Happy Anniversary to Gold

cohodk

8 years ago today gold peaked at $1923.

Do you remember it? I don't particularly, but I did go back and read some threads from a few days before and after. Predictions of when 2000 would be hit, North Korea doing stupid stuff, China was mentioned as was US debt problems. Seems the more things change the more they stay the same.

Do you have any memories of that time?

jmski52

Sept. 6, 2011? That's about the time I bought an MS-69 1 ozer 2001 Platinum Eagle from Fatman for $1,900 or $2,100, somewhere in there. Because of the higher prices, I had tapered off my buying quite a bit, but I think that's the highest cost basis coin (in relative terms) that I have.

I think that I do a bit more trading in precious metals & coins when prices are high, both buying & selling. It may be somewhat psychological or it may be a function of the market's liquidity, but that's about the only time that I can justify some active portfolio turnover because I'm able to cash in on some of the things I've decided to get rid of and at the same time, acquire some collectible coins that I otherwise might not buy. All while managing the tax implications.

DrBuster

I was trading every oz of generic silver I had, and the 5 coin ASE sets I got for gold then. Wasn't much, but the ratio was great and I believe for the little bit of AU I have, including all I've bought since, my cost is about ~750/oz

ricko

It was right about that time that I sold my two sets of Britannia gold coins....very close to peak melt, plus set/coin value of course....Cheers, RickO

TwoSides2aCoin

Yeah, I have memories... but they faded like my rose colored lenses.

Baley

I'd have to review the posts and comments to remember what I was thinking.. it was around that time that "the world very rarely ends" case was being made in the many SHTF threads, which i did and do still agree with.

oldstandard

I was selling gold, it was about the only think I caught near the peak silver since I had so much I started selling at 28 most of it was sold at $36 a some in the $40's. I did end up not selling 4000 oz. of silver which now helps me with my new average since the 4000 oz. was bought at $8 oh well can' t win them all.

cohodk

I think that I do a bit more trading in precious metals & coins when prices are high, both buying & selling

This is very typical of peaks in all assets. Remember how quickly houses were being bought and sold in 2006?

Its classic FOMO (fear of missing out) and greater fool theory in practice. Understand the role of emotion in asset trading/pricing can give oneself a huge advantage.

cohodk

Here are some of the topics being discussed at that time..

blitzdude

@cohodk said:
I think that I do a bit more trading in precious metals & coins when prices are high, both buying & selling

This is very typical of peaks in all assets. Remember how quickly houses were being bought and sold in 2006?

Its classic FOMO (fear of missing out) and greater fool theory in practice. Understand the role of emotion in asset trading/pricing can give oneself a huge advantage.

Are you saying the rally is done?

Gold not looking bad at all, even today in every single currency minus the USD and other 2 currencies I'm too lazy to go look up. lol (RMB and CHF I think)

Just a dip perhaps? Stack on!

derryb

While corrections will occur as gold prices greatly exceed their 200 day moving average, the current message from gold is clear: confidence in the US economy and what the money masters are telling us is on shaky ground.

cohodk

@blitzdude said:

@cohodk said:
I think that I do a bit more trading in precious metals & coins when prices are high, both buying & selling

This is very typical of peaks in all assets. Remember how quickly houses were being bought and sold in 2006?

Its classic FOMO (fear of missing out) and greater fool theory in practice. Understand the role of emotion in asset trading/pricing can give oneself a huge advantage.

Are you saying the rally is done?

No

cohodk

@derryb said:
While corrections will occur as gold prices greatly exceed their 200 day moving average, the current message from gold is clear: confidence in the US economy and what the money masters are telling us is on shaky ground.

Or....gold/silver has lagged every asset class terribly over the last decade and is playing catch-up.

derryb

@cohodk said:

@derryb said:
While corrections will occur as gold prices greatly exceed their 200 day moving average, the current message from gold is clear: confidence in the US economy and what the money masters are telling us is on shaky ground.

Or....gold/silver has lagged every asset class terribly over the last decade and is playing catch-up.

Or, for the past decade confidence has been asleep (controlled). When that confidence wakes up, gold wakes up. Why is gold suddenly playing catch up, eh?

cohodk

@derryb said:

@cohodk said:

@derryb said:
While corrections will occur as gold prices greatly exceed their 200 day moving average, the current message from gold is clear: confidence in the US economy and what the money masters are telling us is on shaky ground.

Or....gold/silver has lagged every asset class terribly over the last decade and is playing catch-up.

Or, for the past decade confidence has been asleep (controlled). When that confidence wakes up, gold wakes up. Why is gold suddenly playing catch up, eh?

Because some dolt on this forum has been talking about relative valuations for about 2 years now.

He who always talks about small hand size probably has small hands.

blitzdude

@cohodk said:
He who always talks about small hand size probably has small hands.

???????????????????

jmski52

I'd have to review the posts and comments to remember what I was thinking.. it was around that time that "the world very rarely ends" case was being made in the many SHTF threads, which i did and do still agree with.

It didn't end in 1980, but 1978 &1979 were sure interesting. 2011 - yeah, but I hardly noticed at that point.

Its classic FOMO (fear of missing out) and greater fool theory in practice. Understand the role of emotion in asset trading/pricing can give oneself a huge advantage.

That's not what I was saying in my post. I use the market's higher liquidity to play a little bit more in the things I enjoy, and to dump the things that would be otherwise a bit harder to dump.

Understand the role of emotion in asset trading/pricing can give oneself a huge advantage.

Some of us really don't "trade" when it seems a better approach to accumulate at depressed prices over time. If I had to guess, I'd say that we're in about the 1978 zone right now - with a market spike somewhere down the road.

The question for me will be - what to do when the spike starts to materialize? Obviously, the sentiment will seem that gold & silver won't ever go back down and that a new paradigm is happening wherein gold & silver will be hard to find at any price.

Well, we've been there before too. Circle back to Baley's comment, see above. The biggest challenges will be when & how to liquidate, and where to go with the proceeds then. When the market is boiling over, no other good options seem clear and big moves are always riskier.

Life goes on. "Wooden Ships" - Crosby, Stills, Nash & Young

ChrisRx

That's when we bought our first house for cheap due in part to deregulations that led to the housing bubble. Thanks again, dubya!

derryb

Gold hits record high in euros

cohodk

@derryb said:
Gold hits record high in euros

https://forums.collectors.com/discussion/comment/12412959#Comment_12412959

I knew it would happen.

derryb

Everything happens. Knowing when is another story.

cohodk

@derryb said:
Everything happens. Knowing when is another story.

So pay attention!!😉🙂

derryb

just because one ignores you does not mean they are not paying attention to what matters.

cohodk

Seems i do have your attention 😛

Have a blissful day.