Holy Cow!!!! GOLD!!!!!!!! GOLD!!!!!!!!!!!

[dakra]

Gold is near $400....Get in now, this is your best opportunity, it's going higher! It's the best thing since sliced bread! It's the Rolls Royce of investments! The best investment you can make at this time....

 

...as a guy who has had his ups and downs in the investment world, just be careful guys. You don't want to buy at a high and end up getting caught holding the bag. In my experience, it is better to sell when everyone is excited about something and it's better to buy when no one is excited about it.

 

-Dave

 

[Leothelion]

I think it will continue to rise until the economy stablizes. There has been some predictions as high as $3000 and there was a story at $560. I don't have much gold and I'm not really looking to buy more. Do you think it's a good deal or idea to buy and sell to Kitco?

 

Leo

[MikeKing]

I've been waiting for gold to hit $1,000.00 since the 1980s. Every year since, that's been the word, and my cars still idleing in neutral.

 

Do you think it's a good deal or idea to buy and sell to Kitco?

 

What is Kitco? anyway?

[Chippewa]

IMHO gold cannot go to $1,000. The reason is that at $1,000 gold mining would become a very profitable business and the central banks would start unloading their stocks. In fact, I will be surprised if gold makes $500 any time soon.

[jtryka]

IMHO gold cannot go to $1,000. The reason is that at $1,000 gold mining would become a very profitable business and the central banks would start unloading their stocks. In fact, I will be surprised if gold makes $500 any time soon.

 

Where have you been? The central banks have been unloading for years now! Ever hear of the Washington Accord? And why is the fact that $1000 gold would make mining profitable be a reason for it not to reach $1000? That seems like circular logic to me. Sort of like saying back in 1950 that $1 for a bottle of Coke instead of a nickel would make Coke very profitable, so it can't happen. Is there some sort of economic rule that gold mining can't ever be profitable? With some commodities, like gains, or Coke, adjusting production to meet demand is not very difficult, it might take a year at most for farmers to plant more corn instead of wheat, but do you have any idea how long it takes from exploration to getting a mine in production? It might take the better part of a decade. Meanwhile, you have a billion Chinese who as of this year can now take all the dollars they've gained from their trade surplus with us and buy gold, not to mention the continued demand throughout Asia and India. Add to that the continued weakness in the dollar, and the table is set for a strong gold market over the next few years. Yet, people like you were saying that gold would not see $300 anytime soon in 2001 when it was $270, and it wouldn't see $400 when it was $330 in 2002, and now it won't see $500. So next year at this time, if it's trading at $485, will it not see $600 anytime soon? I am not advocating $1000 gold, but I do realize that right now the fundamentals are in gold's favor, and until that changes, the price will probably continue to rise.

 

That said, I really don't have much invested in bullion, probably less than a few ounces. And for my rarer gold coins, the increase in price of gold bullion starts to have a diminished impact on the value of those coins since they always trade at a fairly steep premium to melt. So take my position for what it is, my personal opinion, it's not investment advice. If you want investment advice, go talk to an adviser, and don't rely on a message board. Personally, I've always thought that metals/mining equities/investments tied to metals should have a relatively small place in a protfolio, maybe 5-10%, so I have always disagreed with the gold bugs that promise "gold is going to hit $1000 this year, so put all your money in gold." But I get just as annoyed with people who offer opinions with absolutely nothing to back it up besides some faulty logic and errant facts.