Gold $1,020.00, Silver $21.00 can it be?.

I intend on following through on the sale. I really don't think I have much choice. I will however politely talk to the dealer and mention my remorse and see if he offers any suggestions. I'll let you know what happens on Monday. Thanks for the moral support. It helps a bit.

I have been reading this morning where commodities seem to be stabilizing a bit. Dollar set to go higher next week. Doesn't bode well for gold and silver. Here is an article that might interest you.

http://www.chron.com/disp/story.mpl/business/5639684.html

 

Log in or Sign up to hide this ad.

Don't pay attention to the media. Less than a week ago, they were all talking about a depression, a run on the investment banks, the free-fall of the dollar. Just don't pay attention to that stuff. Buy gold/silver and coins because you like them. If they make you $$ then great. If not, at least you like what you bought. Commodities may go down some more in this "correction". That's o.k.

I would strongly recommend that you hang on to what you have, as in the long run, over time gold and silver will go back up again. Our government's monetary and fiscal policies are horrible, and our paper currency is in big trouble. Their actions this past week are not a cure-all, but a temporary band-aid. Like I said....look at the difference a week can make.

 

The guy made a deal. Would you think it ethical for the dealer to back out if the price of gold went up $100 over that two week period? I do not see a difference here. Both the buyer and seller entered into a deal and the seller is willing to deliver his part of the bargain.

 

1994 Silver Eagle

Anyone know what the value of a 1994 Silver Eagle is? I have several and I was wondering if they are worth anything outside of the price of silver. I found one on eBay for $30. Is this about the going price?

 

1994 Silver Eagles generally have about a $5 premium over common Silver Eagle dates.

 

It seems to me that it would depend on whether you paid bullion price or numismatic price for these St. Gaudens. If you paid bullion price (or close to it) for the coins I think you bought yourself some coins. You said you had the opportunity to inspect the coins at the time of purchase so obviously the only reason you want to renege on your purchase is because gold prices have dropped since you bought the coins.

Dealers work on a small markup on bullion. Most bullion sales are final for the very reason you have cited.

If you paid numismatic prices for the coins (and by that I mean significantly more than melt price) the return policy may apply BUT you have already inspected the coins. What could possibly be your reason for returning the coins other than the price of gold has dropped? Technically you may have a right to return the coins but if I were the dealer I would never sell to you again.

Like taurus876 said, you wouldn't like it if the dealer cancelled the transaction or raised the price had gold prices gone up.

You speculated and lost. It's only been a few days since your purchase so I don't know if you should panic and sell at a loss or hold the coins and hope for a turnaround. (You might end up like a guy I met the other day that waited 28 years for his St. Gaudens to be worth what he paid for them in 1980.)

Bottom line: You win some and you lose some. I think you made a deal and you should live up to it.

 

I intend on following through on the purchase. I may just buy a few more! I think in the long run I will be real glad I did!

 

near term outlook dim

near term outlook dim. stock market will eventually recover. and dollar will be up as well. so the gold and silver will expected to fall too. some expect gold to move downward to around low $800.00. let's see what will happen to stock market.

 

Disagree. So far all the government has done is offer to print more money to pay everyone and anyones debts. That does not make the real estate more valuable not does it stp all those ARMs from resetting or tie mortgage backed securities to individual mortgages. All it does is pour gasolene on the fire of inflation.

The markets have not bottomed, just been bailed out by freshly printed money

 

gold

i hope it will be like what you have said. be cautious instead.

 

http://www.kitco.com/market/

gold and silver up today

http://finance.yahoo.com/

stock market up also

 

gold and silver moving up again

it looks like the gold and silver started to move upward again. platinum and palladium up a lot.

 

Elaine!

silver is down to 16.50 now the time to buy

 

was as low as 16.34

http://www.kitco.com/market/

 

yes

i gonna buy back those that i sold. still bullish on gold and silver. it should be over $1000.00 by year end.

 

Agree!!

 

gold rebounded

gold and silver started to move upward again. oil break record high.

 

so 50 days is all it took for you to come out of retirement i see

 

What is to be gained from this thread? Gold and silver are going to be on a roller coaster ride for the foreseeable future. I don't see any point in monitoring it daily.

As I've said in the past, one major issue is where the Fed has set interest rates at right now. 2.0% is extremely low. We were just at 5-3/4%. There isn't much left to cut.

In order to cut interest rates, they have to print more money. If they cut it again, they'll be printing even more money. This is where the inflation is coming from. The dollar is worth less and less so it takes more dollars vs. other World currencies to buy an ounce of gold or silver.

They aren't going to leave it low forever. There's nowhere to go but up now. When they start raising the rates again, it should stabilize and once again raise the value of a dollar vs. other currencies, driving gold and silver back down. I'm guessing significantly. Just wait.

And it's not like no silver or gold is mined anymore. When the economy starts improving, gas prices stabilize and people get over the initial shock, and interest rates start going back up, silver and gold will fall. It's going to take some time though.