Remember when GOLD was $400 bucks?
softparade
Posts: 9,872 ✭✭✭✭✭
Courtesy of maneco64 ..... lolz…. @ the Financial Times ... The naysayers of silver will suffer a similarly embarrassing fate.
COPPER is gutter !
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A few of us remember when gold was $35 per ounce.
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
Still have some at that price point.
CONGRATS
COPPER is gutter !
Gold got down to $252/Troy Oz. back in 2001. I think 1/10th ounce gold eagles could be bought for around $26.50 each.
I certainly remember it well under $300.
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I remember buying a 1/10 oz. gold eagle in the late 80's for $45 and for years I thought I had paid way too much. I later sold it when gold was around $1000.
Certainly remember those days. After the run up of gold in anticipation of Y2K in 2000, gold dropped to $247. an ounce and then, that’s when I bought it. Buy the dip, not when the news broadcasters are telling the uninformed public it’s time to buy. At that point the horse is out of the barn, and you missed the boat. Zack
Right now, looking up Saint prices in my 2006 Red Book makes me feel exactly like I did as a child in the 1980s when I looked up Saint prices in a 1949 Red Book a neighbor had given me.
>>>My Collection
I remember in the early 1970's, St. Gaudens $20's could be purchased for as low as $49.
Exactly. By the time I came along the 1980s, they were 10X+ that amount. Now they are 10x+ that amount again.
>>>My Collection
Remember getting gold coin from the banksters in the 20s and 30s 😝
NO lolz
COPPER is gutter !
i remember that day in 1933 with the teller window open...
In their defense, it really isn't an "investment" asset class. People may hold it -- like real estate, art, or other tangible assets -- but it doesn't provide competitive, risk-adjusted returns over long periods of time. It's very volatile and doesn't pay interest or dividends.
If just 1 central bank said they were selling a good chunk of their holdings, the price would fall 20-30% within months.
That said....their timing sucked.
Gold returned about 12.3% annually up to the present from a great starting point; the S&P 500 about 10.7% from a bad starting point.
Yet, for approx the past 25 yrs silver and gold at went up 29x / 21x and better performers than the stock indicies, and most other long term collectibles. Even the mighty QQQ's were up 20.5X since the 2002 low. S&P 500 and Dow up 7.1X to 8.5X over the past 20-25 yrs.....and not all stocks pay dividends. If the big boys sold off big chunks of their stock portfolio's we'd see a dump similar to 2008. I started diversifying into gold in 2004 at $315/oz....and I "lived" through the 2011 peak and then the 2013-2015 crash. Some of my best rare coins from 20 yrs ago, which are still finest knowns and in the biggest sets, have gone up at most 2X to 4X. For the most part ever since the 2004-2008 coin market rally, most areas have been under performing. The few bright spots would be the top pops pushed up by Gardiner, Hansen, Pogue, Simpson and others that were needed to advance their REG sets for the past 25+ yrs. Gold and silver are a lot simpler to understand than rare coins and stocks. And without the top Nasdaq flyers of the past 10-15 yrs where would the market even be today?
PMs are no less an "investment" class that stocks, bonds, real estate. There's a right time for them. If you can plan to play PMs from trough to peak every 4-8 yrs, it's not too hard. And nothing wrong with diversifying 5-20% of one's investments into tangibles. And since we're into the final 20-25 yr wave of an 80-100 yr cycle where the system gets washed out & revamped a the end (ie 2026-2033) maybe being overloaded with stocks might not be the best place to be in the coming years? 1962-1980, 2002-2011, and 2016-2026 have been good runs for PMs. Very few investors alive today were investors during the last wash out of 1929-1942. Today's typical player can't even conceive of something like that happening again. Sometimes it's the "return" of your money that's more important rather than the "rate of your return."
From around 2004-2011 my official Forum nickname (back when you could pick them after a certain amount of posts) I picked "barbarous relic." Seemed fitting at the time. It was precisely in mid-2004 that I became aware of the obscene pile of interest rate and PM OTC derivatives that JPM and the other big banks were holding and betting with. Gold running back to $875-$1200 at that time seemed like a reasonable target.
Yes, I have a thread where I quoted prices going up at Stack's and Gimbels in 1968. Check it out.
You had Central Banks selling gold for 20 years...until they worked out an arrangement to limit sales, gold couldn't do anything. Every time it lifted, the CBs hit the bid...hit it again....hit it again.