Who would pay $2495 when there are 800 million ounces mined a year and likely trillion ounces still in the ground?
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Who would pay $2495 when there are 800 million ounces mined a year and likely trillion ounces still in the ground?
Spots up, AUD down!
Nice to see gold poking into the $2700 AUD zone for a bit....
If you haven't pulled out a gold bar ounce for a while I highly suggest you do so.. packing $2700 into that small object is both absolutely awe-inspiring and alarming.
Is that about 1 month take home pay for a lower class there? Like maybe comparable to trailer park income?
An ounce of gold would be hard to live on here for a month in the city with rent bills and groceries.
Depends on the city i guess, some are much cheaper.
An ounce of gold would be hard to live on here for a month in the city with rent bills and groceries.
Depends on the city i guess, some are much cheaper.
Yeah nearly, it's just under minimum wage.
The national minimum wage is $772.60 per week, for a 38 hour week, or $20.33 per hour.
If you look at gold as savings e.g. after essentials and living expenses are paid then 2700 is a boatload even if you have expensive taste and a coke/hooker problem you could enjoy a weekend hard enough until you pass out.
Ever heard of Silver Tuesday? (27th of March 1980)
Surely not tonight for the first time!?!
AUD down so silver is steady and gold is up.
When this happens I'm always reminded that the real money is metals, they are the constant... it's AUD, USD...all fiat that dances around their value
Thanks for flagging it, found when looking for what happened that day...
Imagine watching those 18 days of of charts
Yes but we can’t escape the fact that we live in an AUD environment with income and expenses locked in that dynamic.
Precious metals exist in a parallel universe that we tend to dip in and out of.
Depends how heavily "in" metals one is as to how much one feels the rise & fall of AUD...to a certain extent anyway.
I do agree however I view prices/cost of pretty much everything in ounces of gold or silver....a shirt, 2-3oz Ag, a cheap second hand 1980's Benz 2oz Au
Being involved in metals has changed how I look at all the trades we make on a day to day basis.
As for you.... FOR SHAME!!!Thanks for flagging it, found when looking for what happened that day...
Imagine watching those 18 days of of charts
Every stacker worth their salt should know about Silver Tuesday, the Bunker-Hunt Brothers (and some shady Saudi's) attempt at cornering the PHYSICAL silver market.
The big point I took away from their experience was that if you become a risk to the status quo, the powers that be will just change the rules in order to nullify the risk.
Basically, the only people who win, are the ones that write the rules and those smart enough to make the rules work for them.... without having them work TOO well.
Fair bump...play on
Interesting that the "astronomical" peak of $50 that silver hit 40 years ago
(when Gold first peaked at $850USD ) wasn't matched back in 2011 when Gold next "peaked" at ~$1900USD (112% increase in Gold's price, doubled and then some 
) and still hasn't come close while gold has been hovering around $2100USD (twice 
)...I'm not a trading analyst but "Cup and Handle" springs to mind 
and Silver definitely has room to move 
Both metals are long term plays .... If you're going to look at it as an investment, In most cases it works best to think on an intergenerational basis... building wealth for your kids but I think if you're getting involved in metals, you have to be prepared to have your funds tied up for around 7-10 years in order to sell at an optimal time to get the most out of your investment. I think most of us will agree however that we have no intention of ever getting out of metals completely.Fair bump...play on
Interesting that the "astronomical" peak of $50 that silver hit 40 years ago
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For me, it's an ongoing thing... It's how I store & save money, the growth in dollar value is less representative of material gain than it is of metals ability to retain its purchasing power despite the dollars ever faster rate of devaluation.
In other words, I don't see metals as an investment that gains value but as a way to protect my savings from inflation, rises in the cost of living, tax grabs etc.
