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On a good note today-
Gold Price is going up! For how long, I do not know, but I check it every day and I love to see it rebound and gain like $20. Doesn't do a ton for my prices, but I think it instills confidence.
Question of the day- What will be the gold price this time next year? Thoughts...
Metal Recycling Entrepreneur
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The best thing is to check the 24 hr charts. It jumped about 25.00 yesterday and then dropped a bit. That's more likely due to the big dawgs being at play .... either buying or selling large amounts.
One gent that i know of used to buy in Lebanon and sell in London simultaneously. ie: The price in Lebanon might be 1000.00$ an oz. London might be 1002.00 $ an oz. If he moved ten thousand ounces that would be 20k. profit in the twinkling of an eye !
Long term .... i don't see PM's doing all that much. A robust global economy expanding at a phenomenal pace would fuel demand and drive gold prices up. A global economic panic would send investors there as a safe haven and prices would rise.
That doesn't seem to be what's going on. It's more like we're in for a long period of economic malaise where it really isn't doing anything remarkable. That means that money gets harder to come by. Commodities prices are likely to drop till they bottom out and reach some kind of equilibrium.
Oil seems to have hit bottom and rebounded just a tad. Maybe gold has too.
Last edited by Scrappah; 03-19-2015 at 02:11 PM.
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OPINION: Those of us who are a little more esoteric and have studied the markets and, HISTORY, for a while generally agree the fiat currency price, regardless of which currency, has little to do with the real value.
The value of any of them is determined by those in the game who hold the pieces and own the game. The banksters sell worthless Gold Paper and buy Physical gold. The big players take turns selling gold stocks driving the price down and buying it back through affiliated buyers.
No one can predict the future $ of any of them. The only thing I see is, What will happen when the FED decides to start their 3% interest on the trillions of $ in National and the World Banks ,Western owned, and controled, start charging foreign intrest.
The Chinese finally announced their challenge to western controlled world banks with an Asian World Market Bank and immediately France, South Africa and, Germany, signed on Japan and the rest of Africa will soon follow, Japan is teetering, The Asian Bank over night now poseses the largest commitment of Physical gold in the world by a huge margin, in conjunction with holding the largest $$ in world debt.
Who could possibly predict accurately what will happen next except those who have the power to manipulate. This is not meant to be doom and gloom it is simply so you can understand what realities we have to deal with.
The real value of Gold has not changed in 2000 years only the value of currency against Gold.
The only real value that matters is you and your family and your well being. mcw
Last edited by EcoSafe; 03-19-2015 at 03:11 PM.
"anyone who thinks scrappin is easy money ain't doin it right!"
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Well stated olddude!
I'm so into scrapping.. When my Steel Toe Boots Wear out, I cut the Steel out of them and recycle the Toe!
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Thanks for the opinion Old Dude. I agree that the market is manipulated a lot. However, for us less educated folk, I can still get excited when I see a small bump in prices when it was trending down.
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I do know this you cannot buy real gold for spot price on ebay or silver for that matter (not that I have seen)
BUYING ALL COMPUTER SCRAP WORKING OR NOT
CHECK OUT MY BUYERS THREAD http://www.scrapmetalforum.com/scrap...nic-scrap.html
https://getjunk.net/Knox-County-TN-0...Recycling.html
Metal Recycling Entrepreneur
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Gold is a funny thing because it's both a commodity and a hard currency.
As a commodity it's subject to price changes according to supply and demand.
As a hard currency it works opposite to the fiat currency. When the paper money is worth less it takes more dollars to buy that ounce of gold. As the paper money strengthens it takes fewer of those dollars to buy an ounce of gold.
By that reasoning .... the US dollar ( the international reserve currency ) is getting stronger.
Check out kitco.com. There's much more transparency in the market than there has been in the past. In the upper right hand of the main page is an explanation for why gold prices went up or down on a given day. Sometimes it's due to demand, sometimes it's due to a fluctuation in the US dollar. Most often times it's a mix of these two things.
Interesting point on the Eastern Banks old dude. There's been talk about setting up a new international reserve currency through the IMF for a few years now.
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You have to cherry pick on ebay. If you want the closest to spot, go to your local coin shop. You will still pay a premium, but it will only be a few dollars. You will also establish a relationship with the coin shop and may make a difference when you go to sell your PM's. Much as when you turn in scrap and talk with the people there to stand apart from the riff raff, the same holds true at the coin shop.Originally Posted by mikeinreco
I would also suggest that now is the time to buy silver instead of gold. The formula I was given was to buy AG when AU/AG>50 (trade AU for AG @ 77:1), buy AU when AU/AG<50 (trade AG for AU @ 25:1). AU/AG is ~72:1 so AG is the buy. For the record, I bought one of these off ebay at about the same ratio it is today a few months back, so personal tastes may vary...
I think the gold price has a lot to do with what the FED decides to do with interest rates. If the fed decides to keep on pumping in cheap money to the economy then the gold prices goes up. This is exactly what happened last Wednesday. The FED said they will not raise interest rates in April and then gold goes up by $20 an ounce. I think the fed wont raise rates like they say they will because they dont want to cause a recession. Gold is going to go way up when a financial collapse will inevitably come and the dollar looses value.
This goes along with what Peter Schiff has been saying. If you dont know who Peter Schiff is, he predicted the 2008-2009 recession back in 2005. I would recommend checking out his Youtube channel if you havent already. He has some really good podcasts if you want to check it out.
Metal Recycling Entrepreneur
Go to Goldseek.com and watch the current Dollar currency market and the spot gold price market. As the Dollar falls the price of gold goes up. This is the main driving force right now on the price of gold. Gold price is set in Dollars. The Dollar value has been falling rapidly after the Fed made its comments on raising interest rates about 4 business days ago. If you go to Kitco.com and check spot prices on copper, aluminum, nickel and so on you will see that they are also rising since they are priced in Dollars also. We will see this week if the current trend continues with Dollar and gold prices. Should be interesting.
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Can some one explain to me why Asian countries are paying as much as a $500 premium per oZ on Gold.
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The scrap copper and iron prices went up because China wanted all they could get.
Suppose that the gold buying follows suit as part of their plan.
Wonder what else China is stocking up on?
It is a worldwide economy for sure.
Experienced Scrapper
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I'm not sure if the gold price will go up really. That's normal fluctuations. Governments build the gold price - not the economy. Think about Russia - they want to keep the price down to hurt Mr. Putin. But do you know what? The Russians have so much gold in their grounds that they could even make the rules. But they don't take out too much of it. They could hurt our gold producing and refining companies really serious. Anyway, I see an average price round about $1,150 in 2015. Maybe the price goes up again in 5 or 10 years - I don't know! today, the gold price raised again. So far, so good guys!
Last edited by auctionscrap; 03-24-2015 at 03:03 PM.
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Schiff is Da Man!
Been following him since 2009. Smart cookie!
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