[quote]snipeout wrote:
I’m not to sure but the price of gold was flat lined for a very long time until recently if I’m not mistaken. For years it hovered between 300-400 dollars an ounce, shot up to like 970 an ounce and is now around 750.[/quote]
Gold always goes up when the economy goes down. The economy started tanking about a year ago and gold started inching up. When oil was in the $150/barrel range, gold was playing with a grand an ounce.
Nothing new.
[quote]snipeout wrote:
I’m not to sure but the price of gold was flat lined for a very long time until recently if I’m not mistaken. For years it hovered between 300-400 dollars an ounce, shot up to like 970 an ounce and is now around 750.[/quote]
Because the price in dollars was low, there was little incentive to hunt for new mines. Only established mines, making little profit, kept going. As their costs rose, they were shutting down their existing mines.
This provides a natural floor to the price.
This also provides an excellent opportunity — a mine making $50 per ounce suddenly begins making $300 per ounce. Now, the speculators are being washed out and the price is approaching the cost floor. It is a good time to begin averaging in.
[quote]rainjack wrote:
snipeout wrote:
I’m not to sure but the price of gold was flat lined for a very long time until recently if I’m not mistaken. For years it hovered between 300-400 dollars an ounce, shot up to like 970 an ounce and is now around 750.
Gold always goes up when the economy goes down. The economy started tanking about a year ago and gold started inching up. When oil was in the $150/barrel range, gold was playing with a grand an ounce.
Nothing new. [/quote]
Agricultural Commodities are the only safe haven right now. The smart money is going there until mid-late Jan, then its going to precious metals and gold. Won’t be surprised to see gold 1500-2000 in the future…
mining juniors ftw.
[quote]Headhunter wrote:
snipeout wrote:
I’m not to sure but the price of gold was flat lined for a very long time until recently if I’m not mistaken. For years it hovered between 300-400 dollars an ounce, shot up to like 970 an ounce and is now around 750.
Because the price in dollars was low, there was little incentive to hunt for new mines. Only established mines, making little profit, kept going. As their costs rose, they were shutting down their existing mines.
This provides a natural floor to the price.
This also provides an excellent opportunity — a mine making $50 per ounce suddenly begins making $300 per ounce. Now, the speculators are being washed out and the price is approaching the cost floor. It is a good time to begin averaging in.
[/quote]
Sure, and the economy and the markets will turn around anytime now, right?
[quote]rainjack wrote:
snipeout wrote:
I’m not to sure but the price of gold was flat lined for a very long time until recently if I’m not mistaken. For years it hovered between 300-400 dollars an ounce, shot up to like 970 an ounce and is now around 750.
Gold always goes up when the economy goes down. The economy started tanking about a year ago and gold started inching up. When oil was in the $150/barrel range, gold was playing with a grand an ounce.
Nothing new. [/quote]
Its almost official now. Congress WILL reject the auto bailout, leading to Martial Law - to stem the riots the will unfold!
MAn that S&P knows to drop, huh? Dow looks pretty good too…
and CNBC is never wrong, never.
Feel better about the great country we’re in? Bailing out the crooks who caused the crisis in the first place, and allowing the oldest company
(that has been the perfect government lap dog, selectively providing employment to under-qualified american-born-and-raised at the cost of making NO visible progress in technology or sales vis-a-vis say, Toyota) to fold — can you imagine the riots and bloodshed that will ensue?
Time to this this cartoonish democracy into a MERITOCRACY, I say! But first, its time to socialize the losses.
Wow, so what did the dow close at yesterday? Close: 7552.29
Someone was correct.