Why has the currency dropped so much is it the China US tariffs? Is it our Governor Clamming Australia Is doing Fantastic Is it the election knowing Shorten is Not liked by the us (according to Wikileaks) or what is your opinion?
I think the uncertainty surrounding the election could be contributing to it, but its not the only factor
Weak economy and our central bank is talking about dropping rates and even QE. Makes sense our dollar goes down.
... plus the property situation isn't inspiring confidence of foreign buyers to exchange their local currency into ours
As soon as reserve currency status is lost, The USD will drop like a rock. It will happen sooner or later. One of the many reasons I try to turn clownbucks into silver when I can afford it.
Come Monday we're talking about 66c at this rate (and the looming election result). https://www.bloomberg.com/news/arti...arting-to-look-glum-for-the-australian-dollar
Tariff is bad, part of the impact is cushioned by the exchange rates, some is on the lower prices excess supply due to tariff consideration purchases etc Yuan depreciate etc
May not happen on Monday but make no mistake about it, the Aussie is going much lower this year. With two interest rate cuts coming up and the slowing Chinese economy, a mid to low 60's Aussie is almost a certainty. Good for those with gold as $2000 per ounce price is not too far away.
Id love it to go up to 70c tomorrow Ill buy alot of gold if that happened as I agree with Prospect as the interest rates drop the AU$ will also
Good luck with that sctpc, I hope you get some gold at a cheaper price. I was a bidder today at the coin auction at Glen Waverley Victoria. I put in bids for nearly all the gold coin lots (some $12,000) and came away with nothing. It is becoming ridiculous, $200 koalas selling for nearly $600 with the buyer's commission, can buy much cheaper on eBay.
How do you know when Coin show are on? Im new I only Bought for the first time last December just cracked 2000oz of silver and 60oz gold. PMs going up produce higher prices all round but even at $1930 a oz if the AU$ drops to the low 60s or less gold will still be a good hedge
Congratulations on your stack sctpc, you are doing better than some who have been stacking for years. I guess having deep pockets is an advantage you obviously have over many others. This was not a coin show but rather a public auction run by an auction house called Abacus Auctions. They are mainly stamp auctioneers although they do a couple of coin auctions a year. Their staff are former employees of Mossgeeen Auctions of Armidale, which went bankrupt a couple of years ago. Public Auctions are the way I have gone about buying my silver and gold over the last 30 years. I tend to avoid the dealers, as I like to purchase at wholesale rather than retail prices. I will list the main Auction Houses I have dealt with and their locations. In Victoria - Downies Australian Coin Auctions. They used to be good priced sellers until they introduced live online bidding a couple of auctions ago, now it's becoming difficult to pick up a bargain anymore. In NSW - Noble Numismatics. They are by far the largest auctioneers of gold and silver coins in Australia. Good reputable company with realistic estimates and reserves. In NSW - Status International. This is an IS Wright auction house with unrealistic high estimates and reserves on most of their inventories. I only buy here when desperate, or if they have something I can't find anywhere else. In QLD - International Auction Galleries. A good reputable smaller sized auction house whom I have dealt with since the 1990s. - Roxburys Auction House. They are good also but only have a couple of auctions a year.
And back down the dollar goes under the Libs. The RBA is telling the government that they need to spend big to support the economy. Looks like dumb-ass Morrison won't have is naive surplus next year. It amazes me that someone as stupid as Morrison was Treasurer. Watch how fast the Libs will turn into to hard core socialist next year.
