Posted on 08/09/2011 1:44:58 AM PDT by 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.
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.)
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.
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.
Governments and $oros have a hard time manipulating gold, so it is a safe haven for sure.
...and yet silver continues to drift downward...
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.
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
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.
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 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.
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.
-——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.
Unfortunately, that won't help too much against my $100K+ stock portfolio obama loss over the last three weeks.
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.
If you have gold and need groceries, you can always make change with someone who has silver.
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.
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.
Wouldn't The rise in the price of gold is actually the (current and anticipated) devaluation of the currency. be more accurate?
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