Genesis 6 (New International Version)
When men began to increase in numbers on Earth and daughters were born onto them,2 the sons of God saw that the daughters of men were beautiful, and they married any of whom they chose.3 Then the LORD said, “my spirit will not contend with man forever, for he is mortal; his days will be a hundred and twenty years.”
The Nephilim were on the Earth in those days- and also afterward- when the sons of God went to the daughters of men and had children with them. They were the heroes of old, men of renown.
The LORD saw how great man’s wickedness on the Earth had become, and that every inclination of the thoughts of his heart was only on evil all the time.6 The LORD was grieved that he had made man on the Earth and his heart was filled with pain.7 So the LORD said, “I will wipe mankind whom I have created, from the face of the Earth- men and animals, and creatures that move along the ground, and birds of the air- for I am grieved that I have made them.”
Well, let’s see. In the last couple of weeks Bear Stearns got bought out by JP Morgan Chase for $2.00 a share; oil broke past $110 a barrel; the dollar dropped to an all-time low against the Yen and the Euro; the housing crisis is still out of control; gold passed $1,000.00 an ounce and platinum past $2,200.00 an ounce. The president is telling us the check is in the mail.
Now I have an idea how Noah felt before the Great Flood. I also have an idea how he must have felt after it started raining. Having built his ark he must have felt relieved! (If there was rain with no ark, he would have been kicking himself!). In the current economic climate, anyone who has jewelry, is thinking of getting jewelry, or is trying to unload jewelry, needs to build a financial Noah’s Ark to get them through the storm that is currently upon us. Here’s what you need to know.
Contemplating on buying jewelry? Diamonds- yes! Metals- no!
Diamond prices are up over 40% in the last two years, and in certain sizes and qualities, prices are expected to double by 2010. If you’re thinking about getting an engagement ring, thinking about upgrading for your anniversary, looking to buy your dream rock, DO IT NOW! Not tomorrow, or this Christmas, NOW! You can thank me later! Diamonds are hot since DeBeers closed their last three underground mines in September 2005 and the prices are going to get very, very, very expensive before they level off. They won’t go down. Read my lips, the prices are in the process of doubling and tripling; they won’t go down. Okay, now let’s say you just bought a new diamond and now want to pick out a gorgeous platinum or fancy white/yellow gold setting… STOP! Keep the setting simple. If you have an old setting you can use over the next 15-18 months, do it. Metal prices have risen as far as the secondary market will allow. Tons of scrap gold and platinum are flooding back into the primary market that is extinguishing the scarcity. The “hot” metals market is ending and you can thank the greed of consumers who are taking all their old jewelry and cashing it in. Within the next year to year and a half, platinum will be back to under $1,000.00 an ounce and gold will be sitting comfortably around $500.00 an ounce (where it should have been years ago). The point is, don’t buy an expensive setting now that will be half-price next year!
Have jewelry you want to unload? Go to you local jeweler and ask about cashing out any old piece of jewelry while you still can. While I write this article gold has already dropped -$61.00 an ounce! The chance to forget eBay and sell all your old baubles and beads will soon be over!
A smart jewelry portfolio is like Noah’s Ark. In the Ark should be one or two of your favorite things that you love to wear and everything else should be liquidated. If you are a true connoisseur of diamonds, you’re going to need all the cash you can get from the stuff you don’t wear anymore so you can immediately buy the diamonds of your dreams before the prices are out reach!
Don’t let Lucy be the only one in the sky with diamonds!
by Fred Cuellar, author of the best-selling book “How to Buy a Diamond.” More questions? Ask the Diamond Guy®