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Through the Roof!

Started by EZ_E,

17 posts in this topic

EZ_E

EZ_E

Posted
Posted

Gold closed at a new all time high today on the New York Spot Market. The yellow metal gained $16.40 to close at $927.40. Gold is currently trading higher in the world spot market. You can view the most recent spot prices at www.goldline.com.

 

Analysts attribute today's gains to an ever-weakening U.S. dollar, reduced production in South African mines and an anticipated rate cut at the January 30 Federal Reserve meeting. "Gold is still shining brightly, and the latest all-time record should pave the way for it to take the last 9 percent up to the magical $1,000 line," investment bank Commerzbank said.

 

Silver gained $0.27 to close at $16.73. Platinum gained an astounding $48 to set a new record of $1,726. Platinum prices have gained steadily as power outages in South Africa have severely curtailed production in the nation's platinum mines.

 

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Coin

Coin

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Everyone has seen the big 18-wheeler diesel semi-tractor trucks on the highways ...well due to new compliance laws...you guessed it...they are now getting catalytic converters(2008&up) (as well as set up to run on ultra-low-sulfur fuel)...and these things(cats) are HUGE . Do you doubt the demand is going to go up?

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michael

michael

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gold...............GOLD

 

that magic desirable metal

 

and of all the metals gold is the most known and sought after

 

even better is pre 1933 usa federal gold and territorial gold coinage

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Houston Investor

Houston Investor

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Gold is well on its way to $1000 and I would not be surprised if it reaches $3000 in the near future.

 

I am sorry, but the US financial system is like a star that has been captured by a black hole and being pulled into its ultimate fate to be ripped apart. Hence, the rising gold price. The elite will continue their tactics to delude the common man probably all the way up until the election. It is a fools erand for the US to pretend its Rome while it concedes the Southwest to the invasion by illegals or props up an ally like Israel which won't even use its impressive military arsenal to defend itself (like blast Gaza from the face of the Earth).

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BillJones

BillJones

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Gold is well on its way to $1000 and I would not be surprised if it reaches $3000 in the near future.

 

I am sorry, but the US financial system is like a star that has been captured by a black hole and being pulled into its ultimate fate to be ripped apart. Hence, the rising gold price. The elite will continue their tactics to delude the common man probably all the way up until the election. It is a fools erand for the US to pretend its Rome while it concedes the Southwest to the invasion by illegals or props up an ally like Israel which won't even use its impressive military arsenal to defend itself (like blast Gaza from the face of the Earth).

 

Well, I'm not happy with the direction of some things, but I don't think things are that bad. The current gold prices are now driven by speculation. And quite often the fruits of speculation are large losses. I can see having a position in gold, but converting a huge portion of your assets because you think the dollar and the U.S. are headed for the scrap heap is dangerous IMO. If the dollar and the U.S. disappear that way the Rome did, you will need a lot more than pile of gold to save your butt. You might need a private militia

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BULLY

BULLY

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Platinum gained an astounding $48 to set a new record of $1,726. Platinum prices have gained steadily as power outages in South Africa have severely curtailed production in the nation's platinum mines.

 

It makes me glad that I took three sets of Proof Platinum Eagles out of storage and sent them to NGC to be graded. They were full sets (purchased years ago when prices were significantly lower), the $100, $50, $25, and $10 (1oz, 1/2 oz., 1/4 oz., and 1/10th oz.) proof sets. Cha Ching! :applause:

 

I think I have more of them somewhere, but I had access to these so I sent them in with some Proof Gold American Eagles (my oh my how inexpensive they too used to be!), Proof Gold Buffalo, Silver American Eagles from years past (the receipts from the Mint show how cheap they once were!) that I had never submitted, and so on.

 

I figure...why not shake that money tree and see if anything super (i.e. PF70 UC) falls from it. :wishluck:

 

Maybe take some profit, and sustain my collecting habit for a while, or put it aside hoping prices will rise more and this becomes an investment for the future like retirement.

 

What's a collector to do? doh!

 

Or an investor? (worship)

 

Or a collector/investor? I never heard the term before, but I saw it briefly as I took my first glances at the most recent issue of The Numismatist. Some people are in it more for the collecting experience. Others as an investment, some for a combination of the two, enjoying the experience, but thinking what they can get and what is it's potential worth SOME DAY.

 

I guess I fall most closely into that combo category. I can't say I am decidedly one or the other. Do I lean more one way or the other? Again, the two are so fully integrated in me, I don't think I could separate the investor part from the collector in me, or vice versa.

 

Anyone else? Anyone else see the article and have more informed thought since I only skimmed it?

 

:baiting:

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BULLY

BULLY

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Well, I'm not happy with the direction of some things, but I don't think things are that bad. The current gold prices are now driven by speculation. And quite often the fruits of speculation are large losses. I can see having a position in gold, but converting a huge portion of your assets because you think the dollar and the U.S. are headed for the scrap heap is dangerous IMO. If the dollar and the U.S. disappear that way the Rome did, you will need a lot more than pile of gold to save your butt. You might need a private militia

 

I think having a positing in precious metals has never been a bad idea, Silver, Gold, and even Platinum. They've never been worth "nothing."

 

In recent years, while it appears so affordable by comparison, Silver has outperformed Gold MULTI-FOLD.

 

Anybody remember the now infamous Y2K scare that never was?

 

Remember people hoarding cash, gas, prescription drugs, and even PRECIOUS METALS "just in case" things collapsed as the new year turned?

 

Well, admittedly, I bought a couple POUNDS of silver coins, "just in case." At the time, it seemed expensive. Of course in retrospect, the melt value alone is a FRACTION of what it is today, and I seem like a fortune teller that knew a bargain years ahead of its time! Sure, a lot of the coins aren't numismatic quality, but I pulled out a choice few and had NCS work wonders on them before handing them over to NGC, including some nice Morgan and Peace Dollars. Others may fill spots in coin holders for display, or make gifts, or they may be good to sell for melt, only time will tell.

 

One thing is sure: I was more than excited when I opened my safe deposit box and saw bags FILLED with silver coins by the pound. I saw on another board someone asked if you had anything you forgot about -- I forgot about these bags of silver, just like so many of us have forgotten about the Y2K threat that wasn't.

 

That's another thing about coins and precious metals, or owning precious metals AS coins: You can have value in more than one way.

 

1. It is MONEY after all. So, for instance, you find a coin in circulation, you didn't pay for it any more than face value. Therefore, if you ever needed to spend it, in desparate times of financial trouble, it is, after all, money.

 

2. For other coins, silver for instance, whether it be a bullion coin or even pre-1965 "coin" silver. Not only do the coins have NUMISMATIC value, but they have intrinsic value for their precious metal content. A few rolls of silver half dollars for instance can add up to a lot of silver to be turned into cash in times of trouble. Yet again, it too, is MONEY, though most people would find it more advantageous as melt than to spend, you do have options.

 

3. Just plain numismatic value. Say a coin is a commemorative, sure, it's legal tender and was never made for circulation and COULD be spent (there is that MONEY thing again), and let's say it's clad, not silver, so there is no intrinsic value. It's numismatic value can stem from it's limited mintage, general appeal based on its design, condition etc.

 

So, there is speculation in precious metals, and there is SPECULATION in precious metals.

 

If you collect, collect -- but judiciously when it comes to precious metals. Sometimes "following the pack" is the opposite of what one should do. Sort of like the stock market -- how do you make money? Buy low. Sell high. Same with precious metals, and why not for coins for that matter, precious metal or not.

 

Ever notice that when the stock market rallies, and is hitting record highs, everyone starts BUYING stocks, at the highest prices? Then, when the stock market falls, and falls, an falls, so that people, even in retirement accounts that they may not need for 25-40 years depending on their age, SELL those stocks. So, what did they do? They bought high and they sold low. However, ask those people how they think you make money in the stock market, they will tell you almost every time: Buy Low. Sell High. They do the opposite. People react emotionally. People "follow the pack."

 

The same may hold true for precious metals. This is not to say that our noble metals may not rise even higher -- they sure may. I am not an expert, nor do I have a crystal ball. However, the same principals may be applied to buying and selling precious metals as buying and selling stocks, IMHO.

 

2c

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agentjim007

agentjim007

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ibyandsellsmith. Good call on the Palladium up 32 bucks right after your prediction. Last time I played with an oz of palladium I bought a palladium panda for $150 and couldn't help myself and traded it for a very nice unc. PCGS Type 1 $20 when it hit $1000.

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