You are Probably Watching the Last Days of Gold Below US$1,000 -- Forever

[goldsworthy]

http://goldprice.org/silver-and-gold-prices/2009/09/you-are-probably-watching-last-days-of.html

 

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[jeff of pa]

my Hunch there will be a Big selloff today
with Profit taking.
dropping the price about $30.00

 

[goldsworthy]

Lets hope so I need to re supply the safe again!

 

[jeff of pa]

Lets hope so I need to re supply the safe again!

I'm still Kicking myself for not Investing when Gold was
under $300. But telling everyone else they should.

Those who did & sold Yesterday made a Killing.

Those who Buy now
may need to wait Years to recoup
let alone profit.

Maybe Next year they will make 3%

 

[goldsworthy]

I own a large dairy farm we make our own fuel, produce our own electricity and grow our own feed. As a result of investing in our farm like we did some years ago we make a great profit!. Most in the dairy business are not that lucky. It pays to invest in ones future!. I bought gold in large amounts years ago most of my gold coins and bars were bought for less then $300.00 a ounce. My family and friends thought I was nuts buying all that gold they laughed at me all the time for doing so. (they dont laugh anymore) Now they just want money from me!.

 

[jeff of pa]

30 Year Increase

 

[goldsworthy]

China pushes silver and gold investment to the masses
A report suggests that the Chinese government is pushing the general public
into buying gold and silver bullion, which could have a dramatic effect on
the markets.

The report notes that China’s Central Television, the main state-owned
television company, has run a news programme letting the public know how
easy it is to buy precious metals as an investment. On silver investment
the announcer is quoted as saying " China has introduced its first ever
investment opportunity for silver bullion. The bars are available in 500g,
1kg, 2kg and 5kg with a purity of 99.9%. Figures show that gold was fifty
times more expensive than silver in 2007, but now that figure has reached
over seventy times. Analysts say that silver has been undervalued in recent
years. They add that the metal is the right investment for individual
investors and could be a good way to cash in."

What appears to have happened in China is a total relaxation of strictures
on holding precious metals by the individual with the government pushing
gold and silver as an investment option, seemingly at every opportunity.
This is a far cry from the situation only a few years ago where the
distribution of gold and silver was strictly controlled. Now, the Thunder
Road Report notes that every bank will sell gold and silver bullion bars in
four different sizes to individuals and gold related investments are said to
be soaring in popularity.

"Simply put, the Chinese government is trying to trigger a national gold
craze…and it’s working. The Chinese public now has gold trading platforms on
steroids…. …Also, for the first time in history, Chinese investors can even
trade gold abroad (in London) with the swipe of a ‘Lucky Gold’ card. I can’t
even get Bank of America to open a foreign currency account."

If the Chinese are indeed beginning to buy gold and silver as the quoted
report suggests then this has to be a strong signal that prices are going to
rise, and perhaps rise dramatically, in the relatively near future. We
await comment from other China watchers for confirmation of the gold and
silver buying spree, but with global gold production at best flat and
probably in decline, even a small increase in Chinese buying could have a
substantial impact on gold and silver prices.

 

[Immy]

I remember going into my favorite coin shop about 20 years ago and talking to a guy who came in once a week to buy an Eagle, Maple Leaf, Krugerrand, etc. Back then he was saying it's smart. He probably owns an island in the Caribbean now.

 

[goldsworthy]

my Hunch there will be a Big selloff today
with Profit taking.
dropping the price about $30.00

I was hopeing for a big sell off too! I wanted to buy more gold, but it didn't happen! Gold held strong and looks like it has no place to go but UP!. Something bad must have happened in the world to make it rise and hold at such a high level. I believe the price will rise next week to levels not seen before! I have done much research and large funds are buying gold and mostly in physical not paper. These investment funds have never bought gold like this before someone out there knows something but are not saying what that might be. Even CNBC cant figure it out but they did say it worries them much!. It seems gold has disconnected itself from the dollar. (THE MANIA BEGINS!!!!!)

 

[jeff of pa]

yes it makes Very little
sense to buy right now
Unless there is something
Planned Under the table.

Or you are expecting to Live another
hundred Years or want to Declair a Loss

 

[goldsworthy]

I think something IS happening (DUMPING OF THE DOLLAR) maybe even a new world currency is in the works Countrys are recalling their gold reserves to home soil and the central banks are buying gold instead of selling. time will tell I guess. But those that have gold and silver will reap big benefits when and if the time comes. The world is changing fast! and I fear not in a good way. All I know is our government keeps saying all is well nothing to see here move along. I think the sheeple will find out soon enough!

$994.4
+2.57 (0.26%)

high: 996.49 (GOT GOLD?)

 

[goldsworthy]

I believe the answer to the recent increase in the price of silver and gold can be attributed to what is written in the following article by Ted Butler. Any serious gold or silver trader should read the following article. Amazing article! http://news.silverseek.com/TedButler/1252075929.php

 

[allen]

I really doubt it will go to much higher and will be back under $1000 soon.

 

[goldsworthy]

I myself am looking foward to cashing in on my 127 , 1 ounce gold eagles at $1300.!

 

[Saturna]

30 Year Increase

Interesting graph.

If you had bought around 1971, you would have a big increase in only 9 years.
But if you bought in 1980, you would have lost quickly. Even if you bought around 1982, your investment would not have changed much for 22 years !! Only in 2004 did it start climbing with any significance.
That's the nature of speculation I guess. What will happen next?


Jay

 

[goldsworthy]

Price is still heading higher in after hours tradeing today! Gold $1,009.30 $1,010.30 4.00
Silver $17.05 $17.10 0.09
Platinum $1,322.50 $1,332.50 11.80
Palladium $290.50 $295.50 -1.80

Updated:9/15/2009 5:31:53 PM CST

 

[goldsworthy]

my Hunch there will be a Big selloff today
with Profit taking.
dropping the price about $30.00

Things are looking up! Metal Bid Ask
Gold $1,020.70 $1,021.70 15.40
Silver $17.31 $17.36 0.35
Platinum $1,329.00 $1,339.00 17.70
Palladium $295.30 $300.30 3.00

Updated:9/16/2009 4:52:24 AM CST

 

[goldsworthy]

PRECIOUS-Gold hits 18-month peak on weak dollar, eyes highs
16/09/2009 7:46:57 PM
Commodity update
Prices16 September,2009
16/09/2009 20:42 Sydney, Australia.
Commodity Value
Gold 1016.90
Silver 17.27
Platinum 1332.50
Palladium 295.00

Chart and compare
* Dollar hits 2009 low vs euro; single currency breaks $1.47 * Indian gold buyers trickling through, traders say

* Silver, platinum hit multi-month highs as confidence rises

(Updates throughout, changes dateline from TOKYO)

By Jan Harvey

LONDON, Sept 16 (Reuters) - Gold hit 18-month highs on Wednesday as the dollar's slide to 2009 lows versus the euro sparked buying of the metal as an alternative asset, helping lift silver and platinum to multi-month peaks.

The precious metal now has its sights set on a new all-time high above $1,030 an ounce, traders said.

Spot gold rose to a high of $1,017.75 an ounce and was at $1,015.55 an ounce at 0924 GMT against $1,005.90 late in New York on Tuesday.

"(We have) broken through $1,015, so we ought to test the previous highs," said Afshin Nabavi, head of trading at MKS Finance in Geneva. "It is currencies that started the game, but it looks like it is not over yet."

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $11.40 to $1,017.70 an ounce.

The dollar tumbled to its weakest this year versus the euro, with the single currency breaking $1.47 for the first time since December. The dollar came under pressure as investors moved to notionally higher-risk currencies. [FRX/]

Better-than-expected U.S. retail sales data and a statement from Federal Reserve chairman Ben Bernanke that the U.S. recession was most likely over on Tuesday have boosted interest in assets seen as higher risk. [nLG699234]

World stocks hit 11-month highs on the news, while European shares also rose. [MKTS/GLOB] [.EU]

Currency traders will be closely watching U.S. data due later in the session for fresh clues as to the outlook for the economy, including the August consumer price index and industrial production numbers, and September housing data.

The CPI data at 1230 GMT will also be watched for signs of growing inflation, against which gold can be bought as a hedge.

Citigroup analyst David Thurtell said the current rally was "largely currency based, but the gold inflation bugs will be getting excited too".


PHYSICAL DEMAND PICKS UP

Physical demand for gold picked up in Asia, home to some of the world's largest bullion markets, despite high prices having discouraged consumers throughout the year.

"India is still buying despite the high prices. Maybe they are afraid that prices will go up again," said a dealer in Singapore. [ID:nSP372735]

Gold's rally helped lift other precious metals, with silver and platinum -- both of which are largely industrial in use -- also hitting multi-month highs as base metals rose on the more positive economic outlook. [MET/L]

Silver prices rose to a 12-month high of $17.31 an ounce, and were later at $17.28, against $16.97 late on Tuesday. Its ratio to gold -- which measures its value compared to the yellow metal -- fell to 58.8 from around 64.5 a month ago.

Platinum hit a peak of $1,338, its firmest since September last year, and was later at $1,329 against $1,323, while palladium was at $294.50 an ounce against $291.50.

ETF Securities said in a daily report its London platinum ETC holdings rose more than 10,500 ounces on Tuesday, or 3 percent. Its London palladium ETC hit a record high of 491,063 ounce on Monday, up 8.5 percent week-on-week.

Commerzbank technical analyst Karen Jones said in a note that platinum's gains last week set the metal up for a fresh rise.

"The close above $1,307 has completed a longer term bullish pattern with an upside measured target of $1,539," she said. "The pattern took five months to complete and the target is achievable by February 2010."

 

[goldsworthy]

I really doubt it will go to much higher and will be back under $1000 soon.

I am sorry I didnt quite understand your statment? Metal Bid Ask
Gold $1,017.60 $1,018.60 12.30
Silver $17.36 $17.41 0.40
Platinum $1,340.90 $1,350.90 29.60
Palladium $296.10 $301.10 3.90

Updated:9/16/2009 12:02:42 PM CST

 

[goldsworthy]

A long, long time ago, Ike visited Fort Knox. He approached the gate. A soldier saluted and said, "Sorry, Mr. President, I can't allow you to gain entrance."

Ike said, "I am the President of the United States. I order you to stand down."

The guard responded, "Sir, with most respect. I can't allow you inside."

"Why," asked Ike.

The soldier pointed at Fort Knox and said, "Because there's nothing inside that building."

Ike shrugged, spun on his heels, and yelled back over his shoulder, "Double the guard!"