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Gold and Silver are Taking Off.

JimnightJimnight Posts: 10,767 ✭✭✭✭✭
edited August 12, 2020 4:41AM in U.S. Coin Forum

Gold $1946.01 up $38.26 right now.
Silver $24.37 up $1.55 right now.

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Comments

  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭

    Bitcoin over $10k again.

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    $1950.70 Gold
    $24.41 Silver
    Right now.

  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭

    I hope it sticks for a while

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    @johnny9434 said:
    I hope it sticks for a while

    Me too.

    I personally think the prices will keep climbing and climbing and climbing.

  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    @jmlanzaf said:
    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.

  • TurtleCatTurtleCat Posts: 4,589 ✭✭✭✭✭

    It won’t be long before the big players dump bullion to cash out and profit I’d imagine.

  • bidaskbidask Posts: 13,834 ✭✭✭✭✭

    @jmlanzaf said:
    It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap

    If you own bullion it’s great news 😄

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @Jimnight said:

    @jmlanzaf said:
    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.

    Never say never. Since we're basically cheering economic Armageddon...

  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @bidask said:

    @jmlanzaf said:
    It's really not good news. But, hey, if things get bad enough, maybe you can buy some coins cheap

    If you own bullion it’s great news 😄

    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.

  • Mdcoincollector2003Mdcoincollector2003 Posts: 665 ✭✭✭✭✭

    I hope it will go down, I was saving up for a generic 10$ gold Indian.

  • silverpopsilverpop Posts: 6,591 ✭✭✭✭✭

    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

  • WQuarterFreddieWQuarterFreddie Posts: 2,548 ✭✭✭✭✭

    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 :/

  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭

    They is?

    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.
  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @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.

  • logger7logger7 Posts: 8,022 ✭✭✭✭✭

    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".

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    @jmlanzaf said:

    I am also PRAYING for a gold collapse to $1000 and silver at $12.

    That being said I'm cashing mine in!

  • TomthecoinguyTomthecoinguy Posts: 849 ✭✭✭✭

    @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.

  • WQuarterFreddieWQuarterFreddie Posts: 2,548 ✭✭✭✭✭

    @Tomthecoinguy said:

    @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.

    Thank you! Finally a post that makes sense!

  • chesterbchesterb Posts: 961 ✭✭✭✭✭

    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.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @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.

    ANYTHING but dollars. :s

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    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.

    ANA-LM, NBS, EAC
  • WQuarterFreddieWQuarterFreddie Posts: 2,548 ✭✭✭✭✭

    @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🇺🇸👍😷

  • coinpalicecoinpalice Posts: 2,435 ✭✭✭✭✭

    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

  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,277 ✭✭✭✭✭

    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.

  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @topstuf said:

    @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.

    ANYTHING but dollars. :s

    Yes, it's all about the dollar tanking...

  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭

    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.

  • MilesWaitsMilesWaits Posts: 5,301 ✭✭✭✭✭

    Ha! And in comes, albeit a bit late, the forum contrarian to throw a wet blanket on the parade.

    Now riding the swell in PM's and surf.
  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @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

  • ElmerFusterpuckElmerFusterpuck Posts: 4,616 ✭✭✭✭✭

    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.

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    @Tomthecoinguy said:

    @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.

    Liberty: Parent of Science & Industry

  • jmlanzafjmlanzaf Posts: 31,618 ✭✭✭✭✭

    @Baley said:

    @Tomthecoinguy said:

    @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.

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    @jmlanzaf said:

    @Baley said:

    @Tomthecoinguy said:

    @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.

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭

    @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.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    edited July 27, 2020 12:30PM

    @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.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    edited July 27, 2020 12:35PM

    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.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    I'm working on a combination vaccine syringe/tattoo needle.
    I think I can save all the junkies.

  • TurtleCatTurtleCat Posts: 4,589 ✭✭✭✭✭

    @roadrunner said:

    @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.

  • JimnightJimnight Posts: 10,767 ✭✭✭✭✭

    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 ... :D:D IMO.

  • tincuptincup Posts: 4,748 ✭✭✭✭✭

    Someone certainly let the dogs out... and they are running wild.

    ----- kj
  • SmudgeSmudge Posts: 9,208 ✭✭✭✭✭

    This is moving too fast for my comfort.

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited July 27, 2020 7:07PM

    @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 o:)

    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......
  • JTHawaiiJTHawaii Posts: 106 ✭✭✭

    @Smudge said:
    This is moving too fast for my comfort.

    Me too. I wasn't collecting during the last runup so this is new to me. I prefer the slow and steady movement.

    Successful BST Transactions With: AUandAG, SurfinxHI, tightbudget, dmarks, jfoot13, jimineez1, PerryHall, rte592, cucamongacoin, Flackthat, robkool, Walkerguy21D, pruebas, KJB, LukeMarshall, 1630Boston, chumley, privatecoin, Histman, SullyFan2, al410, mcarney1173, Coinflip, mbogoman, dm679864, commoncents05, scooter25

  • SmudgeSmudge Posts: 9,208 ✭✭✭✭✭

    GSR now 76/1, not long ago it was 120/1. Getting weird.

  • MilesWaitsMilesWaits Posts: 5,301 ✭✭✭✭✭

    Getting weird already happened. Getting weirder is on the horizon.
    I like velocity. And torque.

    Now riding the swell in PM's and surf.
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    My observation is that when the GSR starts to fall...you have a VERY LIMITED amount of time to flip to gold.

    Have a nice day

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