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 Replies: 49 / Views: 6,418 |
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Pillar of the Community
Canada
933 Posts |
Who in their right mind would BUY silver on ebay for $29 haha THATS insane. I can go to canadian coin and currency and pick up a maple for $23...but I wont because that's still too high. Silver and gold took another massive dive today and will continue until end of this week. Once I can pick up an ounce for $20-$19...then I will consider buying. |
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Valued Member
Canada
475 Posts |
Those of you who think that gold and silver are an investment need a reality check. They are commodities and subject to market emotion and manipulation. There is NO valid reason to hold lots of gold or silver in your portfolio.
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Pillar of the Community
Canada
933 Posts |
They have BECOME a form of investment...for centuries actually. While the precious metals have no real value (cant eat them, drink them or live off of them) they are the only form of "money" that will never go away. Therefore, people hold them as a hedge against fiat currency...as I'm sure we all know.
Im not saying I support this, because if go back to the dark ages Id rather hoard pure water and food rather than useless metals...we cannot escape the fact that the entire world operates on the notion that "real" money is still gold.
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Pillar of the Community
Canada
838 Posts |
Quote:
need a reality check  (and they have been getting one since April) Try not to laugh at me here... I admit I bought a small classic gold coin when we were up at $1700/oz. But I'm not too worried about it. Just as I'm not constantly estimating the value of my car, I put my coin collection in the same category. You know the "buy-and-hold" strategy? For me, coins are "buy-and-enjoy" (and learn). I love gold and silver coins (at my own low-$ level) but I choose completely different investments for long-term savings. But respect is due those who tripled up on gold from $400/oz to now. In response to an earlier question "why would anyone sell to me at a loss?", here is one good reason: maybe they want to change assets into something less volatile or with potential for yield. Even shifting inventories gold -> silver or vice-versa is a possibility. |
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Pillar of the Community
Canada
1581 Posts |
Barrick hit a 21 YEAR LOW today.
The market seems to think all the miners are going out of business.
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Pillar of the Community
Canada
933 Posts |
well they are getting dangerously close to losing or breaking even on each ounce of gold they make compared to the cost. Barrick is only extracting 0.8oz for each tonne of dirt/rock. The operating and production costs are HUGE.
Barrick also made some shifty investments back when gold was 1800...into companies that , at these bullion prices, are losing money, and fast.
Interesting to see how low things will go. Gives me a chance to own some of the shiny gold stuff :P
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Pillar of the Community
Canada
1581 Posts |
The cost of producing gold has soared over the last decade. The easy to get stuff is gone. So, a lot like oil. But, the market is giving $95 a barrel for oil. The mining industry could be accused of becoming addicted to the high prices, but the actual production numbers haven't soared as you'd expect.
Silver is the more interesting situation. Industry uses silver. Most of it comes as secondary production to gold. If everyone now hates gold and a miners can't afford to mine it profitably, where is the silver going to come from?
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Rest in Peace
Canada
1360 Posts |
is the slump over? http://www.bloomberg.com/news/2013-...st-2010.htmlAs I expected, somebody, somewhere, with more money than you or I can even imagine, has manipulated the bullion to a point that they figure they can buy even more. So, now that it is down to that level, you'll see those that can find it, buying physical gold. It will ALWAYS be a solid investment. |
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Pillar of the Community
Canada
933 Posts |
Gold now at $1217...going to break past 1200 today for sure. Slump is no where near over.
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Valued Member
Canada
475 Posts |
" Captain Smith, was that a real iceberg The ship (TITANIC) just hit?" The downward pressure on commodities is no where near over . Think about this little tidbit....................if we ever have to resort to spending gold and silver to buy water gas or food or to pay the rent then we have far bigger problems than a gold and silver price correction.
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Pillar of the Community
Canada
746 Posts |
Looks like we might hit $1150 before the weekend; big steps down! All I can say is: thank God for numismatics!  |
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Pillar of the Community
Canada
933 Posts |
I would like to see $15 silver.
a 10oz bar for $150? Heck YES!!
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Pillar of the Community
Canada
815 Posts |
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Pillar of the Community
Canada
933 Posts |
I know people are buying them...but I just dont understand why. Thats just stupid. You can go to any PM dealer site and get them for almost half price...
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Pillar of the Community
Canada
814 Posts |
Those coins in the link sold for that much because its a collectors coin. They are 2008 and 2005 and 2011 coins...people need them to finish collections. Plus shipping on PM sites for 1 coin is usually around 25 bucks.....and lots of people live in places where they don't have coin or bullion dealers...doesn't surprise me at all those sold for that much
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Replies: 49 / Views: 6,418 |
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Posted 06/26/2013 4:57 pm
