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dougefresh
Penny Sorter Member
34 Posts |
 Posted - 05/21/2009 : 17:00:13
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Any one else on here follow the US dollar index? Here is a link I use:
You must be logged in to see this link.
It closed today at 80.5. It looks like 79 and then 76 would be the next levels of support on the way down, eventually to 72 which was the low in April 08 when PM prices and commodities were so high.
If it gets that low, I am sure my PMs will make money, as well as commodities (my pennies in the garage , but it will also mean that the US Dollars desirability in the eyes of the rest of the world will be crap, and our economy and the average Joes standard of living will decline ever more.
Kind of a case of being careful what you wish for.
Any one else feel the same way?
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 05/21/2009 : 17:05:33
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Too early to say, but US dollar down, stock market down, bond yield up is an abnormal situation.
It marks (at least a temporary) flight out of US assets. |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 05/21/2009 : 17:27:48
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| It's frustrating for us Canucks. As spot prices rise, the US dollar tanks = PMs flat in Canadian dollar terms. |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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fb101
Administrator
USA
2856 Posts |
Posted - 05/21/2009 : 17:40:14
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quote:
Originally posted by Nickelmeister
It's frustrating for us Canucks. As spot prices rise, the US dollar tanks = PMs flat in Canadian dollar terms.
I think being a more globally stable currency, the Canadian dollar follows more of the supply demand part of the equation, so you don't make money when gold goes up because the dollar drops.
Alternatively, your currency isn't going to sh..
Am I wrong about that? |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 05/21/2009 : 20:44:17
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The death knell of the dollar has been audible for some time, first as a far off dirge, carried on the wind, that you could only hear if you knew what to listen for. Now it has a steady beat, clearly discernable above the din that passes for news. The direction is still hard to ascertain, like a drum, reverberating off the valley walls, at a distance, yet certainly not far off, and soon to be within sight.
For whom the bell tolls
Time marches on
For whom the bell tolls
R.I.P FRN
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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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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 05/21/2009 : 20:45:56
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No fb101, you are absolutely correct.
As a Canuck myself (who gets a good amount of my income from US dollars) it is painful to watch the PM prices move upwards while the dollar drops in tandem.
While it is nice to see gold over $950 and silver at $14.50, it is worth about the same as it was last week in Canuck bux due to the slide of the US dollar/Strengthening of the Canadian dollar. |
www.londongoldbuyer.com |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 05/22/2009 : 07:18:23
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Gold/silver moving up again.
Gold near $960, silver at $14.80 |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/22/2009 : 08:32:16
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thanks for the chart - i bookmarked it.
breaking through support at 82 means this is probably a trend that will continue for some time. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 05/22/2009 : 09:22:43
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| That's good for like minded people like us that have been investing in base and precious metals, but it's not so good for the other 98% of the population that is already hanging on by a thread. If the dollar goes down, and their purchasing power (already limited due to the economy) goes down, it could get really ugly for many many people. It's one of those "be careful what you wish for" scenarios like the OP said. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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US Dollar Index
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