Home U.S. Coin Forum

In honor of gold in the 1850s ... OK now on to the 1880s

13468925

Comments

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

  • PerryHallPerryHall Posts: 46,107 ✭✭✭✭✭

    @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    "Paper gold" is an oxymoron. :D

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @PerryHall said:

    @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    "Paper gold" is an oxymoron. :D

    Then you don't own your house because ownership is represented by a paper deed. You don't own stock because ownership is reoresented by digital stock certificates, etc.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    @jmlanzaf said:

    @PerryHall said:

    @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    "Paper gold" is an oxymoron. :D

    Then you don't own your house because ownership is represented by a paper deed. You don't own stock because ownership is reoresented by digital stock certificates, etc.

    Let's put it another way.
    You basically don't own your house as long as there can be a claim against it. Mortgage or taxing authority.
    You don't own a claim on a company through stock ownership because you can be forced to tender that ownership or the company can BK you to zero. Try enforcing your ownership if the company demands you sell it. All you will have done is temporarily loaned that company capital so they can operate.
    You don't own the 'cash' in the bank because legally the bank owns it. You trust them to keep it secure for your usage.
    You do own gold if you bought it legally. Gold has no counterparty risk. That's a quality that some people value in times of uncertainty.

    Have a nice day
  • skier07skier07 Posts: 3,964 ✭✭✭✭✭

    $1943

    Unfortunately > @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    I’m confused. Seriously, how do you paper trade gold if you “had the stuff packed up and ready”? It sounds to me like the gold is physically in your possession and not in a fund or ETF.

  • TurtleCatTurtleCat Posts: 4,600 ✭✭✭✭✭

    Back down to 1888 right now...


  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭
    edited February 25, 2022 10:26AM

    @skier07 said:
    $1943

    Unfortunately > @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    I’m confused. Seriously, how do you paper trade gold if you “had the stuff packed up and ready”? It sounds to me like the gold is physically in your possession and not in a fund or ETF.

    I was referring to physical gold. If I had paper gold, I could have sold it at $1977 at 6:30 am. I was pointing out that the fact that it was physical gold made it impossible for almost anyone in the US to execute the trade at the peak.

  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @streeter said:

    @jmlanzaf said:

    @PerryHall said:

    @jmlanzaf said:

    @1northcoin said:
    Curious how many were actually able to take advantage of the earlier in the day highs through selling?

    I could have. I actually had the stuff packed up and ready. But I had drawn a firm line at 1970 when I sold 40% of my gold at 1900 last week. When it dropped back to 1950 yesterday, I decided to hold off for now.

    That is, by the way, the advantage of trading paper gold. You can do it 24 hours per day during the week and a click of a mouse would have executed the sale.

    "Paper gold" is an oxymoron. :D

    Then you don't own your house because ownership is represented by a paper deed. You don't own stock because ownership is reoresented by digital stock certificates, etc.

    Let's put it another way.
    You basically don't own your house as long as there can be a claim against it. Mortgage or taxing authority.
    You don't own a claim on a company through stock ownership because you can be forced to tender that ownership or the company can BK you to zero. Try enforcing your ownership if the company demands you sell it. All you will have done is temporarily loaned that company capital so they can operate.
    You don't own the 'cash' in the bank because legally the bank owns it. You trust them to keep it secure for your usage.
    You do own gold if you bought it legally. Gold has no counterparty risk. That's a quality that some people value in times of uncertainty.

    Yes and no. Yes, you can roll naked in your pile of gold. But, no, it doesn't have some kind of USEFUL intrinsic value.

    Gold does you no good if you can't exchange it for something that is actually useful. So, in that sense there is a risk in holding it. You need to find a trading partner, possibly two. If the farmer doesn't want your useless gold for his useful food, you need to find someone who will give you something the farmer wants in exchange for your gold. Virtually all gold monetary use in the last hundred years has required conversion to cash as an intermediary. So, you are kind of in the same bind as anyone holding paper or digital assets. You still need a marketplace that is capable and willing to facilitate exchanges.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    JM
    We think differently. If it got down to me trading Saints for food, things would have to be very bad. Even at that point, gold is not in my trading acct. Farmer John will be ringing me up to supply him with the ability to protect his crop and livestock. I sell ammo and guns. But thanks for your advice.

    Have a nice day
  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @streeter said:
    JM
    We think differently. If it got down to me trading Saints for food, things would have to be very bad. Even at that point, gold is not in my trading acct. Farmer John will be ringing me up to supply him with the ability to protect his crop and livestock. I sell ammo and guns. But thanks for your advice.

    Oh, I think we actually kind of agree. I don't believe in gold as Armageddon insurance. Canned goods and bullets are all that really matter when things really go south. Gold will only be useful to throw at the marauders when you run out of bullets.

    Short of that, I rely on a functioning social order and financial system.

  • pcgscacgoldpcgscacgold Posts: 2,848 ✭✭✭✭✭

    @OnlyGoldIsMoney said:
    Closed today at $1889

    WOW!!! I really like that one.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    GOLD $1,909.94 (+20.25)

    Once again heading back up past the $1900 threshold.

    Volatile week ahead?

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    GOLD $1,935.64 (+26.09)

    A significant uptick.

  • lkeneficlkenefic Posts: 8,160 ✭✭✭✭✭

    Looking at $1943.10...

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    I find it a bit disturbing to be cheering the war premium.

  • MilesWaitsMilesWaits Posts: 5,338 ✭✭✭✭✭

    Try not to be so hard on yourself.

    Now riding the swell in PM's and surf.
  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    @lkenefic said:
    Looking at $1943.10...

    OK, continuing the climb:

    GOLD $1,948.34 (+38.79)

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    @jmlanzaf said:
    I find it a bit disturbing to be cheering the war premium.

    Have to question what, if any, pressure can be attributed to Russian Oligarchs turning their rubles into gold?

    Of course many already had their investments outside of Russia. When I was in Russia a few years ago there were many even then disparaging the Russian elite for having their money elsewhere and not supporting their own economy.

  • lkeneficlkenefic Posts: 8,160 ✭✭✭✭✭

    They can trade rubles for gold until the Russian Central Bank has to cash in gold to prop up their economy. I recall something like this happening in the 1980s when gold was ~$300/oz...

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    @lkenefic said:
    They can trade rubles for gold until the Russian Central Bank has to cash in gold to prop up their economy. I recall something like this happening in the 1980s when gold was ~$300/oz...

    I recall visiting a family in Russia who had their entire savings wiped out when the ruble crashed. It is economic disaster for many again unfortunately.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭
    edited March 3, 2022 6:19AM

    🎶 shout shout, let it all out 🎶

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    And now it drops. I enjoy watching the changes except in a case like this where humanity or lack of it is driving the move.
    Sad moments in time 🤨

    🎶 shout shout, let it all out 🎶

  • pcgscacgoldpcgscacgold Posts: 2,848 ✭✭✭✭✭

    Taking another run at $2000. Sitting at $1966 now.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    GOLD $1,963.59 (+26.71)

    It will be interesting to see how long $1950 will be the new benchmark.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    😳😳

    🎶 shout shout, let it all out 🎶

  • GoldminersGoldminers Posts: 3,954 ✭✭✭✭✭

    @jmlanzaf said:
    Vast majority of Palladium comes from Russia. No big surprise.

    Physical palladium for new cat converters is going to be very hard to obtain at any price if the situation and sanctions continue.

    Expect new car prices to go way up even more, as nickel for EV batteries and palladium is needed for even hybrid electric vehicles. The huge Norilsk Mine in Russia, produces 14% of nickel in the world, 41% of the palladium, and 10% of the platinum. They might only be able to sell to China soon, not the West. An average electric vehicle battery has 80 pounds of nickel.

    Even a Jefferson nickel (75% copper, 25% nickel) is worth about 7.6 cents at melt now.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    GOLD $1,971.49 (+34.61)

    Stuck here for the weekend. A new normal?

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    @Goldminers said:

    @jmlanzaf said:
    Vast majority of Palladium comes from Russia. No big surprise.

    Physical palladium for new cat converters is going to be very hard to obtain at any price if the situation and sanctions continue.

    Expect new car prices to go way up even more, as nickel for EV batteries and palladium is needed for even hybrid electric vehicles. The huge Norilsk Mine in Russia, produces 14% of nickel in the world, 41% of the palladium, and 10% of the platinum. They might only be able to sell to China soon, not the West. An average electric vehicle battery has 80 pounds of nickel.

    Even a Jefferson nickel (75% copper, 25% nickel) is worth about 7.6 cents at melt now.

    Now that would really be making a statement. Stop buying electric cars.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    🎶 shout shout, let it all out 🎶

  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @Jzyskowski1 said:

    That site is not quoting the normal spot price. What are they quoting?

  • pcgscacgoldpcgscacgold Posts: 2,848 ✭✭✭✭✭

    As of the time of this post APMEX has gold at $2000.60 per oz. Golden Eagle has it at $1998 an oz.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭
    edited March 6, 2022 4:53PM

    Bullion Exchange.com . NY . It’s their take on the market. I use it because it’s very easy to see and simple to use. I’m not in need of exact prices but I’m certain that is close 😉

    🎶 shout shout, let it all out 🎶

  • jmlanzafjmlanzaf Posts: 34,067 ✭✭✭✭✭

    @Jzyskowski1 said:
    Bullion Exchange.com . NY . It’s their take on the market. I use it because it’s very easy to see and simple to use. I’m not in need of exact prices but I’m certain that is close 😉

    It was like 25 cents high on silver and $10 high on gold. I guess that's "close". But kitco.com is just as easy to use and more accurate.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    No their following current trading
    At least it’s moving so I would guess it is current.

    🎶 shout shout, let it all out 🎶

  • skier07skier07 Posts: 3,964 ✭✭✭✭✭
    edited March 6, 2022 5:27PM

    Price 5:23 PM PST
    Dow futures down 420
    Nasdaq (IXIC) futures down 258

  • MilesWaitsMilesWaits Posts: 5,338 ✭✭✭✭✭

    Don’t underestimate the PPT.

    Now riding the swell in PM's and surf.
  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    GOLD $1,990.90 (+19.41)

    Looking back to May of 2021 with gold at 1850. Looks like we may need to start pulling out those 2000 and above gold pieces for posting.

    Looking back:

    As the weekend comes to a close.> @1northcoin said:

    Nice.

    Here is mine:

    And a Proof 1850 for comparison that is not mine:

  • pcgscacgoldpcgscacgold Posts: 2,848 ✭✭✭✭✭

    Looks like the move continues. Hit $2006 this morning.

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    $3300 palladium. Reporting on facts is not being cruel. I don’t see anyone cheering for Putin. It’s a dang crime. The price is what it is.

    🎶 shout shout, let it all out 🎶

  • GoldminersGoldminers Posts: 3,954 ✭✭✭✭✭

    The all-time high is $2,067 for gold during the week or two spike around August 2020. If the current price and demand keep going up, we won't be able to post coins with dates to match the price.

    Also noted the US Mint has sold out of all palladium coins on their website.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    @Goldminers said:
    The all-time high is $2,067 for gold during the week or two spike around August 2020. If the current price and demand keep going up, we won't be able to post coins with dates to match the price.

    Also noted the US Mint has sold out of all palladium coins on their website.

    Recall for how long Gold hovered near that number back in 2020 or was it a flash in the pan - to use a gold inspired axiom.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    Nice. Apparently 1998 was also "The Year of the Tiger?"

  • jt88jt88 Posts: 3,000 ✭✭✭✭✭

    @1northcoin said:
    Nice. Apparently 1998 was also "The Year of the Tiger?"

    Yes. It come back by 12. So 1998 + 12 is 2010 + 12 is 2022.

  • 1northcoin1northcoin Posts: 4,280 ✭✭✭✭✭

    FWIW I see th price of gold is at $2007 early this morning.

  • pcgscacgoldpcgscacgold Posts: 2,848 ✭✭✭✭✭

    Now showing $2013 at this time. I can't post an image until we hit $2022. Waiting patiently.......

  • MilesWaitsMilesWaits Posts: 5,338 ✭✭✭✭✭

    Yea, Lunar Gold, as noted above repeats every 12 years, 1998 was first in Australian Series.
    I started collecting the series around 2000 for the Dragon. Now for 2010:

    Now riding the swell in PM's and surf.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file