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Old 08-08-2011, 04:51 AM   #1
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Gold breaks $1700 an ounce

Up $59 in early trading to $1711. It is currently only $10.50 cheaper than Platinum. I have to wonder if it will hit the $2,000 mark by the end of the year. If you have scrap gold you want to sell, forget those "we buy gold" signs and use these folks:

http://www.aragold.com/

They give you 98% of value and are legitimate.
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Old 08-08-2011, 04:52 AM   #2
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Re: Gold breaks $1700 an ounce

Makes me glad to have picked up a couple ounces when it was around $200/oz a few years back. Curious though... Is this artificially inflated, given the huge rise that has occurred even in the past 2 years? Same deal with silver given its rise, is it artificially inflated...?


And by the same token, it makes me happy my university grad ring didn't set me back thousands of dollars like it would now.
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Old 08-08-2011, 05:49 AM   #3
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Re: Gold breaks $1700 an ounce

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Makes me glad to have picked up a couple ounces when it was around $200/oz a few years back. Curious though... Is this artificially inflated, given the huge rise that has occurred even in the past 2 years? Same deal with silver given its rise, is it artificially inflated...
The price of gold and silver are being artificially depressed by central banks. High gold prices make the look bad. If gold was to go as high as it did in 1980 and we had US gold reserves equal the amount of currency in circulation then the price of gold would be around ~$15,000/oz.

I don't know if it will get that high but I do think gold will hit $2000 in the next year and $5000 in the next 5 years or less. It really isn't gold going up it is the dollar and paper currencies going down.

I recommend people to go to youtube and watch a few videos by people like Jim Rickards, Jim Sinclair, Peter Shiff, Jim Rogers, and Marc Faber.
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Old 08-08-2011, 10:22 AM   #4
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Re: Gold breaks $1700 an ounce

It is fun looking back at all the old threads where gold hit a record high prices and reading all the gold haters posts


$1500 = Gold set a record high of $1500 today!!
$1340 = Gold at new all time high, Silver at 30 year high.
$1044 = Gold just set an all time record high today
$855 = Gold prices set record high
$768 = Does anybody invest in Gold? $768/oz.
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Old 08-08-2011, 11:03 AM   #5
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Re: Gold breaks $1700 an ounce

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Originally Posted by Z28x View Post
It is fun looking back at all the old threads where gold hit a record high prices and reading all the gold haters posts


$1500 = Gold set a record high of $1500 today!!
$1340 = Gold at new all time high, Silver at 30 year high.
$1044 = Gold just set an all time record high today
$855 = Gold prices set record high
$768 = Does anybody invest in Gold? $768/oz.
Whatever happened to that 2:1 Dow:Gold ratio you predicted would happen by the end of last year, or the sub-6000 Dow you said we'd see by winter of 2009?

I think your memory is a tad selective.
Dow = 10k.... 6 weeks remaining for Z28x's official Dow predictions to come true...

The day I'll be wrong about gold is the day we enter severe depression and you can go to your local grocery store with a tiny sliver of gold and buy a month's worth of groceries with ease.
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Old 08-08-2011, 11:33 AM   #6
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Re: Gold breaks $1700 an ounce

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Originally Posted by Threxx View Post
Whatever happened to that 2:1 Dow:Gold ratio you predicted would happen by the end of last year, or the sub-6000 Dow you said we'd see by winter of 2009?

I think your memory is a tad selective.
Dow = 10k.... 6 weeks remaining for Z28x's official Dow predictions to come true...

The day I'll be wrong about gold is the day we enter severe depression and you can go to your local grocery store with a tiny sliver of gold and buy a month's worth of groceries with ease.
2:1 is still coming, we are at 6.4:1 as of today. I never said that would happen last year, just that it would happen before this recession, great recession, economic soft patch or what every you want to call it would be over. I don't know when it will be over, it depends on how long the government wants to stretch this thing out. Could be another decade for all I know. As far as the 2:1 goes, that is when I'm calling the approximate bottom for stocks and the top for gold in real terms. That is when I start buying stocks and selling every precious metal related thing I have.

I was wrong about the double dip in late 2009, I didn't expect all the bail outs and QE programs. If it wasn't for the government pumping money into the markets I think I would have been right. They can't delay the inevitable forever. Maybe we will get that 30-35% correction this fall. That would put the Dow under ~8900.

Heck, with QE3 coming we might see the Dow at 20,000 by next year. You just don't know for sure what is going to happen when there is so much central bank and government intervention in the markets. They have changed the rules of the game.

Maybe we will see $10k gold and 20k Dow next year

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The day I'll be wrong about gold is the day we enter severe depression and you can go to your local grocery store with a tiny sliver of gold and buy a month's worth of groceries with ease.
That is never going to happen, so I guess what you are saying is you will never be wrong about gold. The closest we will come to that is the US going back to backing the dollar by gold in some way. We are to gold like Saudi Arabia is to oil. If things ever looked real grim for the US dollar we can always back it by gold. Bottom line is you will never see physical gold used in regular day to day commerce. NEVER.
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Last edited by Z28x; 08-08-2011 at 11:39 AM.
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Old 08-08-2011, 12:20 PM   #7
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Re: Gold breaks $1700 an ounce

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Originally Posted by Z28x View Post
The price of gold and silver are being artificially depressed by central banks. High gold prices make the look bad. If gold was to go as high as it did in 1980 and we had US gold reserves equal the amount of currency in circulation then the price of gold would be around ~$15,000/oz.

I don't know if it will get that high but I do think gold will hit $2000 in the next year and $5000 in the next 5 years or less. It really isn't gold going up it is the dollar and paper currencies going down.

I recommend people to go to youtube and watch a few videos by people like Jim Rickards, Jim Sinclair, Peter Shiff, Jim Rogers, and Marc Faber.
gold will collapse, it's a bubble that's long over due to burst.

If gold ever reaches those price in the time span you've given, well... it would be one of the rare times I'm wrong about an investment. Send me a PM when gold hits $3k and the drinks are on me.
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Old 08-08-2011, 12:51 PM   #8
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Re: Gold breaks $1700 an ounce

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If gold ever reaches those price in the time span you've given, well... it would be one of the rare times I'm wrong about an investment. Send me a PM when gold hits $3k and the drinks are on me.
I'll take you up on that

Quote:
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Selll everything put it all in gold
That would have been awesome advice in 2009
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Old 08-08-2011, 02:03 PM   #9
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Re: Gold breaks $1700 an ounce

Gold now sitting exactly $3 under platinum.
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Old 08-08-2011, 02:09 PM   #10
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Re: Gold breaks $1700 an ounce

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Gold now sitting exactly $3 under platinum.
My old D&D books list platinum as 5x the value of gold.
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Old 08-08-2011, 04:54 PM   #11
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I am no expert bit it seems inflated at them moment. With the price difference to platinum being so low.
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Old 08-08-2011, 06:17 PM   #12
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Re: Gold breaks $1700 an ounce

So for an ounce of gold I could get 20 barrels of oil and have money left over. Tough choice there.
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Old 08-08-2011, 06:27 PM   #13
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Re: Gold breaks $1700 an ounce

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So for an ounce of gold I could get 20 barrels of oil and have money left over. Tough choice there.
It's all voodoo to me. I sit and look at an ounce of gold and think "What can I do with this?" I guess the plus side is its value has nothing to do with the US. It's like dollars, but it's backed/supported by more countries I guess.

But I could get a lot of dollars and do the following.

1. burn them to produce heat.
2. write notes on them.
3. fill a pillow with them.
4. make small paper airplanes.
5. make cigarettes
6. snort coke with them.
7. shred it and line my hampster's cage with it.
The list goes on.

With gold
1. look at it shine.
2. throw it at someone.
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Old 08-08-2011, 06:43 PM   #14
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Re: Gold breaks $1700 an ounce

My point is that 10 years from now that much oil will be worth more than an ounce of gold. It will drop eventually.
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Old 08-08-2011, 07:55 PM   #15
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Re: Gold breaks $1700 an ounce

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It's all voodoo to me. I sit and look at an ounce of gold and think "What can I do with this?" I guess the plus side is its value has nothing to do with the US. It's like dollars, but it's backed/supported by more countries I guess.

But I could get a lot of dollars and do the following.

1. burn them to produce heat.
2. write notes on them.
3. fill a pillow with them.
4. make small paper airplanes.
5. make cigarettes
6. snort coke with them.
7. shred it and line my hampster's cage with it.
The list goes on.

With gold
1. look at it shine.
2. throw it at someone.
All of your examples of dollar bills show uses that aren't related to actual currency. In other words, it's useless paper. No different than a post it note or a piece of computer paper.

I've always found it odd that people can assign value to dollar bills but don't understand the value of gold. It's completely the opposite.

In June of 2011, there was 9.1 trillion dollars of money in the USA. Taken to extremes, at one point there was a 100 trillion dollar Zimbabwe bill........One single bill that supposedly had 10x as much value as all the money combined in the USA.

Let's face it. Paper currency that is backed up by nothing has no stabilized value. There is no cost to printing a $10 bill compared to a $1. Or to printing a $100 bill instead of a $10 bill. But it's a lot harder to come up with 10 oz or 100 oz gold than it is to come up with 1 oz.

This is why our grandparents held dollars and coins to a higher standard than we do. They saved and knew the value of dollars. But dollars were simple substitutes for gold back then. To them, money would always have future value. Today, the only value of money is to get rid of it. Because stuffing your mattress with it loses more and more value over time.

But hold a gold coin in your hand sometime, and it will feel different. It doesn't have to be a 1 oz coin. It could be a 1/2 or a 1/4 oz coin if you prefer. That coin will hold it's value long after you're dead. A paper dollar will disintegrate. A regular coin will lose it's worth. But gold coins will always be worth real currency.
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