Gold hitting new highs daily

[lester1/2jr]

http://www.kitco.com/charts/popup/au24hr3day.html

up to $1050 an ounce today.  

Gold was around $300 an ounce in 2000.  It was 20$ an ounce for most of Americas history when we had something called the Gold Standard.  Sinc we officially left the gold standard  in the early 70's it has been rising, and our currency falling.


If youare curious about how or why check out American Advisor  aka the Gold show.

It's a daily show that is about 1/2 hour long.  If you can ignore the sales pitch every few minutes the guy who does the show has been in the gold market since before most of us were born.  

If you want to be so bold as to call in they send you a Kennedy half dollar for free! I got one.

[schmendrik]

I suspect some speculators are manipulating the market. There was a brief period once (in the 70s as I recall) when silver prices all of a sudden started going through the roof with no explanation. Eventually it came out that two brothers were cornering the market on silver.

Ah, don't you love Wikipedia? It was the Hunt brothers and the spike was in 1979 and 1980.

http://en.wikipedia.org/wiki/Cornering_the_market

[lester1/2jr]

the gold market is MUCH bigger than the silver market. it would be very difficult for someone to do what the hunt brothers did with silver, cornering the market as it were.


The gold market is closely correlated to the dollar, which is dropping like crazy. and the money supply which is rising like crazy

[BoyScoutKevin]

And this is when you should not buy gold. If you want to buy gold, as anything, you should buy it at its lows. For if you check the history of gold prices you'll see that as quick as the price of gold rises, it can as quickly fall. The only person who should think of buying gold is a person with enough money to hold on to the gold, if the price does fall, till the price rises  to what they paid for it in the first place. Unless you are looking to take a loss on its purchase.

[Rev. Powell]

And this is when you should not buy gold. If you want to buy gold, as anything, you should buy it at its lows. For if you check the history of gold prices you'll see that as quick as the price of gold rises, it can as quickly fall. The only person who should think of buying gold is a person with enough money to hold on to the gold, if the price does fall, till the price rises  to what they paid for it in the first place. Unless you are looking to take a loss on its purchase.

Buy low, sell high?  Way too obvious.  Sure, you'll get rich doing it, but where's the thrill in knowing your in on some secret "system" the general investing public is too stupid and timid to try out?

[lester1/2jr]

I wouldn't be surprised to see it hit 1300

[BTM]

Ah... I have no extra money to invest in anything (unless of course, "Penny Stocks" really take after their name.) So, personally, I could care less if Gold rises or falls.  Seems to me like, no matter what, the current economy in the area I live is still going to suck.

Did you know though some people invest in wine?  That's pretty funky... never thought that'd be something you could put money in.

[BoyScoutKevin]

Oh, yes. You can invest in anything that you think people will buy. Automobiles, baseball cards, housing, etc. Of course, the problem with this, is what goes up, can also go down, sometimes precipitously, as people who invested in both baseball cards and houses found to their dismay. The demand for both going down precipitously, and people who invested in them at their high, losing the money they invested.

[lester1/2jr]

yeah it's tough.  gold is dialed in to the dollar and the money supply.  so to get out of this recession, they are printing tons of money, which I think is a pretty stupid way of doing it.  also, our general lack of economic health and tendency to need tons of moneys for wars has led to something very bad and that is our currency being volatile. 

other countries are tired of not knowing what their american dollars are going to be worth from day to day.  our currency was chosen as the worlds reserve currency backed when it was constant under the gold standard.   now, it doens't make sense.

if the dollar loses it's reserve status, gold will go up above 2,000 and beyond and we will really be up a creek. 

if you think that is just crazy talk,  think about the fact that gold was 300 dollars an ounce a few years ago in 2000.  now it's 1000+.  that's really a measure of how much money we've printed and how much standing we have lost, basically.

[lester1/2jr]

getting up near 1100 now.


awesome comment from a poster at the yahoo stock forum (GLD) "the price of gold is like a "s**t Index" for the quality of life here"

[WilliamWeird1313]

<a href="http://www.youtube.com/watch?v=NFkUa7fxgOQ" target="_blank">http://www.youtube.com/watch?v=NFkUa7fxgOQ</a>

[The Burgomaster]

Of course, if you sell it to a "cash for gold" store, they'll give you about $40 and ounce for it.  Bastards.

[WilliamWeird1313]

Of course, if you sell it to a "cash for gold" store, they'll give you about $40 and ounce for it.  Bastards.

\


But how can you resist those "charming" Arnie impressions?

[xJaseSFx]

Cash4Gold and Dollars4Gold - big time scammers there. How they get away with those TV ads I do wonder....

[lester1/2jr]

I don't know what you aguys are saying here.  cash 4 gold gives people cash for their gold.  My dad brought his school ring he never wears in and got like 900 or something.