The stock market crash of 10/24/2018

[Jeff Matthews]

1 hour ago, Zen Traveler said:

Sure. I think there is a major correction to come. Regardless when it comes there is a lot of profit-taking going on with these dips....

Taking profits = cashing out.  So where do you think they are putting all that cash?  In their mattresses?

[Coytee]

1 hour ago, RT FAN said:

Coytee, why would this idiot admit to owning $23 million in gold to a stranger? ($1228 per oz x 16 oz per lb x 1200. As you know any sale of precious metals in excess of $10, 000 must be reported to the IRS for tax purposes. Nice capital gains!

 

Though I try to take people at face value....  I'm still a bit dubious....  (perhaps my Grandfather being born/raised in the "Show Me" state had an influence?  Maybe I'm just a jerk??)

 

If story is true, he might not have a lot of capital gains since there would have been a step-up on cost basis upon each grandfather / father passing away.....  however....  there could certainly have been some estate taxes due "back when"...  before they raised the limits.

 

Since I don't know who died when nor value of account...  (nor do I terribly care since I'm still a bit dubious...) I'm not too worried about it.  If he's got it and has some historical tax issues....that's between he & the taxman.

 

He does seem aware enough that he said if he ever sold it, (I'm thinking coins, not bullion) he couldn't sell it all because that would negatively impact his value.

 

Perhaps....  if indeed 1,000 gold coins hit the market at once from the (I have no idea) say, 1830 era....  yeah....  it might raise some eyebrows.

 

(shrugs shoulders)

 

Whatever he wants is good by me.

 

I get to hear various interesting stories from time to time and thought I'd share that.

 

OH...  and the 'stash' is of course, out of state.  Hidden in (what I believe to be) his (now deceased) Grandfathers house.....but he owns the house.

 

Didn't he just say something about taking several days to move it all, yet it's still i your Grandfathers house?

 

Aside from that.....do you really mean to tell me you're going to leave that much 'cash' 12 hours away, irrespective of you owning the house or not??

 

 

I just smile & nod and say "wow" every now & then.

 

 

[Emile]

20 hours ago, derrickdj1 said:

The crash will set you back 2 or 3 years

Haha ...   Recouped 70% of my losses today.  Time to open a bottle of wine  

Cheers, Emile

[Zen Traveler]

1 hour ago, Jeff Matthews said:

2 hours ago, Zen Traveler said:

Sure. I think there is a major correction to come. Regardless when it comes there is a lot of profit-taking going on with these dips....

Taking profits = cashing out.  So where do you think they are putting all that cash?  In their mattresses?

The folks that do it for a living don't make any money until they sell. Otoh, most small time investors are buy-n-hold because they aren't in it to "make a profit," as much as build a portfolio for retirement. 

[oldtimer]

25 minutes ago, Emile said:

Haha ...   Recouped 70% of my losses today.  Time to open a bottle of wine  

Cheers, Emile

Down 30% how nice!

[Zen Traveler]

1 hour ago, Jeff Matthews said:

Taking profits = cashing out.  So where do you think they are putting all that cash?  In their mattresses?

 

On ‎2‎/‎19‎/‎2012 at 6:18 AM, Zen Traveler said:

My comment to you was in regard to what people with money did and my point is that wealthy people don't sit around not spending money because of what the Government will or will not do in this political environment....Remember something President Bush mentioned about "the majority of Americans have money in the Stock Market," well that may be true but with the Dow near 13,000 a certain percentage of Americans who owns the majority of the stocks actually make their INCOME from buying and selling these Commodities and as it jumps all over the board this next year, realize that as it goes down from here those folks call that "profit taking," and aren't worried about "the Government," taking much more than a few percentage points regardless of who gets elected.

Insofar as your children and the trillions that you mention, it will be the Government that will find solutions as is their responsibility...One just has to look at the Republican primaries to see how much influence "the media"has on swaying opinion (how many front runners have there been?) and with all of the SuperPacs free to fund those media organizations it really is going to be a convoluted process where I don't have an answer to how much your children can afford to pay, but there are entities and people here that may have more resources than yourself to help cover part of your share of the debt.

.

 

[Zen Traveler]

7 hours ago, Jeff Matthews said:

Taking profits = cashing out.  So where do you think they are putting all that cash?  In their mattresses?

Speaking of taking profits--I just noticed you are killing me in the "Member's total reputation" department. Ouch! 😳 Oldtimer is smoking ' us both--Must be the hot sauce. 😊

Prost to both of you contributors. 🍺

[RT FAN]

 You boys & girls on board for another roller coaster ride today? DJIA looks to open down a quick -300. Amazon & Google posted disappointing earnings after yesterdays close giving everyone an excuse to sell. Strap in, it's going to be a bumpy ride.

[oldtimer]

The VIX is climbing to levels reminiscent of 2008.  Quite bumpy.

[Emile]

2 hours ago, RT FAN said:

Amazon & Google posted disappointing earnings after yesterdays close giving everyone an excuse to sell. Strap in, it's going to be a bumpy ride.

Yeah ... hold on to your seat   Just bought some more AMZN  

[Jeff Matthews]

11 hours ago, Zen Traveler said:

Speaking of taking profits--I just noticed you are killing me in the "Member's total reputation" department. Ouch! 😳 Oldtimer is smoking ' us both--Must be the hot sauce. 😊

Prost to both of you contributors. 🍺

To up your reputation, start posting in the Coffee thread.  They like everything over there.

[JL Sargent]

11 hours ago, Zen Traveler said:

I just noticed you are killing me in the "Member's total reputation" department.

You know you're well received when likes exceed posts!

 

[Emile]

Yeah ... bought some Apple stock today also ... made $500   But lost $36--- (add zeros; haha, not showing the actual number)   Oh well; Monday will be better  

[Zen Traveler]

10 hours ago, JL Sargent said:

You know you're well received when likes exceed posts!

 

I thought the same thing but some folks don't understand that the "Like" thing is relatively new to those that have been here awhile....My guess is that 12,000 of my posts were before " liking" something was even an option and I'm sure at least a dozen of those would get some sort of "reaction." 🤗

[Zen Traveler]

11 hours ago, Jeff Matthews said:

To up your reputation, start posting in the Coffee thread.  They like everything over there.

I miss ya, man and got a chuckle outta this one. Cheers! 

[Emile]

Jeez ... down again ... maybe @derrickdj1 was right  

[JJkizak]

On 10/26/2018 at 9:23 PM, Zen Traveler said:

I thought the same thing but some folks don't understand that the "Like" thing is relatively new to those that have been here awhile....My guess is that 12,000 of my posts were before " liking" something was even an option and I'm sure at least a dozen of those would get some sort of "reaction." 🤗

 

I think "like" was a substitute for a fist bump.

JJK

[Zen Traveler]

On ‎10‎/‎24‎/‎2018 at 7:04 PM, CECAA850 said:

The market was way overdue for a correction.

Uh-oh. This week's correction is the one to be worried about...

[oldtimer]

You mean the bear?

[jimjimbo]

Brace yourselves....