Gold price rockets past $2,000 per ounce and it could keep going
Source: cnn
Gold has rallied past $2,000 per ounce for the first time ever, with spot prices jumping as high as $2,041 per ounce on Wednesday. The metal's spectacular rally is the result of a weakening dollar, which makes it cheaper for foreign investors to buy gold, as well as rock-bottom yields on other safe-haven assets like US Treasuries. Some investors also fear that trillions in unprecedented stimulus from central banks could feed long-dormant inflationary pressures, and are turning to gold for protection.
The gold rush has notable consequences. SPDR Gold Shares (GLD), an exchange-traded fund that holds physical gold in HSBC's London vaults, has had to stockpile huge amounts in recent days as investors piled in. The fund, which is managed by State Street and the World Gold Council, now has 1,258 tons of gold holdings more than the Bank of England or the Bank of Japan. The news was first reported by the Financial Times.
Read more: https://www.cnn.com/2020/08/05/investing/premarket-stocks-trading/index.html
Thomas Hurt
(13,903 posts)CountAllVotes
(20,877 posts)I did not sell all of what gold I have left.
I like it too much to sell it is why!
I have a couple of gold Buffalos that I bought when they first came out in 2006 and a $10 gold Indian (1909) that I'm hanging on to ... for now that is.
If it hits $3K I will SELL.
Bengus81
(6,932 posts)What a joke. Watch in a year gold will be at 1200-1500 and those idiots will be kicking themselves.
marble falls
(57,136 posts)former9thward
(32,046 posts)Buy an ETF like GLD. It can be sold in a mouse click.
CountAllVotes
(20,877 posts)If you buy gold and sell it, the IRS is pretty much OUT of the picture unless you have large quantities of it.
I bought gold coins because I LIKE GOLD.
When those Buffalos came out in 2006 I bought them because I liked them.
I had bullion I sold when it hit $1800/oz. several years back.
It paid for a 800 board foot fence, siding for the house and other major carpentry things I needed to have done.
I invested $4K in gold at $300/oz. in 2003.
I just wish I had bought more of it! That is my only regret right now.
CountAllVotes
(20,877 posts)I have a buyer a phone call away!
If you don't have a buyer at hand you might have some difficulty selling it at a decent price.
I get spot ... always!
Sloumeau
(2,657 posts)1. People think the economy is going to stink in the future.
2. People don't trust banks.
3. People are worried about inflation in the future.
This is not a good sign either for the economy or for Donald Trump.
yaesu
(8,020 posts)yaesu
(8,020 posts)PatrickforO
(14,585 posts)Guns, food and gold.
ansible
(1,718 posts)The USA is screwed, the dollar has lost international trust
PatrickforO
(14,585 posts)It only took him three and a half short years to create a worldwide loss of confidence in the dollar.
Traitorous snake.
Pluvious
(4,314 posts)Additionally Turkey, Iran, India and most of the Middle East countries have been accumulating the West's gold. The import/export metrics on these actions are just a Google search away if you're curious.
China and Russia are highly incentivized to dethrone America's privileged status of the global reserve currency provider. Which has enabled us to "print" trillions into existence to prop up the teetering edifice.
sfstaxprep
(9,998 posts)All the comments just make no sense. I guess because some of the usual suspects have pushed gold in the past, that makes it a political issue.
I made a ton of money investing in Gold during the "W" years, and now I'm going to make money during the dying days of Drumpf.
Took me awhile to figure it out, but Gold does very well under a repub President, because they usually FUCK UP the country, and that results in a spike.
I'll probably sell some once Biden starts to turn the economy back in the right direction, since Gold may level off once investors see that occurring.
Pluvious
(4,314 posts)PM is much like face masks, neither care about your ideology
BTW, you seen the premiums on sovereign silver ?!!
Crazy times.
Yavin4
(35,445 posts)I have a small amount. I won't ever sell it because a Republican always has a 40% or so of being president.
Warpy
(111,305 posts)Joe Nation
(963 posts)One thing I realized shortly after Trump was elected is that whatever Trump touches, withers and dies. I bought into gold with my and my wife's entire 401K through Fidelity at around $1,318 an ounce. It is $700 an ounce higher today and I have made so much money that I am considering pulling out and tossing everything into bonds until the market crashes. Once that happens, I will throw everything back into the market and ride it up for the next 10 years. So thank you Donald Trump for being such a predictable asshole. At least you're consistent.
SergeStorms
(19,204 posts)They're probably correct, for the time being. The way Trump has mishandled the corona virus assures a rotten economy for the next year, at least. That's just my opinion, but I'm reasonably certain about this.
Pluvious
(4,314 posts)Scary shit
https://www.usdebtclock.org
Response to SergeStorms (Reply #15)
Pluvious This message was self-deleted by its author.
Binkie The Clown
(7,911 posts)SansACause
(520 posts)I honestly don't get it. Except for use in electronics, I haven't the foggiest idea what anyone would do with an inert metal.
former9thward
(32,046 posts)In the modern era Gold has always maintained a fairly consistent price relative to the dollar for over a hundred years. Societies for thousands of years have valued it. You are arguing with history.
SansACause
(520 posts)You can't spend it on anything, and even Smaug just kinda laid on it.
Thomas Hurt
(13,903 posts)CountAllVotes
(20,877 posts)roamer65
(36,745 posts)If gold ever loses its value, its not a world you want to be in.
CountAllVotes
(20,877 posts)n/t
ansible
(1,718 posts)csziggy
(34,136 posts)He took off an old gold crown in February and put on a temporary. I was supposed to go back two weeks later but Covid-19 happened. Now I am scheduled to get the permanent crown put on next week. I wonder how much that gold crown would be worth today?