Posted on 11/04/2009 7:58:31 PM PST by SeekAndFind
Spot gold ran to a record high above $1,090 per ounce on Wednesday, latching on to a weaker dollar with continued support from the IMF's sale of gold to India's central bank.
The dollar index declined 0.34 percent as investors awaited a Fed statement later on Wednesday.
Spot gold hit a record high of $1,092.60 an ounce and was bid at $1,091.05 an ounce at 0915 GMT, compared with $1,084.50 late in New York on Tuesday.
U.S. COMEX gold futures also hit an historic $1,093.70 in electronic trade, and were later up $7.40 at $1,092.40.
Buying on the back of the IMF's announcement on Tuesday that it had sold 200 tonnes of gold to India's central bank pushed prices through key technical resistance levels, triggering fresh buying, traders said.
"The market realized... that there are enough central banks which are looking to buy the gold from the IMF direct and so it is not coming into the market, so the shorts had to cover," said Michael Kempinski, a senior trader at Commerzbank.
"We should see $1,100 soon," he said. (Editing by Camila Reed)
(Excerpt) Read more at forbes.com ...
I wouldn’t sell if you owned some. Obama is NOT good for the dollar.
Too nervous to sell or buy at this level. I am holding!
Both India and China consider $1000 gold to be reasonable and will buy tons of it at that price. I consider the current price to be the new floor. Only upside potential for now.
I got 10 lbs of it during y2k im sitting pretty today
Buy as much gold and silver as you can, hand over fist, and ask yourself the same question in 1, 3 and 5 years when you’ve preserved whatever wealth you have by buying today. Just my opinion.
Ok I keep telling my husband we need to purchase the gold not just invest in the market in to gold. He claims if the dollar collapse, what good would it be to have gold because its not easy thing to barter. I mean you would give some a bar for small payments, etc. and he also says you can’t keep it in your house because of the quantity/size, etc. So can you explain to me if you store this gold somewhere, is your gold in small coins like I hear advertised. What are some good sources for me to buy from, goldline?
Oh yes once you buy from goldline or whomever, how easy is it to cash it in?
As long as the President and the government pursue policies to devalue the dollar the price of gold and silver will rise.
time to buy MORE. US economy is doomed and the politicans are doing nothing to address it, other than making it WORST.
$60 trillion of debt to pay off. Its impossible to grow out of it. Only way is to inflate (print money) out of it
First governments tax. Then they borrow. When these avenues are exhausted, they print. If you are unwilling to reign in spending, the printing option becomes inevitable. Once that happens, you become Argentina or Zimbabwe.
What would I prefer? Owning gold or owning food? When there is a shortage of food, how much will gold be worth? Gold has no taste, even with tomato sauce. I’d rather have a full pantry of food than gold in storage. Gold is for the greedy to horde. I never was one to possess or wear jewelery so I have no use for gold.
You assume the ones indenturing us this way actually want to overcome the debt. Has it yet occurred to you that they may actually be planning on crashing the American economy, to usher in a new world currency and with it a world order which will govern the debtors?
There may be another dip or two before gold/silver really take off. I’m buying on dips. Fiat currency is history unless backed by PMs IMO.
If you are turned off by gold because you also want to barter in smaller amounts, then maybe you should think about buying both silver and gold. Or buying gold and then converting to silver when you need to divest in small amounts. I prefer coins myself and buying wherever I can get a good deal. The local dealers want business and are competitive in prices. They can usually offer more services than online sellers regarding security and privacy with delivery. I wouldn’t cash my gold in unless absolutely necessary, but how you manage your investments is up to you.
You should have both so when you run out of food, you can use your gold to buy more. You horde food, so how is that different than hording gold? It is a smart thing to do in uncertain times.
Thanks...I will look into local dealers.
I’ve been in since 315 or so and my sell price was 650. After watching the presses take off I held back. The price is high but India buying 200 tons is unsettling. I would tell anyone not in to stay out. I would tell anyone in, that it is incalcuable at this point. All is a gamble.
Junk silver (pre-1965 US half dollars, quarters and dimes), are a way to go for smaller transaction amounts. They are currently worth roughly 12x face value (Quarter = $3.00)
Tulving, Apmex and Bullion Direct are all excellent sources of gold and silver.
Tulving and Apmex both are ongoing and active buyers and sellers orf precious metals. I’m not sure about Bullion Direct.
I hate that. It makes me want to buy a new vehicle now with the cash I have. On the other hand the cash I have can pay the mortgage in a bad case scenario.
You might want to take a look at this website - http://www.kitco.com/
It’s not gold vs food. It’s gold vs stocks, gold vs bonds, gold versus cash in the bank. I’m assuming that you have no stocks, bonds or money in the bank. You immediately convert all of your extra cash into food which you store in your house, and also guns and ammo. That’s a fine thing to do.
That looks like another good resource.
Thanks.
silver bump
So you think there might be a dip or two coming and to wait and buy then?
Have you used this site and are they helpful?
Oh Thanks for the site!
Thanks, Have you used this site also?
I came close to buying silver at 16 last week. I'm looking to have 1/3 of my savings in each cash, gold and silver. I still have a ways to go yet with silver.
You don't want to stay with a sinking ship (i.e. US dollar) at any price however.
As a wise person above said, "It's all a gamble". :-)
I feel like I’m totally gambling. My husband is the finance person in the family. I’m just looking into buying something in case in the near future the dollar totally collaspes I can at least have something to buy us a meal and some water. My head is swimming with activity of people running around, including myself of what to do when the $hit hits the fan. My husband is in his office monitoring all of our investments and the most complicated financial investment venture I’ve ever done is a Money Market Checking/Savings account. I literally do not understand anything about financials. I have my little savings which I will buy gold. Just wanted to know if in a year I wanted to liquidate that gold how easy is it to sell it back to the dealer?
Ten Liberty Silver Dollars will cost you $200.00. Think of them as $20.00 sivler pieces. They take up very little space and are easy to store. A few hundred of them should buy a lot of food if things ever come to that.
So folks, time to sell if you own, or time to buy more ? What’s your opinion ?
If you have a pile of cash you want to secure, then set up a disciplined buying schedule to buy in over a year or so at intervals, without worry about peaks and dips.
What are some good sources for me to buy from, goldline?
tulving.com, nwtmint.com
NWTM will also have small quantities, but at higher markups. eBay is also a source for small buys, if you KNOW your fraud rights, and don’t do anything that waives your rights or exceeds limits.
Thanks!
Wish I had about 10lbs of the metal, not a paper telling me I had it.
Simply buy molds(and a small furnace), small ones, melt your gold and make small ingots out of it if you want to barter small amounts later. There is no trick to it.
Kitco - yup. I like their message board, for one.
The best source for PMs that I know of is www.apmex.com. Check their buy price (what they will pay at the time to buy your PMs). Local coin shops will purchase your PMs but usually at a lower price. You can also sell your PMs via Craig's list, Ebay and local paper or pawn shops. You might consider $1K bag of 90% silver to start. Look at Silver and Gold Eagles and Canadian Maple Leafs.
Thanks!
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