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 ...
Coin shop if you’re sure you want to sell.
second choice: providentmetals.com
Thanks. I was hoping it would drop since I am wanting to buy some land.
“but never see where to sell them. Any advice other that a pawn shop?”
Any coin dealer will buy them.
Call a few local coin shops. Not “We Buy Gold” shops, coin dealers.
Ask them what their spreads are on gold bullion coins. That just means the range of prices they charge, depending on the particular coin, over the “spot” price. They have a similar spread or range of prices they will pay when buying from you. You’ll quickly sniff out who has good buy and sell prices.
If “spot” is $1850 that day, they might pay you $1800 for a Kruggerand, maybe $1820 for US Eagle, say. Something along those lines. US coins being preferred over foreign, there is a slight premium buying and selling. But it depends, the last time I talked to a dealer he was kind of preferential to Krugs. So I dunno. But in any case the price offered to you should be very close to spot. In tight markets, they might offer spot, or even a little more.
If you were buying instead of selling, the price would be a little over the spot price. The profit margins are tight on bullion coins. They make their money on the spreads. The way a dealer will protect himself from price fluctuations is making a simultaneous buy or sell from his dealer. If they are “neutral”, they don’t care if the market is going up or down, I suppose.
Back in October I bought several thousand dollars of silver at $15/oz and had to clear $17/oz for a profit after paying auction fees etc. I’m going to hang on because I remember when silver went to $50/oz before. If not I just have some insurance.
Gold has been hitting new all time highs for a long time now, measured in virtually every other foreign currency.
I’m amazed they’ve been able to keep a lid on the price as long as they have. I don’t know what the fair market value is, it seems to be all smoke and mirrors any more.
President Trump probably has information about how the commies are working to cheat during the coming election - it’s not something they can just start doing the day of; plans have to be made, people bribed, fake ballots printed up, non-voter lists reviewed and so forth.
So why let them box you in. For that matter, why are they trying to box him in?
I’d just say, I would accept an honest election loss with the same good grace the lying, corrupt poltroon clinton and her media lackeys have.
Trump said the same in 2016.
Exactly the same.
It can also just be a sign people bought into a scarcer commodity that evades inflation.
If inflation had not recently occurred and gold spiked, THAT would be the sign of which you speak.
But there’s still a soon to be almost 30 trillion dollars debt
It’s bad when many aren’t even sure what the next word after a trillion is :)
In a few decades we will be in debt for 1/10 of...something :)
that should cover us for a while
good thing we don't have any......:(
10^12, 10^15, 10^18, 10^21, 10^24, 10^27, 10^30, 10^33, 10^36, 10^39, . . .
More info on this National Parks quarter: San Antonio Missions National Historical Park is a National Historical Park and part of a UNESCO World Heritage Site preserving four of the five Spanish frontier missions in San Antonio, Texas, USA.
What’s a two-sentence summary of what he has to say?
——the U.S. dollar index slid 0.54 percent-——
Steve Forbes was saddened
The rise in the prices of gold and silver and I would think real estate is a predictor of coming inflation. The current debt additions are at 0 interest and are costless. The existing debt will be devalued by the inflation.
Meanwhile, the economy lives.
China is falling apart as we post. Between the vast destructive flooding and the shut down of major cities, the economy has been struck a devastating blow.
Here where Freepers concentrate on COVID and world events are shunned, events in China and India are shunned but have strong influence on precious metal prices.
Oh yes........ many believe that Kim Jung Un is dead and the military has taken control with the sister shown as leader.
Oh and there is Ammo. Ammo is illiquid
Pick a year and Peter Schiff is predicting the dollar will collapse.
He talks about his “predictions” in the latest podcast. He says he is still right its just taking longer to play out. He addresses critics. It’s a good listen if you have time...
“People aren’t sure what comes after a Trillion.”
Pshaw, that’s Easy!
A Trillion and one.
“We are running deficits that have no precedent ...”
What is this “we”, Kemosabe?
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