Good news, bad news.... Depends on 'the side of the coin' you look at... Great for bullion holders, not so great for the dollar....Interesting weeks ahead, fasten your seat belts. Cheers, RickO
nothing unusual like the stock market up one day, down the next, metals maybe high now but it's a bubble and will pop sometime down the road and when it does things will not be pretty for those who invested in metals
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
@PCGSFreddie said:
Really? I can't believe the people who are complaining about gold and silver prices going up. This is why you buy it! Some people will never be happy
I also buy fire insurance, but I'm never going to cheer a fire.
I have gold and silver. I am also PRAYING for a gold collapse to $1000 and silver at $12.
I don't like crazy and irrational markets. And as others have said here the rise is a result at least partly of the weakening dollar. I would not want to profit from the suffering of multitudes of people. This is like the Midas effect the Phrygian king, as Aristotle once warned about his "vain prayer".
@logger7 said:
I don't like crazy and irrational markets. And as others have said here the rise is a result at least partly of the weakening dollar. I would not want to profit from the suffering of multitudes of people. This is like the Midas effect the Phrygian king, as Aristotle once warned about his "vain prayer".
I don't like crazy and irrational markets either. But I see this move as market moving into a rational state from an crazy and irrational one. The US government has been running up huge deficits. The only reason we have not had crazy inflation is that other countries were far worse, and they wanted our dollars!
That can only go on for so long, the silver and gold market is finally starting to act rationally.
@jmlanzaf said:
It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap
I agree that if things get bad, the PM will continue to climb. It may not mean buying opportunities in rare coins though. Because of the nature of coins many coin collectors also have precious metals. As PM prices go up, the wealth will start to shift from the people that held dollars to the people that held PMs. With more wealth in the hands of people interested in rare coins, it will help even collector coins.
@silverpop ....For those who invested in metals.... over the years, and have sold on high points to cover the entire cost of their investments, even a drop in metals prices leave them with large profit possibilities. There are those stackers whose entire holdings are free of cost.... and some purchased years ago during $400-500 gold....Cheers, RickO
@logger7 said:
I don't like crazy and irrational markets. And as others have said here the rise is a result at least partly of the weakening dollar. I would not want to profit from the suffering of multitudes of people. This is like the Midas effect the Phrygian king, as Aristotle once warned about his "vain prayer".
I don't like crazy and irrational markets either. But I see this move as market moving into a rational state from an crazy and irrational one. The US government has been running up huge deficits. The only reason we have not had crazy inflation is that other countries were far worse, and they wanted our dollars!
That can only go on for so long, the silver and gold market is finally starting to act rationally.
@chesterb said:
It's not just PMs that are up. Stock market and Bitcoin is up too. The S&P is down off it's high but all things considered has rebounded well.
@shorecoll said:
CNBC this morning said the market is betting the vaccine will work, and the gold bugs are betting that it won't.
Many make both bets and one will cover the other.
I disagree the gold bugs are betting against a vaccine. I believe we are betting the government stimulus packages throughout the world due to the pandemic, the USA/China cold war and the weakening dollar due to low interest rates and bond markets are fueling the bull market in gold and silver. We are enjoying an overdue correction that should last at least the next 99 days and most likely to end of 2020🇺🇸👍😷
a vaccine is what will save the dollar from collapsing, nobody here wants to see the dollar collapse, so hope for a vaccine quick. gold will continue to go up with a vaccine or not, the hole is just too deep now. govt debt is causing the dollar to drop, the main reason PM's are going up, there is no more money for a 3rd bailout
I got excited about PM's during the 2011 price rise. This time I am avoiding that emotion although I substantially increased my stacks of both metals from 2012 to 2018. Too far, too fast seems ripe for a big downward correction. That correction I will view as another buying opportunity.
@chesterb said:
It's not just PMs that are up. Stock market and Bitcoin is up too. The S&P is down off it's high but all things considered has rebounded well.
Just because gold is going up does not unconditionally mean that we are on the precipice of economic disaster. There are advantages as well as disadvantages to a weakening dollar. There are advantages as well as disadvantages to inflation. We are a far more prosperous country today than we were when gold was trading at $35/ounce.
I just want silver to get to $40 so I can dump all the stuff I forgot to sell the last time it was at $40...you guys can have the profits after that, I'm not greedy.
@CoinJunkie said:
Just because gold is going up does not unconditionally mean that we are on the precipice of economic disaster. There are advantages as well as disadvantages to a weakening dollar. There are advantages as well as disadvantages to inflation. We are a far more prosperous country today than we were when gold was trading at $35/ounce.
And we are clearly a far more prosperous country than we were when gold was trading at $1500/ounce
Just another go at the merry-go-round, just enjoy the ride. During the last run-up, I was at a coin show where a few people were discussing how great this price increase was and how worthless those paper gubmint dollars were, blah, blah, blah. I then asked if you were to sell your metals today and take a profit, what would you get in return? They were silent. At least you can use those to buy at the next dip haha.
Sometimes you gotta cash out and take some profits. Don't be Silas Marner. Don't be that guy.
@jmlanzaf said:
It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap
I agree that if things get bad, the PM will continue to climb. It may not mean buying opportunities in rare coins though. Because of the nature of coins many coin collectors also have precious metals. As PM prices go up, the wealth will start to shift from the people that held dollars to the people that held PMs. With more wealth in the hands of people interested in rare coins, it will help even collector coins.
This is a good point..
With gold and silver up, I feel wealthier in the hard assets category, but rather than sell some bullion, I feel like balancing the allocation by buying more numismatic items.. this month, after a nearly year drought, bought 3 early quarters.
@jmlanzaf said:
It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap
I agree that if things get bad, the PM will continue to climb. It may not mean buying opportunities in rare coins though. Because of the nature of coins many coin collectors also have precious metals. As PM prices go up, the wealth will start to shift from the people that held dollars to the people that held PMs. With more wealth in the hands of people interested in rare coins, it will help even collector coins.
This is a good point..
With gold and silver up, I feel wealthier in the hard assets category, but rather than sell some bullion, I feel like balancing the allocation by buying more numismatic items.. this month, after a nearly year drought, bought 3 early quarters.
That assumes your wealth is more dependent on PM and not the job that you no longer have. It assumes there is no corresponding inflation from the drop in the dollar that causes you to need the PM profits to buy food or shelter or medicine.
This is the definition of privilege. The assumption that the pain is always someone else's to endure.
If anyone thinks gold & silver are going up because of how strong the economy is as opposed to the drop in the dollar, you might want to check your charts.
@jmlanzaf said:
It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap
I agree that if things get bad, the PM will continue to climb. It may not mean buying opportunities in rare coins though. Because of the nature of coins many coin collectors also have precious metals. As PM prices go up, the wealth will start to shift from the people that held dollars to the people that held PMs. With more wealth in the hands of people interested in rare coins, it will help even collector coins.
This is a good point..
With gold and silver up, I feel wealthier in the hard assets category, but rather than sell some bullion, I feel like balancing the allocation by buying more numismatic items.. this month, after a nearly year drought, bought 3 early quarters.
That assumes your wealth is more dependent on PM and not the job that you no longer have. It assumes there is no corresponding inflation from the drop in the dollar that causes you to need the PM profits to buy food or shelter or medicine.
This is the definition of privilege. The assumption that the pain is always someone else's to endure.
If anyone thinks gold & silver are going up because of how strong the economy is as opposed to the drop in the dollar, you might want to check your charts.
Call it what you will ... all I know is ... I have been waiting for something to drive the PM market up.
It's not privilege or greed or anything else ... It just happens to be ... hopefully ... my time.
Really no more or less than that.
@TurtleCat said:
It won’t be long before the big players dump bullion to cash out and profit I’d imagine.
And put their money where? Hopefully not US Dollars or US Cash. The dollar has been dumping like crazy since the March peak at 103.....now down to 93. The govt is printing/key stroking dollars like crazy (+$4 TRILL just this year) and you want to invest in them? Maybe the Euro or JPY would be better. Dollar is following GSR....they tend to flow together. Dollar looks to be headed to 84 to meet the projection of the 2015-2020 expanding wedge it built. Until GSR and USDX bottom, gold and silver probably not a bad place to be. Need more resolution from CoVid and the economy.....and the election. Chaos reigns until then.
@ElmerFusterpuck said:
Just another go at the merry-go-round, just enjoy the ride. During the last run-up, I was at a coin show where a few people were discussing how great this price increase was and how worthless those paper gubmint dollars were, blah, blah, blah. I then asked if you were to sell your metals today and take a profit, what would you get in return? They were silent. At least you can use those to buy at the next dip haha.
Sometimes you gotta cash out and take some profits. Don't be Silas Marner. Don't be that guy.
Unlikely that those people had any real grub stake in the physical metal markets. Minor positions or lookers. You need to watch the real stake holders which are TBTF banks, Asians, and Europeans. Don't look to US citizens' behavior when it comes to gold trends. They were right about worthless fiat currency which gets cheaper every year as more and more in made. World currencies are always in free-fall. It's just a matter who's currency at the time if free-falling the slowest. Physical gold supplies increase at 1-2% per year. Currencies at 5-20% per year. Do the math.
Gold bugs betting against a vaccine? I must be way out of touch. Sounds whacky to me. Gold bugs bet on currency and interest rate movements, build up of sovereign debt, and confidence in economies/govt's. CoVid is a Red Herring. And even if there is vaccine maybe it's 30% effective...like flu vaccines. Don't ever bet on those unless you're a shareholder in specific Pharma stocks working on the "cures." And the efficacy of any vaccine will change yearly. Finding proper therapeutics to cushion the severity of one's symptoms is the real answer if CoVid doesn't burn out....or people don't get partial to full immunity over time. I only know that TPTB want chaos to reign until election time. Don't expect any big changes until then.
Remember back in 2011 when people were saying they didn't want to live in a world with $2000 gold. Perish the thought. Food costs would become astronomical. And it never happened. Here we are approaching $2000 and many foods and commodities still are closer to historic lows than at any time in decades. That predicted $10 to $20 loaf of bread? Not happening.....back then or today. Though the smart retailers are still shrinking packaging and cans to keep the consumers confused.
@TurtleCat said:
It won’t be long before the big players dump bullion to cash out and profit I’d imagine.
And put their money where? Hopefully not US Dollars or US Cash. The dollar has been dumping like crazy since the March peak at 103.....now down to 93. The govt is printing/key stroking dollars like crazy (+$4 TRILL just this year) and you want to invest in them? Maybe the Euro or JPY would be better. Dollar is following GSR....they tend to flow together. Dollar looks to be headed to 84 to meet the projection of the 2015-2020 expanding wedge it built. Until GSR and USDX bottom, gold and silver probably not a bad place to be. Need more resolution from CoVid and the economy.....and the election. Chaos reigns until then.
Well, I did say soon and not today. As for where they would put the profits? I imagine in other places like stock, bonds, real estate, or other area where they want to maximize returns. And, as you said, they can certainly convert to other currencies.
@Smudge said:
This is moving too fast for my comfort.
I hold a decent amount of gold and silver and I can tell you when it falls it does so with even more velocity. But, maybe it I’ll be different this time
m
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Comments
Bitcoin over $10k again.
$1950.70 Gold
$24.41 Silver
Right now.
I hope it sticks for a while
Me too.
I personally think the prices will keep climbing and climbing and climbing.
It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap
The coins I'm interested in ... will never be cheap.
It won’t be long before the big players dump bullion to cash out and profit I’d imagine.
TurtleCat Gold Dollars
If you own bullion it’s great news 😄
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Good news, bad news.... Depends on 'the side of the coin' you look at... Great for bullion holders, not so great for the dollar....Interesting weeks ahead, fasten your seat belts. Cheers, RickO
Never say never. Since we're basically cheering economic Armageddon...
Not necessarily. If bullion prices are going up as a result of the dollar dropping, all you are doing is breaking even.
You also have to assume that you are somehow immune to the economic fall-out from an economic collapse.
I hope it will go down, I was saving up for a generic 10$ gold Indian.
nothing unusual like the stock market up one day, down the next, metals maybe high now but it's a bubble and will pop sometime down the road and when it does things will not be pretty for those who invested in metals
Photos
https://photos.app.goo.gl/Pcv6DvgJY5Zf5zAQ8
Really? I can't believe the people who are complaining about gold and silver prices going up. This is why you buy it! Some people will never be happy
They is?
I also buy fire insurance, but I'm never going to cheer a fire.
I have gold and silver. I am also PRAYING for a gold collapse to $1000 and silver at $12.
I don't like crazy and irrational markets. And as others have said here the rise is a result at least partly of the weakening dollar. I would not want to profit from the suffering of multitudes of people. This is like the Midas effect the Phrygian king, as Aristotle once warned about his "vain prayer".
@jmlanzaf said:
I am also PRAYING for a gold collapse to $1000 and silver at $12.
That being said I'm cashing mine in!
I don't like crazy and irrational markets either. But I see this move as market moving into a rational state from an crazy and irrational one. The US government has been running up huge deficits. The only reason we have not had crazy inflation is that other countries were far worse, and they wanted our dollars!
That can only go on for so long, the silver and gold market is finally starting to act rationally.
Join the fight against Minnesota's unjust coin dealer tax law.
I agree that if things get bad, the PM will continue to climb. It may not mean buying opportunities in rare coins though. Because of the nature of coins many coin collectors also have precious metals. As PM prices go up, the wealth will start to shift from the people that held dollars to the people that held PMs. With more wealth in the hands of people interested in rare coins, it will help even collector coins.
Join the fight against Minnesota's unjust coin dealer tax law.
@silverpop ....For those who invested in metals.... over the years, and have sold on high points to cover the entire cost of their investments, even a drop in metals prices leave them with large profit possibilities. There are those stackers whose entire holdings are free of cost.... and some purchased years ago during $400-500 gold....Cheers, RickO
Thank you! Finally a post that makes sense!
It's not just PMs that are up. Stock market and Bitcoin is up too. The S&P is down off it's high but all things considered has rebounded well.
ANYTHING but dollars.
CNBC this morning said the market is betting the vaccine will work, and the gold bugs are betting that it won't.
Many make both bets and one will cover the other.
I disagree the gold bugs are betting against a vaccine. I believe we are betting the government stimulus packages throughout the world due to the pandemic, the USA/China cold war and the weakening dollar due to low interest rates and bond markets are fueling the bull market in gold and silver. We are enjoying an overdue correction that should last at least the next 99 days and most likely to end of 2020🇺🇸👍😷
a vaccine is what will save the dollar from collapsing, nobody here wants to see the dollar collapse, so hope for a vaccine quick. gold will continue to go up with a vaccine or not, the hole is just too deep now. govt debt is causing the dollar to drop, the main reason PM's are going up, there is no more money for a 3rd bailout
I got excited about PM's during the 2011 price rise. This time I am avoiding that emotion although I substantially increased my stacks of both metals from 2012 to 2018. Too far, too fast seems ripe for a big downward correction. That correction I will view as another buying opportunity.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
Yes, it's all about the dollar tanking...
Just because gold is going up does not unconditionally mean that we are on the precipice of economic disaster. There are advantages as well as disadvantages to a weakening dollar. There are advantages as well as disadvantages to inflation. We are a far more prosperous country today than we were when gold was trading at $35/ounce.
Ha! And in comes, albeit a bit late, the forum contrarian to throw a wet blanket on the parade.
I just want silver to get to $40 so I can dump all the stuff I forgot to sell the last time it was at $40...you guys can have the profits after that, I'm not greedy.
And we are clearly a far more prosperous country than we were when gold was trading at $1500/ounce
Just another go at the merry-go-round, just enjoy the ride. During the last run-up, I was at a coin show where a few people were discussing how great this price increase was and how worthless those paper gubmint dollars were, blah, blah, blah. I then asked if you were to sell your metals today and take a profit, what would you get in return? They were silent. At least you can use those to buy at the next dip haha.
Sometimes you gotta cash out and take some profits. Don't be Silas Marner. Don't be that guy.
10-4,
My Instagram picturesErik
My registry sets
This is a good point..
With gold and silver up, I feel wealthier in the hard assets category, but rather than sell some bullion, I feel like balancing the allocation by buying more numismatic items.. this month, after a nearly year drought, bought 3 early quarters.
Liberty: Parent of Science & Industry
That assumes your wealth is more dependent on PM and not the job that you no longer have. It assumes there is no corresponding inflation from the drop in the dollar that causes you to need the PM profits to buy food or shelter or medicine.
This is the definition of privilege. The assumption that the pain is always someone else's to endure.
If anyone thinks gold & silver are going up because of how strong the economy is as opposed to the drop in the dollar, you might want to check your charts.
Call it what you will ... all I know is ... I have been waiting for something to drive the PM market up.
It's not privilege or greed or anything else ... It just happens to be ... hopefully ... my time.
Really no more or less than that.
And put their money where? Hopefully not US Dollars or US Cash. The dollar has been dumping like crazy since the March peak at 103.....now down to 93. The govt is printing/key stroking dollars like crazy (+$4 TRILL just this year) and you want to invest in them? Maybe the Euro or JPY would be better. Dollar is following GSR....they tend to flow together. Dollar looks to be headed to 84 to meet the projection of the 2015-2020 expanding wedge it built. Until GSR and USDX bottom, gold and silver probably not a bad place to be. Need more resolution from CoVid and the economy.....and the election. Chaos reigns until then.
Unlikely that those people had any real grub stake in the physical metal markets. Minor positions or lookers. You need to watch the real stake holders which are TBTF banks, Asians, and Europeans. Don't look to US citizens' behavior when it comes to gold trends. They were right about worthless fiat currency which gets cheaper every year as more and more in made. World currencies are always in free-fall. It's just a matter who's currency at the time if free-falling the slowest. Physical gold supplies increase at 1-2% per year. Currencies at 5-20% per year. Do the math.
Gold bugs betting against a vaccine? I must be way out of touch. Sounds whacky to me. Gold bugs bet on currency and interest rate movements, build up of sovereign debt, and confidence in economies/govt's. CoVid is a Red Herring. And even if there is vaccine maybe it's 30% effective...like flu vaccines. Don't ever bet on those unless you're a shareholder in specific Pharma stocks working on the "cures." And the efficacy of any vaccine will change yearly. Finding proper therapeutics to cushion the severity of one's symptoms is the real answer if CoVid doesn't burn out....or people don't get partial to full immunity over time. I only know that TPTB want chaos to reign until election time. Don't expect any big changes until then.
Remember back in 2011 when people were saying they didn't want to live in a world with $2000 gold. Perish the thought. Food costs would become astronomical. And it never happened. Here we are approaching $2000 and many foods and commodities still are closer to historic lows than at any time in decades. That predicted $10 to $20 loaf of bread? Not happening.....back then or today. Though the smart retailers are still shrinking packaging and cans to keep the consumers confused.
I'm working on a combination vaccine syringe/tattoo needle.
I think I can save all the junkies.
Well, I did say soon and not today. As for where they would put the profits? I imagine in other places like stock, bonds, real estate, or other area where they want to maximize returns. And, as you said, they can certainly convert to other currencies.
TurtleCat Gold Dollars
Gold $1982.36 up $72.94 right now
Silver $26.12 up $3.22 right now
I see no end in sight yet ... it's on it's way to new highs not thought possible ... IMO.
Someone certainly let the dogs out... and they are running wild.
This is moving too fast for my comfort.
I hold a decent amount of gold and silver and I can tell you when it falls it does so with even more velocity. But, maybe it I’ll be different this time
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Me too. I wasn't collecting during the last runup so this is new to me. I prefer the slow and steady movement.
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GSR now 76/1, not long ago it was 120/1. Getting weird.
Getting weird already happened. Getting weirder is on the horizon.
I like velocity. And torque.
My observation is that when the GSR starts to fall...you have a VERY LIMITED amount of time to flip to gold.