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 Replies: 11 / Views: 1,176 |
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Pillar of the Community
United States
931 Posts |
Besides idiots like me who are putting $1900 on red today, who is buying gold at these price levels? In my opinion there are a lot of people reallocating their portfolios while this down market gives them the chance. For at least a year almost every broker or expert asked where people should put their money, to a man (or woman) have stated that most people should put five to ten percent of their portfolios in precious metals. Since stock money is, as a rule, long term money, they are putting a toe in the water. All of those five percent allocations are adding up to a nice run in the price of gold. Cramer estimates that on average about one to two percent of investors have any money at all precious metals, so to some extent I believe that this assumption is correct. Today all of the experts (Gartman included) are calling the top of the gold run. Gold is currently up only $26 on the day so it is all over. A week ago if gold was up $26 in a day I was ecstatic, and I am today. Gartman already called it in the low 1600's, so he can........... Edited by junior e
08/09/2011 12:48 pm
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Valued Member
Canada
442 Posts |
I bought at the top of last week at 1660, thinking I already missed the boat.
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Pillar of the Community
United States
667 Posts |
I am buying silver no problem, I walked into a nice deal for some junk coins. They were mostly 1/2 Franklins and Liberties with some very nice Barber dimes. I am cautious with gold but bought a little today for under spot from people wanting to sell quick. However that is normal for me I don't think I have bought too much gold at over spot price. I just offer a little more than dealers do and it works for everyone. My source for The ASE has been a little slow but he sells at spot. I just don't overspend when it is this high. |
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Pillar of the Community
 United States
931 Posts |
I like the Buffaloes and the cheapest that I've bought was around $1300. I just ordered a new proof Buffalo at $1910, but I need a 2011 to complete my set so I'm taking a chance because they'll be over two grand next week unless all heck breaks loose.
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Valued Member
United States
361 Posts |
I have not bought any gold since it broke 1000. Obviously I could have made some money but I am just too cautious I guess. Most people I know stopped buying anywhere between 1000 and 1500. I am sure there are a lot of institutions and individuals who are still buying. Many will tell you 2000 gold is around the corner.
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Pillar of the Community
United States
1510 Posts |
too much for me-- Ill get silver though (90 pecenters)
Retired USAF 1983-2003
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Valued Member
United States
59 Posts |
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Pillar of the Community
1283 Posts |
I add 1.5 oz last night, up to almost 7 oz overall. Silver is making me real nervous though. It just doesn't seem to be behaving the way I thought it would in light of the debt crisis. I am selling some silver and buying some gold. I was way overweight in silver so I think it is time to diversify.
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Pillar of the Community
United States
931 Posts |
Nice little bump after the Fed threw up their hands and said, " Yep. It's all messed up, but we had nothing to do with it."
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Pillar of the Community
United States
619 Posts |
I just seriously got into PMs a couple months ago. I found some silver I inherited, and started building on it. I decided to convert some of it to gold a week or two ago. At first, I was a bit worried. Not now; I might even trade some gold for platinum at this point! BTW, I just found a 1/10 ounce gold maple just under spot, and had to jump on it. I could turn around and make $50 on it right now... |
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Pillar of the Community
United States
4008 Posts |
Quote:
" Yep. It's all messed up, but we had nothing to do with it." Riiggghhhttttt. Say, aren't these the very same people who say that their massive printing of currency is not in any way related to US inflation? Don't they also say that inflation is about 2% when it is WELL known that REAL inflation in the US is closer to 10%? So much for what the Fed says.  |
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Pillar of the Community
United States
3294 Posts |
Well the entire supply of world gold ever mined is around $8 trillion compared to a Gross world product of something like $60 trillion each year, well under 5% of investments is in gold.
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Replies: 11 / Views: 1,176 |
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Posted 08/09/2011 1:15 pm
