I agree with you on these points, but to limiting degrees. PMs are like an algorithm with IF, AND or BUT statements. If wealth preservation is a feature of PM's, then you can bet that it will be a reason for people to enter the space. As I said, I agree many are in here just for profits and see the point your making entirely. However, I don't agree that because the profit feature exists you can just dismiss the protection and security aspect - It serves multiples functions. To suggest people don't value the protection by calling it a furphy is grossly overstated IMO. With all that said, I get that you are just generalising the majority. However, PMs offer a basket of value added features that I think add to the overall appeal of entering this space. If it were just profit potential, I don't think we'd see a fraction of Bullion demand or private holders of PM's. I doubt Central bank's and governments would have an interest in holding Gold either. You imply that there isn't anything more to it than profits, like that's the only reason people buy, hold and engage, converse and speculate over the price.
so what happens when we go cashless? they know when, what and how much metals you buy. how do you liquidate your stack? they'll know about that too and probably tax the shit out of it. then of course they can just not allow purchases of metals. when it's cashless they can monitor and stop any transactions.
OMG. For a second there I thought you were taking the piss! Then I quickly remembered which forum I was on. That, good Sir, is a textbook example of the stacker psychology I was referring to. Thankyou for putting it out there in all it's glory.
I find it hard to see a cashless society until all regional populations get pushed into the cities, or we have the infrastructure to accommodate and facilitate the needs of regional areas to transact without interruption. Very few actually care about whether we go cashless. That's what you get when there's no focus on financial education within our society and culture. Very few understand the threats imposed on our privacy and freedoms. I'm hoping a cashless society is a distant outcome and intend to use cash for the majority of my transactions for as long as I have the privilege to do so.
Thinking about making my first big boy purchase of gold, with a 1oz gold maple leaf. I'm not sure where gold is going, but I have a gut feeling it won't stay still. I'm thinking $2200aud or $3500aud by the end of the year. Can't put my finger on it
I am a sucker for peer pressure, haha, one post saying yeah nah, gold is going up has got me buying an ounce
I am sort of expecting that the cartel might try one of their paper dumps on Monday during the light Australian/Asian trade, before London opens up for business. They have done that so many times in the past with lots of success. If they dont at least attempt it at this price will signal that things are getting pretty tight for the London gold pool. Interesting week coming up that's for sure.
I'm just excited because we're so close to the all time highs. I'm expecting a pullback but she might just bust through the $1920 mark. I'd like to see it break through, pull back then test and hold the $1920 level. I think that could be the "buy your tickets to the gravy train" moment. I wonder what the commercials are doing right now...?
Not far off $1920 now It’ll be interesting to what happens when it breaks through this price point!
i bit the bullet and ordered from Ainslie this morning before the market opened. up $17/oz already. mini win!
There is no group of people that try to hold the price of gold down so they can buy it more cheaply in the future. Such a groups that is concerned about higher gold prices would be far more likely to hedge higher prices than to sell Gold... and the way a hedge works is that your hedge provider goes out and buys gold now so that they can, without risk, payout on the hedge in the future. The act of hedging pushes prices up. So if prices fall who is causing it? Its the people who do not believe prices are going higher, the collective memory of the crowd that was burned at this price before. They don't think gold is going to breach all time highs (or not by much), they don't understand the real reasons gold is rising and they will sell at these prices without a hedge. There are plenty of people on this site that do not believe in Gold at this price. There is also plenty of institutional skepticism. I am happy they exist. They will be the ones that have to cover their short positions, pushing Gold higher. Edit :Typo
