Is now the right time to buy gold??

Don't for get to check into India and their Cash issues.

 

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from where ?

 

that was about large denominations. the US isn't doing away with cash.

 

I haven't found any credible news sources that explain what is going on in India. The only "faux news" I see is from bullion hawkers claiming $10,000 an ounce because of "India" with no facts to back it up.

 

I really want to buy some pre-33s that I've seen.
But Christmas has limited my spare coin budget severely.

 

These 2 and 3 coin sets, some including a $5 gold commemorative coin, are from the U.S. Mint. They are all U.S. Mint products that you order directly from the Mint, just like an annual Proof Set.

While I'm here (off topic) would someone tell me where to find the rules and procedures for posting my weekly "for sale" ad? I've wasted a lot of time looking for them. Give the URL, please.

 

This is a bit long, so I'll post the beginning of the article. About six weeks ago, India demonetized two of the most commonly used bills in India, with face values of roughly US $8 and US $16:

(from Toronto's main newspaper, The Globe and Mail)

"...Mr. Sidhu, his hair slicked back with gel, adjusted the gold chain around his neck and shrugged. He knew he was offering a bad rate (8,000 rupees is in fact worth about $160) but it was Dec. 23 and in a week, those bills would be useless. He knew people were desperate to offload them. And where there’s desperation, there’s opportunity.

On Nov. 8, 85 per cent of India’s currency was taken off the market with a surprise announcement from Indian Prime Minister Narendra Modi that 500 and 1,000 rupee notes (respectively worth about $10 and $20) were now useless. A deadline of Dec. 30 was set for Indians to deposit their old bills in their bank accounts. It was a dramatic move to eliminate black money and counterfeit notes that has caused nothing short of chaos in the cash-based society. The economy has taken a hit and hours-long lines are the norm at banks, causing inconvenience for the well-off and devastation for the country’s poor, many of whom do not have bank accounts or access to banks.

The decision has rippled across oceans, affecting those who travel regularly to India and tend to keep rupees on hand, including the 1.2 million of Indian origin in Canada. Many have begged relatives and friends travelling to India to deposit their holdings for them. Others hope they can change over their money in the new year at one of a handful of Reserve Bank of India offices in that country before a March 31 deadline, a process that is much more complicated than going to a regular bank.

And then there are those such as Mr. Sidhu, who have identified business opportunities in demonetization.The morning after learning that 500 and 1,000 rupee notes were no longer valid in India, Torontonian Lorna D’Souza rushed to her local State Bank of India branch in the city and tried to get her wad of bills – worth 50,000 rupees ($1,000) – changed over to Canadian dollars. The bank teller refused. So did a currency trader.

“They said, ‘We are not taking because nobody is buying,’” she recalled.

No Canadian banks or Canadian branches of Indian banks have accepted the notes since Nov. 8. The Indian consulate in Toronto has reportedly been swamped with calls from Indo-Canadians about what to do with their now invalid bank notes." [more]

 

you are applying this to the US??

 

Same boat here

 

https://www.cointalk.com/threads/hey-read-this-before-posting-here-for-sale-forum-rules.190428/

 

I am saying that "some" countries have already removed part of their cash supply, and "some" others are thinking about it, including Canada, Australia, and France. Google the subject and start reading. The banks, of course, think it's a terrific idea.

 

I already read about it. India exchanged large bills.

I don't see that as a reason to panic and put everything into gold

 

Too much is being read into this ( surprise!) India is following what many nations have done, declare old bills worthless after a certain date. Either to change the wording or to revalue, yet keep the difference obscure, so the uninformed might get caught. True they are declaring current 100 and 500 rupee cancelled at a certain date and replacing with new 500 and 2000 Rupee notes. The ones with a slight problem are those who have bales of such notes and no documentation as to their origin , as well as counterfeit bills that wouldn't be accepted.

Absolutely no reason I see to enter it as a factor to buy or sell precious metals.
http://www.wsj.com/articles/india-to-phase-out-current-500-and-1000-rupee-bank-notes-1478619693

 

"Absolutely no reason I see to enter it as a factor to buy or sell precious metals..."

That much I agree with, and a 12-month chart for gold priced in rupees shows about the same steady price decline currently under way in every major country. India's November 8 decision had virtually no effect on gold prices, although the buy-sell spread probably increased.

www.bullion-rates.com/gold/INR/spot-price.htm

The point is more, it can happen anywhere, overnight.

 

And that is why gold could go to $10,000 an ounce!

And while it's possible, it isn't probable. But a nice gain is in the cards for 2017.

Read for entertainment, follow at your own risk.

http://www.cnbc.com/2016/06/10/is-10000-gold-on-the-horizon-one-commodities-expert-says-yes.html

"In 2018, who's going to bail out the Central Banks?" asked Rickards. "The bailout money is going to come from the IMF [International Monetary Fund] as they have the only clean balance sheet left."

This occurrence, Rickards believes, will drive gold higher—to $10,000, to be exact. That eye-popping sum "is not a made up number," Rickards insisted. "It is the implied non-deflationary price," he reasoned.

 

god bug panic types have been posting essentially the same thing for years

1. do you really think this will happen

2. do you hope this will happen?

 

You apparently don't watch tv advertisements and tv coin show hosts selling silver/gold who reference specifically time sliced price charts and refer to some magical "major seller sheets" of PM coin prices.

Conversely you'd have to add reality to the equation to believe otherwise.

 

"Rickards' scenario, of course, is a hypothetical value based on a number of theoretical occurrences that would need to happen in the global economy. Bullion remains on a three-week winning streak, but it's a far cry from the levels predicted by the analyst."

Oops, strike one ...

"In fact, he hypothesized that a global dollar shortage should encourage the Fed to avoid raising rates in 2016."

Oops, strike two.

 

Howdy,

Follow the commentary and articles on kitco.com . They have the best data, charts, and market info that I've ever seen. You want to play penny mining stocks? They've got the list.

and so it goes,

peace,

rono

 

Actually the fed did do everything they could to avoid raising rates, however I believe it was more politically motivated rather than dollar shortage or whatever his theory is.

As I said, read for entertainment.

I still see the metals increasing into next year. Not to $10k/ozt but I'm guessing back to $1300/$1400 levels for gold.

I'm optimistic about metals in general. I did pretty well in 2016 and used the downturn to replenish my coffers at a significant discount.