Yesterday (Sept. 17th, 2008) gold was up! It closed at $865.90 +$85.20 Silver also up $12.06 = +$1.61 This morning (the Asian market): Gold is up again: $885.20 = +$21.20 Silver is up $12.99, = +$.93 Where will it go? I guess it will depend upon how bad this economic mess becomes. Any predictions? I call for a return to the old highs from earlier this year. Gold will again trade at $1,000 Silver will again be $20 an ounce. And I will (once again) hold before selling until they (the prices) drop once again, and then I will wait for the next upswing. Then repeat the previous non-moves. Your guesses (educated or otherwise)?
I think it will be interesting to see what jewelry sales are this Christmas. Curious about how many people will be able to afford gold. As my Pappie use to say "People have got to eat." The whole situation just does not look good right now IMO.
im i kind of nervous about the state of the US economy and the fate of the existing US dollar. With the buyout/takeover the the 2 main mortgage companies, and the wipeout of money folks had invested in it.. including retirement/investment portfolios. I dont think we have yet seen the last of the ripples or the fallout of the credit crunch. I thinkt he crunch was when it first started, and then it was followd by a smash, and then an explosion, and then the mushroom cloud .... IMHO we are still in the mushroom cloud faze.... its after the mushroom that most of the real damage happens..... including fallout. What else will fail? What else will the Govt bail out? More importantly where is the govt getting the billions of dollars to buy all this stuff? Print more? why not right, its free to do so (or close to it) do they borrow it.... and from whom, Chase .. WAMA or Wachovia.... or China, Japan and Russia???? What happens not IF... but WHEN the last proverbial staw is broken? I will agree with your medals estimate... gold and silver will both go higher .... lots, and soon. what a bummer!
Global economy knows too well that if the USD is to crash, their economy will have an impact as there are just too many industries that trade in USD. A few months ago, I believe the EU and the Japanese banks had some discussions with the US banks regarding about this matter - great joke. In my opinion, I don't believe that gold will hit 1000 usd and silver hitting the 20usd. It's just way too high.
The banks and insurance companies that have failed recently have nothing to do with the economy. It has to do with them being greedy and giving out super high interest loans to those that had no way to pay for them. The insurers who insured these loans were sure to follow. This would have happened in the best of times as well. In suit, gold and silver had a small rally because the market had a mini crash, and people took interest once again in hard assets. The pattern is easy to follow. Guy~
I disagree that trends in banking, insurance and lending practices have nothing to do with the economy [unless, perhaps, you are a subsistance farmer]. Gold and silver had a bit more than a "small" rally. Yesterday's stock market action in no way qualifies as a "crash," mini or otherwise. Nobody knows what will happen in the short run, but if your view is 5 to 10 years, any purchase of gold and silver at recent or current prices should work out well.
I didn't say it had nothing to do with the economy. I said the poor economy isn't what caused those places to fail. Their failing is a big part of why the market is, yes, in a mini crash. If the 6th largest loss in history isn't worthy of a mini crash, I don't know what is. But I do agree....those who buy metals will eventually profit. But, then that could be said at most any time in history. All you have to do is wait long enough. Guy~
There's more to come :loud::loud:And what about a couple of years ago when for no reason other than greed that the Congress passed legislation virtually wiping out any protection the average persom or family had when they were forced to file for bankrupcy. The only one who asked for and benefitted from this legislation were the greedy banks and credit card companies. When 55% or more people/families file for bankrupcy due to overwhelming medical bills then this was a mean spirited bill that screwed everyone BUT the wealthiest Banking and credit Card Industries. I believe these institutions knew what they were doing with the sub prime mortgages and saw the eventual collapsw of our major money institutions and demanded and got that law passed to make sure the little people who can't afford to pay back all their debt, be indebted to the banks for etetnity. :hammer::hammer:I believe that these failing institutions should fail and let them start over like any other losing business venture. Of course, you must imprision the CEOs who were at the helm of these companies as they knew and forsaw the economic tradegy that is happening to our beautiful but currupt country. Bruce
Whoa... at $899 now... maybe the $300 billion pumped into the market today will calm things down and the price will settle at more sane levels... I hope... gulp...
They did this because the people lurking in the shadows who are behind the federal reserve run the government and they are going to make sure whatever puppet is in office signs bills that are in their best interests. Not the people. And there's people getting all worked up about this election like it will matter which side wins. There's a day coming when the PMs will skyrocket, like we've never seen. I can't tell you when. But eventually, the last straw will break. The writing's on the wall. Printing money to bail out private entities is not a fix. It's more like a joke. These places deserve to fail. Whoever invested in them made bad investment decisions and should not get a tax payer funded safety net.
Many people make that mistake of believing that point loss is more important or as important as percentage loss. There was no mini crash when the market is viewed the correct way, on a percentage basis. And I guess we will have to agree to disagree about bank failures being caused by the economy. Banks don't fail because their stock prices fall. The stock prices fall because the banks get into trouble because of the poor economy. Loan and counterparty defaults are economic events, like it or not.
