Posted on 12/31/2013 4:58:37 PM PST by artichokegrower
Gold's loss of luster in 2013 solidified Tuesday as the precious metal settled 28 percent lower for the year at $1,202.30 an ounce, its worst annual fall since 1981, after investors spent 2013 moving their money into equities.
And 2014 is not shaping up to be a landmark year for the metal, according to market watchers.
"It's going down further," Nick Hungerford, chief executive and founder of investment management company Nutmeg, told CNBC Tuesday.
(Excerpt) Read more at cnbc.com ...
Bought gold about the same time I started posting here at FR. Back then it was in the range of $400 an ounce ... not worried, this could be a buying opportunity.
$19.63 per ounce is the break even point for silver? That seems pretty high to me. What makes you think it’s that costly to mine and refine silver?
Strangely, scrap steel is bringing $0.11 per pound.
That’s when I bought it.
The problem with gold is that it can make some very significant changes in value, and you could easily see it drop to half of what it is now. There’s some intrinsic value there to be sure, but I think gold is still overpriced.
Silver is similar. A one ounce silver eagle cost about $5 in 1995. Adjusting for inflation using the government’s rate (probably way understated but still a good rule of thumb) results in a silver eagle that’s worth about $8 today. Even if silver tripled in value since 1995, that would still be less than the current price—about $20 an ounce. In other words, I think silver is still overpriced, too.
Dental gold is usually 16K and most pawn shops will be happy to buy it from you.
I buy the dips, especially the really large dips.
Perhaps that is why all of the ‘invest in gold’ advertisements have disappeared
- I had heard from a guest on CNBC that the cost of production was in the $600 range -
- I was expecting this and ignoring others telling me to buy gold and silver at the high prices -
- I look for growth - not counting on doom &/or survival
- I would say that Obama is closely tied to manipulating the markets with his total control of the US Senate now.
- Obama (and the leftist media) does not want to see another black ever elected to be President again -
- He (and the media) would lose his “uniqueness” if a black (or Hispanic) Conservative ever became President.
- Think about this -
- I had heard from a guest on CNBC that the cost of production was in the $600 range -
- I was expecting this and ignoring others telling me to buy gold and silver at the high prices -
- I look for growth - not counting on doom &/or survival
- I would say that Obama is closely tied to manipulating the markets with his total control of the US Senate now.
- Obama (and the leftist media) does not want to see another black ever elected to be President again -
- He (and the media) would lose his “uniqueness” if a black (or Hispanic) Conservative ever became President.
- Think about this -
Your number is way wrong. I remember 10 years ago, the cost of production was around $300-400 per ounce. Its likely $500-600 per ounce now depending on the mine
When are they likely to occur?
Goldbug ping.
In my opinion, this is an excellent time to buy, if you can get your hands on physical.
Most are paying too much attention to the “paper” price of gold - and not enough to the overwhelming demand for “physical” (like in their own possession!)
Pay attention to “backwardization” in gold - I can’t explain this anywhere near as well as this article does, and it adds a lot of history for those of you who are curious about the predicament we are in, and the potential for very unpleasant outcomes.
http://www.professorfekete.com/articles%5CAEFWhoSaidDragon.pdf
However, if you believe like I that the future is far less rosy, then gold is a foolish thing to spend your money on. Food, lead and land are far more usefull
Some of us are, as they say, well on in years. Food, lead, and land are definitely desirable, but protecting these is for the young, strong, and knowledgable, who can organize a community to protect the same.
If any of our Freepers have these desirables tied down, and a place for an old woman who can knit, sew, cook, can, and knows how to garden - let me know.
The senior residence I now call “home” will be uninhabitable if we go into the future I expect.
I hope I am wrong! Oh, how I pray that I am misunderstanding all the lessons of history.
Stupid propaganda!
Gold has been around 1200 per ounce for some time, being slammed by the British regulators. A fat finger drove it down this morning, then it shot up and ended where it has been for months. To anyone that actually watches the market, this is stupid. Please notice that they never drive the price below production. Also that the Chinese are paying high production mines to keep mining above $1200 per ounce. If you have to ask for sources on this, you don’t follow the market, and are a tool for George. Way to many on FR these days!
Just a note on gold as an “investment” -
It should not be considered that, not for one minute.
It is only for the preservation of wealth.
If the fiat currencies of the world fail - lose their value, either via inflation or the collapse of confidence, metals, food, clothing, alcohol and tobacco, medicines, etc. will be valuable items in a barter economy.
The problem I see is that we have way too many people who have no idea of basic survival skills, who are completely dependent on government, and who have no moral code.
One doesn’t have to have much of an imagination to come up with some pretty unpleasant scenarios unfolding in our future.
When the “buy gold” ads on TV stop... that’ll be my signal that the time to buy is nearing.
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