Posted on 08/05/2020 6:26:22 AM PDT by Presbyterian Reporter
(Kitco News) Gold prices are sharply higher and hit a record high of $2,048.00, basis October Comex futures, in early U.S. trading Wednesday. Silver prices are also sharply higher and hit a seven-year high of $27.195, basis September Comex futures. October gold futures were last up $35.00 an ounce at $2,043.50. September Comex silver prices were last up $0.987 at $27.03 an ounce.
Gold and silver are continuing on a bullish rampage. Both metals continue to see support from safe-haven demand amid the worrisome rise in Covid-19 infections, geopolitical developments and concerns about problematic price inflation in the coming months. As the U.S. Congress appears to be getting closer to a new round of government stimulus payments to Americans, such would only add to the massive influx of liquidity into the world financial system, which has created the inflation concerns.
(Excerpt) Read more at kitco.com ...
Ok.
Close to 300 dollars. It’s been about 20 years. I bought some in the 90’s too.
The only thing sustaining the dollar is the fact it’s the reserve currency.
The day that ends the dollar collapses.
Running the presses to add 10 trillion to the national debt moves that day much closer.
When those who bought the October gold futures today take delivery of their purchase at the end of October they will hold 100 oz bars of gold.
That is how the futures markets work.
“””When those who bought the October gold futures today take delivery of their purchase at the end of October they will hold 100 oz bars of gold.
That is how the futures markets work.
Sorry to tell you but that is how it works. You may want to do some investigation.
And you do not need to tell me to investigate as that is how I buy my gold bars thru the futures market.
I’m Willie Devaine, and I love the feel of gold and silver. In these uncertain times with the federal deficit racing past 30 trillion$, isn’t it time you bought some gold?
I did something like that with cattle. No regrets though, I had five years of unforgettable life experience.
Then I went into horse ownership.
You can make a small fortune in horses. Just start with a large fortune.
Sure, we live in a world where your money is nothing but a number printed on a piece of paper called a bank statement.
The dollar is the worlds reserve currency simply because the world believes we are a safe haven for their assets in times of uncertainty or danger.
The dollar will collapse only when the rest of the world (or enough of it) loses faith and when that happens the entire world economy will crater.
It’s moved before, I think even higher about 10 yrs ago...it will be interesting to see where it goes.
Some are going to be holding gold for a looooong time to make any money of it at that price.
You are correct. For most of 1990 to 2005, gold was mostly sub-$400 an ounce. Those price levels were hell on US gold exploration and those employed in that industry.
https://sdbullion.com/gold-price-by-year
indeed. Every time gold goes up, all the holders start advertising about how its ‘projected to go above $2500/ounce.’
yeah, I sold some for $1800 in 2009 because it was way up with the stocks down.
The brokers told us about skyrocketing that never happened. When they start advertising, probably time to sell. That’s what they’re doing.
Just keep pushing out the “free money” stimulus checks, and the inflation rate will skyrocket. We’re far better off without these stimuli and overpayments of unemployments checks. when the free money stops coming,the economy will contract, and poorly educated citizens will start taking working at menial jobs seriously to remain alive. Undocumented invaders need to stop being paid so they will stay away from our borders. They need to be replaced by college-degreed graduates whose credentials never involved thinking critically and objectively.
It’s moved up many times in 40 years.
In 2000 it was approximately 300/oz.
It does tend to stay at a certain level for 10 years or more than move up or down to its new level.
I bought some Krugerrands for about $350 each some twenty years ago.
Great advice. I wish I had taken it instead of listening to salesmen like Glenn Beck. He got rich, and the gold sellers he represent got rich, but I got poor. Never listen to personalities about buying anything.
Absolutely right. Now Pelosi is pushing for a $3.4 Trillion dollar stimulus. With a majority of our GDP already earmarked for paying interest on the debt, these stimulus packages will only drive the value of the American dollar lower, and lower, until it's worthless.
Sorry to tell you but that is how it works. You may want to do some investigation.
In the meantime you are holding paper, which is just as worthless as cash money.
The fees and charges will eat you up except for the most unusual of circumstances.
Ok, I will qualify it, “almost never happens”
My other point is that the futures market is most speculation, very little hedging. The futures market was designed to create stability in the markets, not achieving it’s goal.
It is possible that toilet paper may be worth more than gold. There is one historical source of people eating gold though.
Thanks for your points. Not a right/wrong issue.
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