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AGgressive Metal
Administrator
USA
1937 Posts |
 Posted - 04/06/2009 : 07:01:53
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One of the analysts at Kitco says in a worst case it could withdraw all the way into the mid-600s. Its gone from 1000 to 880 in the last few weeks. You guys worried? I'm confident about the long-term, personally. Forces working against gold are declining jewelry sales, de-leveraging, and speculators who get out any time the price makes a good run. However, the chance of major central bank sales, once a dangerous foe to gold, are less likely since China and Russia are stockpiling the stuff, America is sitting tight on its reserves, and the Euros are slowing their sales to a crawl.
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And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 04/06/2009 : 07:26:27
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| Now you guys are alot smarter than me on this, so I am just speculatin. I have been told that when the stock market goes up, gold goes down. The new "rally" from the "mark to market, lets make up what its really worth" is obviously false. I have heard Asia has a HUGE increase in demand for jewelry as a hedger, as are some other countries. With facts such as these coupled with the 2 investigations into the CFTC for market manipulation, the only thing I am worried about is not being able to get it when I can afford it. Smoke and Mirrors never made me forget I am at the illusionist's show. I'll keep collecting and buying. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 04/06/2009 : 07:53:28
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quote:
Originally posted by Kurr
Smoke and Mirrors never made me forget I am at the illusionist's show.
This is one of the best lines I have ever read.
The media and the government has always tried to paint a different picture of what really is.
They see a mountain and paint the ocean. |
You don't have to be the BEST you just have to be.......SLICK
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 04/06/2009 : 08:09:18
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I'm confident about gold's future.
I don't forsee any of the central banks selling off a signficant amount of gold like the UK did back in 1999. In fact, I can't picture any bank selling any gold. I think they've come to terms with the idea that this recession is going to last a while, and they've hunkered down for the long haul.
I think that people who hold paper gold will continue to buy and sell off, but I don't know how much of an effect they have on the gold market. I feel stupid for saying this, but I can't make heads or tails of gold's moves 90% of the time. 
Unlike gold's run-up in 1980, I firmly believe that people who bought physical gold this time around are going to hold it. Today's gold buyers seem to be better informed and more cynical than the ones from the last go 'round, when activity was more speculative.
If gold does go back down to the mid sixes, I'll keep buying, if there's any to be had. If it goes up, I'll also continue to buy. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/06/2009 : 08:11:57
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| I think the mistake that people are making is focusing at the relationship between stocks and gold rather than looking at the big picture. What they SHOULD be looking at is the snapshot of this moment in U.S. economic history. With the bailout packages and borrowing since last fall, whether the bean counters in Washington say so publicly or not, we have more than $17 TRILLION in national debt. Gold and other PMs are the best things we can be buying right now to protect our money, after we've taken care of other necessities first. Don't worry about the market trend du jour. Look at the big picture. We're on the edge of a financial cliff of a much bigger scale that Weimar Germany, and we're about to fall off of it as a nation. Don't watch the ticker tape on Wall Street or the talking heads on most financial shows. Just keep stocking up steadily and keep both eyes open. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
Edited by - Nickelless on 04/06/2009 08:13:22 |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 04/06/2009 : 08:21:16
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quote:
Originally posted by Kurr
You must be logged in to see this link.
IMF Approves Selling 400 Tons Of Gold
 You could knock me over with a feather right now.
From the article: "However, the IMF said the sale of the gold will be carried out in several transactions over several years so as not to affect the international gold market."
I don't see how this will not affect the market. I think GB sold about the same amount over a 3 year period and gold sank.
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Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 04/06/2009 : 08:48:32
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When, not if, our currency sinks and the dollar is then re-evaluated or replaced,will the true value of gold be known.
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 04/06/2009 : 11:45:41
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| My precious Gold is becoming cheaper than me. =( |
Trolling is an art. |
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 04/06/2009 : 12:14:55
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Hi all-
I hope gold goes down to $100/oz!!!!!!!!!!!!!!!!
Always wanted to get my full set of $10 eagles knocked off-
Then when it goes back up to $10000/oz in a few years, everyone will be like, huh?!? I thought the problem was solved!!!
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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Nickelless
Administrator
USA
5580 Posts |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 04/06/2009 : 16:56:16
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"I'm confident about the long-term, personally."
That's all that matters!
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keys
Penny Collector Member
383 Posts |
Posted - 04/06/2009 : 17:46:51
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Gold's current price needs to be considered over a long term view and against an interest rate viewpoint.
Back in the 1950's a $20 gold piece sold for $50-$60.
Today, the price of the same $20 goldpiece is $800.
Gold has been going up in price since 2001, it will continue to go up as things get worse and inflation returns to everyday life.
Craig R Smith, a vocal goldbug, put it best when he said, "What will gold do? It will go up, then down, then sideways, up, down, sideways." We are in the down phase for gold prices, in spite of the fact that people are buying gold in coin, bar and medallion form to act as a hedge against financial meltdown and inflation fears (you can't print up this much money and expect inflation never to return.)
Remember the last couple of years when gold would hit a speed bump and decline in price? After a few weeks or months, gold would bounce back to new highs. Even after the fall of gold's price last year to the $700s gold bonced back yet again.
What will put an end to the gold bull? The same thing that stopped it back in 1980, a spike of interest rates to put a stop to high inflation which is on its way. Inflation is creeping back at a snails pace but it will be back. Anyone check the price of gasoline lately? Its starting to creep back up, and as energy goes up the cost of making/shipping products goes up, meaning higher prices.
I am taking this drop in prices as just another hiccup for gold. Lets see what happens next year before we consider the possibility the gold bull is finished. |
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
Edited by - keys on 04/06/2009 17:51:52 |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 04/06/2009 : 18:31:26
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Gold at $871 at this time. Downside, according to Kitco, $650.
Considering the flood of dollars being printed, and those that will come flooding back from overseas, the upside could be extreme. If they've already committed $12.8 Trillion to bailouts - porkulus etc, then dollar could very easily loose half of it's value within 12-18 months. Gold goes to $1,742.
Even a 25% loss in value of the dollar puts gold at $1,161.
In my mind, the upside bet wins. If not in the short term, definitely in the long run.
Count me in for 2 more oz's, probably Pamp Suisse in assay cards.
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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fb101
Administrator
USA
2856 Posts |
Posted - 04/06/2009 : 19:10:14
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I saw this weird scifi movie where the more dollars they printed, the more value they had.
OK, I lied.
I looked at the dollar chart and found that.
You must be logged in to see this link.
On a more serious note, chart looks like weakness in the dollar to me, but I'd put it out several months.
The angle of ascent is declining.
And we'll need another stimulus after the new budget goes into effect.
I heard an analysis that projects $4000-$6000 per household per year in new energy taxes. |
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Edited by - fb101 on 04/06/2009 19:12:56 |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 04/06/2009 : 21:55:42
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May 27th will mark the 3rd anniversary of my very first gold purchase. I handed over $220 of my precious dollars to buy a 1/10 oz. eagle, a 1/10 oz. panda and a 1/10 oz. krug. I remember the dealer had a compartmentalized box full of gold coins of different weights. Even if gold hits $650-$660 again like it was back when I first bought, somehow I don't think I'll have as good a selection. 
(Edited because I was wrong about how much I paid!) |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
Edited by - Ant on 04/06/2009 21:58:08 |
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Gold pulling back
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