Gold Rising Faster Than Ever

[banned01]

Spot price going up daily hourly almost. The world must in some sort of turmoil . I’m off grid mostly. Finding it almost exciting watching the rise

[TTT2866]

I'm glad there's somebody else expressively excited as me LOL. I'm checking it daily and cant believe it. I was so regretful when it hit this price a few months ago and I just held on to my gold and didn't sell, so I'm glad it's back to where it was. I have a new car to fund :D 

[Steve Herschbach]

Thread will be locked at the first hint of political commentary, opinions on fiat currency, etc. For those of us with gold to sell high prices are great. But discussions on the what’s and why’s of it have made it onto my short list of subjects that often seem to go off the rails, so let’s just avoid that right now. Thanks. 

 

[geof_junk]

SPOT PRICE PER TROY OUNCE $3,763.00 AUD 1 oz

                                                      $2,452.72 USD 1 oz

Us Australians are waiting for the $4000.00 to be hit and then the $5000.00 mark. 🤑

[Tony]

Come on silver......show me $50 / oz. You're sitting around as usual and doing nothing......grrrrrr.

[geof_junk]

I still remember the Hunt Brothers days when they drove the price to $50.00 way back in the 1980's.

 

"

What happened to Hunt brothers silver?

By 1982, the London Silver Fix had collapsed by 90% to $4.90 per troy ounce. In 1988, the brothers were found responsible for civil charges of conspiracy to corner the market in silver. They were ordered to pay $134 million in compensation to a Peruvian mineral company that had lost money as a result of their actions."

[canslawhero]

I sold a bunch of junk silver coins/jewelry over $40/oz (US) in 2011 as I recall. It got close to $50 but came back down quickly...

[Clay Diggins]

Hunt Brothers Silver was seized for collateral and sold at the lowest market prices in history by my friend Jim Sinclair (RIP). The US government  stopped sellers from legally selling market silver until the Hunt Brothers silver was a loss. The Hunts also had to pay 134 million dollars to their business partners for the market losses induced by the market stoppage. The price of silver came down rather quickly when the government suspended the sale of silver delivery contracts. You could buy all you wanted but there was no legal market to sell to.

The late 1970's were the worst inflation the nation had ever experienced. Gold and silver rose because people were looking for a safe alternative to the failing dollar. Interest rates were in the 20 - 30% range by 1980 which killed business and the housing market.

The dollar fell so much in value that by late 1979 I couldn't find a merchant in Europe that was willing to accept US $20 dollar bills for payment. The Dollar was losing value so fast the merchants knew they would lose money on the transaction in the time it took to convert the dollar to the local currency. This was before electronic banking. For a few weeks you couldn't use American Express travelers cheques overseas because they were only payable in US dollars and no one wanted US dollars.

The Hunt Brothers rode that train right along with the rest of the nation. Ordinary people were flooding every mall and tent set up on the roadside to buy and sell silver. People sold their family' silverware to pay the bills they could no longer afford. Blaming the Hunt Brothers for inflation is a red herring. Silver went up because it was more desirable to hold than paper dollars. You didn't have to be an oil millionaire to know that - it was common knowledge by 1977.

I looked this morning and my dollars were were still dollars and the gold ounces still weighed an ounce. When you measure one or the other you will find the same ratio $1 = $1 and 1 ounce = 1 ounce. (unless there has been a fire overnight) It's only when you compare one against the other over time that the basis of true value becomes evident.

It's interesting that at the top of the silver price ($50 an ounce) gold was trading at $800 an ounce. That exactly equals the natural ratio of gold to silver of 16 to 1 - exactly the same ratio of silver to gold assigned by Congress for the first 100 years of American money. The same ratio that gold/silver is mined in nature. Today that ratio is 88 to 1. Maybe the Hunt Brothers were on to something?

 

 

[D&P-OR]

Looks like gold prices is "going through the roof" today.