Just to continue the silly discussion: Gold: 905.40 +3.00 And: Platinum is +$25 $2159.00 Strangely: silver is flat. $16.97
I wish it would go down for a while so I could snipe some decent gold coins at just about melt. Currently, at melt, it's still too expensive to snipe at just above melt, even though you get the coin well below book. Just once, I wish there was a Double Eagle or Charlotte Half-Eagle for sale on Ebay for $250.00. Ribbit
You collectors should go to kitco.com and look at the gold forum. Some of these people are predicting silver at $100 and $200 an ounce. They're crazy. I was 18 years old in 1973 when the first Arab Oil Embargo took place. Gas went from 33 cents a gallon to a bit over a dollar. I saw the Hunt Brothers manipulate the silver market in 1980. The Soviets were in Afghanistan and the Iranians had our embassy staff. I am convinced that once emergency conditions become normal, the prices of precious metals will go down, because the emotion is gone. Now is not a time to buy any coins whose values are tied closely to precious metals prices. What is up will go down. Wait. Be patient.
If it goes up, it will go down later. If it goes down, it will go up later. The only safe prediction is that it will continue to fluctuate. The most unsafe prediction is that it will go up significantly and stay up, or go down significantly and stay down. History has shown that all sharp spikes, either upward or downward, tend to be very short lived. Precious metals, as other commodities, tend to be slow to react to increased demand, hence temporary upward spikes as the market tries to react to the increased demand with more supply. Gold is a great long term investment to hedge against inflation. It is a very poor short term investment because the price is just too volatile. Don't believe those that try to tell you that gold or other precious metals is a safe way to make quick money. Not suprised silver prices are flatter than gold at the moment. There's far more supply of silver than gold so it can buffer increased demand better. Silver has to have a huge increase in demand before they exist supply isn't enough to meet it. Gold, platinum, and other rarer commodities are more sensitive due to their much lower currently available supply.
Okay, I give up. Perhaps someone can explain this to me: today (@ 10:40AM) Gold is up +$12.40 to $917.80 (1.37%) Silver is up +.41 to $17.38 (2.42%). Is this simply the speculators? Or is there another reason for the market of late?
The dollar is getting pounded by other currency which is showing up in gold only when you price it by dollars. If you look at gold in pounds or eruos it is not nearly as high.
I recall many people using the "what goes up must come down" reason for not buying silver at $7-$8 or gold at $400. Maybe if they wait long enough, they'll get a second chance. Maybe. Everyone always wants to buy coins at yesterday's prices, myself included. Sometimes it works [I told you so] and sometimes it doesn't [Oh nooooooooo!]. You pay your money and take your chances. I think the probability of higher prices exceeds the probability of lower prices a year from now for both gold and silver. Warning: This is not investment advice. Anyone who takes their advice from an unknown internet post like mine gets what they deserve.
Frank, stop messing with my mind with these posts. I don't know whether to buy or sell! I'm so confused!
weaker dollar and inflationary pressures lead by the rapid increases in oil. A little insert I read today "industry observers in recent days have also pointed to especially strong demand for diesel in China, where power plants in some areas are running desperately short of coal and certain earthquake-hit regions are relying on generators for power. The country also seems to be ramping up diesel imports ahead of the Olympics, analysts say, driving up prices. "They appear to stockpiling," Ritterbusch said. Crude's latest surge comes after OPEC's president was quoted as saying the cartel won't increase its output before its next meeting in September, adding to lingering worries about global supply. The contract reached a new closing high of $127.05 Monday after Algerian Energy Minister Chakib Khelil, the current president of the Organization of Petroleum Exporting Countries, was quoted by a government newspaper as saying OPEC won't increase its output during the U.S. summer driving season, which begins this weekend. OPEC's next meeting is scheduled for Sept. 9."
Now you know whay I post them! To quote John Travolta, as Vinnie Barbarino: "I'm sooooooooooo confused!"
gold +$15.20 at $920.60 and silver: + .72 at $17.69 Pretty good for one day! not closed, still 45 minutes to go.
