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Gold broke $1028 per oz.

Discussion in 'Off Topic Threads' started by PerazziBigBore, Oct 6, 2009.

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  1. PerazziBigBore

    PerazziBigBore TS Member

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    I see last night gold broke $1028 per oz.. The Euro to dollar is $1.47 plus.. Looks like the world does not believe Obamma has saved the world..
     
  2. PerazziBigBore

    PerazziBigBore TS Member

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    Now at $1032.60
     
  3. PerazziBigBore

    PerazziBigBore TS Member

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    Above $1040... Looks like word is out.. the Arab nations are looking at a new currency to trade in..
     
  4. shannon391

    shannon391 Active Member

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    Next stop to the moon!

    Too bad half the country already sold their broken and unwanted jewlry to the TV scam.
     
  5. PerazziBigBore

    PerazziBigBore TS Member

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    No.. I think as we realize the world is tired of a dollar backed by nothing..and not approving of our money policies..The US government can't prop it up much longer.. Gold is a reasonable friend of investors that don't want to be holding US dollars like we held stocks in our 401K..only to see it worth half in a year..
    I don't know where gold will end up.. but I think we can all agree.. the dollar is soon to see a free fall..
     
  6. cubancigar2000

    cubancigar2000 Well-Known Member

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    Over a year ago I posted to buy gold, a lot of people laughed. I only wish I had more
     
  7. PerazziBigBore

    PerazziBigBore TS Member

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    Laughed??? No.. they kept it..
     
  8. PerazziBigBore

    PerazziBigBore TS Member

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    Now $1042.10
     
  9. 3dram8

    3dram8 Member

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    Gold ounces are about 10 percent heavier than what we are used to dealing with. Our avoirdupois ounces for reloading weigh 437.5 grains. Gold is measured in Troy ounces which weigh 480 grains. ....Rick
     
  10. Carol Lister

    Carol Lister TS Member

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    The SPOT market is at $1040.33

    The NYMEX closed at $1038.60

    Lister
     
  11. BrowningPotato

    BrowningPotato TS Member

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    What do you commodity expert think about buying silver? I too feel the dollar is going to plummet but cannot afford to tie too much up in gold. Do you think it would be a good investment to buy silver now at roughly $17 an ounce? From my research this is very high, so I am torn whether to try to wait for it to go down or should I buy now while I can get my hands on some?
     
  12. short shucker

    short shucker TS Member

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    I've got a couple of wedding bands laying around someplace. They have to be worth more than the marriage ever did:)

    ss
     
  13. grnberetcj

    grnberetcj Active Member

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    Bought oil futures in 2007 @ $80 per......sold @ $132 per.

    Bought oil futures earlier this year @ $38 per...am waiting for it to hit $76.

    Curt
     
  14. over the hill

    over the hill Active Member

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    Browning

    Im not so sure that investing in silver is a good idea.

    The big jump back in the late 70s was largely due to the Hunt bros. of Texas.

    Its ups and downs havent convinced me.

    However, if you can buy cheap whos to say.



    Regards....Gerald
     
  15. PerazziBigBore

    PerazziBigBore TS Member

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    SS.. The day you said "I do".. those bands meant everything to you.. like the weather.. things change.. As long as you harbor the pain.. she's still winning.. I've been in your shoes.. Personally.. when you get married before the age of 25.. the license should be in non permanent ink.. Second time around has been flawless.. You get older and wiser.. Now.. I've been with no wife as long as I have been with my 1990 E-350 van.. This Oct 13th will be 20 years..and still going strong.. That puts things in perspective.. All Good.. Mike
     
  16. Jeff P

    Jeff P Well-Known Member

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    Yeah, the fact it's above a grand lets all the suckers who bought gold in the late 70s / early 80s get out with a (very) small profit.

    And after only 25+ years of holding it.

    Oh, wait...I forgot about the storage charges. Nevermind.

    Make no mistake, commodities have a place in the balanced investment portfolio. I'm just not a gold fan.
     
  17. PerazziBigBore

    PerazziBigBore TS Member

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    Jeff.. I'm uncertain about gold above $1000 for today.. But when our dollar plumets.. do you want gold in your hand.. or dollars.. Hope that big crash does not get here..but to many people way smarter than I am..are looking at a 2 to 3 year period of calm... then wammo.. I hope they are wrong.. All Good.. Mike
     
  18. Jeff P

    Jeff P Well-Known Member

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    Mike, I'm not sure it matters....the whole idea would be to trade 1000 dollars today for the ounce of gold, only to get 1500 dollars back later on, right?

    Last time gold went over $1000 was in the 79-81 recession. The stock market mostly went along for the ride - during, and especially the years immediately after the recession ended. My thought is that you can earn an equivalent return on financial investements (hell, I remember being able to buy 30 year Gov't paper that paid 17%!!) without having the issues associated with owning and storing the gold.

    If you're going to own vast quantities of it, you have to store it, and I understand (could be wrong) that storage isn't cheap. All that eats into your return, obviously.

    If all you're going to do is own 5-10 ounces, or even 50-100 ounces of it and stick it in your gun safe, that might be a different critter. But then what are you really accomplishing? 50 ounces of gold...if the price doubles...will yield $50k in profits. Less storage fees, of course.

    I guess I think we're a long ways off from having to haul a quarter ounce down to the grocery store so I can buy food for the week.

    I think you're right, though, that 3 years out is the big problem - UNLESS the fed can manage to drain the liquidity from the system in an orderly manner. Which I know they're going to TRY to do, but I have NO faith in their ability to accomplish...actually, I'm not sure anyone can do it. Bernanke is sharp, but it might be an impossible task. Guess we're all going to see.

    I think in the future, other commodities will prove to be more valuable than gold - oil, gas, copper, tin, iron, for example. And you can probably make a better return owning the companies that own the assets.

    All good, indeed.
     
  19. timberfaller

    timberfaller Well-Known Member

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    My $.02,

    Gold or silver is only good if you have it in hard form. Nothing is reliable on paper!

    Paper can become worthless or even burned up, stolen, or lost.

    The market game is as always, buy low and sell high, emphasis on being able to sell on the high side. Then hoping it will go down again so you can buy in again!
     
  20. BrowningPotato

    BrowningPotato TS Member

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    If I were to buy, I would buy "Junk Silver" and keep it on hand in my safe. I was hoping to wait for it to go back below $10, may have missed my chance.
     
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