$6,000 GOLD guess the date and time ?

In 1980 inflation was running 12%....the dollar was in freefall.....people waited in line for 45 minutes to fill their tanks with gas....interest rates were 15% for a mortgage (if you could get one)....Iran was at war vs. Iraq....the USSR was at war in Afghanistan....Bretton Woods had fallen apart 7 years earlier....gold was up 10-fold in 6 years.....etc...etc...etc.

The more things change....

 

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With the 1980 and 2011 rises as an example, gold more or less held at about a 50-60% retracement of the non-bubble "spike" in each move.

So gold bottomed at $300'ish in the years after the 1979-80 peak...and bottomed at about $1,000 after the $1,800 peak in 2011.

If we ARE taking a long time out -- remains to be seen -- I would estimate support at $3,000 - $3,500 an ounce. The rise in gold was NOT as extreme from the recent launching point if that means anything to the TA folks. So maybe support is higher.

Gold only spent a week or so above $5,000 but has spent months above $4,000. We may find buyers at those levels since there was an equilibrium in that range.

 

Yeah. Been there, done that. Even got the Tshirt. It wasn’t a vacation…

But, am here, survived, and looking forward to another vacation!

 

For "us" coin collectors, low gold prices are great. Lets face it, if you have 10K gold, most coins would be very expensive. The true numismatic, high quality, less so, they are, were and always will be sought after and go above catalogue. Of course those modern 60s proof sets with 4 oz coins are down in price now. But again, if your not selling who cares? I remember paying 240US for a BU Peruvian AV 100 Soles 1951! Its gone up in value. But a classic FDC 1633 K-B AV Dukat Ferdinand II Holy Roman Empire (Hungary) hammered for 4100US in Warsaw Auction (I won it) in 2016.Years later a second one in MS sold for 24K EUROS Bratislava auction. So, "classic" gold is in high demand, no relation to precious metal prices.

 

At FUN 2020, I was able to buy 4 gold coins....at FUN 2026, just 2.

And one of those gold coins at FUN 2020 I paid DOUBLE the gold price in premium !!