What is your Majic Number for Selling your Gold?

Well as gold continues to go higher, I am curious to see at what majic numbers are out there?
If you tell me your's....I'll tell you mine.

This should be interesting!!


RickieB

 

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It's not gonna happen. I have a number of gold coins, but no bullion, so the price of gold is irrelevant.

 

$850 and I'm selling !

 

$922 now what's yours?

Just kidding Rickie B. I have no clue actually just like everyone else I don't care what they say.

I would consider selling if I knew it would drop soon thereafter so I could buy more.

 

I don't have any gold... but my sleep number is 72...lol

 

:thumb:

 

Not so long ago gold reached $800 and then went down to $600s I think. But then the climb was more drastic than the present climb. So I think this time it'll hold on.

 

Right now it is down $21.80 for the day--
I told you I'd hold on too long!

 

Market prices can get completely irrational when people get excited about something. Gold's time will come, but I don't think we are even close to the top yet despite the volitility.

 

I don't know, but it would have to be over $1000. Even then, I'd be hesitant. Because what I have are coins and bullion as part of my collection. I didn't buy them solely as an investment purpose. I alos have a few ounces of Platinum. One Engelhard bar I bought from a dealer for $345. It is a one ounce bar. Now, that same dealer has practially begged me to sell it back to him and that he would pay OVER spot price for it. Amazing. What is Platinum now, over $1300?

 

I dumped a couple of mini St. Gaudens over the weekend. Seriously considering dumping a 5 gram bar.
But real coins no. It goes up and down.

 

The dollar index is going to be dropping big time in the next two years. Bernacke sold the dollar out. The index was about 78 today and thats a drop from 87 a year ago. Many, including me, expect this drop to continue intil it gets to 40 or so. That means that most likely precious metals are going to double in a short time, and maybe even more than double. For those of you who remember the 1970's, this inflation is going to make that look like a cakewalk.

I am buying every day right now. I bought 2.5 oz of gold and 170 oz of silver in just the last three weeks. I expect it to go up and down but mainly up. Hyper-inflation is here now. Just look at the recent futures prices of food, energy and value of the dollar. The numbers are quite staggering. Hold on to your horses, because we are in for a wild ride!

 

Paland,

A) I wish I had your money to spend on metals at this point. I DID convert some of my silver that I bought at around $6 an ounce into gold. Got a couple ounces.

B) The term hyper inflation is really scary. Helped a guy named Hitler get into power many years ago if I'm not mistaken.

 

Good answer.

 

My majic number is $925.00...
I look for tis around April or May 2008

Some interesting responses here! Thanks Guy's

RickieB

 

It's not so much that the gold is going up, but rather that the dollar is going down. The price of metals is more steady in other currencies. The rise in gold and silver prices is due to the drop in the value of the dollar. You're not going to get rich by buying gold, but rather it is a hedge against inflation. 1/10th of an ounce of gold will buy you the same thing next year as it did 60 years ago. But 20 dollars in two to three years will only get you 65-75% of what it does now.

I was amazed at the supermarket today when I saw ground beef at $4.99 (OK, I just haven't been food shopping lately) And gas, wait until spring next year when gas should spike to $4.50 a gallon (basing on the price of oil today,the drop of production out of Ghawar in Saudi Arabia, and the tailspin of Cantarell in Mexico)

Clembo, I normally can't afford all that with my meager government salary. I got it because I have won over $6,000 in poker tournaments at Full Tilt Poker in the last two months. (This can be seen with my logon name 'paland" at http://www.officialpokerrankings.com/

I have just been hot lately and since I am a paranoid, middle aged man, I am spending those winnings on coins and bullion.

 

We can all calm down, gold fell $17.70 yesterday.
Perhaps the run is over?

 

Market prices never go in a straight line. Anything is possible but in my opinion, today's prices will look incredibly cheap ten years from now.

 

As at least one other person indicated, my meager gold holding is NOT in bullion, so I have no intent to sell UNLESS I find myself needing money to live on.
I'm a collector, not an investor (but I'm aware of the investment value in what I buy.)