Gold Price Discussion

[dam it]

It's making another run at it Dam It.
View attachment 10954

Sold 20 Oz Bullion last week
15 Oz of nuggets 2 weeks ago.
Some of this I've been holding for years
Made my bank account look Good for a while till I started buying machinery , Excavator , loader , truck , lease WA .
Still chasing a Dry Blower . But now my Jar looks very low . Hopefully not for long

 

[davsgold]

gold has risen overnight about $45 per oz since yesterday, this is the chart for this morning

$3428 per oz in Aussie dollars or about $110.20 per gram

 

[Hawkear]

Sold 20 Oz Bullion last week
15 Oz of nuggets 2 weeks ago.
Some of this I've been holding for years
Made my bank account look Good for a while till I started buying machinery , Excavator , loader , truck , lease WA .
Still chasing a Dry Blower . But now my Jar looks very low . Hopefully not for long

Well done. Love finding gold and having some nice pieces as collectors items to look at.
At the end of the day though, we have our lives to live and gold cannot do that for us.
So at some time good bye gold and hello the things we need.

 

[Hawkear]

Another thought on gold price.
I have been looking at purchasing another telescope mount which is only available from overseas.
On checking the aud/usd exchange rate currently around 65 cents to the usd, noted that the NAB has forecast the aud to reach 78 cents per usd by December 2025 and ING forecast it to reach 72 cents by December 2024.
This is a significant change and As far as my telescope mount purchase, I think I will wait and hopefully get more usd purchasing power for my aud.
Whilst one cannot accurately predict what the gold price in usd dollars will be, if the forecasts of NAB and ING are near correct that will mean substantially less aud per usd gold price (around 11% by decent he end of this year and around 17% by the end of next).

 

[davsgold]

Whilst one cannot accurately predict what the gold price in usd dollars will be, if the forecasts of NAB and ING are near correct that will mean substantially less aud per usd gold price (around 11% by decent he end of this year and around 17% by the end of next).

but that is assuming the gold price is not going to keep going up, if gold keeps heading up and up, then it really makes not much difference what the USD to AUD ratio is in a few years time, and after all we buy and sell things here in AUD and only if buying online from overseas does it make a difference now.

So in your example: do you sell your gold now at the high and wait a few years for the USD to AUD ratio to go in your favor to buy the telescope mount. To me if you need something now then waiting for something that is forecast to happen in the future by the "BANKS" in a few years time????

 

[Hawkear]

You are right to point out another complexity apart from the obvious fortune telling aspect of bank predictions.
If we intend to spend on something here in Australia most of our higher value goods vehicles, machinery, etc are imported. So even if not buying directly from OS ourselves, price pressures for those imported goods bought locally should theoretically ease.
Of course these are things that should be considered by those who intend to realise the value of their gold sooner or later, not necessarily those who wish to hold gold as a long term investment riding the ups and downs.
In the “ultimate scenario” however any long term investment whether it be shares, property or gold is worth nothing to the investor.

 

[davsgold]

You are right to point out another complexity apart from the obvious fortune telling aspect of bank predictions.
If we intend to spend on something here in Australia most of our higher value goods vehicles, machinery, etc are imported. So even if not buying directly from OS ourselves, price pressures for those imported goods bought locally should theoretically ease.
Of course these are things that should be considered by those who intend to realise the value of their gold sooner or later, not necessarily those who wish to hold gold as a long term investment riding the ups and downs.
In the “ultimate scenario” however any long term investment whether it be shares, property or gold is worth nothing to the investor.

yes any investment to the investor is only worth something when it is sold, until then, all else is a theoretical profit or loss, "know when to hold em, know when to fold em"

 

[davsgold]

well gold has flown the coupe now, grown wings and gone

 

[davsgold]

and the gold is dragging silver along with it this time as well

 

[firefly]

....... And the gold price continues to soar, reaching AU$3749 per oz. overnight. Will nicely cover the cost of fuel over to WA this season .

 

[Moneybox]

....... And the gold price continues to soar, reaching AU$3749 per oz. overnight. Will nicely cover the cost of fuel over to WA this season .
View attachment 13385

First you have to find it
and then the price only matters if you sell it
Otherwise in only adds to the fever

 

[davsgold]

yes it is flying high, the days range was $3615 to $3755 and finished the day closing at $3625

 

[Russel]

Looking better each day, Awesome

 

[Flash Jack]

yes it is flying high, the days range was $3615 to $3755 and finished the day closing at $3625

View attachment 13388

And the Iranian drone strike might push it higher still. We'll find out on Monday.

 

[Hawkear]

That makes a 20% rise from about $3000 at the end of last year to about $3600 now.
Not wanting to put a damper on Holding or investing in gold particularly as a diversity, but Commonwealth Bank shares rose about 20% over the same time frame plus about $70 in spending money as dividends.

 

[Flash Jack]

That makes a 20% rise from about $3000 at the end of last year to about $3600 now.
Not wanting to put a damper on Holding or investing in gold particularly as a diversity, but Commonwealth Bank shares rose about 20% over the same time frame plus about $70 in spending money as dividends.

Yeah, but you invest in gold as a "hard times" nest egg. It's not about making money. When the shit hits the fan and money is used to paper the walls, gold can be exchanged for things to keep you alive. Food, shelter, services or ammo. Gold, unlike shares and cash, is ALWAYS valuable.

 

[grubstake]

Yeah, but you invest in gold as a "hard times" nest egg. It's not about making money. When the shit hits the fan and money is used to paper the walls, gold can be exchanged for things to keep you alive. Food, shelter, services or ammo. Gold, unlike shares and cash, is ALWAYS valuable.

That seems to be a popular theory, but where are the actual examples of it happening? From what I've read, American cigarettes and Scotch whisky have usually been the survival currencies of choice.

 

[Hawkear]

Scotch whisky is not a survival currency in my house.

 

[davsgold]

That seems to be a popular theory, but where are the actual examples of it happening? From what I've read, American cigarettes and Scotch whisky have usually been the survival currencies of choice.

for thousands of years gold has been valued, the Egyptians knew gold was valuable and the Incas

right now in Venezuela people are using gold in shops to buy supplies like FOOD and even in Australia in places like Kalgoorlie and other outback towns gold can be used to buy stuff.

Probably not yet in places like Sydney and Melbourne do shops understand that gold is as good as actual cash, but if things keep going they will

 

[grubstake]

for thousands of years gold has been valued, the Egyptians knew gold was valuable and the Incas

right now in Venezuela people are using gold in shops to buy supplies like FOOD and even in Australia in places like Kalgoorlie and other outback towns gold can be used to buy stuff.

Probably not yet in places like Sydney and Melbourne do shops understand that gold is as good as actual cash, but if things keep going they will

Nobody is denying that gold has always been valued, but that isn't the topic here, which is gold becoming the currency of choice in the event of economic collapse. Some areas of Venezuela where gold is mined are apparently an example of this (see report below), but Kalgoorlie/outback towns most certainly are not in that category. As for Sydney and Melbourne...

https://www.aljazeera.com/gallery/2...of Venezuela,rather than the unstable bolivar.