Gold today! WOW!

Discussion in 'Bullion Investing' started by Treashunt, Jul 14, 2022.

  1. Treashunt

    Treashunt The Other Frank

    Gold $1707.98/oz [​IMG] -28.29
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  3. -jeffB

    -jeffB Greshams LEO Supporter

    Gold's down about 1.5%, but silver's down over 4%. And since "PM price changes actually reflect changes in the value of the dollar", I'm guessing my oil change and inspection this afternoon will be cheaper, as well as any carryout I pick up on the way home. Right? Right? ;)
  4. Mr. Flute

    Mr. Flute Well-Known Member

  5. Evan8

    Evan8 A Little Off Center

    Pay me in gold and I'll give you a free oil change. Maybe even two free oil changes if your car doesn't need synthetic oil lol.
  6. J.T. Parker

    J.T. Parker Well-Known Member

    Anyone have a theory as to WTF is happening to PM's...Could this be the 'Dreaded Correction'... or perhaps the 'Russian Gold Dumpsky'.....?
    Enquiring minds would be interested in knowing,
    harrync likes this.
  7. QuintupleSovereign

    QuintupleSovereign Well-Known Member

    It's really quite simple. Investors are betting that the Fed will be forced to jack up interest rates to combat inflation. This makes the dollar more attractive than other currencies, raising its exchange rate and simultaneously pushing down the price of gold, which is valued in dollars. Additionally, since gold doesn't pay a coupon, it is less attractive when interest rates are high.

    Personally, I think this is all a bit shortsighted, given that investors will be receiving debased dollars as interest payments, but what do I know?
    Magnus87, harrync, Two Dogs and 3 others like this.
  8. Clawcoins

    Clawcoins Damaging Coins Daily

    I'm all in once it drops below $800/oz.

    I'll have to cash in my Treasury Bonds which are getting 9.26% right now though.

  9. J.T. Parker

    J.T. Parker Well-Known Member

    Thanks Quint.
    Sound true to me...but I know even less.
  10. fretboard

    fretboard Defender of Old Coinage!

    Yes that's absolutely how it works and so we hodl as "this too shall pass!" :smuggrin:
  11. J.T. Parker

    J.T. Parker Well-Known Member

    Indeed we do!


    Addendum: Been watching 'Aussie Gold Hunters' and can't settle on whether these prospectors are ill with the 'gold Fever' are just full of avarice.
    It's always More gold, More gold!!
    Last edited: Jul 14, 2022
    fretboard likes this.
  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Everything is down, so why should GOLD be any different ?
    daniel a DiBiasio and losthomer like this.
  13. fretboard

    fretboard Defender of Old Coinage!

    Could be gold will go down again after the Fed Meeting at the end of July. I'm not sure what we're in for but we'll see. :shifty:

    "The Fed boosted the target to a range of 1.5% to 1.75% in June, the largest hike since 1994. Fed Chair Jerome Powell said after last month's meeting that either a move of 50 or 75 basis points was on the table when policy makers gather July 26-27."
  14. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Fed needs re examine increased rate hikes and give people a chance to catch up
    especially on adjustable rate mortgages and credit cards.
  15. charley

    charley Well-Known Member

  16. Collecting Nut

    Collecting Nut Borderline Hoarder

    If you thought the Fed was making bad decisions, think again. What they are currently doing to correct those bad decisions is worse.
    daniel a DiBiasio and Mr. Flute like this.
  17. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    Maybe, maybe not...the market will tell us.
    harrync likes this.
  18. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Why not ? taking interest rates in major chunks hurts the working man !
    Cheech9712 likes this.
  19. Heavymetal

    Heavymetal Well-Known Member

    There is a certain amount of speculation in most markets. Some with borrowed money (on margin). As rates increase the cost to own gold, with no coupon, gets expensive and drives out many speculators. Also increased selling to cover other sector losses adds pressure down.
    I have about 15 times more available cash than spec gold/platinum so it’s an opportunity for for this old guy to get back in just one more time.
    And an 824 FICO if precious metals get tooo low
    -jeffB likes this.
  20. Collecting Nut

    Collecting Nut Borderline Hoarder

    The andwer
    There is no maybe, maybe not when the Mint’s prices are higher than the newest Red Book.
    GoldFinger1969 likes this.
  21. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    a high FICO score never hurts been massaging my daughters credit for
    about 4 years now and have her at
    an 830 but she owes nothing on her
    credit cards 0 balances anc can basically
    gets what she wants :)
    -jeffB, GoldFinger1969 and Heavymetal like this.
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