I can see it now..people are gona get rolled for their teeth...

Sure. Apparently, you can quote me today. :D


The talk on the street is that gold has nowhere to go but up.
Exactly what the masses were saying about real estate just a couple short years ago.
And tech stocks before that.......

When the masses start throwing money at the latest hot "thing", it will get to an artificial high before the masses flee for the next hot "thing".

Say, for example, what if someone had some gold (high purity 99.999%) to sell - where is the best place to do this and actually receive a price that is in the ballpark of the actual value?

Mail it to an online dealer. :D

In Toronto, I deal with Scotiabank. Their online branch is ScotiaMocatta. They have a buy/sell exchange in their head office. They are very fussy about a paper trail. What form is it in? Coins, wafers or bars? Do you have receipts from a legitimate source?

Ian

What do you consider "balllpark"? I just visit a local, long established "coin shop", and it's always been "spot price +/- approx. $50/oz", cash transaction, no paper trail. "We don't need no stinkin' paper...:)". Just to clarify, I've never sold, but see the local ads all the time. I'm just diversifying a bit, and don't mind a local merchant making a small profit.

ps: I'm doing small transactions however...I'm not Ian :)

That's funny...

I'm not me either. I am an accidental gold bug & a rank amateur but a 10oz bar sure is a purty thing. ;)

As Tabs pointed out, the midterms will probably dump the price into the 1200s based on enthusiasm but it should be short term & it should spring back. Who knows?

Buffet says (or doesn't say): "Look, you could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?"

He is right of course, but in this earning's poor environment, with a dumping USD, gold preserves your cash but - as always - it is a gamble.

Ian

I'll be there in a minute I gotta get my toolbox...for tinkering around under your hood.

U seem to be under the impression that the current rise in price of Gold is just a mania or bubble due to uncertainity. That sooner or later cool heads will prevail and Gold will return to more sane levels and we will be off to some other mania.

Here is what you are thinking..that nothing in the US will change, we will just merrily go on as before as if nothing is happening or changing. We will get back to business as usual. You are like so many Americans who still think this is just a temporary blip on the radar screen and in a little while we will get back to normal.

What you don't realize is tha 2008 was a Watershed moment. It was the end of a era that had become unsustainable. Just like the Civil War, the Great Depression/WW2 changed America forever, 2008 is changing America forever.

Take a look around you this is the begining of the NEW NORMAL. Gold isn't hitting new highs because of a bubble but because of the decline in the vlaue of the USD...take a look at the 6 month chart of the USD index...and it is STRAIGHT DOWN. With the inception of QE2 and the FED PRINTING MONEY the value of the USD is only going to fall further and the price of Gold is going to go higher.

Welcome to Brazil, Argentina and Mexico...Hello this is the new America...

And this one can be laid directly at Obama's feet...IT IS ALL OBAMA"S FAULT...

Tabs

I agree with you until the last sentence. To blame it all on the sitting president is absurd & tremendously short-sighted. While his administration's contribution is a given, his predecessors (plural) & the greed of your financial institutions (and the lack of restraints on them) were very much to blame as well. To totally & myopically exonerate them is ludicrous.

And why to you feel the need to try to spike every thread into PARF?

Ian

So most of us will never see it again (although I did post in PARF recently) and the same dozen or so folks can "do what they do" :(.

When I first read this, I thought you were talking financially & that you were refering to the 'good times' pre-recession. :eek:

And that is another topic - and a good one. And one that also would drift south quickly.

TABS: Stop. Just stop with your political crap in OT. You are the worst offender here - always adding some jab at the end of one of your diatribes. We don't want to read it. If we did, PARF is just a click away. Give it a break.

I should have quoted you before my last response...sorry If I wasn't clear.

I agree with most of this post. But I also think the masses don't realize how dire things are, and there will be at least another ride or two on the roller coaster of gold prices before the crash.

When the masses flee gold is the time to buy.

Bear in mind, that the masses don't really own much investment gold. I searched & the only stats I could find were from 2008:

World gold holdings (2008) (Source: World Gold Council) from Wiki

Jewelry 52%
Central banks 18%
Investment (bars, coins) 16%
Industrial 12%
Unaccounted 2%

Gold was ~ $900 in 2008. While these figures have undoubtedly changed a bit, I doubt if the investment figure has changed that dramatically. And the investment figure would include corporate holdings as well as the masses.

With all of the talk about currency wars & virtually every country's current need to devalue their currency (to boost exports), gold is the only hedge.

Ian