Posted on 11/09/2009 7:47:59 AM PST by TigerLikesRooster
Edited on 11/09/2009 8:05:18 AM PST by Admin Moderator. [history]
NEW YORK (Dow Jones)--Gold futures - as well as spot metal - extended record highs shortly before futures floor trading opened in New York on Monday.
A markedly weaker U.S. dollar was mainly behind the surge.
In recent trading, December gold was up $11.70 at $1,107.40 an ounce after hitting a most-active record of $1,111.70. Nearby November gold hit $1,109.30, a front-month Comex record. Spot gold also hit a fresh all-time peak of $1,111.15 an ounce as the U.S. dollar weakened against the euro.
(Excerpt) Read more at online.wsj.com ...
From WSJ: Options Selling May Curb Gold's Rise ,
/snip
At this week's annual London Bullion Market Association conference in Edinburgh, a poll of audience members found the average forecast for gold's price in September 2010 was $1,181 an ounce. On Monday, spot gold topped $1,100 an ounce
/snip
It’s not too late to get your BAHOG.
If you can’t afford it, there’s always silver.
It’s not too late to get your BAHOG.
If you can’t afford it, there’s always silver.
It’s not too late to get your BAHOG.
If you can’t afford it, there’s always silver.
woops. then again the comment is so nice i said it thrice.
What’s the best way to purchase physical PMs? Not sure I trust the TV advertisers.
apmex.com?
You guys are all koooks! There is nothing more sound than paper currency. Don’t you people have full faith in our federal government? Don’t you trust the bankers running the Federal Reserve to look out for everyone’s interests?
Never mind that silly, monetary history stuff. History is for people to study when they’re too full of fear to trust our much wiser and smarter and brighter central planners.
Sorry :)
Have you seen this? Buy Gold for $50 a ounce. And the stupid people don't take him up on the offer.
Has anyone ever written a good book on the subject of what to do with gold in a real crisis should the holder need either some cash, or a way to trade gold for goods?
If someone has a fair amount of gold that had been purchased over some years, and then the real crisis strikes, through what channels may the holder use his gold to live on if necessary?
Okay the crisis is on, say, and the dollar is in rolls for toilet paper instead of in the wallet. The gold owner needs to buy a bag of groceries. How does he do it?
I’m looking for a book on this subject, and assuming someone has either written such a book, or some good articles on the subject.
Anyone know of such materials?
I always assumed it would go something like “I’ll give you 2 ounces of silver for that bag of food.” or “I’ll give you this box of ammo for that bucket of potable water”.
That’s why I’ve been hoarding ammunition and silver shot. And buying emergency food and water rations.
Nah, they know I have a handy list of who was wrong at $500...$650...$800... :-)
The best suggestion I’ve seen is:
“Don’t buy gold coins - buy old gold rings from a pawnshop. That way, when you go to exchange them you just look like some poor guy down on his luck who’s trading in his last thing of value for a morsel of food for his family, not a filthy gold speculator.”
Wow... you don’t even have to like gold to know these people are morons.
I think your suggestion is a very good one.
AND I’d still like to find a book written on the general subject of cashing gold for daily needs in a crisis.
If there’s a local bricks and mortar coin shop where you live, that’s the best, esp. for silver since it is so heavy in quantity. He has to stay in business and is likely to want your business so is willing to meet online prices. If you cultivate a business relationship over time with a local dealer they will always give you a fair shake buying or selling. He is buying and selling based on a “spread” that is a percentage above and below the “spot” price. Retail purchase prices are higher for you, and lower when selling. Profit margins are thin on these items from what they tell me, so it pays to do this. You may find it difficult to find product to buy when prices are low, and an unwillingness to purchase when prices are high. There is, after all, no law that requires anyone to buy or sell at prices.
Try this link. They also sell gold in 1/10 oz coins and other weights.
http://www.americansilvereagles.com/Uncirculated_Silver_Eagles
The problem there is that rings in the US are often of a lower karat, 14k. It is readily saleable but at a steep discount. A lot of stuff is plated or ersatz too, I don’t have time for all that. It’s like picking up nickels in front of a steam roller. Major country of issue coins of known weight and purity offer the least confusion and tightest spreads, etc. Other countries often sell jewelry with high karat but then there is the authenticity problem. That’s why coins offer the best value and safety.
Gold bashers turned up at another article on gold I posted a few minutes ago. So far two but more may come.:-)
One more sign that gold is still not in a bubble is that those with a contrary opinion are not ridiculed and shouted down. Recall the treatment of hydroshock and ex-Texan in 2004 and 2005.
I have a question for you all. I am VERY uninformed when it comes to the gold market. That’s the first thing.
However, I have some old gold jewelry (all 14k +). I have NO use for it. Combined it weighs almost 1.5 ounces. I would like to sell it. Where is the best place to do this?? I live in Oregon. What kind of price per ounce should I expect for it???
Thanks
I have a lot of gold I bought for my wife when I was working in Saudi Arabia in 1994. Silver too, but mostly gold. Over there you can’t find gold in less than 18K. So I’m relunctant to purchase coins because money is tight, and I’ve got over 8 oz. anyway. However, I did buy 25 silver eagles last month. I’m also contemplating buying bulk silver coins off of Ebay.
I’ve got 5,500 rounds of .22LR for barter purposes as well. Got alot of toilet paper on sale in somewhat smallish rolls, but bought up a crap-load anyway.
Not just the dollar. All paper currencies.
But then again, what good is gold?
Can’t wipe your butt with it!
Well that’s two questions but if the items Are antique that complicates things value wise. What you are looking for otherwise, all things being equal, is a price that most closely represents the melt value of the stuff.
If someone offers you 80 or 90 percent of that, you would be doing well perhaps. To illustrate this it would be fun to inquire just what a “cash4gold” place would offer for a .9999 coin. 50 percent? There are some longtime reputable smelters that will treat customers Ok from what I have heard, but it is still up to the seller to know exactly what they have. Don’t sell anything you don’t understand, either.
The gold owner needs to buy a bag of groceries. How does he do it?
In a crisis? Go to the grocer, and agree on an exchange rate, and pay for the groceries in gold (perhaps leaving you a credit for future groceries if all you have is a 1 ounce coin.
What’s the best way to purchase physical PMs?
Also beware of going “all-in” at one time, and getting unlucky by buying at a peak. Better to average in. Buying SLV or GLD EFTs helps with this, allowing small purchases with little markup, until you can cash out into physical metals, but if you do gain, you’ll pay taxes on it.
eBay is another option for small purchases, but be aware of the limitations of your rights against fraud, and be sure you follow all the rules. Assume 95-98% honesty.
What's the yield on gold these days?
My interest in gold is not about its yield.
Mama like! :)
Believe me, neither is mine. LOL. ;>}
I have known so many traders that tried to make money in gold and justified their efforts based on the two periods in the last 50 years when gold actually increased in value in such a way that you could notice.
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