Will Gold drop to $1050 or $700 USD by mid 2021

Discussion in 'Gold' started by openeyes, Mar 31, 2020.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    A double-top might be forming, a second hump could bring a second slump.
    Today or next week I expect lower gold price.

    We could see sub-1,700 $ gold before May.
     
    mmm....shiney! likes this.
  2. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Spot can drop to 1300, good luck finding $1700 gold.
    Theres no way.
     
  3. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Gold is basically at all time highs here in the States.
    If you want something cool or special might cost more but dont expect much less than that.
    A drop in spot isnt going to affect physical price much besides possibly another RISE.

    We will see I guess.
     
    66rounds likes this.
  4. TreasureHunter

    TreasureHunter Well-Known Member

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    Isn't spot price the base price for all gold bullion dealers?
     
  5. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Yeah a base price with hundreds more $$ added on! Haha

    Sot price is what we used in the old days. (Is what we will be telling our grandkids?)
     
  6. Strawman

    Strawman Member

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    Yes, and I think this is because the vast majority of USSR govt income is from high taxation of their oil/mineral exports (they don't have domestic taxation). With oil prices tanking they simply don't have the money to buy gold right now.
     
  7. TreasureHunter

    TreasureHunter Well-Known Member

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    What do you mean "the don't have domestic taxation"? They have personal income tax, VAT, corporate taxation etc.:
    https://en.wikipedia.org/wiki/Taxation_in_Russia
     
  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Maybe someone has had a quiet word in their ear and told them they don’t need gold.

    Money printer goes brrrrrr........
     
  9. Strawman

    Strawman Member

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    I stand corrected. I was going by a financial article I read describing the reason for Russia cutting back on their gold purchasing.
     
  10. TreasureHunter

    TreasureHunter Well-Known Member

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    I would really like to know if "gold purchasing" means it's coming from abroad or, if it refers to their own mined gold.

    Because I suppose they have to purchase their internally mined gold as well. Or, fund the mining activity somehow.

    Or, they know something: gold has been overbought, the price is already very high and a huge crash is going to follow.
     
  11. TreasureHunter

    TreasureHunter Well-Known Member

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    I am curious whether Gérard Depardieu still lives in Russia?

    Didn't he receive the Russian citizenship?

    https://www.bbc.com/news/world-europe-20896894
    https://www.hollywoodreporter.com/news/gerard-depardieu-changes-residence-russia-tax-issues-1166107

    Video claiming that Depardieu lives in this house block in Saransk, Russia:



    Doesn't he have more money?
    Like, he could move to some beautiful exotic location where there is no snow and buy a nice villa, not a communist-style houseblock apartment.
     
  12. TreasureHunter

    TreasureHunter Well-Known Member

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    Value of Gold in a Stock Market Collapse. Marc Faber - April 1, 2020

    At 6:21, Marc Faber does indeed comment about gold likely to go down soon (there is higher volatility in gold at this time and despite the money printing, gold could go down also, because it is one of very few assets that hasn't gone down, so investors will have to sell gold in order to buy other investments, such as shares etc.)

     
  13. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    That would be a great time to get some paper gold.
    Spot changes probably wont affect the physical market much.
    Sellers wont fall for that.
     

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