Gold prices surge to record high amid coronavirus worries, U.S.-China tensions

CNBC ^ | 27 July 2020 | Eustance Huang

[zeestephen]

In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011.

[zeestephen]

[HighSierra5]

I never thought gold would be $2000 an ounce. I should never say never. At least I bought it at $425 an ounce. But according to the Book of Revelation even gold will be worthless. In the meantime ....

[zeestephen]

The two charts are for the "GLD" Exchange Traded Fund.

Please note the prices are set at just 10% of the actual gold commodity. The ETF does that to keep per share costs at a reasonable level. The percent gain/loss is exactly the same for the ETF and the commodity.

[Veggie Todd]

If you look at all your neighbors and you can’t spot the non-prepper, it’s you.

[P.O.E.]

Or is it an inflation indicator?

[rollo tomasi]

How many pounds do you have stored in your vault?

[Eagles6]

Silver is at $24.30.

[JonPreston]

Add currency debasement. Along with gold, silver is up 8.5%, nearly $2 dollars an ounce.

[af_vet_1981]

If you look at all your neighbors and you can’t spot the non-prepper, it’s you.

There is one thing to prepare for, and it is not gold or silver.

• And he said unto them, Take heed, and beware of covetousness: for a man's life consisteth not in the abundance of the things which he possesseth.
• And he spake a parable unto them, saying, The ground of a certain rich man brought forth plentifully:
• And he thought within himself, saying, What shall I do, because I have no room where to bestow my fruits?
• And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods.
• And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry.
• But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided?
• So is he that layeth up treasure for himself, and is not rich toward God.
• And he said unto his disciples, Therefore I say unto you, Take no thought for your life, what ye shall eat; neither for the body, what ye shall put on.
• The life is more than meat, and the body is more than raiment.
• Consider the ravens: for they neither sow nor reap; which neither have storehouse nor barn; and God feedeth them: how much more are ye better than the fowls?
• And which of you with taking thought can add to his stature one cubit?
• If ye then be not able to do that thing which is least, why take ye thought for the rest?
• Consider the lilies how they grow: they toil not, they spin not; and yet I say unto you, that Solomon in all his glory was not arrayed like one of these.
• If then God so clothe the grass, which is to day in the field, and to morrow is cast into the oven; how much more will he clothe you, O ye of little faith?
• And seek not ye what ye shall eat, or what ye shall drink, neither be ye of doubtful mind.
• For all these things do the nations of the world seek after: and your Father knoweth that ye have need of these things.
• But rather seek ye the kingdom of God; and all these things shall be added unto you.
  
  ...
  
  
• Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
• But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
• For where your treasure is, there will your heart be also.

Luke, Catholic chapter twelve, Protestant verses fifteen to thirty one
Matthew, Catholic chapter six, Protestant verses nineteen to twenty one
as authorized, but not authored, by King James

[zeestephen]

Re: “Or is it an inflation indicator?”

Since the 2008 Great Recession, the link between gold and inflation is kind of hard to find.

USA Inflation - 22%

Gold Price ($800 to $1,930) - 140%

[oldasrocks]

This is great. My gold stash consisting of a pulled tooth with gold inlay is probably worth $15 now.

Maybe I could take it to Starbucks and trade it for a cup of coffee.

[Presbyterian Reporter]

The dollar is weak and getting weaker. Dollar index is now 93.8.

Silver is also moving higher-—currently at 24.36

[cuban leaf]

My three predictions in early April when the lockdown started and the government decided to soften the blow by printing money by the trillion:

1. If the lockdown went past April, we would see rioting.
2. We would see price inflation as bad or worse than the Carter years.
3. Gold and Silver would rally.

It’s not that I’m smart. I’ve really not been able to predict stuff like this before. It’s more like it was bloody obvious to anyone that has lived through this kind of stuff and has been actually paying attention.

Sadly, my other slightly more “soft” prediction is for WWIII. Desperate times call for desperate actions - by people AND countries. That’s what gave us WWII.

And if the three gourges dam breaks, somebody is going to be pretty darned desperate.

[P.O.E.]

To be honest, I don’t know what to believe about any stated inflation rates - the devil’s in the details (or going to hell in the market basket).

All I see is the prices of the things I buy have risen (food, household items), while size & quality have diminished. Especially so in the past few months.

Gasoline has its own dynamics, and big-ticket items too complex for me to reckon with.

[cuban leaf]

Silver is at $24.30.

---

That’s up around $2 from yesterday.

[Eagles6]

I saw it at $19 something on Coinflation.

[dp0622]

So can I assume you live the most meager of existences? :-) not a nice house and not a nice car. The absolute minimum you need to live and the rest you give away?

can’t imagine the internet and whatever device you have being an absolute need. I don’t think Jesus would consider it one

less pontificating and a little more realism on the board would be great.

I Jesus said give unto Caesar’s what is Caesar’s and unto God what is God’s.

We would not have been given the five senses to enjoy the most beautiful things of this world and because they are so beautiful often cost more if we were not to enjoy any of it.

anybody here worship in a beautiful church or Temple? Why not sell it and just meet in a lot?

I’m a sinner but there’s worse and I love my Dodge Challenger and I love driving it and I want a brand new one in another year.

I also give money and time to causes but that is my business and God’s.

God will decide where I belong in the end. Not other humans.

[Drago]

Feds getting ready to spend a few trillion dollars more that they don’t
have. Could be a case of gold’s value holding steady and the dollar’s value declining.

[cuban leaf]

Just wait until a lot of stuff is not made in China. Prices will surge just because of that.

[zeestephen]

Always hard to judge silver against gold.

Silver is also an industrial metal.

After gold and silver peaked in 2011, silver has been a painful investment for most buyers.

Silver chart below: