GRF - Gold Price Guessing Contest
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metatp
Well-known member
If it hit that number, you should win. Maybe you will if you have lots of gold.patnor1011 said:
Irons
Well-known member
shyknee said:
:mrgreen:
Hey Ralph,
Which one is your official guess, 1251.12 or 1225.55?
Which one is your official guess, 1251.12 or 1225.55?
aflacglobal
Well-known member
$ 1251
jimdoc
Well-known member
I didn't even venture a guess, because it would be pure luck to win. I am much more worried about the oil prices staying low than what gold does. I would like to see oil get back to $60 a barrel and stay there.At least until we get the battery technology for electric cars to be feasible.
Jim
Jim
There is a little more to it than “just” luck, but it is kinda funny you mention oil Jim. Oil going from close to $90 a barrel less than a week ago down to the $75 range while gold goes up at such a clip is telling. What is happening with gold IMHO is not just about the dollars strength affecting commodity prices, if it were, then gold would be down as well as the rest of the commodities (gold is the canary in the gold mine). No one expects great oil consumption through hard economic times. The most important thing for most to understand is that the fundamentals for gold have not changed drastically as to the available supply (silver is a different story). So it is not that the “value” of gold has changed much, but it is the value of the currencies it is priced in that have changed. This is more about potential sovereign debt defaults and paper money devaluations.
Sad to say, a price jump like Irons predicted will indeed happen one day, but the question is when. They have kicked this can down the road longer than most thought possible. I have never seen a fiat currency in the history books that did not fail due to printing more money for government spending than the asset backing it or the economy supporting it. Just look at what most countries are doing as to printing money out of thin air and how the economies under them are doing today.
Europe just announced close to 1 trillion dollars in support to save member countries from default, much of which is being paid for by quantitative easing (they print money from thin air to buy their own debt that no one else will buy). That 1 trillion only bought them a day in the markets, the world is waking up to the fact they have been played the fool.
Do not get me wrong, I am not saying things will fall apart in the next week (heck it could be years), but Irons could be right as to the timing of this eventuality. Just look at the DOW that lost 10% in 20 minutes last week, imagine that with fiat currencies but not stopping after just 20 minutes. Mind you there are producing companies with tangible assets behind those Dow stocks, what is behind those over printed pieces of paper we call money?
One way that Irons guess could be right in such a short time frame would be if the US declared a bank holiday and devalued the dollar by 50%, several countries have done just that in recent history (bet that would bump up our exports, a bonified half price sale). Imagine all the savings and retirement accounts loosing half their value and gas and most everything else costing double (imported goods would double in dollar cost almost overnight as well as gold). You can bet that wages will not change that dramatically.
Well I almost did not post this as I went on a bit. If there is interest to members say so, if not I should shut my mouth. It is just my 2 cents, and these days that means it is only “worth” 1 cent.
As a postscript it is 05:48 Eastern time and gold is at $1242.00 on Kitco, so Europe has confirmed US markets pricing and added to it. To sum everything up in one word, this market is about "fear". Irons guess will come true if it becomes a panic.
Sad to say, a price jump like Irons predicted will indeed happen one day, but the question is when. They have kicked this can down the road longer than most thought possible. I have never seen a fiat currency in the history books that did not fail due to printing more money for government spending than the asset backing it or the economy supporting it. Just look at what most countries are doing as to printing money out of thin air and how the economies under them are doing today.
Europe just announced close to 1 trillion dollars in support to save member countries from default, much of which is being paid for by quantitative easing (they print money from thin air to buy their own debt that no one else will buy). That 1 trillion only bought them a day in the markets, the world is waking up to the fact they have been played the fool.
Do not get me wrong, I am not saying things will fall apart in the next week (heck it could be years), but Irons could be right as to the timing of this eventuality. Just look at the DOW that lost 10% in 20 minutes last week, imagine that with fiat currencies but not stopping after just 20 minutes. Mind you there are producing companies with tangible assets behind those Dow stocks, what is behind those over printed pieces of paper we call money?
One way that Irons guess could be right in such a short time frame would be if the US declared a bank holiday and devalued the dollar by 50%, several countries have done just that in recent history (bet that would bump up our exports, a bonified half price sale). Imagine all the savings and retirement accounts loosing half their value and gas and most everything else costing double (imported goods would double in dollar cost almost overnight as well as gold). You can bet that wages will not change that dramatically.
Well I almost did not post this as I went on a bit. If there is interest to members say so, if not I should shut my mouth. It is just my 2 cents, and these days that means it is only “worth” 1 cent.
As a postscript it is 05:48 Eastern time and gold is at $1242.00 on Kitco, so Europe has confirmed US markets pricing and added to it. To sum everything up in one word, this market is about "fear". Irons guess will come true if it becomes a panic.
Irons
Well-known member
At least I got people talking about the real problem.
:mrgreen:
:mrgreen:
I'm a 1.20 off as of today. When's this contest end again?
Nopyrite
Active member
- Joined
- Nov 24, 2009
- Messages
- 35
Gold is under $1200. This is great news. ACCUMULATE, ACQUIRE, BEG, BORROW (DO NOT STEAL), BUY, BUY, BUY. Here is my wacky Gold buying rule of thumb. Hold onto your $FRN (Fed Res Notes) until the spot Gold price closes below a century mark (example:<$1200), then jump in and dump as many $FRN as you can afford. Now, sit back and wait for the next century mark break, it doesn't matter if it is $1300 or $1100. In the interim stockpile $FRN, on the upside, after a new breakthrough, wait for a pullback, then whammo, start dumping your scrip. On the downside, buy whenever a century mark is violated. Hey, I know it's not perfect, but it works for me and EVERYBODY needs a plan.
P.S. If you get bored waiting for a trigger, sell something on Ebay and use the proceeds to buy some Silver (non numismatic) coins.
P.S. If you get bored waiting for a trigger, sell something on Ebay and use the proceeds to buy some Silver (non numismatic) coins.
Noxx
Well-known member
Currently, Lou is off by only 13 cents 8)
No worries though, I know I'm gonna win :lol:
No worries though, I know I'm gonna win :lol:
goldenchild
Well-known member
- Joined
- Aug 14, 2009
- Messages
- 1,809
If you were off by 1.20 i hit the bullseyeLou said:
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