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Post by Swampy on Apr 15, 2013 9:30:55 GMT -5
Well, SJ, the world is not ready for a gold standard yet. ;D
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Post by boxcar on Apr 15, 2013 12:00:07 GMT -5
>Gold prices continued to plummet Monday on concern that Cyprus will have to sell excess reserves of the precious metal to raise about $522 million to help finance that country's $13 billion international bailout, Dennis Gartman, editor of The Gartman Letter, told CNBC. "There are a lot of people throwing up their hands. Throwing positions overboard. Panic is everywhere," Gartman said in a "Squawk Box" interview on Monday. "I've never seen anything like this. I mean it."<
A lot of noise over nothing. 522 million is a piddling amount.
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Post by Deleted on Apr 15, 2013 12:16:00 GMT -5
I'm into gold modestly , I've lost maybe $1500.00 since the drop , many of my friends have lost heavy , what to do ? , just step back and wait or buy now , either way you will do all right , I put in an order to buy if gold drops to $1200 an ounce , I doubt that it will . I agree $522 million is a mere nothing .
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Post by mcnoch on Apr 15, 2013 13:07:59 GMT -5
Gold is a typical panic investment, so it goes up and down quite wildly over time. Buy it when it is down, sell it when it is up. If you sell in time you can make quite some profit, else wait for the next cycle.
Silver is a dead horse. From time to time some consultants try to motivate people with not so much money to start investing, as it is much cheaper, but there is not much to gain form it. There is more than enough, often you can buy silverware for less than the silver-price in kilogram, because there is so much silverware in the households that nobody wants it anymore.
Interesting is that this time steel is falling too. Seems the news from China are much worse than expected.
P.S. Seems Japanese investors are selling their gold. The exchange-rate from the weak Yen to gold was too good to to cash in. 1140 tons of gold were sold on Friday via futures alone. That is more gold than China and India together bought in the last year. Both countries are the strongest buyer in the market due to the booming jewelry-industry there, which likes gold. With falling prices the gold-speculation is getting into trouble as the broker will request higher margin calls as safe deposits by the investors to gurantee the futurtes, if they don't provide it, the gold futures are sold.
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Post by Sir John on Apr 15, 2013 14:46:41 GMT -5
A great buying opportunity, and I have put in another order for 10oz silver bars. VERY hard to get at the moment.
If it gets to $10 an ounce i will back up the truck.
SJ
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Post by Deleted on Apr 15, 2013 15:14:38 GMT -5
A great buying opportunity, and I have put in another order for 10oz silver bars. VERY hard to get at the moment. If it gets to $10 an ounce i will back up the truck. SJ I'll buy a couple ounces of gold when it gets to $10 an ounce.
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Post by Sir John on Apr 15, 2013 15:30:35 GMT -5
Touche'
Very badly put, I meant Silver at $10. I have very little Gold, only some small fractional rounds.
SJ
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Post by Deleted on Apr 15, 2013 18:14:49 GMT -5
Touche' Very badly put, I meant Silver at $10. I have very little Gold, only some small fractional rounds. SJ I knew what you meant, SJ. I was just alluding to my financial knowledge and situation. ;D
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Post by Deleted on Apr 15, 2013 20:17:01 GMT -5
If gold goes to $10 ounce watch out for falling financial experts as they jump out the window .
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Post by Deleted on Apr 15, 2013 21:45:11 GMT -5
Some time ago I posted links to the ancient gold mines in Africa that date back some 150-250,000 years and to extensive evidence of civilisation at that time that is supported, one example, by Babylonian tablet records of their rulers since that time to the end of their civilisation.
The links claim that the ancient mines are tunnels into the side of hills and that the present day mining companies have closed most but know there is more gold to be obtained if they decide to mine there again. And that there is so much gold reserves in the ground that the mining companies are careful not to mine and release too much onto the market and upset the now precious metal value.
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Post by Swampy on Apr 15, 2013 22:21:45 GMT -5
Not just gold, but all other minerals.
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Post by Sir John on Apr 16, 2013 0:36:56 GMT -5
One of my Forum members went down to the Perth Mint today to buy some more gold.
The queues of buyers were TWELVE deep at the sales booths.
SJ
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Post by Swampy on Apr 16, 2013 2:14:55 GMT -5
It's down further. Time to flee to the greenback or the loonie.
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Post by Sir John on Apr 16, 2013 3:50:45 GMT -5
No, it is a time to BUY!
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Post by Deleted on Apr 16, 2013 4:55:14 GMT -5
The gold crash is coming again
I recall a $1M investor in the 80s who recovered his investment 3 times and then sold the lot, and he was right, the gold rush ended
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