Gold Nose Dives To Current Low

30% down would be nicer. I would go around the shops here to see what was being sold off. And would have to be quick with it. The coins would not last long.

Not much hope I will have the opportunity.

gold is doing exactly what it is supposed to be doing: holding it's value. nothing has changed for gold. it is the dollar and/or the economy that's nosediving, not gold. thank a banker.

gold has intrinsic value. dollars do not. all fiat currencies fail eventually. the dollar is no different. you are watching the dollar tank in real-time, but you have to look past the various distractions to see it.

when you buy gold, you are exchanging your failing dollars for sound money. to me it's a wise move, swapping out debt for sound money.

i'd love to address many of the comments in this thread, but I don't have time at the moment. maybe later.

don't sweat those goofy sideways shuffles or small drops in the gold price. gold is doing what it's supposed to be doing. i'd be more mindful of what the dollars in my pocket are doing. (hint: they're losing value)

Well in our lifetimes certainly. 88% of the worlds commerce is done using the dollar "next highest is Euro 6%". 60% of all global reserves are held in USD. The Chinese Renminbi barely even makes the ticker at 2% which means even the Chinese dont like using it. Or at least saving it. The biggest reason being China's protectionist economy and their theft of Intellectual property rights.

They keep their currency low by policy because this makes their products much more competitive on the INTL market and has caused huge trade surpluses with other nations. Most of all America.

The dollars weakness is the reason I'm a stacker "tho just a small one". Lately Ive been thinking of getting away from collecting and going back to just stacking PM's, tho it will mostly be silver. Were I rich I'd be a dedicated collector because I have a passion for it but I'm not rich and my main reason for being here was asset protection.

Dont get me wrong. I'd love to hunt down a splendid example of every Morgan year/Vam ever struck but I'm not oil Sheik rich and I have to be practical. I had thought to collect every Libertad year and while that was within reach theres a few years that would really bleed me.

And if you can't collect every year then whats the point ? I'd love a Barber collection too but I just got into this to late in life so I might just spend the summer stacking metal. At least until I saw my next interesting Morgan.

Trying to answer my own question of "Is gold over valued or is silver undervalued". Well looking back at a PM's report I had written a few years ago, in comparing the metals against the cost of living over a period of nearly 50 years (1973-2020) , I came to the conclusion that both are true. Gold is overvalued and silver is undervalued. When I compare perhaps the largest purchase of anyone's life (a house) which increased in value by 12 1/2 times and apply that to gold in 1973 ($127 x 12.5= $1587.50) That is where gold should have been in 2020. Silver Should have been at around $50 ozt. Instead we had gold at $2058 in 2020 and silver at $29.26. That shows me that gold is over valued and silver is undervalued.

"Sigh" I'm afraid your right. So I can forgetabout gold ever being even $3,000 again "right now its back up to $3,308" and I guess theres little point in not buying. And I could buy but I'd have to pay tax pulling the money out because if you dont have spare cash on hand you have to go into various savings engines like 401's, deferred's, ....ect. But in two years gold has darn near doubled so where will it end ?

I almost launched yesterday for 2 or 3 coins but just couldn't quite do it. The thought of gold taking a crap just prevented me. Any advice anyone ?

I'm looking to just hold it in my grubby little Drarvish hands and run them all over the metal, slobbering as I do so and mumbling incoherently.

Well I'll tell you the problem and it has me really depressed.

First off I love gold. I'd take baths in Liquid gold if I could afford it. It all makes little sense but all I have to do is look at it and its beauty overwhelms me. I even kiss it because it doesn't tarnish just to show my worship. If it was the 1600's I'd be a pirate, and brother, you wouldn't want to be on the Spanish gold ship heading back to Spain only to find yourselves in my cannon sights.

I feel the same about silver but with less intensity. But silver and gold are just beautiful metals and gold is just so precious. So there it is, in all its glorious stupidity. Stupidity so intense it could force me to do something really stupid like to take money out of a deferred account, have 20% stolen by our wretched Govt., just to hold more gold in my hand.

And I have a pile of cash in this account. I wont say how much but it enough to assuage the grief of my loved ones after I croak. Their tears will be crocodilian in nature. And I'm in my late '60's, the cash will do me little good when I'm room temperature so I'm running out of reasons not to pull some out for more gold.

Or a '66 Mustang like I had in High School back when I was beautiful and not fat and ugly. But in reality I'd rather just have the gold.

And I am now convinced gold is just going to go up. Probably $4K an oz by the end of the year and within a few years $5K. I just know it. Its up over $3,300 now. There will be sputters but with this debt we have it will only go up. I was wrong predicting a nose dive because none of our Govt.'s have any interest in addressing our National debt.

I saw this in Martial Law Turkey in the 1970's as a young airman when the currency became worthless and families married to pool their gold. Gold ? The only currency that mattered.

Dont see where PM's are accessed.