Gold price hit $3004 today.

https://www.apmex.com

^ most of the online dealers tack on a small amount to their spot price. SD appears to be slightly less but yes, the 3k resistance is about to be smashed.

https://sdbullion.com/deals

That's not Spot price.

Rather, you're looking at that dealer's Ask price. "Ask" is the lowest price a seller will accept for it. At Apmex it's $3004. At SDBullion it's a little lower at $2995. (And Ask price is also before the seller's Premiums are tacked on to the gold products they're selling.)

Actual spot price for gold only reached $2988.60 today, before receding a bit to $2985.50.

It hasn't quite breached $3k. Yet.

Silver is having a nice push up also. Still short of my $35-$40 bag I've been holding for 15yrs...

Be cautious about hoping silver to go too high.

Back in 1980, the Hunt Brothers drove the price of silver up to $50/ounce by acquiring up to 100million ounces (estimated to be 1/3 of world’s privately-held. supply), before the COMEX imposed “Rule 7” which imposed restrictions on future contracts.

After Rule 7, silver fell to $11/ounce when they couldn’t make the margin calls. It’s estimated the Hunt Brothers lost over $1.7 Billion. Eventually silver on the London market fell back to $4.90/ounce. The Hunts eventually were forced into bankruptcy through civil court suits.

Based on the FedResBank inflation calculator, $50 in 1980 would be equivalent to $190 today.

https://en.m.wikipedia.org/wiki/Silver_Thursday

my pound or so is outperforming my stocks. that means dont sell, wait fot the stocks to level out and I'm still up 20% on the gold.

quote:

Originally posted by OttoSig:
my pound or so is outperforming my stocks.

A pound already? You've been busy!

And $3K it is...



Let's see if there's a normal Friday smackdown...

quote:

A pound already? You've been busy!

That's only 14 and a half oz.

I know a lot of people who were buying 20 oz tubes of eagles for $6K back in the day.

quote:

Originally posted by pace40:
And $3K it is...

Yep. Spot briefly spiked above $3k at 6:10 EST this morning, before dropping back down below.

quote:

Originally posted by a1abdj:
I know a lot of people who were buying 20 oz tubes of eagles for $6K back in the day.

Yep...not sure I could convince myself to write that check for $60K now though.

quote:

Originally posted by pace40:

quote:

Originally posted by OttoSig:
my pound or so is outperforming my stocks.

A pound already? You've been busy!

I figured it was better to have gold than cash on hand. Little better asset.

I’ve stopped buying and started investing more.

quote:

Originally posted by OttoSig:
my pound or so is outperforming my stocks. that means dont sell, wait fot the stocks to level out and I'm still up 20% on the gold.

A troy pound or an avoirdupois pound?

quote:

Originally posted by slosig:

quote:

Originally posted by OttoSig:
my pound or so is outperforming my stocks. that means dont sell, wait fot the stocks to level out and I'm still up 20% on the gold.

A troy pound or an avoirdupois pound?

What did you just call me?

He called you a jail for pet crustaceans.


Oh, wait... No, that's an Arthropod Pound.

quote:

Originally posted by OttoSig:

I’ve stopped buying...

Me too and then I get one of those emails from a dealer with ridiculously low premiums on something and I end up writing another check. Last one was a couple weeks back on 2 oz silver emus from Perth Mint @ a 1.4% premium. They're already worth a few hundred more than I bought them for. I'll hit the local guy this week and trade them in for some gold. I'm at my limit on silver.

Anyone notice all the talk about inventorying or visiting Fort Knox has stopped, wonder why?

quote:

Originally posted by fischtown7:
Anyone notice all the talk about inventorying or visiting Fort Knox has stopped, wonder why?

It's just natural rotation of the news cycle. It'll be back. No conspiracy theories please. I like this thread.

quote:

Originally posted by pace40:
I'm at my limit on silver.

How much is your limit on silver? Just curious because I think I'm at my limit too.

So, sell or hold?