I wonder the likeliness of pulling back a little bit for gold or at least stablised for a while (probably in my dream), yes the rapidly increasing price is making it difficult to get into gold. Me too, was thinking of getting 1 or 2 OZes of gold dragon in Sept (my first gold coin), but not sure if I can achieve that by then. Also, as I've been keeping an eye on one or two of the bluechip shares for a long time which are currently in a bargain price, I'm juggling whether to put my money on gold or shares now, both options will be long term investment (5 to 10 years), tough decision!
I am damned if I can see why the USD is doing better than the AUD. This "safe haven" stuff is pure bullshit. OC
Very hard to read at this point. Assuming economy can recover (it always does, it's just a matter of when). Then my money is on the shares (has to be absolute bargain prices). Gold is reaching new high, but will it continue? maybe? to 2k - 5k? I don't know. If it does, it is a return of nearly 200% from this point. But extremely undervalued stocks will outperform gold if and when economy stabilises. Do your research and decide accordingly. But there is no clear answer at this point.
As I got only $2000 to invest for this month (also dragging saving from next month), thinking if I buy anything less than 1oz of gold from Perth Mint, if today's gold price is $1734.62, it will cost me $1768.97 (including delivery and insurance), that is approx $64 over the spot price, if for lesser oz, say 1/2 oz, it works out to be approx $94 over the spot price, which I think the preimum for buying gold for less than 1oz is a bit too dear. Therefore, if I buy an once of gold, I will just be able to buy only a very very small units of shares, when taking into account the brokage, it may not be worth buying.
If there's a bounce in the AUD we'll quickly see some strength shaved from the price as well. I think this resurging USD is a temporary measure - think of a building on fire with only one fire escape - everyone has to squeeze through it. Right now there's huge demand for USD as people divest of stocks etc and try to get into "safe haven" assets. Obviously gold is going up in price... and the biggest markets are priced in USD. Not to mention all of the traditional investment flowing into treasuries as a historical safe haven. "Crap! The US Government debt just got downgraded! Quick! Buy their debt!"
This is bad imo. It's going up too fast. There's going to be a hard correction at some point and then people will lose interest for a long time like what has happened with silver.
The US dollar I doing way better than it should be hopefully it drops back down along with a pull back in gold price so we can have a good opportunity to buy. Shouldve bought 100 percent gold this weekend instead of 50/50 gold silver.
I agree - too fast a rise. People are standing there shell shocked watching their futures and retirements washed away. This is a disaster for the common man and the acceleration of the separation into peasant, yeoman and nobility. This is just a herd like panic rushing to the exits. Sell it all and damn the consequences - after all it is other people's money they're selling short. Personally I think about now is a good time to cherry pick a few good solid Australian companies. Fear is going to put Australia a long way back in history. The media is contemptible with its reporting. One squawking Treasurer and the rest of the news is the carnage in Europ and America with an occasional article about 'buying opportunities'. Our future is Asia and what is pneumonia in USA is a cold in Asia. That is where our focus is, and that is what people need to keep in mind. One of the gang running China said at the moment with shares as they are that it is best that people 'do not buy, do not sell'. Good Advice
Trader goes to teh boss in 'Rollover', says, "Gold is at $2000" Boss says, "by tonight, that will be CHEAP". OC
Hope people can cope better this time after the lesson from the 2009 GFC, especially those who are about to retire, I have few colleagues who were about to retire at the time had to delay their retirement date.
I'm taking this opportunity created by JPM's recent $2500 call to swap a bit of generic gold for premium gold (PAMPs/coins) and maybe an ounce of platinum (for kicks). Thought I'd say so in case anyone thinks I'm being hypocritical with me selling some gold
