Home Forums Hunting & Shooting Hunter's Campfire Gold is Testing $2,200.00

Just that.

Currently $2,171.00.

I'm thinking it breaks through $2,200.00 by end of month.

Bitcoin is testing its high, too.

There's that.

I bought quite a bit of gold, for me at least, over the last 3 years or so. After Biden stole the office I parked most of my retirement funds and started putting any extra cash into gold. I've missed out on some good movement in the stock market so the fact that my gold is up some helps. I bought a lot around $1800/ ounce.

Although I didn't buy gold as an investment I bought it more as insurance against inflation or a currency crisis. I have mixed feelings about it going up in price because I wanted to buy more before it did.

It has become more difficult for me to buy gold due to bidenflation. Three years ago I usually had enough extra cash to buy a few ounces a month. The increase in all my expenses made it to where I had enough extra each month for maybe an ounce.

Lately I've found too many good deals on guns so my gold money has gone for those. I like having a mix of tangible assets like gold, silver, guns, ammo, and reloading components. A local shop has had lots of reloading bullets on sale for 40-50% off the last few months. So my extra cash has gone to copper and lead lately too.

I couldn't pass on the pre 64 model 70 for under $700 that I found today either. I was planning to use that cash on 3 tenth ounce gold eagles so I could get closer to filling my 2 tubes but those are easier to find than the deal I got on the rifle.

Bb

$2,186.00, now, and climbing.

Since silver is still a dog, it's likely that we are still very early in this upswing. Typically, silver lags way behind when gold is soaring until right near the end of the gold bull market, then suddenly shoots above, even, the percentage gains made by gold. The likely cause of this is that the general public only become aware of what's going on with gold when it's past the price where they can afford any, so turn to silver, which drives its price up, too.

Stock Market also a new highs.


Inflation is a real contributor to all the gains.

It is, indeed, but metals are nowhere near where they should be by a simple calculation of inflation (which would put gold on the order of $10,000.00 per ounce), which suggests that their prices have been purposefully suppressed for a long time.

When this happens, you get what's known as "the beach ball effect," i.e., when you hold a beach ball under the surface of the water, and the surface level rises (analogous to inflation), the beach ball will become increasingly more difficult to hold down. Once it slips from your control, it will not only rise to the surface level (analogous to matching inflation), but will soar up past that level, and high into the air (analogous to far exceeding a price level explained by inflation).

[Linked Image]

BINGO!

It is not so much that Gold or BC are testing new highs... moreover... it is that the held dollar is testing new lows.

Copy that...

I agree somewhat.

I took a beach ball to a Red hot chili pepper show

$2,200.00 has been broken. My prediction was correct. It's now, in the midst of the trading day, $2,207.00.

When I was 15 years old, the U.S. defaulted on Bretton woods.

The dollar is down ~98% vs Gold since then.

The ounce of gold that was $40 then, is (as of the moment) spot priced at $2,200 (plus a street premium of $50 - $100 per ounce).

The only prediction I will make is that this 53 year trend will continue, and we will likely see the beach ball at some point (reference to Hawkeye post above).

When I was a senior in highschool in 1965 gold was $35.00 an ounce, how times have changed.

If the demand was there, it would be $10,000. Who is imposing these price caps?

Over 2k is just a start, the US is broke broke and to solve the problem they will continue printing money until it's 1,000,000 an ounce.

The banking/government cartel.

One big way they manipulate it is to increase the number of unbacked paper contracts for gold that are introduced to the market. If the natural price gets too high, they dump unbacked gold contracts for sale onto the market, which creates the impression to the market that, suddenly, gold is far more plentiful on the market than it actually is. Same for silver.

What can defeat this strategy is real physical demand, such as from national banks (who only want verifiable physical bars), and from increases in popular demand for physical gold and silver throughout the world, due to a sense that financial and monetary disaster is on the horizon.

Some one in this tread talked about selling gold I guess?
He talked of a 50 dollar per ounce fee.
So if gold is 2000 and ounce and I sell 3 ounces, should I get 6150 from a dealer? Or does he take a 50/ ounce dollar cut, and I get 5850?

Most of the gold market is paper gold. It ain’t really there. We may get a replay of 1933 when folks want their physical gold.

Paper gold is what keeps the price down. It should be worth multiples of what it is now.

Personally I think junk silver is the way to go. It’s underpriced and readily accepted.

Where I go to sell gold coins, they give me 97% of spot $$ that day, in cash.

Shoulda listened when it was $900 and climbing 😟

It varies widely. Dealers take their cut both selling and buying, i.e., from both ends of the trade. The better trick is to talk people into providing services (e.g., auto mechanics, roofers, plumbers, etc.) who agree to be paid in silver or gold, based on the valuation of what it would cost them to acquire it in said form at a dealer.