and look at that SILVER go. The chart doesn't reflect it, but it hit $14.60 an ounce today.
Posted on 05/09/2006 3:27:39 PM PDT by Capitalism2003
NEW YORK (Reuters) - U.S. benchmark gold futures scaled a new 25-year high at $700 an ounce on Tuesday, boosted by relentless investor buying powered by geopolitical concerns and expectations of further price gains ahead, dealers said.
By 11:30 a.m. EDT, June delivery gold on the New York Mercantile Exchange's COMEX division was up $20.10 or 2.9 percent at a session peak of $700, which marked the loftiest level for futures since September 1980.
Nope, no inflation here..
Move along now.
and look at that SILVER go. The chart doesn't reflect it, but it hit $14.60 an ounce today.
Why oh why didn't I buy silver at 4.50. I nearly did :(
Does that mean those stupid BUY-COIN commercials will freakin' stop already?
Clean mad for the muck called gold.
So if I bought gold in 1980 I just broke even.
Looks like a spike. Getting in here would be a tremendous gamble.
It's not too late to pick up a little...
However, the hype on TV and the internet gives me pause. It reminds me of the net stock mania in 1999.
If there is ever a financial collapse, food and bullets will be worth more than gold.
If you bought gold at the top of the market, you won't break even until $850 as I recall.
But if the person who bought gold at $850 in 1980 and somehow managed to sell it at breakeven today would have sustained a loss because gold hasn't even kept up with inflation.
That $850 oz. of gold would have to sell for about $2200 today in order to recover the real value of the original $850.
I bought my niece a Golden Eagle around May for graduating from college. It was about $420 then. Should have picked one up for myself.
Does this mean that if I bought gold in 1981 that I can finally sell and make dollars (*not* adjusted for inflation)?
A better bet would have been buying my house in 1981, which would have gained 500% or so by now. About the same for buying a DOW index fund.
Over the long term, gold is a lousy bet. Unlike real estate, which has already all been discovered, gold is still being discovered daily. The higher it goes, the more they'll dig, limiting how much it can go up. And as gold recovery gets more efficient, gold could actually decline in price (as it has in real terms), till the point we've mined the whole earth.
Yep and they are in China and India and have more money to spend these days....and they are buying it up....as well as are their governments...
Question is are their governments selling off their FRNs reserves to buy gold and other metals?
Over the long term, gold is a lousy bet.
Especially if times got REALLY bad - like 1930s bad -and the gov't seizes your gold again!
No. NFW. When the stock market had gone so crazy that commodities brokers started advertising ("Do you know how much you could make if wheat were to rise by just ten cents?") on The Howard Stern Show, I knew the end was near.
I was wrong. That was in 1997.
I don't understand. Could you say more about why the gold price means that the dollar is doing well?
At the current prices, gold is already a lousy bet. It's real value was exceeded after gold passed $550. After that point, gold purchasing became purely speculative.
It is out of balance with reality, and will crash hard when the conditions propping it up disappear. Primarily, the Chinese economic expansion. If anything should happen to cause a crash over there, the floor under gold prices will drop out.
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