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Any takers that we could see $2000 before the end of the year?

Spot gold [XAU= 1599.65 6.35 (+0.4%)] rose as high as $1,601.80 an ounce and was last bid near $1,601 an ounce. Gold climbed more than 3 percent for a second straight week, a feat it has not achieved since February 2009.
http://www.cnbc.com/id/43788734
 

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Maximus
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Any takers that we could see $2000 before the end of the year?



http://www.cnbc.com/id/43788734
I love gold. Big supporter of it. But the problem I am seeing is that Platinum is at $1750... to me that is a big indication that something will happen to gold in a few years.

I can certainly see it hitting 2k. Especially since gold hit an Inflated adjust price of $2200 in 1980. Before inflation that would have been about $850 an ounce... at that same time platinum was at $900. Then the bottom came out of metals and it took 30 years and a few financial crisis to catch up again.

Again, I love gold, but there is a bubble factor going on here that is inflating the prices a bit. So if you are purchasing for investment, I would be cautious.
 

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Great, just hit $1605! I'm moving some cash to gold this week. I'm hoping the price settles back down to near $1600. Next week it can move back up again! :)

Oh well, at least I'm not trying to time this for investment purposes. That would be crazy-making!
 

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Well it's mainly because of :

1) Debt negociations going nowhere and August 2nd closing in.
2) Worrying stress-test results in Europe. 5 banks down in Spain and 3 in Greece.
The worst thing is that Spain hasn't begged for some EU cash yet. Spain's fall will most certainly be the coup de grace for the unique currency.

3) Bernanke's Friday audition didn't blow up confidence in the current situation.


I can see it dropping back to 1.5k right afterWashington announces they've clinched a deal. But after all, that's just kicking the can further down the road...

My 2cents : Wait and see, but be prepared...
 

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I would say that it depends on the Eurozone and if there are any major falters over there. The other one that could cause it would be for the U.S. to not raise the debt ceiling. I am personally for keeping it where it is, anything higher than our GDP is just irresponsible. Silver however, has a much better up side. Trading at 40 an ounce it is far more affordable and the increase in wealth from it should Gold go to 2k is better. It is like owning a $10 stock and a $500 stock. They both go up, but the lower one has a bigger swing to it. Be warned though, if a sink comes silver will fall faster too.
 

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I love gold. Big supporter of it. But the problem I am seeing is that Platinum is at $1750... to me that is a big indication that something will happen to gold in a few years.

I can certainly see it hitting 2k. Especially since gold hit an Inflated adjust price of $2200 in 1980. Before inflation that would have been about $850 an ounce... at that same time platinum was at $900. Then the bottom came out of metals and it took 30 years and a few financial crisis to catch up again.

Again, I love gold, but there is a bubble factor going on here that is inflating the prices a bit. So if you are purchasing for investment, I would be cautious.
I wouldn't worry about the "bubble factor". So few people own gold and those that do, aren't buying it as an investment. Platinum is an industrial metal, and isn't in as high of a demand as it usually is. If the economy heated up, then platinum would pop to 2K-2400 quickly. Most people just don't consider holding platinum. I don't know why though.
 

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FO
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I can see it dropping back to 1.5k right afterWashington announces they've clinched a deal. But after all, that's just kicking the can further down the road...

My 2cents : Wait and see, but be prepared...
Agreed, it will drop some when the deal is announced, then in short order go right back, as the details of the "deal" reveal no real cuts, nothing more than window dressing.
 

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Great, just hit $1605! I'm moving some cash to gold this week. I'm hoping the price settles back down to near $1600. Next week it can move back up again! :)

Oh well, at least I'm not trying to time this for investment purposes. That would be crazy-making!
Wait it out! Gold and Silver always get people's attention when prices are skyrocketing and it gives you that "oh sh*t, I better get in now while I can.." feeling.. but then it usually backs off a little. Now is NOT the time to buy unless you personally think a collapse is immenent..

I want to buy more gold too but I'm going to wait at least a week and see what's happening. What am I watching? The FED and statements on QE3, Greece and to an extent, the debt crises. But the debt crises will affect the bond markets mainly with a risidual affect on PM's..
 

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I wouldn't worry about the "bubble factor". So few people own gold and those that do, aren't buying it as an investment. Platinum is an industrial metal, and isn't in as high of a demand as it usually is. If the economy heated up, then platinum would pop to 2K-2400 quickly. Most people just don't consider holding platinum. I don't know why though.
I think mainly for the exact reason you stated.. It's an industrial metal, like copper.. Gold has been a form of currency (in one way or another, either directly or currency backed by gold) for centuries. I agree though, if the economy heated up platinum prices would pop. I remember when the auto industry was in the tank prices were down because platinum is used in catalytic converters.
 

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Wait it out! Gold and Silver always get people's attention when prices are skyrocketing and it gives you that "oh sh*t, I better get in now while I can.." feeling.. but then it usually backs off a little. Now is NOT the time to buy unless you personally think a collapse is immenent..

I want to buy more gold too but I'm going to wait at least a week and see what's happening. What am I watching? The FED and statements on QE3, Greece and to an extent, the debt crises. But the debt crises will affect the bond markets mainly with a risidual affect on PM's..
Well, I really wish I HAD waited - but the order is in. There are many 'what if' scenarios which give one a reason to wait, as well as a reason to buy yesterday. But we're in for at least five years unless gold somehow manages to fall out of favor before then...
 

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Well, I really wish I HAD waited - but the order is in. There are many 'what if' scenarios which give one a reason to wait, as well as a reason to buy yesterday. But we're in for at least five years unless gold somehow manages to fall out of favor before then...
No worries.. It actually reminds me of what someone told me when I was waiting for the price of silver to go down.. I was waiting for silver to go back down around $16.00 (was at $20.00) and someone said something to the effect of "whats the point of waiting for it to go down if it's headed to $50?" Basically, even if you got in at $1604.00 in the long run it doesn't really matter if it's headed to $2K anyway..

SO... Good job!

P.S. does anyone want to trade some silver for gold? I have A LOT of silver but only one 1/4oz gold coin.. I need to diversify a little more..
 

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Free Your Mind
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It's not just gold going up. It's everything, especially the bare essentials: food and health care.

I'm convinced the real key is HOW you generate wealth. This is maybe even more important than how you store (or enjoy) it. Working a low-pay or salary-frozen job isn't the way to go, that's for sure.
aramchek is correct. Basic hard commodities "required" for life are the "golden ram". The world's population continues to grow with no end in sight. Only those producing or in possession of life sustaining water, land, food stocks, medicine, fuel (energy), and safety will prevail... As a country we have failed to exploit these resources...
 

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aramchek is correct. Basic hard commodities "required" for life are the "golden ram". The world's population continues to grow with no end in sight. Only those producing or in possession of life sustaining water, land, food stocks, medicine, fuel (energy), and safety will prevail... As a country we have failed to exploit these resources...
UGH! don't remind me... I'm currently striving to save for a well but unfortunately the water table is DEEP. :( So far I've managed to save about $4K in PM's and $2500 in cash. I'm debating on whether or not to sell my tricked out M1A SOCOM to raise some capital.. I'm estimating $10.5K just to drill.... :eek:
 

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I prefer silver to gold, wouldn't mind having gold, but the money put into silver has more than doubled within a year whereas gold has gone up about a third during the same period. If I buy fractions of an ounce of gold, which is all I could afford at each purchase time, I pay a much higher rate for it, whereas I can buy silver by the ounce with out being much above spot. One of my sons put very little money into silver over a short period, and a while later, was able to get a new Rock River Arms M4 type firearms with a lot of features and a Walter P-22 as a result of cashing in on that investment. To me, that was an incredible illustration of precious metals and value. In contrast, my beans and rice in #10 cans from a year ago, are nice to have as insurance, but probably of very little actual value.
 

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Wait it out! Gold and Silver always get people's attention when prices are skyrocketing and it gives you that "oh sh*t, I better get in now while I can.." feeling.. but then it usually backs off a little. Now is NOT the time to buy unless you personally think a collapse is immenent..

I want to buy more gold too but I'm going to wait at least a week and see what's happening. What am I watching? The FED and statements on QE3, Greece and to an extent, the debt crises. But the debt crises will affect the bond markets mainly with a risidual affect on PM's..
I find that phenomena really interesting as well.

The last 2 months, pms were dragging around their 10% lower, and that spurred talk of bubble pops.
 

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I mainly meant that if you work a job with pay that doesn't keep up with inflation, your ability to acquire PM's will grow increasingly difficult. I imagine they still might be a reasonable investment, but they'll become increasingly difficult to get into.

That's one of the fundamental problems in our society, I think, that there are very few investments even available to the struggling half of the middle-class. Stocks aren't very profitable unless you can buy them in larger volume, to overcome trading fees. And build a healthy diversification to protect yourself. Real estate is out of the question. PM's are getting more expensive also. Hard to say what is a good investment for the middle-class.

The big players haven't left us much wiggle-room.

aramchek is correct. Basic hard commodities "required" for life are the "golden ram". The world's population continues to grow with no end in sight. Only those producing or in possession of life sustaining water, land, food stocks, medicine, fuel (energy), and safety will prevail... As a country we have failed to exploit these resources...
 
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