Also I just visit Gold Price Australia for the AUD and USD price of gold. I'm not sure. I have never bought physical gold, hopefully someone else can help you out. For fiat currency lovers... The Money Masters - How International Bankers Gained Control of America
It all comes down to a power hungry individuals, who are using all kind of ‘tools’ to acquire more power. The same old story...
I wish it were only individuals. Unfortunately it would appear that for the most part it is a situation of "father like son" and these power hungry individuals, are in fact power hungry families, that have been prominent for centuries. But this is neither here nor there when it comes to discussion on gold, so I think we should probably stick to this threads original discussion. So how about that gold price, seems to be holding around the $900/oz mark. I think it should be quite an interesting back end of this week if some more grim news comes out of the US in regards to higher than expected job losses (I'm backing the 600,000 mark will be breached) and further corperate earning downgrades come out.
"Is there a ticker code I can add to my program on my phone to track it? " Live gold ticker...LIVE! streaming real-time gold price quotes
"So how about that gold price, seems to be holding around the $900/oz mark." Gold: $931 upside $818 downside
Gold is surging again, up to $AUD 1525/oz! To be completely honest, the way gold has been moving of late has me a little worried, not about the price of gold falling, but the state of the system and what's around the corner that would see the price driven up like this.
In US dollar terms the high of $850 (or so) reached in the 80's I think, would be equivalent to around $2300 in todays US dollars adjusted for inflation! So we're not halfway there yet if you expect a repeat! Also, that's reliant on official inflation stats. If shadowstats.com 's figures for true inflation are used it is a lot higher! I'm no expert, but I'm expecting gold has a loooong way to run yet. Regards, Marty
What will be really interesting is if gold can reach its all time (albeit in a nominal sense) sometime this week, if not on Monday?!? For gold to go from $800 to breaching $1000 in the space of a month stinks to me of their are some major events about to take place, the nationalisation of BoA, Citigroup, AIG??? Maybe the default of Ireland, or one of the many Eastern European countries struggling with their debts. I think another credit freeze might just be around the corner, except this time around I'm not sure if governments will be able to unfreeze the credit markets, not to mention that the bankruptcies and capital movements from CDS and synthetic CDOs that will be executed. Who knows were all the dust will settle... I'm planning to move more cash into my trading accounts to buy up more GOLD in the coming days - I'm getting really worried!
A couple of questions have been posed during this thread which still haven't been answered and I would love to know the answer. I purchased gold silver and a Kruggerand from the Perth mint in the 80s and it has only now got back above my purchase price. Where does one sell this king of physical gold? Also wondering what is the easiest way to get gold exposure. I think Chris mentioned ETF on the ASX. What is the name of this ETF? Thanks all
The Danger of Gold and Silver ETFs A common way to invest in gold or silver without having to physically store it yourself is through a precious metals ETF. ETF is an abbreviation "exchange-traded fund". It is like a mutual fund that is traded on a stock exchange like a stock, and can be purchased and liquidated very simply through any trading platform, even a discount online brokerage account. ETFs track indices such as the S&P 500, or industries, or in this case a commodity, specifically a precious metal like gold or silver. You purchase shares of the fund, and the fund managers invest that money in gold or silver on your behalf. If the value of metal increases, the value of your fund shares also increases. When you cash out the fund sells your portion of the metals and gives you your money. Theoretically speaking, that is. The problem with gold ETFs is that unlike possessing physical gold bullion, you never really know what is happening with your gold. You don't even know if any gold is really allocated to you. You certainly don't own any of the fund's assets, the fund owns them. If you read the fine print of the ETF prospectus you will likely find some fishy statements, such as the iShares Silver Trust which states that "The iShares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver. " What do they mean by "an investment similar to an investment in silver"? That statement is good evidence that not all of your shares are backed by real physical silver. They may be backed by cash, they may be backed by a piece of paper that promises to give the fund some silver in the future, but not every share is backed by the physical bullion you intended to invest in. Let's say the fund managers are playing with your money in creative ways through futures and whatnot, and make a big mistake and lose a large portion of the fund's assets? The value of your shares could drop like a rock even if the value of gold is skyrocketing at that very moment. That possibility is evident in another quote from the iShares Silver Trust prospectus that says "the liquidity of the iShares may decline and the price of the iShares may fluctuate independently of the price of silver and may fall". There, they admit it. This investment is not an investment in silver, at least not completely. I don't know how likely it is that the fund price will drop independent of the metal's spot price, but one of the major reasons for holding physical gold and silver is to protect your wealth in times of chaos. But in times of chaos I wouldn't be very uncomfortable holding shares in a trust that is owned by a bank. If that bank decided to shut down the trust and default because they don't have the physical metals to back your shares, what could you do about it? It sounds unlikely, but in times of chaos who knows what could happen. That's the point of having a safe haven investment in physical metals. If you are an active short term trader, ETFs are a reasonable trading vehicle. You can sell your shares easily any time you want, through any trading platform including a discount online brokerage, the buy/sell spread is much more narrow than when buying physical precious metals. The funds basically do follow the movements of the precious metals they are meant to track, so if you plan on making short term trades ETFs are fairly secure. The problem comes through exposing yourself to risk through longterm investment in an ETF. In that case I highly recommend that you be the sole owner of your own physical bullion and personally possess it, either in your home or in an allocated storage facility.
wow thanks for the detailed reply Tropo. But - do you know where your sell the physical gold and silver?
Hi, Tropo, Congratulations on your 2000th post. Well done, and you've made a huge contribution to this site. Cheers Jayar
Hi Rell, I believe that you can sell physical gold to the mint. Like the Perth mint, on their website they have the buy and sell price. Cheers Riri
Tropo, I love “everyman” indicator, it sounds bit like your guess is as good as mine. You can apply this to any class of asset.
sell gold To sell your gold, try bullion dealers (look this up in yellow pages for your area), but personally I'd be trying ebay. I think you'll get a much better price, although your feedback numbers are important in attracting bids! AEJ publish their prices daily Adelaide EXCHANGE JEWELLERS -"bullion buy and sell prices", but ebay seems to generate much higher sell prices. What exactly are you looking to sell? Someone on the forum may be interested too (me?). Good luck, Marty
There is also a bullion dealer on Queen street in Brisbane, some of there prices are actually cheaper than the mint, and their buy back prices seem more generous than the Perth mint as well. I'm planning to pop in there in the next week or so to pick up some physical gold and silver while prices are still low.
It looks like the gold price is on the move again so I thought I'd bounce this thread back up? So will gold be able to sustain a rally that push it through the $1000 barrier and then manage to stay above $1000?
