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What 's up with Gold prices?

Cameo CCCameo CC Posts: 663 ✭
in U.S. Coin Forum
I saw that gold went over $330.00 an ounce yesterday. Some think it will go to $350.00 - What do you think?

Sorry did not see the other thread.

Todd
Todd Abbey
800.954.0270

Comments

  • LanLordLanLord Posts: 11,714 ✭✭✭✭✭
    London gold opened this morning at $334 and change, pretty nice to see these kind of prices. As for $350? Anybodies guess, that too would be nice, but I don't know what is driving this increase so it's hard to tell how far it will go.
  • presleyhpresleyh Posts: 516
    Nuke Bagdad and it will go to $1000.00 for a week or two. If the Euro keeps gaining on the dollar that will push gold up a little.
    volitile stuff that gold is. My guess 320.00 by Monday. Profit taking.
  • Cameo CCCameo CC Posts: 663 ✭
    I heard the Japan is in trouble and that is the reason for the price move. It is only a rumor.

    Todd
    Todd Abbey
    800.954.0270
  • pontiacinfpontiacinf Posts: 8,915 ✭✭
    wow if it rockets like that..I have some proof gold to dump
    image

    Go BIG or GO HOME. ©Bill
  • TheNumishTheNumish Posts: 1,628 ✭✭
    If you ever want to read articles about why it's going up and down go to www.kitco.com. Once your there you'll figure it out.
  • Steve27Steve27 Posts: 13,274 ✭✭✭
    This Link was provided by ara over on the world coin forum; it provides some good info.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Kitco charts are currently showing close at Bid 337.10 and ask at 337.60 +$4.10 on the day The World spot price market currently open as of this writing is showing -0.50 change from NY close price. Gold seems to be gaining a lot of Momemtum.


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The resistance to gold is weakening. Even the Fed and Central Banks are starting to give way. Gold is in a serious bullish upmove
    that has a lot of steam. There are so many different forces trying to drive it up. And up until the last week or so the Central Banks were dumping on up ticks. Seems they might finally realize that they'd rather hold on to what they have as it rides up. Support levels are now in the upper 320's. Another web site indicated that some of the European Central Banks were actually buying gold and that is the reason for the $4 gain in the last few minutes. Seems logical since they have to replace the gold they lent out over the past decade and as the price goes up, they can get hurt quite badly.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BigEBigE Posts: 6,949 ✭✭✭
    Does rare gold jump that much if the spot price goes up?--------BigE
    I'm glad I am a Tree
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    Why is Gold moving up? Too cheap for too long, countrys like England(not known for their intelligence) sold (when they should have been buying), forcing prices down! Other investments which seemed invincible(Stock Market and Real Estate Market and lowering of rates) kept Gold down. Now that people are begining to find out why Gold has always been a form of stability(owning is not an option), the demand is going back up after 20 years of falling! Even in the face of deflation fears(inflation causes Gold to rise because it means a weak Dollar) and the Stock Market bounce and no movement upward in rates, Gold has been rising! Just wait until everthing is in its favor. I see a lot of Real Estate about to be converted to Gold!
    IMHO, this was a gimmie, it didnt take an Einstein to figure this was going to happen! What is another positive of this whole thing? It got me into coin collecting!

    You are now seeing the results of a** backward Govt policy(U.S. being one of the worst), let things sway too far one way and the Sh*t is going to hit the fan! This is the product of GREED my friends, I just hope the money I make doesnt corrupt me also!
    You can fool man but you can't fool God! He knows why you do what you do!
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    Japan has made a lot of mistakes, but their recent purchasing of Gold isnt one of them, smartest move they ever made!
    You can fool man but you can't fool God! He knows why you do what you do!
  • pmh1nicpmh1nic Posts: 3,276 ✭✭✭✭✭
    BigE

    The price of rare gold is more tied to it's numismatic value than the value of it's gold content. You'll probably see some move based on the increase in the price of gold but not to the same extent as the price of gold in general.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • sinin1sinin1 Posts: 7,500 ✭
    wallstreetman - I have a couple questions on your last few remarks

    1) How can Real Estate be converted to gold? and does this mean so many people will be selling real estate to cause a large drop in many aspects of real estate? (I'm guessing more Commercial properties would be sold rather than single family homes (hey honey, guess what, I sold our house today and bought gold - in a couple years we'll be so rich we can live in a mansion))

    2) Production efficiencies have improved to the point where cost of production has been dropping - is gold consumable? or is it just stored forever in different forms. How much is used up in electronics and gold coins so that it will not be put back into bullion forever.

    3) Mideast oil producing countries have been buying gold for years - how high must it get before they start selling?
  • g097103g097103 Posts: 279
    Rumors abound, the one I find interesting which could explain the vertical increases is that a leasor has elected
    not to renew leases on gold and is calling the physical in. The leasees are in a bind to produce the physical. Time
    will tell, but I expect that this type of action could and will be happening in short order. Also from 330 up you have
    buy stops being triggered which has a very nice cascade effect.

    Now silver is where the big money can be made if they ever call in the leases and paper for physical.

    Scott M
    Scott M

    Everything is linear if plotted log-log with a fat magic marker
  • sinin1sinin1 Posts: 7,500 ✭
    What does it cost to "lease" gold or silver?

    Once you have gold or silver leased - what do you do with it?(or can you do with it- are there lease stipulations?)
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    1) I have a few friends that have sold recently, waiting for the Real Estate Market to plunge, their living with their parents! You dont have to sell to take some gains!

    2) Is the World population growing or not?

    3) Looks like a lot higher! India for one, the biggest consumer of Gold, hasnt been buying because of natural catastrophies.
    You can fool man but you can't fool God! He knows why you do what you do!
  • ElcontadorElcontador Posts: 7,523 ✭✭✭✭✭
    Here's the deal:

    Gold prices rise due to global economic uncertainty. This Iraq gambit has pushed prices, as has the latest PRK "commercial venture" selling missles which were unloaded in Yemen last Friday. Ditto re the continuing economic uncertainty in Japan. Japanese buyers of gold are y casting a "no confidence" vote re the Japanese economy.

    If you think things globally will deteriorate, you might make some money in gold in the short run. The last time it approached $400 was just before we went into Kuwait.

    If you buy gold for any other reason, you'll lose money.

    Actual industrial demand for the metal has been flat for the last ten years, and central banks of various governments have been unloading the stuff during this time.

    "Vou invadir o Nordeste,
    "Seu cabra da peste,
    "Sou Mangueira......."
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    By the way, I dont know where people get off saying Gold does not get used up! Gold will have to get mighty high for the owner of the 1933 Saint to want to melt it down!
    You can fool man but you can't fool God! He knows why you do what you do!
  • g097103g097103 Posts: 279
    sinin1,
    Leasing - Now pretend you are a central bank, you have 100's of tons of gold and have sold as much as the
    Washington Accords allow (that is way the CBs can't sell anymore before 2004). Now that gold sits there paying
    no interest but has storage costs and such. To avoid reporting requirements and make some money you 'lease'
    the gold out for 1%. You take the 1% and invest it to get say 5% in Treasuries or such. Now to keep the cash
    cow running you extend the 'lease' when it comes due. In the meantime the leassor likely sold the bullion and
    made his money. Leasor is what is commonly referred to as a bullion bank. Now the crunch comes when you
    want your bullion back and don't extend the 'lease'. The leassor has to produce the bullion at likley higher
    prices, you wouldn't want it back at lower prices right. You have the makings of a short squeeze.

    Not saying this is what is happening now, and indeed I don't think it is on a large scale. But it could. If it happened
    on a large scale you would see enormous price jumps and tremendous swings in price. But it is not in the CBs
    interest to cause this to happen as it would cause quite the economic event. Dogs and cats living together, etc.

    For fun go to the COMEX website and look at the short interest in silver and compare it to global tons produced
    per year.image

    Scott M

    edited to add WOOHOO - Hit 339 a few minutes and is now at 338. I can hear the shorts crying for mama. Mommy
    it hurts.image
    Scott M

    Everything is linear if plotted log-log with a fat magic marker
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    I dont follow Silver as much. What impact has the Digital Camera had on Silver consumption?
    You can fool man but you can't fool God! He knows why you do what you do!
  • g097103g097103 Posts: 279
    Nil. From the Silver institute

    Demand for silver-bearing photographic products was 4 percent lower in 2001, in large measure from the slowdown in world economic growth, which impacted both consumer imaging and the graphic arts industry. Demand was higher, however, in the United Kingdom, Japan and China, the latter rising 30 percent last year. Radiography remains an important component of silver photographic demand, consuming 73 Moz, while consumer photographic demand accounted for 87 Moz last year.
    Scott M
    Scott M

    Everything is linear if plotted log-log with a fat magic marker
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Wouldn't most of that leased gold have been sold into the market for jewelry, etc. and is not easily recovered? There is probably not enough physical gold sitting around to cover all these leases. While
    world events have helped to spike the price of gold, the underlying fundamental is that the "shorts" have little physical gold to pay back the leases with. Kabooom. Right to the moon Alice!

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    Also, a lot of Mines were shut down because of the low price! As far as more productivity, made up by recent rises in wages!
    You can fool man but you can't fool God! He knows why you do what you do!
  • MJCoinMJCoin Posts: 222
    I figured gold would climb by years' end, that's why I purchased 5,000 shares of GoldCorp stock last month for $9.74 a share.
    After a week of constant new highs, I finally dumped it today at $13.00!!!
    image
    Michael
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    I bought 50,000 Bema Gold at .62, its 1.33 now! By the way, Gold just hit $341!
    You can fool man but you can't fool God! He knows why you do what you do!
  • michaelmichael Posts: 9,524 ✭✭
    the major countires have been keeping gold low and it is to me currently undevrvalued so you can only keep an ocean at bay for so long eventually it does break free but waht goes up must come down!!

    also i think if you want to buy gold the best buys are saints good looking coins in the 63 64 65 common date slabbed ngc pcgs anx icg coins

    a better hedge with cettification and semi numismatic value! but if the coins in 64 go to 800 and the 65 to 1700 time to sell!! but again only time will tell you spends your money and you takes your chances

    right now i am bullish on gold but will be a bear if the price drops to around 300 and stays there but i will change if it starts to go up again............lol

    sincerely michael
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭


    << <i>Here's the deal:

    Gold prices rise due to global economic uncertainty. This Iraq gambit has pushed prices, as has the latest PRK "commercial venture" selling missles which were unloaded in Yemen last Friday. Ditto re the continuing economic uncertainty in Japan. Japanese buyers of gold are y casting a "no confidence" vote re the Japanese economy.

    If you think things globally will deteriorate, you might make some money in gold in the short run. The last time it approached $400 was just before we went into Kuwait.

    If you buy gold for any other reason, you'll lose money.

    Actual industrial demand for the metal has been flat for the last ten years, and central banks of various governments have been unloading the stuff during this time. >>



    And are those same central banks still unloading or now trying to hurry and buy back so as not to be cought with there pants down?



    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭


    << <i>Rumors abound, the one I find interesting which could explain the vertical increases is that a leasor has elected
    not to renew leases on gold and is calling the physical in. The leasees are in a bind to produce the physical. Time
    will tell, but I expect that this type of action could and will be happening in short order. Also from 330 up you have
    buy stops being triggered which has a very nice cascade effect.

    Now silver is where the big money can be made if they ever call in the leases and paper for physical.

    Scott M >>

    Now silver is where the big money can be made if they ever call in the leases and paper for physical

    As soon as the little investor gets in the act.


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    World spot price at 5:18am eastern time was showing +2.80 on Gold and up 3 cents on silver. It should be an interesting day in New York today. I wonder if profit taking will purge the market today?

    Looks like the silver market may be starting to heat up as well.



    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • BSqrBSqr Posts: 543
    I believe that the fedgov would do everything in its power to keep gold down below $360/oz. If it reachs that level and holds for any length of time it would mean big trouble for two money-center banks. The fed reserve can't have two of its money center banks going under so expect them to do everything in their power to depress the price.
  • g097103g097103 Posts: 279
    Into drooy (Durban deep) 2000 at .70 now 4.32. GFI 500 at 11 now 14.84. BGO 2500 at .55 now 1.33. These are
    trading positions, I also keep a core position in several miners and suck up the dividends which have been quite
    good the last year.

    Gold has been good to me, but it is going up too fast. Time to take some money off the table while it consolidates.
    No one ever catches the top or the bottom precisely. You pay your money and you take your chances.

    Scott M
    Scott M

    Everything is linear if plotted log-log with a fat magic marker
  • BSqrBSqr Posts: 543
    FYI - spot gold hit $341 in London this morning
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    Fast? No, fast is when you start to see the $10 to $20 moves! Gold hit $343 today!
    You can fool man but you can't fool God! He knows why you do what you do!
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭


    << <i>Fast? No, fast is when you start to see the $10 to $20 moves! Gold hit $343 today! >>



    Yes it was a very interesting day for sure. Some of my co-workers started buying $20 no motto's again and raw bullion bars. I didn't say a word to them all day. I just sat here and listened to them as they watched the charts. The phone was ringing and the poor customers were trying to place service call orders on machines down while these guys were trading Gold LOL image


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Don't bet on the US Feds from keeping gold from breaking $360. We are a drop in the bucket to the world gold market. We don't have a chance of stopping this move if we wanted too. Gold is a world commodity and it's rather snobbish to think we have a major role in it. Gold is going to where it needs to go whether the FED likes it or not.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • g097103g097103 Posts: 279
    Was shopping around for prices on 2-300 oz. of silver today and decided to check out Texas Bullion Traders
    since they are a board member. Bummer, their site is down.

    POG - If you look at it lately roadrunner is right, NY tries to push it down but when Asia Pacific opens it starts
    climbing again. I don't think the fed can hold the lid on it. They've been pushing it down for too long and have
    lost control of the beast. It is like a spring just waiting for the right trigger to blow it to 360, next resistance is
    about 385 then 400. If it gets to 400 then all bets are off as the beast will be loose. Which would you rather have
    right now, gold or US$.

    Scott M
    Scott M

    Everything is linear if plotted log-log with a fat magic marker
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Some of the longer term wave followers are looking for a dow crossing at a level of 3000 3000 dow 3000 gold with in 7 years. Nice percentage gain if it happens over the long term.


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Yep yep very interesting.... Now do i have all the Silver coins and Silver bullion that i need for the run up about to happen? Hmmm And when will that run up happen?? Hmmm when will Joe little investor see the potential of the other gold? hmmmm better buy some more.. ok i talked myself into it.



    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • CoinmongerCoinmonger Posts: 42
    Thar she blows.

    $350.10 spot as of a few minutes ago.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I'm bullish on gold, but $3000? Whose going to buy it on that day when everyone is a seller? Doubt it could even survive for a short period in the $1200-$1800 range. Remember when the stock anal- cysts (sp) were predicting 36,000 DOW? yeah right. And now $3000 gold?? Let's be happy with a nice orderly flow upwards.
    Spikes to $1500 will just as easily kill the market and much around it.
    The gold train is leaving the station.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭


    << <i>Fast? No, fast is when you start to see the $10 to $20 moves! Gold hit $343 today! >>



    Maybe today in New York? World spot is like + 5.00 from NY's yesterday close with reports of Hectic Asian activity and silver is up a nickle.


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • Cameo CCCameo CC Posts: 663 ✭
    Wow - just looked at www.kitco.com (12/19/02) and saw Gold up to $348.00.

    Some have told be that id gold hits $360.00 then it will go to $400.00 - What do you think?

    Todd
    Todd Abbey
    800.954.0270
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭


    << <i>Wow - just looked at www.kitco.com (12/19/02) and saw Gold up to $348.00.

    Some have told be that id gold hits $360.00 then it will go to $400.00 - What do you think?

    Todd >>



    What do i think? I think it is a beautiful colorful metal and i am going to keep accumulating at my current levels of 6 oz's per month for raw and Gold coins when ever i find a nice one that i like.
    image


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • wallstreetmanwallstreetman Posts: 2,938 ✭
    Hey Gold Shorts,I have one question, I thought you said the Gold Standard was dead? Call it what you want, the effect is the same, Gold will always have value! Doesnt matter when you buy, you will always recover. I like what one board member said, "When Gold was at $20 (face value of a Double Eagle), you could buy a nice suit. Many years later, that same coin will still buy you a nice suit. Now if you bought the right $20 piece, you can now buy many nice suits!
    You can fool man but you can't fool God! He knows why you do what you do!
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Up another +$4.30 at $346.10 crazy days in old New York. Bet a lot of people are getting ulsers in the trading pits to end out the year. Hmm maybe we should buy stock in Pepto bismal image


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • MOrganMuncherMOrganMuncher Posts: 54

    My uncle works at the exchange and he has health problems with his heart.
  • leothelyonleothelyon Posts: 8,459 ✭✭✭✭✭
    Whose going to buy it on that day when everyone is a seller?

    Sounds like a good ole Kenny Rodgers song.

    Leo

    The more qualities observed in a coin, the more desirable that coin becomes!

    My Jefferson Nickel Collection

  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Cool Down $5.00 right now Buy on the Dips!!!!!!

    image


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
  • MrKelsoMrKelso Posts: 2,907 ✭✭✭
    Even better down $7.70 what a wild ride. this is better then the roller coaster at Great adventure. Still buying on the dips. The dippier the beter. image


    "The silver is mine and the gold is mine,' declares the LORD GOD Almighty."

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