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n/a
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192 Posts |
 Posted - 09/06/2007 : 11:25:23
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In May of 2006, Gold hit $725.75
Any predictions on when or if this price will be reached again?
I predict it is coming soon.
I am a buyer until that point (and maybe after that, too).
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Don't believe everything you think.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/06/2007 : 12:27:04
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$694 gold as I write this. Once it breaks through the $700 mark for a couple of days I expect you will see $725 + gold again.
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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Realcent.forumco.com disclosure please read
All posts either by the members, moderators, and the administration of You must be logged in to see this link. are for entertainment purpose only. It is not the intent of realcent.forumco.com to provide investment, medical, legal or tax advice and nothing posted here should be considered to be so. |
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n/a
deleted
192 Posts |
Posted - 09/06/2007 : 19:04:32
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Gold finally broke the 500 Euro mark today.
You must be logged in to see this link.
At the time of this writing, gold was at 507 Euros.
The resistence we've seen lately wasn't even about the dollar, it was about the psychologically important 500 Euro mark.
Here I am caught up in my 20th century north american mindset, thinking that it is about the dollar,
I stand corrected.
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Don't believe everything you think. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 09/06/2007 : 21:08:31
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Many other countries besides the US have been printing money like mad lately. All fiat currencies throughout history have eventually gone to zero. In the meantime, the exchange rates fluctuate depending on who happens to be going to zero faster at the moment.
As for gold, I'm trying not to get excited until it breaks resistance around $700 and hold above it for it while. |
Edited by - horgad on 09/06/2007 21:11:44 |
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n/a
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192 Posts |
Posted - 09/06/2007 : 21:26:47
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I'm not excited.
I'm depresseed.
Gold above 500 Euros is not a good sign.
I am anything but excited.
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Don't believe everything you think. |
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n/a
deleted
42 Posts |
Posted - 09/09/2007 : 15:51:54
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quote:
Originally posted by me2
In May of 2006, Gold hit $725.75
Any predictions on when or if this price will be reached again?
I predict it is coming soon.
I am a buyer until that point (and maybe after that, too).
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Don't believe everything you think.
there are rumors something bad is going to happen on the week of 9/11. If it does, sky's the limit. if not, it's starting to look like it'll come back just by the deflation/inflation signs running around. |
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n/a
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Posted - 09/09/2007 : 17:47:45
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| I wouldn't want to be buying at over $700. |
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n/a
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86 Posts |
Posted - 09/09/2007 : 18:43:07
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| If TSHTF on 9-11, $700 will be an EXTREME bargain for the most part. |
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n/a
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Posted - 09/09/2007 : 18:53:46
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quote:
Originally posted by Non-wise man
If TSHTF on 9-11, $700 will be an EXTREME bargain for the most part.
But it won't and it will be business as usual and over priced on 9/12. |
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n/a
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Posted - 09/09/2007 : 19:24:03
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Nickelhead... Just curious. If gold is overpriced, then what do you see as a better store of wealth? I cannot see fiat as an option, and 'nickel' (along with copper and other plentiful metals) merely goes up until it is worth it to mine or recycle.
I do understand, though, that it is mentally tough to purchase gold at $700 per oz. I hate it every week when I buy an oz, but only because I was too stupid to jump in when it was at $400. Currently, most of the world believes that $700 usd is worth more than one ounce of gold, and as such you can do a lot with $700. But this belief in the value of a USD is starting to corrode, and gold at $700 will seem like a steal, while silver at $12.50 will be merely a distand dream.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." Ayn Rand's "Atlas Shrugged" |
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n/a
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86 Posts |
Posted - 09/09/2007 : 22:08:29
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Nickelhead, more than likely, you're probably right that another 9-11 will not happen (Chinese hacking away through the firewalls into our computers, The Taliban, etc...) but the more you study monetary systems and how they function throughout history and realize there had never been a fiat currency that lasted more than say - 500 years (the Roman Empire lasted app. 400), and the fact the gold and silver has never failed thoughout from the beginning of time, including the short flat-price span of the Nixon rejecting gold years, the more you'll understand that the dollar is just another, fiat currency. The USA govt. is losing their touch throughout the world.
So just right around the corner, the moment Gold and Silver starts to double or triple in a "very" short time period, the dollar will head south faster than you can whistle dixie. I could be wrong but the dollar index, look for yourself, is now under 80.0!! A very dangerous level. What I hate to imagine is what the justice would be like in this country. Mad-Max all over again. But lets hope not. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 09/10/2007 : 07:42:35
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"I wouldn't want to be buying at over $700."
The price of gold is pretty useless unless you use some other numbers to put it into context. Remember the value of the dollar is always changing (always down over the long run). Instead of comparing the price of gold now in dollars to what it was a few years ago, I would instead look at a basket of comparisons.
Some things to consider would be how much oil does a ounce of gold buy, how much wheat does an ounce of gold buy, how much farm land, how many stocks, etc. Look at those numbers past and present and then compare to the dollar past and present.
In other words, I think that you will find by most inflation adjusted metrics that gold is historically cheap.
For example here is some DOW/GOLD history (the DOW to Gold ratio represents how many ounces of gold it takes to buy the Dow Jone Industrial Average (a basket of stocks).
Today about 20 ounces of gold
1999 about 45 ounces of gold (gold is at an extreme low)
1980 about 1.5 ounces of gold (gold is at an extreme high)
So in those inflation adjusted terms gold is more than 13x from its 1980 high. Of course alot of that 13x could and probably will be made from the DOW going down and not just from the POG going up. But in any case gold still has lots of room left to run to the upside...
IMHO |
Edited by - horgad on 09/14/2007 07:24:27 |
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n/a
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26 Posts |
Posted - 09/13/2007 : 19:05:01
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Gold Falls on Speculation Rally Was Overdone; Silver Declines
By Pham-Duy Nguyen
Sept. 12 (Bloomberg) -- Gold fell for the first time in five sessions on speculation a rally to the highest price since May 2006 may be overdone. Silver also dropped.
Gold climbed 4.4 percent in the past four days on expectations that an interest-rate cut by the Federal Reserve will weaken the dollar and boost demand for the precious metal. The dollar fell to a record against the euro today. Gold's 14-day relative-strength index, or RSI, topped 76 yesterday, a chart signal that prices were poised to fall.
``There will be a little bit of short-term selling against the recent highs,'' said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. ``Gold has been a leader, and the euro and oil are playing catch-up to gold.''
Gold futures for December delivery fell 40 cents to $720.70 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, the metal fell as much as 0.9 percent.
Gold reached $723.80 yesterday, the highest since May 12, 2006, and is up 13 percent this year.
Silver futures for December delivery declined 4.2 cents, or 0.3 percent, to $12.793 an ounce. The metal has dropped 1.1 percent this year.
The RSI has topped 70 since Sept. 6, when gold closed above $700 for the first time this year. Investors purchased 51.5 metric tons in the StreetTracks Gold Trust, an exchange- traded fund backed by bullion, in the past five days, pushing the so-called ETF to a record 567 tons.
`Big Run-Up'
``To see gold fail at these levels isn't too surprising after such a big run-up,'' said Tom Hartmann, a commodity broker at Altavest Worldwide Trading Inc. in Mission Viejo, California.
Some investors may also be cutting back on expectations the Fed will reduce rates when policy makers meet next week, Hartmann said.
``The Fed doesn't have to do anything at all,'' Hartmann said. ``The market is way ahead of itself in anticipating a half point or even a quarter-point cut.''
Still, gold's losses were limited after the dollar touched an all-time low against the euro and crude oil prices reached a record.
The dollar fell to $1.3914 against the euro, the lowest since the 13-nation currency began trading in 1999, on speculation the Fed will reduce borrowing costs while the European Central Bank keeps its benchmark rate steady or raises it by the end of the year.
`Weaker Dollar'
``The weaker dollar is really a key feature'' for a gold rally, said Patrick Chidley, an analyst at Barnard Jacobs Mellet & Co. in Stamford, Connecticut. ``If the U.S. does cut rates, it's going to make holding gold more attractive because the opportunity cost of holding gold is going to be less.''
Crude oil reached a record $79.29 a barrel today. Investors sometimes buy gold as a hedge against inflation, including rising fuel costs.
``Last week, you didn't have the euro and oil,'' McGhee of Integrated said. ``You're getting a potential move higher. Gold is going to re-test last year's highs.''
Gold futures reached a record $873 an ounce in January 1980. In May 2006, gold climbed to a 26-year high of $732.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net .
Last Updated: September 12, 2007 13:57 EDT
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/13/2007 : 21:21:21
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We are in uncharted waters as far as:
House prices
Oil prices
Metal prices (PM & base)
Fiat and paper wealth
Food prices
etc., etc., etc.,
are concerned.
Will gold head to $725 and up, or will it get clobbered back down to the $600 range?
I haven't a clue to tell you the truth.
What the prices will do is beyond our control and out of our hands, what we do control is the way we spend our own money. If the price for gold seems "cheap" at $700, buy it up, if it seems unreasonable, sit on the sidelines and buy on the dips.
Right now there seems to be a desire for gold to go up but not too much.
The reasons:
The Chinese government want more gold for their reserves but don't want to spook the market by buying up too much at once.
The middle eastern countries want to move some of their dollar holdings into other assets, including gold, but don't want to spook gold up due to demand or kill the US Dollar bny setting off a massive dollar dump worldwide and end up with a mountian of worthless scrap paper.
Russia wants to get back at the US for the cold war and wants the dollar to decline, but not too fast, at least not until the Euro and to a lesser degree the Ruble is strong enough to pick up where the dollar left off.
In India, gold is considered sacred, and with the Rupee being eaten away by inflation daily, very few people in India consider gold to be a bad investment.
Consider gold's rise in the late seventies, the reason gold was knocked down in price was due to the spike in interest rates to get inflation under control and the desire to hurt the Soviet Union by depressing the price of gold, of which the USSR was a major exporter.
Could these things happen today, a spike in interest rates and a desire to steer investors away from gold? Possibly, but whith the US Dollar backed by empty promises and the risk of destroying the economy with double digit interest rates, and the fact that Russia is now our "friend" since communism is no longer a threat, then the ability to depress gold's prices seems unlikely.
Will gold go up form here? A better question is where will the US Dollar go from here?
If the dollar isn't going up, then it is a good idea to exchange dollars for something that either will go up or at least hold its own, valuewise.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
Edited by - pencilvanian on 09/13/2007 21:29:02 |
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192 Posts |
Posted - 09/13/2007 : 22:09:01
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Horgad:
I agree with you!!!
It is often said in "Goldbug" circles, that:
In Roman times,
One ounce of gold would buy a "business attire" toga, a pair of sandles and a belt.
In Renassaince Florence,
One ounce of gold would buy a "respectable suit of clothing", a pair of shoes and a hat.
In 19th century England,
One ounce of gold would buy a "tuxedo and a top hat".
Today,
One ounce of gold will buy a "business suit", a pair of shoes and a belt.
Fiat comes and Fiat goes.
My life span, 1961 - ???? is a very short slice of a very long history.
I do not believe that gold is for making money.
If you want to make money, get another job.
I believe that gold is a store of value.
I have money in the bank and a four year old daughter.
I would be a fool to leave her only the money in the bank
BECAUSE
that money is not under my control nor hers.
If I leave her gold (and Silver) she will control it.
Someday, she will buy herself a nice business suit and a pair of shoes and get a job.
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Don't believe everything you think. |
Edited by - n/a on 09/13/2007 22:11:41 |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 09/14/2007 : 07:41:43
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"I agree with you!!!"
That is why I like posting here. There are lots of similarly minded people here. What I mean is that us posters don't agree on everything (that would be boring), but the gap between our views is much narrower than what would be found if we randomly started talking to someone on the street. It gets awfully tedious and usually pointless to try and bridge those large gaps and that is not a problem here.
The average person probably thinks a penny hoarder is just some whack job with a random obsession. But I believe there is a method to our madness. For the most part we were all led here by a similar chain of logic and as a result the people here have much more in common than just hoarding pennies.
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 09/14/2007 : 21:52:38
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Whenever I have money I buy a little gold (or more commonly silver).
I do this because gold (and silver) are truth.
When I first started in 2000, I was completely broke. My wife found a way to spend any money that I saved in the bank. I became convinced that the fiat monetary system was facing collapse. One day I happened into a coin store and saw some Canadian silver half dollars, and I bought five. At the time I had no idea what the silver content in them was. I went home and looked it up on the internet, and realized that given the small amount of money I had paid, I had gotten a pretty good price on the silver. And that became the way I built up my hoard. For the first couple of years, I eked out a little bit of silver, putting it away. I soon realized that although my wife would spend money, she wouldn't spend silver. And so it accomeulated, albeit very slowly. At times I thought of quitting, because the amount I had was so small, and was growing so slowly. Work improved, more money came in, and I began buying larger amounts and gold, too. Now I have nearly 2000 ounces of silver, and that is pretty much all our non-RRSP savings. Just a little bit at a time. Don't worry unduly about the price. Keep buying gold or silver because it is truth.
Not all who wander are lost. |
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n/a
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192 Posts |
Posted - 09/15/2007 : 09:40:14
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According to Numistmatic News
September 13, 2007
Gold American Eagles sales suspended
Sales of some 2007 gold American Eagles were suspended by the U.S. Mint late Thursday, Sept. 13, due to the rising price of gold bullion on international markets.
Uncirculated American Eagles with the “W” mintmark went off sale with the expectation they would be repriced and returned to the market on or after Sept. 27, according to the U.S. Mint.
The $749.95 price for the one-ounce coin was barely above the highs reached by gold bullion this week.
Also suspended were bulk sales of four-coin sets of proof 2007 gold American Eagles. These sell at a discount to bulk dealers. Sales of individual gold American Eagle proof sets to collectors continue at the $1,499.95 price.
The Mint will honor all orders for which confirmations have been received by bulk dealers.
You must be logged in to see this link.
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Don't believe everything you think. |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 09/20/2007 : 14:57:42
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Gold broke the mark! Bid is at $734.80 when I checked Kitco.com just a minute ago.
Seems silly that the Mint should suspend sales of some GAE's. Why can't they just increase the price? Do they have advanced knowledge of a period of extreme volatility in Gold prices?
Thank the Federal Reserve for the price spike. They lower interest rates, Investors look for alternatives to dollars, the dollar drops like a rock.
Metalophile |
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beercritic
Penny Pincher Member
USA
112 Posts |
Posted - 09/20/2007 : 18:58:49
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Seems trivial for the mint to program their web page to calculate "Spot + X%" and charge that price.
I think this "temporary" suspension will be somewhat more prolonged than the mint says.
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n/a
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86 Posts |
Posted - 10/28/2007 : 17:57:10
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quote:
Originally posted by n/a
I wouldn't want to be buying at over $700.
Heeeey Nickelhead (or n/a). Got Gold? I guess you'll never buy any now. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/30/2007 : 19:26:08
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For what it's worth, compair $800 in 1980 dollars (last time it was that high) to $800 dollars in 2006 dollars. So gold has a long way to go still.
What cost $800 in 1980 would cost $2142.11 in 2006.
Also, if you were to buy exactly the same products in 2006 and 1980,
they would cost you $800 and $298.77 respectively. Do you want to do another calculation?
__________________
****************
Fanaticism is doubling one's efforts, yet forgetting one's purpose.
*********************
Realcent.forumco.com disclosure please read
All posts either by the members, moderators, and the administration of You must be logged in to see this link. are for entertainment purpose only. It is not the intent of realcent.forumco.com to provide investment, medical, legal or tax advice and nothing posted here should be considered to be so. |
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fiatboy
Administrator
912 Posts |
Posted - 10/31/2007 : 00:29:07
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I don't know about you all, but for me, just following the price of gold on a day to day basis is a thrill. Can't wait to see what it does this week. Halloween is here! And Fed rates, OPEC news, Iran, Oil, etc. These be interesting times.
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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fiatboy
Administrator
912 Posts |
Posted - 11/01/2007 : 17:59:09
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I don't trust those to-the-moon spikes in the price of gold. I'm actually relieved it's hanging out around $790 for a little while. Take a breather. Build some support. $800 can wait, in my opinion.
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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n/a
deleted
86 Posts |
Posted - 11/02/2007 : 19:43:30
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Who believes that I'll be the winning bidder of this coin? (bid is slightly less than $800). One day left.
You must be logged in to see this link.
Dang. I've been outbidded. I bought PMs on ebay before and haven't got screwed once yet. I have pretty good luck with it. |
Edited by - n/a on 11/03/2007 18:35:23 |
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fiatboy
Administrator
912 Posts |
Posted - 11/02/2007 : 20:04:23
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quote:
Who believes that I'll be the winning bidder of this coin?
Not I, but I do hope I'm wrong. Those snipers at the end can be utterly brutal. Ebay is a very lawless and anarchic place, and stranger things have happened there, so I wish you luck!
And if you win, feel free to brag and boast and rub it in my face. haha. 
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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GOLD $725 / troy oz
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