Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Gold climbs higher in overnight trading
Kitco ^ | 9 Aug 2011 | None

Posted on 08/09/2011 1:44:58 AM PDT by vikingd00d



TOPICS: Business/Economy; News/Current Events
KEYWORDS: gold
Will probably open about 30 USD higher than yesterday's close.
1 posted on 08/09/2011 1:45:00 AM PDT by vikingd00d
[ Post Reply | Private Reply | View Replies]

To: vikingd00d

about a week ago (or less)I was arguing with a man about the price of gold. He was convinced it was about to drop after it breached $1600/ounce and was trying to scare me into selling. I LOLed at him.


2 posted on 08/09/2011 3:05:03 AM PDT by RC one (whatever.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RC one

Anybody else notice that the price of silver is not going parabolic, too?

Any FReebers have a prediction about if and when the price of silver will skyrocket?

At what point does gold become so damn expensive that it forces the masses to look to silver as an alternative?

(Note: I know that there must be many, many private investors purchasing silver, but not anywhere near the number of investors purchasing gold.)


3 posted on 08/09/2011 3:22:54 AM PDT by Ernie Kaputnik ((It's a mad, mad, mad world.))
[ Post Reply | Private Reply | To 2 | View Replies]

To: Ernie Kaputnik

what is more interesting to me is the price of platinum. It now costs about the same to buy an ounce of platinum as it does an ounce of gold. That means platinum has to go up or gold has to go down and gold isn’t going down today. I don’t have time to look at the 100 day moving silver/gold ratio average right now but my guess is it’s way off and investors will be picking up silver and platinum today because of it despite their links to industry. Gonna be an interesting day today. good luck everybody.


4 posted on 08/09/2011 3:35:07 AM PDT by RC one (whatever.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: vikingd00d
I'm just grateful that BernYankMe explained to Ron Paul last month the "gold is not money". Because if it were, we'd really REALLY be in trouble now.

And on a serious note. As far as silver, [and I've been a buyer for 6 years]... it's more of an industrial metal than of financial value. But I think it's being held artificially low right now. Sorry no data.... just a gut feeling, for what it's worth.

And, lastly. I've been meaning to ask. I've been buying gold from a couple of different sources over the few years. Ebay stinks, gainesvillecoins is great. Anyone else have an opinion?
5 posted on 08/09/2011 3:35:07 AM PDT by NamVet71MP
[ Post Reply | Private Reply | To 1 | View Replies]

To: RC one

Good point.

I have never purchased any platinum because it just never seemed affordable to me. I have been purchasing gold for the past 8 years, but have stopped buying as I can no longer afford it and began purchasing silver instead.


6 posted on 08/09/2011 3:56:00 AM PDT by Ernie Kaputnik ((It's a mad, mad, mad world.))
[ Post Reply | Private Reply | To 4 | View Replies]

To: vikingd00d

Governments and $oros have a hard time manipulating gold, so it is a safe haven for sure.


7 posted on 08/09/2011 4:08:18 AM PDT by YankeeReb
[ Post Reply | Private Reply | To 1 | View Replies]

To: YankeeReb

...and yet silver continues to drift downward...


8 posted on 08/09/2011 4:13:26 AM PDT by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Ernie Kaputnik

Silver is not the place where governments go. You will see it move when retail investors cannot afford gold.

But silver moves like a whip saw. I would not jump in to trade unless you have the time to babysit and an exit strategy.


9 posted on 08/09/2011 4:16:12 AM PDT by Vermont Lt ("Will No One Rid US of This Meddlesome Priest?")
[ Post Reply | Private Reply | To 3 | View Replies]

To: vikingd00d

As far as markets go are in deflation mode right now.
Due to higher interest rates and anticipation of recession, all commodities are zooming downward especially oil @$79. Silver is stable to slightly down. Gold is not behaving like a commodity. It is behaving like a (flight to safety) currency, silver too in a lesser way


10 posted on 08/09/2011 4:33:13 AM PDT by dennisw (NZT -- works better if you're already smart)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vermont Lt
I think gold is already unaffordable. You can not buy it economically in a small enough quantity that you can dispose of it without having a report of the transaction sent to the IRS.

I have been buying silver for a short while (not long enough or quickly enough, obviously in light of obama’s bankruptcy filing for the country.)

I own some gold, but I will not be able to sell it, and can not trade it for groceries.

To date, my silver is in small enough chunks that I should be able to dispose of some, if needed, to buy groceries (and ammunition) without the obama administration being notified of the transaction.

My exit strategy is to hold forever (which for me is probably not too long), convert some if I need to, and otherwise, let my sons worry about it.

11 posted on 08/09/2011 5:11:06 AM PDT by tdscpa
[ Post Reply | Private Reply | To 9 | View Replies]

To: RC one

It now costs about the same to buy an ounce of platinum as it does an ounce of gold. That means platinum has to go up or gold has to go down and gold isn’t going down today.


It’s a rare and precious opportunity to turn platinum into gold at parity.


12 posted on 08/09/2011 6:42:36 AM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
[ Post Reply | Private Reply | To 4 | View Replies]

To: tdscpa

I think gold is already unaffordable. You can not buy it economically in a small enough quantity that you can dispose of it without having a report of the transaction sent to the IRS.

I own some gold, but I will not be able to sell it, and can not trade it for groceries.


I think owning silver as you do is wise, but I think you’re wrong about gold. There is a reporting requirement for cash transactions over $10,000, but an ounce of gold isn’t quite there yet. Over $10k, there is no reporting if you pay by check or credit card.

When you sell, the dealer must report only if you are selling more than 24 Krugerrands or Maple Leafs, but not Eagles.

If you have gold and need groceries, you can always make change with someone who has silver.


13 posted on 08/09/2011 7:04:33 AM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Ernie Kaputnik

-——Any FReebers have a prediction -——

My view..... silver lags gold and when it starts to rise again is an indicator of the real trend.

You are still missing the point, the entire truth of the unfolding events.

Gold is not expensive, money is cheap. The rise in the price of gold is actually the devaluation of the currency.


14 posted on 08/09/2011 7:55:54 AM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
[ Post Reply | Private Reply | To 3 | View Replies]

To: NamVet71MP
I just bought a $10 gold eagle from APMEX. (Priced as of 8/5.) Whee! Compared to their price for today, I'm already up 7.2%, after shipping cost, and I have not even received the coin yet!

Unfortunately, that won't help too much against my $100K+ stock portfolio obama loss over the last three weeks.

15 posted on 08/10/2011 12:30:58 AM PDT by tdscpa
[ Post Reply | Private Reply | To 5 | View Replies]

To: vikingd00d

Interesting, I heard a trader on CNBC talk about gold topping out. He said he really didn’t care if gold went higher. He didn’t want to see what the world will look like if it goes to $2700/oz. I kind of agree with him.


16 posted on 08/10/2011 12:44:04 AM PDT by cornfedcowboy (Trust in God, but empty the clip.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Beelzebubba

If you have gold and need groceries, you can always make change with someone who has silver.


If it gets to the point where you can only buy food with silver, you had best have plenty of lead and brass. I just don’t see a day when the only way to purchase items will be with minerals.


17 posted on 08/10/2011 12:49:04 AM PDT by cornfedcowboy (Trust in God, but empty the clip.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Beelzebubba
http://www.google.com/url?sa=t&source=web&cd=5&sqi=2&ved=0CD8QFjAE&url=http%3A%2F%2Fabcnews.go.com%2FBusiness%2Fgold-coin-dealers-decry-tax-law%2Fstory%3Fid%3D11211611&rct=j&q=IRS%20reporting%20precious%20metal&ei=TSVCTtmIKKXgsQKB3fHLCQ&usg=AFQjCNGBUWw3FgXn83bAJeYnc5RGL4Bz5Q&cad=rja

Sorry I could not send a link that filled several more pages.

Laws already in effect are actually unclear. I have no experience in selling gold or silver, or anything else other than stocks or mutual funds.

In my 30 years in public accounting I, or my employees, filed thousands of 1099’s, but never filed one for a sale of gold or silver. Also never had a client tell me he had sold any.

If you can get obamacare repealed, we probably will not have to deal with IRS reporting of G & S sales over $600, but under the laws as they stand today, beginning in 2012, it will be required.

18 posted on 08/10/2011 12:59:02 AM PDT by tdscpa
[ Post Reply | Private Reply | To 13 | View Replies]

To: tdscpa

The filing for very large sales of certain gold and silver items is a 1099B, which I believe is what brokerages file with the IRS at year end so they can be informed of potential gains realized.


19 posted on 08/10/2011 7:02:26 AM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
[ Post Reply | Private Reply | To 18 | View Replies]

To: bert
The rise in the price of gold is actually the devaluation of the currency.

Wouldn't The rise in the price of gold is actually the (current and anticipated) devaluation of the currency. be more accurate?

20 posted on 08/10/2011 7:11:41 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
[ Post Reply | Private Reply | To 14 | View Replies]

To: CharacterCounts
------Wouldn't The rise in the price of gold is actually the (current and anticipated) devaluation of the currency. be more accurate? -----

I had to think on that, but yes, you are right.

P = Dc + Da

Given the constant rise in the $ value of gold, the average slope of the curve can be taken as current devaluation component. The spike or significant increase in the steepness of the slope might represent the anticipated component.

21 posted on 08/10/2011 7:49:13 AM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
[ Post Reply | Private Reply | To 20 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson