NEW RECORD HIGH FOR GOLD!

tighten your seat beats --get the wheel barrows ready for hyper inflation type money crash . --this is going to get very ugly , very soon they can only keep the pot from boiling over so long. ---as gold raises the dollars buying power drops .
 

I sure am glad I filled up my safe deposit box at the bank to capacity months ago! Now the trick will be to sell at the right time so I dont loose my shirt!. I have 45% of retirement savings invested in PMs at this time far more then recommended! I have to be real carefull at this time. I expect if this rally holds gold mania will soon start that will be the time to sell it all!
 

remember the market rule -- bulls get fed --bears get fed --hogs get slaughtered -- take some profiets to cover your start up investment risk * then ride the profiet train at no risk to you. :icon_thumright:
 

All my metals I bought were well UNDER the $1000. new floor price. I am not a greedy person. As things look at this time I think I am quite secure with my holdings but make no mistake I will sell at the right time!. (NOTE) I find it most interesting my suppler has now sold out of all gold products! I cant say their name here but I will say they are are a extremely LARGE supplier and for them to run out of stock is unheard of!. I guess they could just be NOT SELLING because of the rally but you never know.
 

Your supplier is probably holding their stock for now aiming at a higher profit for selling spot later on. It's much like the speculators on crude oil. They will create an artificial market and then dump, driving the prices way up and and then way down. Monty
 

On the 5-year weekly chart for gold we can see that everything is now in place for a MAJOR RALLY in gold to commence. It has managed to hold the high ground for weeks following its upside breakout from a Triangle, and is repeatedly pushing at the resistance approaching its highs. Yesterday's action was strongly bullish. With all moving averages in bullish alignment, THIS RESISTANCE IS ABOUT TO FALL.
 

Last Change Pct 2008 YTD Chg Close % Chg
US gold GCZ9 1042.00 24.20 2.4 884.30 17.8
US silver SIZ9 17.315 0.780 4.7 11.295 53.3
US platinum PLF0 1320.50 18.70 1.4 941.50 40.3
US palladium PAZ9 306.10 2.80 0.9 188.70 62.2
Gold XAU= 1040.40 23.75 2.3 878.20 18.5
Silver XAG= 17.25 0.66 4.0 11.30 52.7
Platinum XPT= 1309.50 16.50 1.3 924.50 41.6
Palladium XPD= 302.50 4.00 1.3 184.50 64.0
Gold Fix XAUFIX= 1038.80 18.55 1.8 836.50 24.2
Silver Fix XAGFIX= 16.95 72.00 4.4 14.76 14.8
Platinum Fix XPTFIX= 1310.00 10.00 0.8 1529.00 -14.3
Palladium Fix XPDFIX= 302.00 2.50 0.8 365.00 -17.3
 

The mindset of America is about to change as Americans wake up and realize how rapidly the U.S. dollar is losing its purchasing power. No longer will gold be looked at as a risky and speculative asset. Instead, there will be a rush into gold as the safest asset of all. The new mindset will be that you can't afford not to own gold and you can't own too much gold. You will be looked at as crazy if you don't own gold. You will likely see the mainstream media proclaim a "gold bubble" soon, but the only true bubble we have today is a "dollar bubble". In recent years, we have seen a rise of precious metals recycling companies like Cash4Gold that have encouraged Americans to take advantage of purported "high gold prices" and trade in their gold for U.S. dollars. Those who got suckered into trading in their gold for U.S. dollars will soon realize it was the biggest mistake of their lives.
 

My question is what will happen when all of these "cash for gold" companies out there decide to sell? They have been buying up gold for 3 or 4 years now steadily and I am pretty sure they have hoarded quite a bit of it. I think that having steady buyers out there has driven the price up but what happens when they decide not to buy anymore and take their profits and run? :dontknow:

Charlie
 

savant365 said:
My question is what will happen when all of these "cash for gold" companies out there decide to sell? They have been buying up gold for 3 or 4 years now steadily and I am pretty sure they have hoarded quite a bit of it. I think that having steady buyers out there has driven the price up but what happens when they decide not to buy anymore and take their profits and run? :dontknow:

Charlie
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I would imagine that they sell and not hoard. They sell to refiners and make profits all the way up or down. I don't think the price of gold matters to these companies one way or the other, it is the spread where they make their money.

Most people I know in the coin business are more pessimisstic about the future price of gold than the pundits who are predicting high numbers (several thousand per ounce). The ones I speak to hold a portion of some items they know will resell (eagles, maples, krugs, some foreign old gold, etc) , but "ship out" (whatever that means) the bulk of the stuff they buy from customers (especially old jewelry). That way, they don't wind up with a bunch of inventory for sale that they bought at higher prices when the price drops.

Plus, it takes LOTS of cash to buy up all that stuff day in and day out. You would be surprised just how much a small coin store that has a good customer flow buys, which is probably just a mere fraction of what the national guys buy.

Jim
 

What I worry about is that a dollar decline could become self-reinforcing and hence disorderly although this would make gold skyrocket in price could you just imagine what it would do to the markets around the world as well as here in the U.S.?
 

Something is amiss. The news is reporting Wallstreet is 'happy' about the economy...how then can people be fleeing the dollar by (buy) hedging with gold?
 

dunc said:
I was going to buy nother ounce on friday for my collection. Oh well, guess I timed this a little wrong.
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Its not too late prices should rise much higher soon!
 

Cappy Z. said:
Something is amiss. The news is reporting Wallstreet is 'happy' about the economy...how then can people be fleeing the dollar by (buy) hedging with gold? Whatever the reason dont sell what gold and silver you allready have and buy more if you can!
Click to expand...
 

I have wondered for a long time why gold has been so cheap. Now it appears people are buying out of fear the US dollar will be ...worthless....
 

Cappy Z. said:
I have wondered for a long time why gold has been so cheap. Now it appears people are buying out of fear the US dollar will be ...worthless.... It has been for years! They just now are finding out
Click to expand...
 

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