China announced growth is slowing. Gold dropped $144/oz today. Huh-bye gold coin dealers
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The gold dealers are advertising heavily for scrap gold. They even hire young people to stand on the curbs waving signs, WE BUY GOLD. Buy when prices are dropping, sell when prices are rising.
Buy low, sell high, profit!
Don’t try to catch a falling knife- Wait until it its price rises above its 20 day moving average and you have a good chance of selling higher.
Hope I saved some a few $.
The cost of producing gold (no tungsten) is around $1000. Since gold has many uses beyond jewelry, it’s unlikely it would crash below that price (unlike tulip bulbs)
The wild card is what would happen if inflation broke loose. Gold closed today around $1350. If I actually did investing, I would sell high, buy low.
How about spinning sporks?
The question is how much gold is there really? There is some in the Fed’s vaults that has been loaned sold and resold on paper. There is real concern that there may be multiple people that think they are sole owners to gold because it is easy to create counterfeit paper.
Crazy part is , as Gold was dropping, Silver did to, over 10% . I noticed this morning that silver is down again and it is around $ 23.60 at about 7am eastern.
As the price was dropping I watched the ‘premium ‘ you pay over spot price go up. The premium was right at $2.99 at the beginning of the day and later last evening the premium was @ $5.75. Silver was actually a little more expensive to buy. Most silver was sold out several sites and were slow loading indicating lots of traffic.
These are strange times we live in.
How many gold bars in Fort Knox can dance on the head of a pin ?
Parrott
To the extent I pay attention, I watch the comparison between gold and platinum. They share some similar properties as metals. When gold goes above platinum, that’s just paper money bidding up the price