Win
NES Member
I paid $35. Similar (though not precisely the same) in size, silver content and price to a Morgan dollar.
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Gold and silver prices are down
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Varmint
NES Member
I love these old denominated coins, a reminder of how much currency has lost value.
Varmint
NES Member
Confused about GDXU, I thought they reduced it to 2X leverage but it says 3X, and the chart went to $2 to $25 on Oct 28, do you know the story on that?
It’s a 3x leveraged etn and had a 10:1 R/S on Oct 31. Imho this allowed institutional investors to get in who can buy equities under $5.
75% GDX and 25% GDXJ.
richc
NES Member
IMHO Powell will keep raising rates until real rates exceed the rate of inflation.
richc
NES Member
I love showing younger folks gold and silver coinage. They're stunned to learn that gold coins were real money. Silver too.
They don't quite get the change to fake money. But it helps.
Varmint
NES Member
The Fed uses some weird calculation that produces a current real rate of +1.8%. I think he’ll raise to about 5% and stop. When something breaks like the Treasury market then he’ll do some kind of QE, maybe like the UK, doing QE while raising rates. QE was always the stronger tool.
Win
NES Member
And it was ubiquitous - every country I can think of had some form of PM coin/money. Everyone everywhere knew what money was. That's part of the history I like with my world silver collection.
Weekly close above $1770!
I love explaining that the minimum hourly wage in the early 60's was around $1.25 in 90% silver coin. If you got paid today with face $1.25 in silver quarters, at $3.43 per coin, you would be making over $17.00 an hour. There would be no need of a $15.00 minimum per hour.
What happened to all the silver the mint collected when they banned silver coin?
I also despise the phrase, "pre 64 coins" since they are actually "PRE 65 !!!"
I also despise the phrase, "pre 64 coins" since they are actually "PRE 65 !!!"
Varmint
NES Member
I always liked gold because it benefits from easy Fed like everything else, but unlike everything else, gold does well in market crashes and stock bear markets. Especially if it is way down when stocks crash. Gold miners should also do well if stocks crash because they’ve already had their crash.
Win
NES Member
I’m seeing my coin dealer friends unloading gold and silver again. They think it’s going down again in the immediate future. They’re usually correct.
Varmint
NES Member
$22 is major resistance for silver. We may not break through it this time but the time is getting close.
Varmint
NES Member
i80 gold announce bonanza grade results. Stock is up 20% after hours.
That's kind of a change for gold miners, which recently sell off on good news (people use the news to get out of positions).
Although this is a company-making discovery hole, the kind that will make it a $6-8 stock in a year. I don't like to recommend chasing stocks, I wouldn't pay over like $2.40.
finance.yahoo.com
Compared to some other great discovery holes in the last 25 years. Up and to the right is better.
That's kind of a change for gold miners, which recently sell off on good news (people use the news to get out of positions).
Although this is a company-making discovery hole, the kind that will make it a $6-8 stock in a year. I don't like to recommend chasing stocks, I wouldn't pay over like $2.40.
i-80 Gold Hilltop Discovery Yields Bonanza-Grade CRD Mineralization at Ruby Hill
i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the "Company") is pleased to report results from the first four holes drilled to follow-up the recently discovered Hilltop Zone that have confirmed high-grade, polymetallic CRD mineralization at the Company's 100%‑owned Ruby Hill Property...
Compared to some other great discovery holes in the last 25 years. Up and to the right is better.
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richc
NES Member
HARRYM
NES Member
I keep hearing Gold at ~1400 and I say no effin way but frankly my track record over the last 2 years has not been very good. Normal trends that did not happen burned my azz.
Varmint
NES Member
Ru-roh.
authorities in the U.S. and the Bahamas are now working on potentially bringing Bankman-Fried to the United States for questioning. The former FTX CEO has also been slapped with a class action lawsuit that claims Bankman-Fried and other high-profile individuals, including NFL quarterback Tom Brady and NBA star Stephen Curry, broke Florida law and caused more than $11 billion in damages.
Varmint
NES Member
There are huge buyers at around $1620 that keep preventing that. Probably central banks. They love gold bargain shopping.
HARRYM
NES Member
I know, but I have heard and read many times the bottom of Gold will be in the area of 1400. Hard to believe but that number is out there.
Varmint
NES Member
If you hear it a lot, it’s usually wrong. When everyone was predicting $800 gold a few years ago, it bottomed at $1050 and rallied to $2000.
Win
NES Member
$1,400 gold does seem low BUT bitcoin is selling at $16,000 (or whatever). There's a lot of crash left IMHO. It might be a short lived bottom (for gold not bitcoin) but I could see gold go down to $1,400 when bitcoin finds it's intrinsic value.
So from what I've gathered:
1. A stock market crash in early 2023 will pull Gold down with it.
2. Central banks stocking up sets a resistance level to a large drop.
3. Dollar weakening pushes the price up.
4. Crypto contagion (collapse) increases demand for Gold, pushing the price up.
Net effect? I have no idea. My gut tells me not to expect $1400 gold...ever, but then again, my gut is pretty stupid.
1. A stock market crash in early 2023 will pull Gold down with it.
2. Central banks stocking up sets a resistance level to a large drop.
3. Dollar weakening pushes the price up.
4. Crypto contagion (collapse) increases demand for Gold, pushing the price up.
Net effect? I have no idea. My gut tells me not to expect $1400 gold...ever, but then again, my gut is pretty stupid.
Varmint
NES Member
I don’t think the two are related. Bitcoin tracks the Nasdaq pretty well, while gold recently tracks the dollar, as it does at times (before diverging from the dollar again).
Burry might be saying bitcoin investors will switch to gold. I don’t really think so, your typical crypto investor has no interest in gold.
Varmint
NES Member
#1 is not correct, it only appears so because stocks and gold both are being moved by Fed policy. But other things can cause a stock market crash while helping gold. Like an earnings recession, financial crisis etc.
Right now gold and stocks are up cause of Fed pivot euphoria. That’ll fizzle by January if not sooner.
I think this one is going to be more like 2008 than 2020.
Edit: But the whole point is that with other things happening at the same time, the price of Gold might go up, anyway.
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