Any opinions on this?

Not to start anything here! I found this in the news today I wanted to share opinions? (NO POLITICS PLEASE lets keep this nice THANKS! http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=6926

 

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well, considering your restrictions on replies,

then: No coment.

[but, it would have been fun.]

 

Gold is a political metal, so it's hard to keep politics out of the discussion. That sais, it makes sense for China to buy more gold, but it doesn't make sense that they would pre-announce their intention. They're too smart for that.

 

Unless they have already bought the gold or as the story says they are going to buy more then they are saying. In eather case I think something big will be happening with the gold price soon we shall see I guess

 

it makes sense the price of gold will skyrocket, if that article is correct. Wish I had a couple more tons.

 

Yankee:
You're a bit late to the party on this one... The link to that article has already caused a mess in another thread. Eventually it was provided as a link to un-sourced information being posted by elaine_1970 and the article became the undoing to a lot of the misinformation that was going on over there.

Gold headed to $1,000.00. gold coin follow.

http://www.cointalk.com/forum/t46745/

I agree, gold is a political metal and topic to get into, as is this particular article and especially in this volatile economy. Posting something like this while disclaiming it with restrictions to our responses is useless to posting the link in the first place. It's a forum not a link exchange. Not everyone will read it and remain silent.

We should debate, not argue, these and other matters. If we cannot do so we just should not post comments without sources, nor information without due credit to its publisher, so that others may cross reference and consider the data objectively themselves then discuss it together civilly. Nor should we post this type of information without giving one's own reasons/feelings/questions about it right up front before others start launching opinion-assaults at one another. One should also always try to bring something new to a discussion, especially when initiating, rather than just copy links, data or information from another source and sit back while others come unglued over the issues it causes.

Cheers! :thumb:

 

They are chatting about this over in the bullion section. Could it push prices higher? yes, but I doubt it will. We really do not have much to go on with this other than "the Chinese said", well it could just a easily be a ploy to try to drive prices higher so they can sell into a strong demand market. Overall it is a pretty thin story.

 

If you check out the PM news on Kitco today they are also talking about the China thing. They too are recommending buying because of it. The China story is now showing up on other stock news. Ether its something to pay attention to or its a rumor. I myself will be watching it carefully!

 

Yankee: I too read Kitco, pretty much daily, amongst other economic reports that report on PMs. I'm always interested in what PMs are doing because it's very action:reaction oriented being linked to so many moves in the global marketplace and world events. I love the volatility of metals, unfortunately, betting on gold's rise is like turning your back on the value of the dollar against other currencies and sectors and the profits from oil almost always erase what you get out of gold profit these days. Darnest trouble-maker gold is, but still a lovely material to chase around. I think a lot of the speculation you are seeing right now is fear of another huge dip in the market since all the reports are so dismal and nothing is moving out there, plus the lead up to the G8 and BRIC meetings later this Summer.

 

Agreed! Some have found it strange that this year the price of gold hasn't dropped this time of year I understand that it usually does. The price seems to be "holding on" and staying more stable then it has for many years. I feel we are in uncharted times these days, never before has these things that are happening accured. These are strange times. Kind of scary!. I see they are already starting to talk about a second stimulus. How much of our future will they spend away?. California is now paying people with IOUs Taxes I feel will skyrocket in the near future and rise far further then anyone could ever pay. My wife and I have been blessed at 50 years old we have all our bills paid and have no debt. Our home is paid for and we have large CDs in several banks. I wonder though what will happen if when we retire in about 6 years what our saveings will be worth.

 

Reread the end of the article:
"This past weekend, I attended the International Paper Money Show in Memphis, Tenn. I was surprised how many dealers, whose livelihood does not involve trading gold at all, told me that they regularly read this column and have personally laid in a good stash of physical gold for their own protection."
When your pizza delivery guy and gardener are telling you to buy gold, everybody is already doing it. Average people are now buying gold and I feel this is keeping the price up. (I wish it would go lower as it has in the past). I do not worry about this. The US will be fine because we can change the rules as we go..

 

That last line is sad but true. Precious! thanks

 

"When your pizza delivery guy and gardener are telling you to buy gold, everybody is already doing it."

Chasing trends is usually a losing proposition, by the time the pizza guy and the gardener pick up on a trend it is usually past.

 

When they kick their electronics and computers to the curb, I will quietly recycle the PMs out of the discarded appliances as they go broke trying to buy ounces that won't serve them and good.

 

me too. As well as the rubies in cd and dvd players. Here is an eye opener for those who have theirs shut http://www.libertycoinservice.com/currentnews.pdf p2 and 3

 

I've read that there is really no profit in recycling gold out of computers, and if you do it, how do you go about doing it?

And was the rubies comment a joke? because I can't find anything on that.

 

Not true. My company owns a subsidiary which extracts gold, silver and copper from disgarded electronics at a profit. I don't know much about the technique, but I've been told that a ton of scrap electronics has a higher metal content than a ton of earth extracted from they typical mine.

 

@ Cloudsweeper99 & danisanub:

Yes, that's correct. If you collect the components out of electronics you can sell them as scrap. There are a lot of new companies that have started trying to clean up the environment by collecting discarded consumer electronics which are then separated from all the plastics and silica, etc. They literally crunch and devour monitors, cell phones, batteries, etc. to the point of melting down the metals and separating out raw metals, which are then sent in various forms to assayers in return for metal value, returning PMs to the market instead of the landfill or dump.

A lot of charity programs that request your donation of old cell phones and computers, really only re-sell the devices off to other companies that do this kind of recycling work in return for the value of metals extracted, and from there take that money to buy new cell phones for people who are victims of abuse or need a phone for whatever reason provided to them by the charity.

You can also find auctions on eBay from people selling motherboards and chips from old computers for their gold contacts, scrap/bullion value. Just look in the bullion category pages where you see bars, nuggets, leaf and gold dust type auctions listed.

I believe if you watch Explorer on the National Geographic channel on July 7th, they will be re-airing a recent documentary called, 'Secret History of Gold' and in this one hour program the visit an e-waste recycler, showing the operation of rendering PMs from waste products. Check this link and your local cable/satellite provider for times this show might be airing in your region. They play this show A LOT these days since there's so much gold talk going on.
http://channel.nationalgeographic.com/series/explorer/3822/Overview

 

It would be in my best interest to tell others there is no value in doing this so that I can make more money from doing it than if everyone else was doing this. Of course you have to determine how involved you would want to be doing this. It does take effort and you don't realise huge profits very quickly. You may even need to save up scrap piles for some time before trying to trade them in. You could equally say that there is no profit in metal detecting by recycling the things you find because of the amount of time you invest for the amount of metal of value you turn up. If everyone metal detected on the same beach there wouldn't be much to profit from in short order. Same for panning the same stream for loose gold. There's varying degrees to enjoyment, or return for anything you do. You have to decide that for yourself but also keep in mind that if everyone were recycling every bit there would be no scrap to recycle, yet companies exist and DO profit off this trade. Just some thoughts.

 

The rubies in CD players and any laser are not natural rubies, they are synthetic, made mainly in Russia and former USSR countries, similar to this
http://www.prettyrock.com/php/product-detail.php?item=Ruby Corundum - Synthetic Gem Rough

at less than 30 cent a gram. It is used since it will have no faults that would hamper its activity as a laser pump. Newer lasers use specialized man-made corundum ( rubies are natural corundum) for differ spectrums. These products are often faceted into jewelry where they are distinguishable from natural rubies by being too perfect.

Jim