Posted on 07/21/2020 5:49:02 PM PDT by NRx
Precious metals rallied to their highest levels in years on Tuesday as a fresh economic stimulus in Europe and a weak U.S. dollar boosted prices.
Spot gold rose $24.50 to $1,840.40 an ounce, its highest level since Sept. 9, 2011, while silver gained $1.34, hitting a more than 6-year high of $21.46 an ounce. At the same time, the U.S. dollar index slid 0.54 percent and neared its lowest point in two years.
Tuesday’s price surge reflected "what happened in Europe,” George Gero, managing director at RBC Global Wealth Management and a member of the COMEX board of directors, told FOX Business after European Union leaders agreed on a 1.8 trillion euro ($2.06 trillion) spending package to bolster the region’s economy in the wake of COVID-19.
Precious metals have had a banner year in 2020 as the lockdowns ordered to slow the spread of COVID-19 led to drastic action from policymakers, devaluing currencies and prompting investors to turn to precious metals as a safer store of value.
In the U.S. alone, Congress has already approved $3 trillion of stimulus and is working on another package while the Federal Reserve has slashed interest rates to nearly zero while also announcing open-ended asset purchases and lending programs to support the flow of credit to small businesses and households.
(Excerpt) Read more at foxbusiness.com ...
unfunded liabilities like Medicare and Social Security are in the hundreds of trillions.
commodities like gold & silver are safe havens...
no point in having cash in savings accounts, money market accounts, etc... interest rates have collapsed and the dollar is worth is less everyday.
Silver is now $23.00 even as I type.
www.golddearler.com (have dealt with them, they are good)
www.apmex.com (have dealt with them, they are good)
USGoldbuyers.com (have dealt with them, they are good)
I believe the first two post their buy/sell prices, which change according to the market, perhaps every ten minutes or so.
Me? I would NOT be selling gold unless you need the money.
It’s a “Gotcha”
Kinda Question
-—ya Think?
Yep
It’s good news if you own a bunch of gold and silver.
Just sayin’.
This economy is not good. It is not getting better. Not any time soon.
“I think it’s time I sold my Father’s early 1970’s 1 ounce Krugerrands, but never see where to sell them.”
Hold on to them, unless you are desperate for money.
But I am sure there are some folks with gold AND guns. Ha ha.
And...imagine if the GOP is whipped in November. $2000 gold will be a bargain.
I do own both gold and silver. I have always held some gold as an ‘Oh $***!’ insurance policy. And I bought some silver a few years ago when it was trading a tick over $14/oz. It felt cheap to me and I’ve watched for the last couple years as the silver gold price ratio went bonkers wondering when silver was going to correct upwards.
Sell to individuals.
Cash only.
Meet at a police department or bank.
“Between now and November, current unemployment support will end. waivers on mortgage and student loan debt will end, and banks will be demanding payments,”
That is right I have been attempting to put my self in the correct Financial position since Feb. I reposition my 401K in to Guaranteed interest Asset as soon as I heard the rumors about the virus, then redirected my weekly investments to savings and paying off bills. I now have the house cover with no bills.
Hoping we all land on our feet. A lot of wise people here realize what was happening in early Feb. Shout out: thanks for the Heads Up.
I’ve done very well with these people and never had a problem. But I’d be careful if your thinking of buying physical in this market. The dealer premiums (mark up) is very steep right now.
Great Idea... We can not eat our gold and silver but we can drink some whisky and wine.
“Ah, Japan is at 200 percent debt to gdp
That gives us another 14 trillion to go :)”
Thanks for pointing that out. I forgot about Japan...
“Smart money is moving from paper to hard assets like gold and silver.”
Do you think land will drop in price when the bubble pops?
“””Do you think land will drop in price when the bubble pops?”””
It seems when financial panics happen, gold and silver are the places money goes immediately.
Given the low interest rates we have today, I would think land will hold its value.
At the moment I would not be concerned about holding land as a hard asset.
I think it’s just starting. Wait until the electronics industry starts to wake up. There will be a shortage.
Silver and gold did not go up, the hyper-inflated dollar is seeing its value frittered away by Cloward-Piven levels of debt and fiat currency.
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