$3000 GOLD WITHIN 2 WEEKS ?? YES OR NO ??

Discussion in 'Gold' started by 2nd_Hand_Gold_Man, Mar 24, 2020.

  1. SilverDJ

    SilverDJ Well-Known Member

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    Yep, it'll just take another few months, maybe up to 6 months before the full ramifications for this play out.
    On the other side of this chaos there will be countless people who have lost their jobs and have one or more investment properties they'll be forced to or want to sell, and they'll have to do so at any price.
     
  2. Krakked789

    Krakked789 Active Member

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    For an ounce of silver?

    People used to laugh at me when I told them what was coming down the track. The funny thing is, I would feel hollow telling them "I told you so."
     
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  3. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    You’re absolutely right. A workmate of mine knew I was into being financially healthy (the usual, no CC debt, have an emergency fund, invest, etc) and I tried to warn her that having excess debt on a 20 hour, casual rate was dangerous. She has lost her job now (hospitality industry, thankfully my job is safe), and called me in tears last night asking what to do and how she was going to pay her bills.

    I took no joy out of that, seeing people suffer like that is not fun. All I hope is they find a way to get back on their feet, and they learn a life lesson from it.
     
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  4. Krakked789

    Krakked789 Active Member

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    The problem is that society has been brainwashed into believing debt is normal. If a mortgage is normal, then it's not too much of a stretch to think of other debt as normal: car, iPhone, holiday, 4K TV, etc. McAlvany Financial on YouTube had a great episode several years ago about the fact that most societies globally are not capitalist, but creditist.
     
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  5. SilverDJ

    SilverDJ Well-Known Member

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    Yep. My benchmark for someone with financial sense is whether they have a car loan or not.
     
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  6. SilverDJ

    SilverDJ Well-Known Member

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    Wouldn't surprise me if we end up getting the 50% drop many have predicted. Some suburbs in Sydney have already dropped nearly 20% in the last 18months, so this will be the whammy on top of that.
    The thing is, the boom has been so big that many will probably be willing to take a big haircut because they have already made huge gains, and these people will drag the market down.
     
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  7. Holdfast

    Holdfast Well-Known Member Silver Stacker

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    So, what did you advise her to do? Has she got items of value she can off load? Car, motorbike, jewellery, maybe some new clothes or shoes she hasn't warn?
    Does she know about contacting her CC facility to re-arrange finances, can you show her how to eat well cheaply? :)
     
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  8. Davros10

    Davros10 Well-Known Member Silver Stacker

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    It really won't matter how "willing" they will be
     
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  9. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    I tried to give some advise, but it felt like I was talking to a brick wall unfortunately! I suggested selling the car, but she would be underwater on the loan, I’ve shown her how to cook cheaply while I’m at work but those deli cheeses and $10 Greek yogurt tubs with the fruit pulp in them are a staple of the diet, and parents buy everything else for her since she lives at home still. She has an Instagram with “a couple thousand” followers so my suggestion of a wardrobe trim down was met with scorched fire :D

    But she did ask me whether she was eligible for the stimulus payouts, and if she should put some of it into stocks :confused:
     
    Last edited: Mar 27, 2020
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  10. Krakked789

    Krakked789 Active Member

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    So she has learnt sweet FA then?
     
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  11. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    So far, it seems so. Mommy and Daddy will save me, I think is the mentality. 22 year old, so she doesn’t really grasp how the real world works while she still lives at home. The egregious thing is, she’s spoken about her sister a few times and how good she’s going with her money, shame it wasn’t repeated!

    Oh well, as they say you can lead a horse to water but you can’t make it drink.
     
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  12. JulieW

    JulieW Well-Known Member Silver Stacker

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    Or as Joh Bjelke Peterson once said: "You can lead a horse to drink but you can't make it water."
     
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  13. JulieW

    JulieW Well-Known Member Silver Stacker

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    I hadn't thought about it, but that's a good yardstick. Thanks I'll pass that on to a young fellow I know.
     
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  14. lucky luke

    lucky luke Active Member Silver Stacker

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    Rather than predicting how high gold might go up, I'm wondering for how long the government/s will allow this to continue before putting in place restrictions on the ownership of precious metals.
     
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  15. TreasureHunter

    TreasureHunter Well-Known Member

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    I say: don't hope for the GSR "to turn normal", it's not a rational market, it's a mad world out there!

    Don't invest for the sake of GSR, that's hope investment. And, although hope dies last, it's often a terrible disappointment.

    Invest in gold for gold and in silver for silver. SEPARATELY. And if somehow God wants the GSR to become 12 again, then it will be a gift.


    Some nice info about what every stacker should know about the GSR:
    https://www.bullionvault.com/silver-guide/gold-silver-ratio
     
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  16. TreasureHunter

    TreasureHunter Well-Known Member

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    3,000 $ gold by December would be a big thing. Unless Corona kills 100,000+ people and severe economic collapse occurs.

    Watch QE, the Corona trends, industrial slowdown (you may say "pause" in many cases)...
     
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  17. jroly

    jroly New Member

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    I hold Gold but I wouldn't buy any. Better value is in the mining stocks. Also should consider investing in Oil, Gold to Oil ratio is at record high at 80, In 2009 it fell to 7, smart thing to do is Sell gold and buy oil and you probably have a good amount of time to think about it too but don't wait too long.
     
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  18. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You're 100% correct about GSR.
     
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  19. Slimey

    Slimey Well-Known Member

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    I agree with TreasureHunter but the only thing I would add is that the market is the only thing rational. It is the players that aren't. Prices are where they are because of what transpires. They are the outcome of 'facts'. We can guess where prices should be but they are priced due to realities, most of which we are not aware of.
     
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  20. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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    Its getting to the point that it will be $3K regardless of spot. The news is that miners are shutting down and you'll only be able to purchase a promise from a dealer.
    AND...................did anyone notice the big pump in premium on all gold????????????????????????????$90 on top of promised spot from Bullion Now, it was only $30 not long ago.
    The premium will go up even more as gold become harder to get
     
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