Gold And Silver Still On The Rise

[Mr Lee]

Today's Gold and Silver prices here Edited August 11, 2011 by Kuya Lee
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[TheMason]

Today's Gold and Silver prices here

Many are predicting that as the dollar continues to weaken that gold will hit $2000 per ounce. I converted some money to gold coins a few years back and its by far the best performing holding in my portfolio. If you are going to invest in gold or silver, only invest if you can take physical possession of it. I don't trust the precious metal houses to deliver on demand during tough economic times. There are several gold bullion coins on the market from various govts. I prefer the US gold buffalo because it has a higher numismatic value than other coins. It currently trades at about a 1% premium to the spot price of gold. That's up from about 0.5% when it was first released in 2006.

[Mr Lee]

Gold and silver seem to have hit a new high.

[Mr Lee]

Looks like gold is poised to break $1100, closed at $1091Daily gold prices

[Mr Lee]

Gold breaks $1,100, could it hit $1500 soon. It might not be safe walking around with Gold teeth pretty soon. Prices have soared 5% this week amid speculation that overseas central banks may be moving toward buying more gold as they look for ways to reduce their exposure to the U.S. dollar -- the traditional reserve currency of choice for many of those foreign central banks.The weak greenback also makes commodities that are priced in dollars, such as gold and crude oil, more appealing for investors using other currencies. As a result, gold often rises when the dollar weakens. Many analysts say this week's rally has been driven by speculative investors who trade based on momentum. "The gold market is something a lot of speculative and institutional investors are looking at," said Adrian Ash, head of research BullionVault.com. "You've got low interest rates and horrible economic data, for a lot of institutional investors gold is a no brainer."You can read the whole story hereCan gold hit $1500, read about it here

[tropicalwaste]

Anyone into buying gold that can give a rundown on advice?

[Mr Lee]

Anyone into buying gold that can give a rundown on advice?

In my younger years I invested into Gold and Silver and made quite a bit of money from them but there really is no policy to follow except buy at a low and hold the actual coins until you feel like it has hit a high and then sell enough to pay for the money you already had invested in it and hold the rest. I think that most people nowadays are buying as a hedge in case the currencies go south and that is what is driving the market up and also the devaluation of the dollar makes people who have extra dollars and who live on dollars or have dollars that they want to get rid of, buying Gold and Silver instead of holding the dollars. No one knows what the correct answer is but following it on the money pages seems to say that it is going to go no where but up, at least until things stabilize and I have no idea if that will be tomorrow or in years down the road, but some people are saying that it will only get worse until they have to issue new money in the US. It is all a big guess and the main thing is to be investing in something such as land or businesses to make sure to have income of some sort if the dollar crashes because the dollar crash will cause other currencies or countries who deal with the US to also tank or at least have some major problems. I have been buying condos in the Philippines as my hedge because my younger years and extra money went with my last divorce :SugarwareZ-034: like many others who are doing what we are now doing. I do have a small amount of Gold and Silver in a bank safety deposit box but just enought to buy some food if all goes to hell and not enough to make any real money on. Maybe someone else will have some better advice, anyone???

[Mr Lee]

I wonder just how much it cost the US a year to protect all that gold and if they are going to keep it then why not go back on the gold standard once gold hits a record high?Uncle Sam sitting on a goldmineThe government holds the world's largest gold reserve, but even with gold prices at a record high, the Treasury is unlikely to sell.The Treasury Department has 261.5 million ounces of gold in its reserves, representing about a third of the gold stockpiles held by governments around the world. With gold selling at about $1,100 an ounce, that means Uncle Sam is sitting on $288 billion worth of the shiny stuff.Curiously, Treasury still values its gold at $42.22 per ounce. Congress reached that figure in 1973, two years after the the post-World War II Bretton Woods gold standard, which had valued gold at $35 an ounce, was scrapped.Link to the whole story here

[tropicalwaste]

I wonder just how much it cost the US a year to protect all that gold and if they are going to keep it then why not go back on the gold standard once gold hits a record high?Uncle Sam sitting on a goldmineThe government holds the world's largest gold reserve, but even with gold prices at a record high, the Treasury is unlikely to sell.The Treasury Department has 261.5 million ounces of gold in its reserves, representing about a third of the gold stockpiles held by governments around the world. With gold selling at about $1,100 an ounce, that means Uncle Sam is sitting on $288 billion worth of the shiny stuff.Curiously, Treasury still values its gold at $42.22 per ounce. Congress reached that figure in 1973, two years after the the post-World War II Bretton Woods gold standard, which had valued gold at $35 an ounce, was scrapped.Link to the whole story here

I dont think they will shift to selling any as the Dollar is still sliding.. as the currency it would be buying is the same one everyone is dumping. Ive been thinking of moving into Gold/Silver with around P100,000 a year. Not a lot but something that is historically raising at 16% is worth investing for the kids future.

[Mr Lee]

Gold hit a new high of $1140.60 and silver of $18.42.