Gold price

Discussion in 'Bullion Investing' started by Santinidollar, May 6, 2021.

  1. Santinidollar

    Santinidollar Supporter! Supporter

    There are plenty of posts about silver so I thought I’d start one for those wishing to chat about gold.

    Interesting day to do it. Gold shot over $1810 today.
     
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  3. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Holy Smokes!!..... I fear that is a foreboding of bad things in other sectors of our economy though.

    Edit.... I just looked at both silver and gold charts and it appears they have both made a sizable jump today....
     
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  4. Santinidollar

    Santinidollar Supporter! Supporter

    It may be inflation fears. Or it could be simply looking for something with upside potential since a large number of stocks are at least tapping the ceiling.
     
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  5. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I wonder if this will set off another mad dash of folks trying to buy some gold.... Trying to remember. I believe the highest I ever saw gold was about $1815.00 and there was none to be found.
     
  6. Santinidollar

    Santinidollar Supporter! Supporter

    It got over $2,000 very briefly last year.
     
  7. J.T. Parker

    J.T. Parker Well-Known Member

    Just wait.....
    in a few days Au will loose a big slice of that pie!
    (Hopefully not, he said, setting on 25 oz.)
    J.T.
     
    Last edited: May 6, 2021
  8. medoraman

    medoraman Supporter! Supporter

    I just think Bitcoin and the like has taken a lot of money that used to be put into gold when people are nervous. I don't think gold will be as volatile in the future as it used to be. I like gold, but prefer it in the shape of things like my avatar. :)

    The other major outlier that could dramatically affect gold would be if central banks start stockpiling again. That could be the start of a new bull market, but they almost never telegraph such things.
     
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  9. midas1

    midas1 Exalted Member

    It's above my pay grade - I not sure what part gold plays in the banking system anymore.
     
  10. medoraman

    medoraman Supporter! Supporter

    Not much except for perceived protection of the currency. If investors know X central bank owns 87 tons of gold, they have more faith in the currency. That is the real reason we made Ft Knox, to give investors assurance the USD was stable.

    Countries that liquidate their gold reserves are almost always followed by massive hyperinflation in the currency.
     
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  11. FryDaddyJr

    FryDaddyJr Junior Member

    no one has the money to buy much gold. I wouldn't sweat it.
     
  12. ToughCOINS

    ToughCOINS Dealer Member Moderator

    You're right about central banks historically not advertising their purchases, but it could be very different this time around. Countries looking to win over businesses and investors in this economic climate will probably not be so secretive if they believe they are in a stronger position than most other nations.
     
  13. David Betts

    David Betts Elle Mae Clampett cruising with Dad

    coppers nutz too
     
  14. FryDaddyJr

    FryDaddyJr Junior Member


    do you think banks are going to go to coins shops to buy all their gold?
     
  15. medoraman

    medoraman Supporter! Supporter

    That is a nonsensical question. Demand for gold is fungible, purchases of a large number of bars would cause other forms to appreciate in price.
     
    fretboard likes this.
  16. Garlicus

    Garlicus Debt is dumb, cash is king. Supporter

  17. calcol

    calcol Supporter! Supporter

    The U.S. gold reserves are 8,134 metric tons. The largest by far of any country. About equal to the next three combined (Germany, Italy!, France). (Reference is usfunds.com). There are 32,151troy ounces in a metric ton. At $1,800/ounce, the total value is $471 billion. That’s a lot until you look at the U.S. M1 money supply, which is about $18.7 trillion … it’s increased enormously over the last year. So, if you’re in the U.S., not very much of your cash, savings, checking, etc. is backed by gold ... but you pretty much knew that. :(

    Cal
     
  18. -jeffB

    -jeffB Greshams LEO Supporter

    As usual, silver spiked even harder. (Gold spikes, silver spikes harder; gold plunges, silver plunges further.) Melt value for 90% coin is getting very close to 20x FV again.
     
  19. Santinidollar

    Santinidollar Supporter! Supporter

    Gold at $1832 going into the weekend.
     
  20. ToughCOINS

    ToughCOINS Dealer Member Moderator

    The unemployment numbers this month were simply awful. Economists were expecting nearly one million jobs to be created in the month of April . . . the number created was devastatingly short of that, at 266,000.

    Not only is no employment recovery in sight . . . the prospects for the survival of companies still in operation are dwindling as well.

    I always thought that if we ever faced a depression again, that it would be delivered by a sudden event such as the Crash of 1929. Instead, this time it is born of the insidious gradual leakage of employer's assets during and following COVID. The money it takes to float businesses in good times has been siphoned off by months of hanging on during the bad.

    I don't claim to know that gold is the safest place one can park their worth, but it's what I've chosen to erect our bulwark. While it won't produce as much ROI as other vehicles, I think we're less likely to get caught pants-down-to-the-ankles in gold than in any other store of value.
     
  21. slackaction1

    slackaction1 Supporter! Supporter

    Is this a good deal on gold 3 X 1/10 ozt American Gold Eagle for 13 FV each wants silver trade ??? ty
     
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