Posted on 11/28/2015 11:20:36 AM PST by BenLurkin
Due to what industry analysts say is a strengthening U.S. dollar, an expected rate hike from the Federal Reserve and an apparent Chinese stock market slump, the precious metal's prices temporarily fell to a longtime low of $1,051 an ounce.
The commodity's price closed at $1,055.90 on the New York Mercantile Friday, CNN reports. The price indicates gold's decline in popularity since reaching its highest price of $1,890 in 2011.
(Excerpt) Read more at upi.com ...
My ancestors traded deer skins for steel pots, guns, needles and stuff. from the Charleston traders. Oh, also slaves taken in battle with other natives.
You can’t eat gold during a collapse either. It is as useless as a dollar.
If you are the type of person that believes in insurance, you can do a lot worse than putting $150 a month in gold or silver.
I can hardly wait to hear how the commercials spin the decline offering to let people in on the “low prices”.
I hate to disagree with one so wise, but the gold MIGHT be good to have AFTER government is restored - but during the collapse?
As soon as you attempt a transaction for some necessity - like food, or energy - dozens or maybe even hundreds of people will be looking to kill you to take the gold. Trying to use PMs for transactions in a collapse scenario is like painting a target on your back.
If you have a plan to escape to somewhere where you could SELL gold for currency, THAT works.
Prices aren’t low. I sold a bunch at $1600, I’m a buyer under $350. We’re probably headed there in the next few years.
Absolutely true.
Ammo, food and water will be the precious commodities.
Medicine too...but it's hard to stockpile restricted drugs.
Yes. Why would someone take your gold as currency when they can simply take your gold?
Due to what industry analysts say is a strengthening U.S. dollar, an expected rate hike from the Federal Reserve and an apparent Chinese stock market slump, the precious metal's prices temporarily fell to a longtime low of $1,051 an ounce. The commodity's price closed at $1,055.90 on the New York Mercantile Friday, CNN reports. The price indicates gold's decline in popularity since reaching its highest price of $1,890 in 2011.Gosh, it's almost as if gold is just another commodity that had spent too much time in a bubble.
I’m not sorry. Last time I bought any gold it was about $300/oz. I sure would buy more if it gets near there again. (No, I have never sold any).
Interesting, thanks..
Back when it was all fun.
Interesting observation. Any reasoning? Considering the WTI/Brent to gold- correlations through the years.... are you guessing another huge drop in oil prices? Other factors?
IMO the gold floor won't go much below $900, if even there. Geopolitical trends tell me the prices might be going up, depending on world eventsl
Btw, for those who don't already know, there is a new kid on the golden block: https://www.bitgold.com/
Seems to be working pretty well. I can say they are certainly aggressive in putting ideas and technologies in play.
A Canadian company.
About where I'd put it too.
Yeah, I’d be like that guy who threw his hard drive away though. Last I saw of him, he had hired a backhoe and was digging through the county landfill!
“You can’t eat gold during a collapse either. It is as useless as a dollar.”
true dat but people have been using it to make jewelry for thousands of years. i guess the dollars could be used to help start fires though.
You three yeas ago today.
Gold Prices Sink on Global Economic Concerns
Gold prices tumbled Wednesday as uncertainties in the United States and Europe were stoking the biggest selloff since early November.
Gold for December delivery dropped $25.80 to settle at $1,716.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,743.10 and as low as $1,705.50 an ounce, while the spot price was slumping $26.20, according to Kitco’s gold index.
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