valerie wrote: Land is food.
If the world population diminishes to the point no one buys land, you can still live on it and off it.
I must tell you, I have always profited very well from selling land.
Sure, here at least, the average value of a house went up over $150k in 2021-2022 ALONE, so some people saw the value of their home go up 40% in 1 year
and if you look at the breakdown, the land surrounding your house is worth much more than your actual house, sometimes double or more
BUT.........With rising interest rates, thanks to Jerome Powell, the one who should have been fired ages ago, who still thinks inflation will go down to 2%, but doesn't, and will raise interest rates until it does, it has become more difficult for buyers, I mean you can't just take a loan you can never afford to pay, this is not 2008 anymore, it seems banks have learned, then you have wealthy people - BUT what will happen during a great recession, when markets tank and the wealthy have less money to spend. There is the prospect of a default in about a month all thanks to Wreckless Biden insisting he won't negotiate a ceiling debt, he wants a no condition deal, in other words have his F'n cake and eat it, like his entire sham of a Presidency - so I find it hard to believe people will buy land and houses after a default which is BTW, very likely to happen this time - BUT they will reach a deal, only this time AFTER a default but it will be too late - Stocks would plummet at least 40%-50% down and economy would tank - there is no way land will retain its current value, and it would take a decade or more to recover such mess, not even Trump can save the day
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Also, in particular brings to mind more than one family member that became very wealthy buying and selling land. I don't know of anyone that ever bought land (in the USA) that did not profit from the sale of it. I am speaking historically
and in present.
Exactly up until this point real estate has become profitable, just like the stock market, in the long term even with its ups and down, in the long term values have risen, and particularly during pandemic where people were so desperate to buy a home at ANY cost for remote work. Here back in 2021, you had people willing to spend $600k-$700k on a home valued at $300k, and buy unconditionally - it's crazy, people took advantage of this and sold their homes at ridiculous value, which caused all home prices to go up......... Now with high interest rates some people regret it, because when comes the time to renew the mortgage from near 0% to what it is now, it hurts on that $700k-$800k loan
Sure if construction stalls and there is less AVAILABLE homes - prices will go up, as to land, well in some parts of Canada, there is virtually none left as you see all those damn condos being built all over the place, it's ridiculous, in some parts of Canada you don't see nature anymore all you see are buildings - and the crazy people who spend $400k on a 400sqft tiny apartment space - so they spend big money for a prison cell essentially
A default if and when it happens will DESTROY everything and that Real Estate bubble will collapse - though yes I know, this will create opportunity to buy low, yeah for those who still have money left to spend
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As for gold, not sure where you get your pricing but gold always increases in value. There may be a brief moment that it goes down slightly on the exchange but it always increases. I have some gold I bought years ago and it has increased very significantly.
Well the great depression is coming in a month, hold on to your gold
and buy a few barrels to store the rice and beans and wheat
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A relative of mine posted the other day how her daughter piggy bank is getting full. She said she is going to cash it in and then place the dollars in the piggy bank. I replied 'don't do it' because dollars is paper. At least coins always have some value. Just last year, banks and businesses were screaming for 'change'. I'm not sure why there was a shortage but there was.
Besides paper and coins are almost a thing of the past, nowadays people are paying with their credit cards (all 20 of them), debit cards, and mobile phone, it seems cash is being phased out in favour of plastic and then no contact cards with chips, and then you know what comes next, implants