It may be an anomally in a statistical sense, but it is the market factoring in the further devaluation of fiat currencies that are about to be approved. If it comes down tomorrow, it'll go back there soon enough. I don't think it can be discredited so quickly given there was a major change in the fundamentals that it corresponded with.
Because i have no intention of selling any gold atm if it stays there stable then it will be gospel but for now its just a graph that can go south as fast as it went north .Im not one to be counting chickens before they hatch.I look for the long term trends not just daily spikes then have a party We all look at it differently feel free to party hard but i'l wait till the fat lady sings.I tend to evaluate things quarterly so when the time comes to evaluate again il see how it looks I could be singing a different tune by then
I generally keep a daily check on the gold price so am aware spot in AUD hadn't moved alot in the 11 months prior. The last year has been a fabulous buying window in AUD. However, even without the last few weeks it still has been competitive with the banks for $$$., and I think we agree where to be in the long run. No CGT event = no CGT. I have a similar view with GP re gold and silver but it's worthwhile holding enough silver to benefit from the silver bull market.
Anyone with gold in their handle will prefer gold over silver, just like anyone with con in their handle will be a con, c'mon Just kidding, randomly generated names don't count
One week ago i make my decision to buy 3 oz of gold coins at Aug 3rd, after Congress pass the bill and prices goes down. And this didn't happened, prices go up,so rally was not caused with us debt ceiling, like most of us expected, it was something else, something which was covered with congress show, maybe is changing crimex police from July 15, maybe smart players play their game as they know limit will be raised and we will be swiming in USD again, but something is fishy here, my conclusion is that big players is buying bcoz spike is to high to be caused by SS, if someone who have A LOT of USD calculate what will be price after this 2.5T go in markets, it is wasting of time to wait to price reach 2000USD/oz or above he will start buying now and sooner then we expected price can be 2000 USD and more. So my weak mind didn't hold on, and i make my move today and buy one set of 1,1/2,1/4,1/10,1/20,oz set of 2011 Gold panda + 1/10oz 2010 gold panda, 2 oz total for 22520rmb or 3480usd or 1740usd/oz,I am weak for gold maybe i am addicted too , if price goes down doesn't really matter i got my VIP card today in China gold coin who give me 5% discount for future purchasing. 1 oz more will wait that drop, now i feel cool....
@ GoldPelican You might like to read FOFOA (fofoa.blogspot.com) then, if you haven't. Quite the revelation IMO, when I stumbled there from Bron's blog years ago.
Good prices Mi lao shu. In Australian dollars 3,257.42 which is a good price for fractional coins - What city do you buy from? Do gold sellers in China have only Panda coins or do they have coins from Europe and Australia and USA also? Are coins more popular or bars?
Shenzhen, so far i see that they have huge number of different coins from China, some r very beautiful and rare, i will try to get some catalog and link to post it here, also i see Singapore dollars, Macao patacas, 2012 UK Olympics,and some other Commonwealth countries too i think i see Canadian coins too, they also have lot ob bars standard sizes and some Chinese style rounds as well. I didn't see people to buy bars personally , but anyway probably number of people who can afford coins is larger.
It could be strongly argued that in the electronic age silver fails to meet one of the criteria for money: non-essential for consumption.
