Cover those bets-- Gold at $600?

tincup

I see that gold is strong today and nipping at the $600 level.... actually reached 600 for a while, but will need to see where it closes. Weren't there some threads in the past where there were... some friendly wagers being offered..... that gold would never reach this level before the stock market gets to a certain point? I don't remember the details..... but it may be time to settle up soon!!

And that silver pony keeps picking up speed....... Hi O silver!!

tincup

Hmmm... maybe I spoke too soon.... not sure if gold did reach the 600 level or not. At a Yahoo site it looked like it did, but not sure if Kitco shows that or not.

I have to admit that the rising metals prices are a mixed bag for me. Generally, I like seeing the price increases, but it also brings some not so good feelings. If things bust loose, it will cause a lot of mayhem in the coins market. Those who experienced the boom bust in 1980 know what I am talking about.

And yes... I know some of you are getting tired of seeing bullion related threads.... but the threads will probably not go away. Simply because the coins and bullion are so strongly intertwined. (well... except for those who collect those moderns!!)

KentuckyJ

tincup, lol. I was just thinking the same thing. I think the thread was given the boot (gambling?) but I haven't forgotten about it. We're brushing 600 without any major newsworthy world crisis. We will obviously go higher long before the equity matket gets anywhere close to what the original poster predicted.

KJ

Smittys

595.90 High but that is for sure flirting with 600.00

RedTiger

The front month futures have touched $600 and that is garnering a few headlines. Spot gold is just under.

(I sold Friday , the stuff I sold is up a good 5% this week).

Weiss

I searched for that thread earlier, I think I got in for $50 on the wager. But now I can't find it

thebeav

Thanks for the reminder.
Somebody owes me 15 hundred bucks. You know who you are. Please wire the money to this account at Bank of America.
9437-5690-003

partagas

There where alot of people who bet and will soon lose there wagers.

PCGS I believe pulled the thread, because they don't condone gambling. I think it was Lloydmincy that was taking the bets (he was stating gold would get to $600 before the stock market reached some level I can't remember.)

Steve27

Silver is hot too:

PreTurb

If I recall correctly, one end of the wager was $625 gold, not $600

KentuckyJ

> (he was stating gold would get to $600 before the stock market reached some level I can't remember.)

Wasn't he saying gold would NOT get to 600 before the stock market hits ..... ?

KJ

Kip

I dont hear much about silver and where it is going...seems like all the big prognosticators are hyping gold only.
Seems kinda strange. I have a few bucks for silver but not enough for gold.. Maybe I will just use the few dollars for morning Latte's If silver isnt going to far as it looks like gold will.
kip

ziggy29

<< <i>I dont hear much about silver and where it is going...seems like all the big prognosticators are hyping gold only. >>

Because it's more valuable and more commonly followed, I think. When you look at the supply/demand balance with silver compared to gold, a 50-to-1 value ratio seems unsustainable.

Rob9874

<< <i>

<< <i>I dont hear much about silver and where it is going...seems like all the big prognosticators are hyping gold only. >>

Because it's more valuable and more commonly followed, I think. When you look at the supply/demand balance with silver compared to gold, a 50-to-1 value ratio seems unsustainable. >>



From what I've read, due to low supply (less silver available than gold) and high demand, 50:1 is low.

aficionado

Silver will double to $20 - $24 before gold will double to $1200.

Deadhorse

The wager was that the DOW would reach 13750 before gold would reach $625. Either number had to be the close for the day.

The time limit was set at 3 years. Many people thought the bet would be over within 6-8 months and that gold would be the winner, those are the people that made the bets with Lloyd.

We still have a ways to go to get to $625, not counting any chickens just yet. If/when gold does close at $625 prior to the DOW making the mark, there will only be one person paying off a lot of bets. OTOH, should gold stall and the DOW rocket up, then you would have a lot of people paying off.

I don't recall any bets in the $1500 range, though.

tincup

And actually the stock market has been doing ok.... been on an upwards climb for the last year. But I have to believe that the 625 gold will still be reached much quicker than the market getting to 13750. If gold gets past the 600 level, I suspect the 625 will be within another month.

Gold and silver hype is now hitting the mainstream. I hear about their investment potential on the radio, television, home shopping network, newspapers.... and given the observations of some of the other posters on this forum, it appears quite a few going to coin shops to purchase substantial amounts. So I suspect continuing increasing prices with the demand that is starting to gather steam.

CharlieB

With the debt and these deficits gold will be $700 before long.

2bucks

<< <i>My rule was $625 close by Dec31 2008 or 13,750 Dow, (for most wage-people). >>

KentuckyJ

Lloydmincy, just wondering how you feel today about that position you took?

KJ ---> bought gold back in 74 in the 140 area and later thought buying at 170 was C R A Z Y !!!

lloydmincy

<<Lloydmincy, just wondering how you feel today about that position you took?>>

Oh, just peachy! It will cost me more than you know. I knew the wave was for commodities, but I "gambled" it wouldn't hit historical highs, that I thought were tough to get to again.

SO glad everyone remebered.

KentuckyJ

Good to hear from you, thanks

KJ

roadrunner

I know someone who made a similar bet and wagered for $590 gold close in 2006. Closed today at $594+ in New York puts that to bed.

If gold were inflation adjusted that historical high in 1980 would be $2200 today. So even at $875, there is much more room. It makes no sense that the price of cars, education, houses, stocks, and most every other trendy asset you can think of has gone up 4X-5X in price since 1980, yet gold is basically unchanged......and it's actually money.

roadrunner

cohodk

<< <i><<Lloydmincy, just wondering how you feel today about that position you took?>>

Oh, just peachy! It will cost me more than you know. I knew the wave was for commodities, but I "gambled" it wouldn't hit historical highs, that I thought were tough to get to again.

SO glad everyone remebered. >>



Actuallly Lloyd you are right. Gold and silver are not even close to "historical" highs. You just set the bar too low.