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What Happens To Gold And Silver Next? Look Out Below?

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 Posted 08/04/2020  4:29 pm  Show Profile   Bookmark this reply Add jskirwin to your friends list Get a Link to this Reply
I bought a couple of ounces of gold in 1980. If the online inflation calculator I just used is correct I've finally broken even.
Edited by jskirwin
08/04/2020 4:31 pm
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 Posted 08/04/2020  4:52 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
I bought a couple of ounces of gold in 1980. If the online inflation calculator I just used is correct I've finally broken even.
You're measuring the value of gold in paper fiat. Of course you've just broke even.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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 Posted 08/09/2020  8:32 pm  Show Profile   Bookmark this reply Add jmkendall to your friends list Get a Link to this Reply
Someone mentioned supply and demand.

I'm a dealer, I have seen this happen going back to 1980. There was NEVER been a time when there was a silver shortage. Short term? Sure. I had a customer come in and buy all the gold and silver I had. One customer. He was very upset when I told him I would not sell him numismastic coins for spot! We see this alot. But in the real world? Never. When Silver hit its all time high, China was sitting on a seven year commercial supply of silver; Russia 2 years, and other countries as well.

The only "shortage" was in the paper market. I really thought people would learn by now. If you knew all the people that I knew that lost their shirts when Silver hit a cliff 10 years ago....you would not be doing the "up up and away forever" dance.


Has anyone else noticed we have not seen a single correction?
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 Posted 08/12/2020  12:58 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
We had a 5% correction yesterday. Whether this coincided with US politics yesterday is uncertain. But the steady run-up in PM's since March is probably related to the $3 trillion covid relief borrowing. A de facto dollar devaluation of about 20%, based on PM response.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
08/12/2020 12:59 pm
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 Posted 08/12/2020  1:28 pm  Show Profile   Bookmark this reply Add Adam_E to your friends list Get a Link to this Reply

Quote:
A de facto dollar devaluation of about 20%, based on PM response.


I dont think it would be fair to attribute the entire run up of metals as a wholly negative correlation to the value of the dollar. Treasury bond values rose sharply along with the run up of metals, and took a similar reversal yesterday, the ten year yield shooting up 10 basis points. Usually you would expect bond values to fall in an inflationary environment, not rise. People are chasing ROI on everything right now, equities, metals, yields, currencies, etc
Edited by Adam_E
08/12/2020 1:29 pm
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 Posted 08/12/2020  1:37 pm  Show Profile   Bookmark this reply Add mdpmedia to your friends list Get a Link to this Reply

Quote:
...run-up in PM's since March is probably related to the $3 trillion covid relief borrowing. A


along with other factors like negligible inflation and interest rates approaching 0 or even negative as in Japan.

An illustrative narrative of gold prices vs interest rate movements:

https://www.yahoo.com/now/gold-nega...4248238.html
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 Posted 08/12/2020  5:25 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
My grocery bill is up 20% in 3 months. Electric up 20 also. Negligible inflation.
No worries, lots of free money coming this way.
When I listen to LED ZEPPELIN...so do my neighbors...
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Dirt fishing since '72
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 Posted 08/13/2020  09:50 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
My grocery bill is up 20% in 3 months. Electric up 20 also
For me those expenses are more than offset by not eating out or fueling the car, both which occurred on the regular when working from the office. All told I am in the black, if only by luck.
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 Posted 08/13/2020  12:00 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
For me those expenses are more than offset by not eating out or fueling the car
Yes that helps. I have dined out zero times since March. I don't eat fast food, so there's that savings. I recently retired at age 58, so no need to drive to work each day. Unfortunately, my health care costs just quadrupled.
When I listen to LED ZEPPELIN...so do my neighbors...
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 Posted 08/13/2020  3:25 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I don't eat fast food, so there's that savings.
Funny, avoiding fast food is why I spent so much on dining. Turns out, fast food is less than half the price of healthy meals.


Quote:
Unfortunately, my health care costs just quadrupled.
And in there lays some of my luck, I suppose. Ten years ago I took my doctor's advice to heart (literally and figuratively). My current medication cost is nil, but certainly would have increased to become a huge expense had I stayed my previous course.
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 Posted 08/13/2020  4:51 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
@Jbuck - what I meant to say was my insurance cost. I'm almost 60, the only thing I take is a multivitamin.
My health insurance costs are what quadrupled (family of four).
When I listen to LED ZEPPELIN...so do my neighbors...
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 Posted 08/13/2020  4:57 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
My health insurance costs are what quadrupled (family of four).
Wow! I guess since you are retired now?

My insurance is with my wife's employer. What is offered by mine would consume nearly half my paycheck.
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 Posted 08/13/2020  8:08 pm  Show Profile   Bookmark this reply Add GR58 to your friends list Get a Link to this Reply
Congrats on the retirement fistfulladirt

Sorry to hear about the health insurance ... I guess it happens to us that
retire early. Or what some consider early.

覧覧覧覧覧覧覧覧-

I have been enjoying the rise in gold and silver prices. Selling a good amount
and moving the money to more stable investments.

BTW ... I did smile when selling stacks of gold coins that I had bought.
Coins that a few people on this site said I was wrong for buying non slabbed
gold coins. Sold around 50 gold coins with no problem, and very good profit.
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 Posted 08/14/2020  12:00 am  Show Profile   Bookmark this reply Add ilikeikes to your friends list Get a Link to this Reply
Nice work GR58! If I could go back in time, to 2014=15, when I loaded up on gold and silver, I never would have bought slabbed coins.
The coin dealers don't care about the extra premiums paid, compared to bars, and generic rounds.
I too cashed out the last few weeks, about 15% of my holdings, to take profits.
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