter said:

t's actually theorized that it is cheaper to eat at restaurants these days then buy food at the grocery store.

That is true per things like hamburgers.  Or items which require a lot of ingredients.

The stock market's been so artificial since 2008, so I really couldn't make any predictions.  I'd sure love to see gold go down, down, down.  (So I can get coins). 

A crash in home values would be great for me; less value, less taxes. It's all paid off and I have no intention of selling it. 

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3 hours ago, Furryfrog02 said:

I just hope I can sell my old house before the crash really happens! Then I can buy more beans. I can't stomach canned tuna...too many Tuna Helper dinners growing up. 🤢

F.f., I wish you good luck for a quick & profitable sale ☺️, but don't get greedy 🤔.

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1 hour ago, Ancient Coin Hunter said:

It's actually theorized that it is cheaper to eat at restaurants these days then buy food at the grocery store.

In some cases that's true, especially with drive-thrus; but how many times a week can you eat burgers, fries & pizza🍔🍕?

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1 hour ago, Nerosmyfavorite68 said:

That is true per things like hamburgers.  Or items which require a lot of ingredients.

The stock market's been so artificial since 2008, so I really couldn't make any predictions.  I'd sure love to see gold go down, down, down.  (So I can get coins). 

A crash in home values would be great for me; less value, less taxes. It's all paid off and I have no intention of selling it. 

Chinese take-out is still one of the best values that resembles nutritious food 🥢.

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Posted (edited)
4 hours ago, Furryfrog02 said:

I just hope I can sell my old house before the crash really happens! Then I can buy more beans. I can't stomach canned tuna...too many Tuna Helper dinners growing up. 🤢

I suggest that instead you simply purchase some NFTs depicting canned tuna, with the proceeds of the sale of your old house. That way you don't actually have to eat the tuna. And you'll be getting in at the bottom of the market.

Edited by DonnaML
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I don't really fear a coin market crash for the types of coins most of us here buy.

Our coins are special to us and generally aren't bought as a store of value. If the market dips, I doubt that hobbyists will flood the market with coins hoping to avoid further unrealised losses. We are happy to keep them forever regardless of their value because they bring us joy. As a result of this joy, we would be devastated letting them go for a pittance in a crashing market. Furthermore,  when we buy them we are aware that they are probably not the best asset for investment. Coins are not like stocks or precious metals where they only exists as an economic tool whose depreciation brings us stress. We are aware that as soon as we buy a coin we will be lucky to break even upon selling.

I always use this analogy but it is fitting. I have gym equipment in my house because I love exercising. Yes it could be sold for some money, but I bought it for the continuous joy that it brings and didn't have finances in mind. It wouldn't be worth selling it for a small amount in a crashing market when compared with the joy it brings me.

My coins would only be sold if I was in dire straits and it would be done with much sadness. I am in a different situation than most in that I am a full time student so have less wiggle room. However, a lot of coin hobbyists appear to be middle aged or above and financially comfortable. This means that (thankfully) it is not a demographic where the majority will  be forced to sell off large parts of their assets in order to simply make ends meet.

Alternatively, the investors who bought up large amounts of expensive slabbed coins may be in trouble. Those coins have been bought as a store of value, and when times get tough they made need to engage in huge sell offs to minimize unrealised losses in order to acquire as much liquid cash as possible. As a result, I could see this bubble bursting.

Edited by Steppenfool
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10 hours ago, Steppenfool said:

I don't really fear a coin market crash for the types of coins most of us here buy.

Our coins are special to us and generally aren't bought as a store of value. If the market dips, I doubt that hobbyists will flood the market with coins hoping to avoid further unrealised losses. We are happy to keep them forever regardless of their value because they bring us joy. As a result of this joy, we would be devastated letting them go for a pittance in a crashing market. Furthermore,  when we buy them we are aware that they are probably not the best asset for investment. Coins are not like stocks or precious metals where they only exists as an economic tool whose depreciation brings us stress. We are aware that as soon as we buy a coin we will be lucky to break even upon selling.

I always use this analogy but it is fitting. I have gym equipment in my house because I love exercising. Yes it could be sold for some money, but I bought it for the continuous joy that it brings and didn't have finances in mind. It wouldn't be worth selling it for a small amount in a crashing market when compared with the joy it brings me.

My coins would only be sold if I was in dire straits and it would be done with much sadness. I am in a different situation than most in that I am a full time student so have less wiggle room. However, a lot of coin hobbyists appear to be middle aged or above and financially comfortable. This means that (thankfully) it is not a demographic where the majority will  be forced to sell off large parts of their assets in order to simply make ends meet.

Alternatively, the investors who bought up large amounts of expensive slabbed coins may be in trouble. Those coins have been bought as a store of value, and when times get tough they made need to engage in huge sell offs to minimize unrealised losses in order to acquire as much liquid cash as possible. As a result, I could see this bubble bursting.

@Steppenfool

Being a "Glass Half Full" sort of guy, I think that it is great that our coins may be worth less in 'darker' times. Just think. If I fall on 'hard times' and I am looking to raise some money, and my coins are not worth then what I paid for them, then cashing them in is not going to provide me with the 'where-with-all' that I am looking for SO I DON'T!

Then, I still have my coins.😉

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6 hours ago, Topcat7 said:

@Steppenfool

Being a "Glass Half Full" sort of guy, I think that it is great that our coins may be worth less in 'darker' times. Just think. If I fall on 'hard times' and I am looking to raise some money, and my coins are not worth then what I paid for them, then cashing them in is not going to provide me with the 'where-with-all' that I am looking for SO I DON'T!

Then, I still have my coins.😉

If we do get a crash in the ancient coin market I'm sure fellow members of this forum would be willing to swap cans of tuna fish & beans for some of your coins 🤣.

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In my facebook I have 2 opposite types: 1. the libertarians advertising NFTs and obscure crypto ponzi schemes on 'how to get rich' buying 'assets' now during the crisis and 2. the sell all your assets cents to the dollar now cuz gold is not eatable while also sharing libertarian 'articles' saying 'people are selling time to get rich'. People are strange.

Edited by seth77
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