Stock market endures worst day in 18 months - Yahoo Finance
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add to that fed talking about raising interest rates for the first time in a while.. sounds like gold may have a little comeback
Looking at the 60 day and up charts it appears we may have hit a bottom recently, and thus why prices are so low (for us who scrap gold items)
But today's close was at $1154 troy/oz which is near the levels we saw back in June.. so hopefully the buyers will follow suit and RAISE prices as they can, when they can.
We had dipped as low as $1080 troy/oz so lets cross fingers that we can get back to at least last years prices soon from buyers!
Personally I believe there will be another dip in the next 6 months which will take us to a new rock bottom in the last 5 years. 12-18 months after the bottoming out I could see a 1200-1400 market place. Atleast this was my thought pre-China currency devaluation...Quote:
Originally Posted by sledge
With respect to "RAISING" the prices, understand most buyers who have been around and maintained for years, have rode the rollercoaster down hill. From our perspective, we averaged a price change in the last 12 months, roughly .8 times per month. Meaning our price list changed about once every month and week. I believe in stability rather than fluctuating pricing every "increase" in the market or "drop". I trust our service is an indication of that theory and not just my false reality.
As a long time member as well as one who has been with CFCS for years now I don't expect a price increase unless the price goes up and holds........We may hit a new bottom but right now everything I read says to be "BULLISH" on gold right now........I'm far from an expert "just a dumb scrapper"
The way i see it there are two phases to the recession. The first phase is the inflationary side where prices go up. The second half is the deflationary phase where prices drop. Neither phase is very much fun.
We've been in the deflationary phase for awhile now. We're seeing it with lower commodities prices like PM's & gasoline.
It's likely that the drop is going to continue for awhile.
What we really need is economic stability. I miss the Clinton era when gold held steady at around 320.00 /oz for years. That's a time when you can really dig your heels in and build a better life for yourself.
You don't gain anything with higher gold prices. It just means that the economy is in the crapper again. Gold moves relative to inflation so when you've got higher prices for PM's you've got higher prices for consumer goods.
A gallon of gas goes back up over 4.00 dollars a gallon again. :(