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ansible

(1,718 posts)
Wed Aug 5, 2020, 02:30 PM Aug 2020

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

34 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Gold price rockets past $2,000 per ounce and it could keep going (Original Post) ansible Aug 2020 OP
The Gold Bugs must be beside themselves. Thomas Hurt Aug 2020 #1
I'm one of them! CountAllVotes Aug 2020 #25
Good luck with those gold coins in a real crisis........ Bengus81 Aug 2020 #2
Try eating them! marble falls Aug 2020 #4
Why would you buy gold coins? former9thward Aug 2020 #21
Taxable! CountAllVotes Aug 2020 #31
I am not worried about it at all CountAllVotes Aug 2020 #26
This tends to happen under 3 conditions: Sloumeau Aug 2020 #3
hyper inflation is already starting and will be the trigger to finish off this economy. nt yaesu Aug 2020 #7
I went through my coin jar 3 times but still haven't found any gold. nt yaesu Aug 2020 #5
Yep the preppers are stocking up. PatrickforO Aug 2020 #6
China and Russia are dumping the dollar and buying up (literal) tons of gold ansible Aug 2020 #8
Yes, and this is the root, the culmination, the very apex of Trump's treason PatrickforO Aug 2020 #9
Cite? empedocles Aug 2020 #11
I've been following this trend for over ten years Pluvious Aug 2020 #16
I Didn't Realize Gold Speculation Was A repub Thing sfstaxprep Aug 2020 #10
I'm with you friend Pluvious Aug 2020 #14
I bought gold as insurance on my other investments Yavin4 Aug 2020 #30
Unbacked dollars being printed dollar down gold up Warpy Aug 2020 #12
Thank you Donald Trump for being so predictable Joe Nation Aug 2020 #13
People are wagering that the econony is going to suck. SergeStorms Aug 2020 #15
Most people have no clue of the growth rate of the Fed's debt assets (see link) Pluvious Aug 2020 #17
This message was self-deleted by its author Pluvious Aug 2020 #18
And silver is almost at $27. nt. Binkie The Clown Aug 2020 #19
What do people do with this gold? SansACause Aug 2020 #20
It is a store of value. former9thward Aug 2020 #22
I'm just asking what people do with it? SansACause Aug 2020 #23
If civilization crumbles you can throw the coins at the looters and bandits. Thomas Hurt Aug 2020 #27
You store it and hope it hits $2K an oz! CountAllVotes Aug 2020 #28
For over 5,000 years, it has been a store of wealth. roamer65 Aug 2020 #24
+1 CountAllVotes Aug 2020 #29
A post-scarcity Star Trek world wouldn't be so bad though ansible Aug 2020 #32
+1000 roamer65 Aug 2020 #33
Dang - I should gotten my gold crown back from my dentist! csziggy Aug 2020 #34

CountAllVotes

(20,877 posts)
25. I'm one of them!
Wed Aug 5, 2020, 06:43 PM
Aug 2020

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)
2. Good luck with those gold coins in a real crisis........
Wed Aug 5, 2020, 02:35 PM
Aug 2020

What a joke. Watch in a year gold will be at 1200-1500 and those idiots will be kicking themselves.

CountAllVotes

(20,877 posts)
31. Taxable!
Wed Aug 5, 2020, 07:30 PM
Aug 2020

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)
26. I am not worried about it at all
Wed Aug 5, 2020, 06:49 PM
Aug 2020

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)
3. This tends to happen under 3 conditions:
Wed Aug 5, 2020, 02:37 PM
Aug 2020

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.

 

ansible

(1,718 posts)
8. China and Russia are dumping the dollar and buying up (literal) tons of gold
Wed Aug 5, 2020, 02:41 PM
Aug 2020

The USA is screwed, the dollar has lost international trust

PatrickforO

(14,585 posts)
9. Yes, and this is the root, the culmination, the very apex of Trump's treason
Wed Aug 5, 2020, 02:43 PM
Aug 2020

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)
16. I've been following this trend for over ten years
Wed Aug 5, 2020, 04:12 PM
Aug 2020

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)
10. I Didn't Realize Gold Speculation Was A repub Thing
Wed Aug 5, 2020, 02:51 PM
Aug 2020

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)
14. I'm with you friend
Wed Aug 5, 2020, 04:04 PM
Aug 2020

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)
30. I bought gold as insurance on my other investments
Wed Aug 5, 2020, 07:07 PM
Aug 2020

I have a small amount. I won't ever sell it because a Republican always has a 40% or so of being president.

Joe Nation

(963 posts)
13. Thank you Donald Trump for being so predictable
Wed Aug 5, 2020, 03:59 PM
Aug 2020

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)
15. People are wagering that the econony is going to suck.
Wed Aug 5, 2020, 04:05 PM
Aug 2020

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.

Response to SergeStorms (Reply #15)

SansACause

(520 posts)
20. What do people do with this gold?
Wed Aug 5, 2020, 04:41 PM
Aug 2020

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)
22. It is a store of value.
Wed Aug 5, 2020, 04:52 PM
Aug 2020

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)
23. I'm just asking what people do with it?
Wed Aug 5, 2020, 05:57 PM
Aug 2020

You can't spend it on anything, and even Smaug just kinda laid on it.

roamer65

(36,745 posts)
24. For over 5,000 years, it has been a store of wealth.
Wed Aug 5, 2020, 06:04 PM
Aug 2020

If gold ever loses its value, it’s not a world you want to be in.

csziggy

(34,136 posts)
34. Dang - I should gotten my gold crown back from my dentist!
Wed Aug 5, 2020, 09:50 PM
Aug 2020

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?

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