3000 ounces of GOLD is real wealth?

[Snow]

Interesting snippet below from Miles Franklin aka Zhanna Schectman:

Recently, Richard Russell defined what “real wealth” is. According to Russell, real wealth is 3000 ounces of gold. Note, he did not put a dollar figure on this. Just ounces. If the price of gold hits $10,000 or if it plunges to $800 it matters not. It gold falls, everything else will fall even faster. It will retain buying power. If the price rises it will also retain buying power. He is pointing out that one will always be able to get by at a very high level with 3000 ounces of gold, regardless of the current price.

If I am correct, and gold tops $2,000 next year, then 3000 ounces will be worth $6,000,000. If gold hits $5,000 than 3000 ounces will be worth $15,000,000. If gold drops to $800, 3000 ounces will still be worth $2,400,000, and that will be in a deflationary-great depression and its buying power will be spectacular. Think in terms of ounces, not in terms of dollars.


I've been trying to get at this answer for a long time, but was asking the wrong question. Light bulb moment for me. Do you agree? What's your PM goal? Even if you can't reach it, and the bar is high, I think shooting for the moon, but hitting the stars is admirable. Jesus, what's the equivalent in SILVER. I'm inspired. if 3000 ounces is your core, what is your stash to play with lol?

Let's Discuss Ladies and Gents!

i"m home sick today. Got giardia travelling.

 

[bemac]

I'm a long ways away from owning 3000 oz of gold.

 

[Usc96]

I would agree that 3,000 oz of gold is wealthy. Even at its modern day low of $250/oz, that is $800,000.00. Not too shabby. That might even get you a small starter condo in a borough near Manhattan.

 

[TemplarX]

I'd say $4,500,000 (3,000 oz. X $1500/oz.), at present dollar valuation, is not too shabby!:shine::yes:

 

[Ronnie Mexico]

Hey Richard Russell, kindly tell me where I can earn some serious money to buy 3000 ounces of gold. Thanks man!! Or perhaps you mean Wall Street - the only place left in the USA where you can earn north of $100,000 a year? Hello??? I can't hear you over the sound of all the bs you're spouting.

 

[Gray]

I'm a long ways away from owning 3000 oz of gold.

Everybody is a long ways from even 1/10 of that amount. In fact, its a goal of many to reach 30 oz then stop.

 

[~BS]

wont you hurt your back moving that stack around?

 

[Snow]

Everybody is a long ways from even 1/10 of that amount. In fact, its a goal of many to reach 30 oz then stop.

Where'd did you hear 30 oz of gold is goal of many? Where did that number come from? Keep in mind, I'm curious, and want to discuss, not being an a-hole. Hard to tell on the internet sometimes. Your feedback is welcomed, thanks for the comment.

 

[Snow]

Hey Richard Russell, kindly tell me where I can earn some serious money to buy 3000 ounces of gold. Thanks man!! Or perhaps you mean Wall Street - the only place left in the USA where you can earn north of $100,000 a year? Hello??? I can't hear you over the sound of all the bs you're spouting.

fair enough, what's your number? I like the 3000 ounces goal, even if you're making minimum wage. I knew a kid who honestly accumulated 12 ounces of gold, on a minimum wage salary in a year. Impressive.

 

[Gray]

Where'd did you hear 30 oz of gold is goal of many? Where did that number come from? Keep in mind, I'm curious, and want to discuss, not being an a-hole. Hard to tell on the internet sometimes. Your feedback is welcomed, thanks for the comment.

Its actually 24, not 30. Sorry.

Some old discussion that 2 oz would keep a family going for a month, and you need to stock enough for a years worth. anything more would be dead money and should be invested in something that gives dividends/profits.

Take it or leave it, the math was based on that most families dont have that much extra income to buy a large amount as a hedge.

 

[Gray]

fair enough, what's your number? I like the 3000 ounces goal, even if you're making minimum wage. I knew a kid who honestly accumulated 12 ounces of gold, on a minimum wage salary in a year. Impressive.

Really?!

12 oz, lets say at a rate of 1 oz per month.
Average price of Gold $1300. At $7.25/hour.....meaning that he worked 180 hours a month just to buy that oz, 45 hour weeks. Anything above was for food.

Any flaw in my math?

 

[bemac]

I don't believe someone on minimum wage could accumulate 12 oz of gold in 12 months.

Consider $8/hour x 40hr/week x 52 weeks = $16,640 total income. That's $1400/oz gold, and this person paid for nothing else for an entire year, no taxes, no food, no car, no gas, no women, no beer, no weed, nothing. I just don't believe it.

 

[Irons]

Looks like a goal to me, but yeah that would be very wealthy.

 

[AZ4L]

Not anymore you couldn't.

3000oz would be a good retirement goal for young people. Still, it would be nearly impossible for most people to acquire that much in their lifetime.

 

[graspAU]

Sure that's wealthy. Many of us would love to have 1/10 of that, or even 3,000 ounce of silver.

 

[Usc96]

Its actually 24, not 30. Sorry.

Some old discussion that 2 oz would keep a family going for a month, and you need to stock enough for a years worth. anything more would be dead money and should be invested in something that gives dividends/profits.

Take it or leave it, the math was based on that most families dont have that much extra income to buy a large amount as a hedge.

By that formula, seems you should calculate your gold need based on your own monthly expenses, rather than basing it on minimum wage. Otherwise, you will run out too quickly.

 

[Oldmansmith]

I have 40 ounces in my IRA. What i got in the ground I ain't telling, but it sure isn't 3,000.

No debt, grow a lot of my own food, heat with mostly free wood, I'm living like a hard-working king.

I never wanted to be rich; but I really don't want to be poor.

 

[lhslancers3270]

Looks like a goal to me, but yeah that would be very wealthy.

Even if you bought the bottom 10 years back you needed close to a million bucks. The vast majority don't own any. You can't even buy 70 ounces today for 100K.

 

[Solo]

Seems like I've read a number of posts on here over the years where people cite 100 ounces being their goal. At this point I'll be happy when I finally have 3 ounces of gold, let alone 3000 .

 

[crash]

Unfortunately, the 3000 oz ship has sailed for me. I'm kicking 40 & listened to traditional financial advisers my entire adult life. So far, I've broken about even. Now that the economy is so scary, I feel like a dupe. Kids, start early & stay the course for as long as you are able. Over time, your stacks will keep getting bigger.

 

[lhslancers3270]

Unfortunately, the 3000 oz ship has sailed for me. I'm kicking 40 & listened to traditional financial advisers my entire adult life. So far, I've broken about even. Now that the economy is so scary, I feel like a dupe. Kids, start early & stay the course for as long as you are able. Over time, your stacks will keep getting bigger.

40? Got you by 20 years. This is gonna be my last Gold Bull you'll see at least one more after this.

 

[Sindgefallen]

I understand what RR was trying to say, that at that amount you would be very comfortable and have a scale to work in the markets no matter the dollar price of gold. Interesting concept that I will note for my blog.

I have a different definition of wealth myself that has no fixed dollar amount but is just used as a guide to value for me as I philosophize on the concept of wealth.

 

[Snow]

I don't believe someone on minimum wage could accumulate 12 oz of gold in 12 months.

Consider $8/hour x 40hr/week x 52 weeks = $16,640 total income. That's $1400/oz gold, and this person paid for nothing else for an entire year, no taxes, no food, no car, no gas, no women, no beer, no weed, nothing. I just don't believe it.

watch the video. He started in 2009 I think, traded some already purchased silver for gold. He probably stayed at home with mommy. Nonetheless, where's there a will, there's a way.

 

[Irons]

Even if you bought the bottom 10 years back you needed close to a million bucks. The vast majority don't own any. You can't even buy 70 ounces today for 100K.

Keeripe, thats why I didn't do the math. Thanks a lot dream squisher!~:bear_

 

[Snow]

the one thing I'm sure of is that the forum members who have not responded to this thread have 3000 ounces or + ;-) For sure!

 

[~BS]

I have 40 ounces in my IRA. What i got in the ground I ain't telling, but it sure isn't 3,000.

No debt, grow a lot of my own food, heat with mostly free wood, I'm living like a hard-working king.

I never wanted to be rich; but I really don't want to be poor.

No need to be modest, Mr. 4000.

 

[lhslancers3270]

Keeripe, thats why I didn't do the math. Thanks a lot dream squisher!~:bear_

Max out the credit cards. :biggrin:

 

[Irons]

Max out the credit cards. :biggrin:

My CR is over 800 and I have one little CC, the only one I have ever had. every time they raise the limit I call them and tell them to put it back to $3,000.

I have often wondered how many cards I could get if I tried. Get them all, whang them out on pm's and claim bankruptcy. Whoop!!

 

[lhslancers3270]

My CR is over 800 and I have one little CC, the only one I have ever had. every time they raise the limit I call them and tell them to put it back to $3,000.

I have often wondered how many cards I could get if I tried. Get them all, whang them out on pm's and claim bankruptcy. Whoop!!

You don't have to go BK. You can push the jello around the plate and get a load of free money and close to free money with cash advances and balance transfers.

 

[Irons]

You don't have to go BK. You can push the jello around the plate and get a load of free money and close to free money with cash advances and balance transfers.

Sounds like a plan. I'll do that right before I buy a RV and ceace to have an address!~:w00t:

 

[lhslancers3270]

Sounds like a plan. I'll do that right before I buy a RV and ceace to have an address!~:w00t:

Better hurry up. :biggrin:

 

[~BS]

they'll slow down raising the limits and stuff after a certain point. It's largely dependent on your income, lines of credit, and current loans outstanding. With a credit limit that low, there's not much risk to them to raise it a few grand higher. Back when I was in school, I used to keep my limit at $500 and call to lower it every time they tried to raise it. IMO it's pretty pointless, doesn't really hurt to have the higher limit unless you're not paying the charges monthly.

My combined credit lines are probably around 50k or so. Haven't had it raised or changed in quite a while.. One of my cards lets me go about 10k or so over the limit without rejecting charges too. Would get me only 30 something ounces though, nowhere near 3000. lol

 

[lhslancers3270]

they'll slow down raising the limits and stuff after a certain point. It's largely dependent on your income, lines of credit, and current loans outstanding. With a credit limit that low, there's not much risk to them to raise it a few grand higher. Back when I was in school, I used to keep my limit at $500 and call to lower it every time they tried to raise it. IMO it's pretty pointless, doesn't really hurt to have the higher limit unless you're not paying the charges monthly.

My combined credit lines are probably around 50k or so. Haven't had it raised or changed in quite a while.. One of my cards lets me go about 10k or so over the limit without rejecting charges too. Would get me only 30 something ounces though, nowhere near 3000. lol

This is speculation anyway but the way to do this is to have a good number of high credit limit cards issued by credit unions such as NFCU Penfed PSECU. Take cash advances and use the other issuers to transfer balances. Of course you must have 0% or very low % rate BT's for this to work with no transfer fees. Worse case scenario? Screw it it's going Mad Max anyway.

 

[~BS]

the 0% rates would eventually expire, and the non 0% cards would rack up some crazy interest & penalty charges. I could defer default by paying minimum charges on all the cards for a while. So it would work for a while, eventually i would have to declare bankruptcy.

They know i have real property, i would have to get that taken care of along with any other assets in the system beforehand. The debt written off would become income, which would suck. Of course they can't touch my 401k, so I'd just leave that alone. lol

i dont know... $50k wouldn't be worth it for me.

 

[lhslancers3270]

the 0% rates would eventually expire, and the non 0% cards would rack up some crazy interest & penalty charges. I could defer default by paying minimum charges on all the cards for a while. So it would work for a while, eventually i would have to declare bankruptcy.

They know i have real property, i would have to get that taken care of along with any other assets in the system beforehand. The debt written off would become income, which would suck. Of course they can't touch my 401k, so I'd just leave that alone. lol

i dont know... $50k wouldn't be worth it for me.

The trick is you have to be able to pay the cards off before the % deals expire. So you buy at 1250-1450 instead of 2K or so next year.

 

[Irons]

Sounds like too much work. I would be better off sucking all the equity out of this house then giving the bank the keys and deed. Probably the only way to sell a house here now!...:biggrin:

 

[JEKYLL-7]

Wall Street - the only place left in the USA where you can earn north of $100,000 a year? Hello??? I can't hear you over the sound of all the bs you're spouting.

Not true at all. $100k is not what it used to be, and there are plenty of jobs out there that still pay more than six figures. Not with high school or basic training, but with some specialized training for sure.

I wouldn't say 3000 oz. is "wealthy", I'd say it's "rich". Guys like Warren Buffet are "wealthy". At current prices, his fortune at it's peak would have bought about 5 million ounces. Bill Gates at the peak of his net worth was worth about 60 million ounces at the current price, which was well over 100 million ounces at the time.

 

[silver solution]

Everybody is a long ways from even 1/10 of that amount. In fact, its a goal of many to reach 30 oz then stop.

Our gold went for a place in the sun. We will be looking for gold on the beach if we can afford the gas to drive to one.

 

[StateofJefferson]

Set a goal, when you reach the goal, reset the goal and repeat. Think in ounces instead of USD.

 

[~BS]

The trick is you have to be able to pay the cards off before the % deals expire. So you buy at 1250-1450 instead of 2K or so next year.

didn't realize you're a mod now. not sure whether to congratulate you or feel sorry for you. :flute: