| Author |
 Replies: 12 / Views: 1,096 |
|
|
Pillar of the Community
United States
931 Posts |
South Korea bought twenty five tonnes but that was yesterday and the day before. There must be a lot of buying on the news, but it must be new buyers causing the leap in gold prices today. I did my part as I bought another ounce today. Proof Buffaloes at the mint are going for the same price as they were with gold at $1601 so I grabbed one. I haven't checked the bullion dealers but I think an adjustment will be made before tomorrow. Are we going to hit $1700 by next week or what? I like the fact that the dollar is gaining strength as I'm only about ten% in PM's. I think I'm done buying at these levels but what if all of this bad news around the world makes a serious gold pullback unlikely? Edited by junior e
08/02/2011 2:52 pm
|
|
|
|
Pillar of the Community
United States
1450 Posts |
I think the fear factor has finally hit! People were trying to follow the"old"advice for investing,but the serious debt issues worldwide and all the fiat currencies have changed the paradigm,we are in uncharted waters and folks are just plain scared. Right now the only apparent "safe havens"are US Treasuries or precious metals,which did you pick? Me too!
|
|
Pillar of the Community
United States
1126 Posts |
The short list for the Paper Market The Federal Reserve,The IMF,The International Bank of Settlements, JP Morgan Chase and other large banking institutions that are artificially being propped up by different Governments. As far as the Metals Market everyone else on the planet that has finally come to understand the actual value of paper money when too much of it is printed. People are starting to catch on when Governments and Large institutions begin making HUGE purchases in Gold and Silver when for the last 40 some odd years they have made it their business to sell as much as could to keep the price down to make their paper money look stronger. Ahhhh maybe there is something to this thing about Gold and Silver Actually being Money for the last 6000 years +  |
|
Valued Member
United States
458 Posts |
I keep checking every half hour since I am home...this is crazy...my dad bough 120 ounces of silver yesterday, so he will be happy with todays change lol :D
|
|
Pillar of the Community
United States
1126 Posts |
"my dad bough 120 ounces of silver yesterday, so he will be happy with todays change lol :D"
He is going to be jumping for joy by the end of the year.
this is crazy
Wholly expected Now the world knows we have no intention
of even remotely addressing the debt problem except
by adding to it and quietly initiating QE3 From Jackson Hole
Honestly I expected the dip to last a little longer than
it did Ya Know like maybe half a day. People
were sitting waiting for the after announcement smack down
after the vote in the Senate was announced.
|
|
Valued Member
United States
458 Posts |
Ill be happy if it sky rockets too. I've got some stored away bc of my grandfather.
But yes, I rlly believe its only up from here...
|
|
Pillar of the Community
United States
3670 Posts |
Yeah gold will pull back any minute now I think I will hold my breathe an wait a bit  .... Ooops I am light headed, and now I am dead  ... Edited by Silverhawk74
08/02/2011 4:07 pm
|
|
Pillar of the Community
United States
667 Posts |
I don't know, the president did a fine job of convincing my wife that things are going to change for the worse. Sometimes I wish he wouldn't rush to the TV and scare the heck of people.
I am hoping for a little drop over the next week or two by 100-200 dollars or more. Strictly a personal reason - I want to buy more at lower prices. As long as I keep getting the 1/10 at $5 over spot I guess I am still in the market though my supplier has a hard time coming up with them right now.
On to the good news if the gold keeps rising and it it hit over the $2,000 range I might be able to eliminate some of my debt by starting to sell some of this yellow stuff.
Crazy stuff - there are those that wish they had bought, those that wished they had bought more when it was low and still others telling us we were crazy buying any at all.
Just crazy and to think I use to think Silver was expensiveness when I was buying it at under $10.
|
|
Pillar of the Community
United States
830 Posts |
Quote:
but it must be new buyers causing the leap in gold prices today Just heard one guest on CNBC "Fast Money" say today's rally was due to short covering. Gold shorts were expecting a drop when the debt deal was reached, when it didn't happen there was a short squeeze and they had to buy to cover. Sure am glad I wasn't short  Edited by GoThunder
08/02/2011 6:37 pm
|
|
Pillar of the Community
United States
1064 Posts |
I would say today is a combination of low consumer spending, continuing overseas problems, with a sprinkling of disappointment in a weak debt package and still-low jobs creation. Earnings reports over the last 2 weeks were pretty good, probably only reason it wasn't even worse! |
|
Bedrock of the Community
Australia
21788 Posts |
All I know is that the high gold price is making it harder and harder for me to buy gold coins. That is making me quite angry. I have been priced out of the gold coin market.
I don't buy gold coins as investment. I buy gold coins, as well as silver and copper, because gold is just another metal that is used for coins, and I just happen to be a coin collector.
I have always accepted that I must necessarily pay more for a gold coin, but collecting gold coins has become prohibitive.
|
|
Pillar of the Community
United States
4008 Posts |
Just remember, folks... when they say that "the dollar is strengthening" they are referring to comparing it to other major fiat currencies. Note that gold and silver are NOT in this mix. If gold rises by $25-30 in one day it would be very difficult to mount a cogent argument that the dollar was stronger on that day.
|
|
Pillar of the Community
United States
1450 Posts |
True Ed,but if the dollar is strengthening against other currencies it still holds back gold prices denominated in dollars. Yesterday,if the dollar hadn't been moving up against the other currencies the price increase could have been $10 more! I understand what you are saying,but dollar strength does affect PM price so I like to see the days that gold and silver move up in spite of a strengthening dollar,which was the case yesterday.
|
| |
Replies: 12 / Views: 1,096 |
|
Posted 08/02/2011 3:26 pm
