Posted on 04/19/2006 11:08:46 AM PDT by Jim Verdolini
Are we in a Bullion Bubble? Gold and silver are rocketing to new highs. Look at the trend:
Monday Gold was over $604 and silver $13.33. By the end of the day Gold was $618. Tuesday it was Gold $620 and Silver $13.55. This Morning Gold $624.90 and Silver $14.16. Right now Gold is $632.70 and Silver $14.54!
I have read that there are two major things, in addition to oil prices, causing the rise. For Gold it has to do with a rumor that China plans to convert a small bit of their dollar reserves to Gold. For silver, there is a rumor that the metal will be traded differently and more vigorously. If China was to convert only 3% of their dollar reserves to gold, that would be the entire worlds production for a year!
I bought my wife a small gold crucifix last month. The chain supporting it was so frail that it broke in less than 2 weeks. I replaced it with a more serious chain and the store gave me a $20 credit on the flimsy old chain that weighs about nothing.
Nope, we are watching the slow death of fiat money. Short term, sure its probably run too far too fast, but expect 4 digits in the gold price in the not too distant future.
bling ping
No! Gold is undervalued! Buy more now!
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< / bubble>
The GoldBugs are going to bite you!
Gold's value always stays about the same - it's the currencies that are deflating.
Probably true. I bought my small reserves a year ago when it was about $440 an oz. It is fast becoming too expensive to buy. Silver is another issue. One can buy a lot of $14 silver if one believes it is going to go way up.
Good collectable specimen gold and gold/quartz has been at that price for years.
Nope, a collapse of the dollar I would say.
This country has to get off it's lazy arse and start creating items of value.
Imagine what it is like now as a result of being bitten when the price was $290.......
Time in a gold thread before mention of fiat money (ooooooh!): 2 minutes 37 seconds.
"we are watching the slow death of fiat money"
Agreed, this has been predicted years ago only to be po-pood by the elite fund managers.
Hey, anybody know where Greenspan is?
"This country has to get off it's lazy arse and start creating items of value."
Like gold?
I always thought Alfa Romeo money was sportier.
Did you buy and hold since $290?
yes
Good for you. Most would be trading.
I agree 100%.
Are we about to see the formation of a perfect storm of huge trade deficits, devaluing dollar, housing bubble, Iran, rioting Mexicans, budget deficits (+ Lord knows what else)?
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