Current Gold Price

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BritDownUnder
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Post by BritDownUnder »

kenneal - lagger wrote:I suspect that if there was a requirement to actually possess physical gold to trade it the value of gold would shoot up as all the people owning "paper"gold suddenly had to find some metal to prove ownership.
I think a lot of 'paper' gold companies would quickly go bankrupt if there was a demand to see such stored gold. Not that I am suggesting they are a fraud or anything - far from it.
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vtsnowedin
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Post by vtsnowedin »

I went into the local coin shop the other day and asked what they were getting for "junk" silver coins. This is something quoted on the New York market daily for bags with $1000 face value and smaller lots are usually available for a small mark up. This store has been there for decades and I remember them buying and selling both gold and silver of all types daily with an eye to the price ticker that was always running on the tv. But ownership has changed and things are not quite the same and the present proprietor said she didn't have a single junk coin in the store. I did not bother to point out that some of the coins she had in plastic collectors cases for $50+ each would grade no higher then cull but that is another story.
You can of course buy all you want on line but that leaves an ownership trail that most bullion collecting doomers don't want to leave behind.
I guess I'll have to resort to burying mason jars full of "Benjamin's in the flower garden. :wink:
To stay on topic the gold price is holding steady around $1300 with Fridays close at $1292.
boisdevie
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Post by boisdevie »

Gold and silver are both going up a lot. Anyone know why? Is it uncertainty re Brexit and an expectation that sterling will fall?
kenneal - lagger
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Post by kenneal - lagger »

Gold up to £1207.45 ($1466.75) per ounce, an all time high, and silver to £13.55 against an all time high of £29.56 in March 2011 on the back of general uncertainty.
Action is the antidote to despair - Joan Baez
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UndercoverElephant
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Post by UndercoverElephant »

boisdevie wrote:Gold and silver are both going up a lot. Anyone know why? Is it uncertainty re Brexit and an expectation that sterling will fall?
It's two things coming together. Firstly sterling is falling against other fiat currencies, because of brexit uncertainty.

And secondly, the price of gold in all fiat currencies is rising on fears of a global "economic slowdown" because of Trump's trade wars.

https://edition.cnn.com/2019/08/07/inve ... index.html
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UndercoverElephant
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Post by UndercoverElephant »

I sold some gold today. Might sell some more if the price goes up further. If Johnson gets his deal, this might be the high point for the forseeable.
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UndercoverElephant
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Post by UndercoverElephant »

https://www.ccn.com/gold-price-7-year-h ... eculation/
Gold is outshining other financial assets on Thursday. The yellow metal rose for a sixth consecutive day en route to fresh seven-year highs.
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Post by kenneal - lagger »

I would be inclined to buy silver at the moment as it is much cheaper and undervalued against gold. In view of the Covid epidemic it is also more useful as it has antiseptic qualities. Knock a bar into a plate or cup shape and it will kill off most bugs that land on it. If you are short of silver use it to electroplate some other metal.
Action is the antidote to despair - Joan Baez
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UndercoverElephant
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Post by UndercoverElephant »

I think the stock market is going to crash.
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UndercoverElephant
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Post by UndercoverElephant »

Stock market is crashing. Gold is now at all-time high everywhere.
Snail
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Post by Snail »

This'll be the period I sell my pms. In hindsight, I wouldn't recommend silver. Gold's showing me a profit, silver isn't (although profit wasn't a motivator). If smaller amounts, there's always half and quarter sovereigns.

I suppose putting some of my money into pms worked. It was a good way to store wealth during uncertainty. But now, I'd prefer something practically useful.
vtsnowedin
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Post by vtsnowedin »

Yep! Buy high and sell low. Works every time.
Snail
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Post by Snail »

Or deposit your money into g&s during financial instability, and withdraw it when there's not (corona won't lead to this Imo despite the panic). I've made a profit overall (even though that wasn't the point at all) so I'm happy 'withdrawing' my money now and spending it on something I might need.
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UndercoverElephant
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Post by UndercoverElephant »

Gold price is actually falling at the moment, even though the stock markets are crashing hard. Doesn't make sense? Well, apparently the reason is that investors are being forced to sell their gold holdings in order to cover losses caused by leveraged positions elsewhere in their portfolio. I have no idea how long this will go on for. Presumably we will reach a point where such investors no longer have any gold holdings to sell.
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adam2
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Post by adam2 »

A decline in the gold price is in my view understandable.
The more doomerish reports WRT to coronavirus suggest a significant reduction in world population.
Gold stocks are unlikely to be significantly reduced by a population crash.
Therefore gold stocks PER CAPITA will be increased, which will tend to reduce the price.

Also, some people will be forced to sell or barter their gold stocks for food or other essentials, more people selling would also tend to reduce the price.

Since ancient times, an ounce of gold has on average been worth VERY ROUGHLY 350 loaves of bread. No great accuracy can be claimed in this statement since firstly loaves vary a lot in price according to size, quality and where purchased. Secondly bread prices and the gold price vary for various reasons, and don't move "in sympathy"
Nevertheless for much of recorded history an ounce of gold has been worth in the region of 350 loaves.
Today an ounce of gold is worth significantly more than 350 average loaves, suggesting perhaps that gold is overpriced at present.
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
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