I Can't Believe The Price Of Gold Now..

There is and has never been any value to paper and folks are finally finding that out just as there is nothing in a piece of plastic other than debt. Precious metals are just that----precious and the whole world is fully aware of that fact and the whole world is currently buying at a record pace. One must keep in mind the "big" boys have for years manipulated the market. When gold or silver rises to a predetermined rate they just pull a ton out of the old vault and sell it thus driving prices back down due to the "new" metal back on the market. They wait a few weeks until it lowers to the right level and they buy it all back. The cycle starts over again and as demand exceeds supply prices start to climb again but what we are seeing now with new major markets are opening up, such as China, the competition is almost beyond what the "big" boys are used to controlling!
There are a great number of people in this country who don't realize the huge banks in this country are probably investing your savings in gold and silver and playing the very same game. While they pay you diddly squat for using your money in the guise of a savings account they are turning untold millions with all of us little guy's money and it definitely is NOT in auto loans!
So will we crack the $500 barrier before Xmas? That might make a great pool if we can get it started before the $500 barrier falls. Personally I think we are about to see a major trend upward in all precious metals that will continue for quite some time. And, to top it all off, NO ONE is selling and everyone is trying to buy? Whats that tell you! I am picking up a 1909 $10 Indian and a 1909 $5 Indian this Saturday morning as they are seldom seen at dealers in this area and when the opportunity knocked (last week) I opened the door and said "Come on in my little golden friends!" When I own precious metal I can see what I have, I know where my money is and, as I have said before, I am in control and decide when to sell or buy and I DON'T pay a middle man to do it for me. Regardless of what the markets do I enjoy every minute I put into my coins and bullion. Win, lose or draw I have been tremendously entertained by this hobby!

@ Terry
The old boys may be losing the battle because the bankvaults only are filled with IOU's of gold allready lent out and sold and still on the books af if the IOU's still represent gold that is going to be return ed to those vaults one day and so people are not supposed to know
Also the goldmines stopped selling gold that still has to be dug out of the ground ( forward selling ) and in fact are buying back those forward sales allready on the books

ageka, Thank you very much for your input! I am sure there are a great number of new collectors and new gold buyers on this forum who needs to see and to learn and your information is timely as well as educational. I didn't realize how good I had it in the late 90's, 2000 and 2001 when gold was so affordable and now regret not buying more and sure do regret selling a bunch in 2003! Thats how we learn! Choices, choices and more choices!!! Some right, some wrong and some inbetween!!!

They use to say the market will act in such a way that as many people as possible are proven wrong ( by the few that know better ? )

Selling now and buying back later may be a good strategy for those that hold paper gold like in gold funds or gold IOU's or what you have
Except they may not be able to get back in timely

For those holding physical I think hold and ride the coaster ride if there is one is the best option ( avoids the bid ask spread and the fact that you may be left behind holding no gold )

Congrats on your graduation GCL. Good luck in your future studies!

It doesn't seem all that long ago when gold topped $800 about 1980 after values were no longer set by the gummint. I had invested heavily in gold at that very time in the form of an engangement ring, a wedding ring, and a wife. I lost big on all accounts.

Fred

Terry, after two times through the wringer, I got smart and decided there were far better investments than rings, diamonds, and wimmen except for one: Lady Liberty. She has yet to run up my credit cards, then drag me through divorce court.

I had a chat with an older gentleman, just yesterday, who claimed he remembered me from years ago at a flea market in Brown County, IN. During the course of our conversation, at the coins shop I might add, he stated that coins (silver, gold, and the classics) was the only REAL safe investment he had ever made in his life and he had long ago quit all other investment opportunities as he was tired of being ripped off or paying someone else, rather well, to lose his money or make more off of his money than he was. He said the key in coins is to be patient as what goes around comes around. He buys and holds and if and when he does sell the original amount of money tied up will go back into coins and the profits, well that was up to his needs at any given time. I could tell this old fellow had played the coin game for many years buying, selling, or trading and he knew what he was doing and he seemed very happy about doing it. In a sense this fellow felt very good about being his own man. He was the boss, the CEO, of himself and he took great pride in that. He may have been an older fellow but he was as sharp as a tack and very proud where he put his money. In a way I could see a lot of me in him and I hoped when I reached his age, whatever it may be, that I could still be so loyal and faithful to a hobby that is far more than just a pastime. Its a way to save money, while at the same time, study the world, learn new cultures, discover new history, a way to take a trip and never leave the room, a hand held journey through time that can only end when you choose for it to. Yes, this old fellow had felt the magic and the value that only these little round discs, we call coins, offer to each and every one of us. Some of us collect for many many reasons and a few of us collect for ALL of them.