Gold just hit $1600 per ounce. How high can it go? - GoFuckYourself.com - Adult Webmaster Forum

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Gold just hit $1600 per ounce. How high can it go?

07-18-2011, 12:49 AM

Some experts say gold and silver will cool off over the next few months and drop in value. Others say they could double in value over the next 1-3 years. It will be interesting to see who is right, but if you bought gold in 2007 when it was $600/oz you are loving it today.

More impressive if you bought silver in 2007 when it was around $12/oz you are loving it even more because it is now at $40/oz
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#2

07-18-2011, 01:05 AM

gold must be going down soon!

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#3

07-18-2011, 01:06 AM

In the next 6 months it will drop down to maybe $1100/oz.

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#4

07-18-2011, 01:14 AM

Originally posted by Yngwie

In the next 6 months it will drop down to maybe $1100/oz.

yep, there probably will be a market correction, but since it has hit a new benchmark, it will more than likely hit it again and surpass it

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#5

07-18-2011, 01:29 AM

I think its on the peak.. and will go down soon.

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#6

07-18-2011, 01:54 AM

Originally posted by Yngwie

In the next 6 months it will drop down to maybe $1100/oz.

I REALLY, REALLY doubt it would go that low......

$1400 possible but that would be a superb entry point.

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#7

07-18-2011, 03:31 AM

Depends on how the debt ceiling mess goes and QE3. If the government continues trying to print us out of this recession/depression expect gold to go much higher. $2k within 6 months would not surprise me one bit.

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#8

07-18-2011, 03:55 AM

Originally posted by Ethersync

Depends on how the debt ceiling mess goes and QE3. If the government continues trying to print us out of this recession/depression expect gold to go much higher. $2k within 6 months would not surprise me one bit.

I always get my investment advice from GFY forums too.
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#9

07-18-2011, 04:05 AM

I'm waiting for the dollar to crash. I dont think I'll have to wait that long. It will be interesting to see what happens after QE3.

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#10

07-18-2011, 06:57 AM

Jesus, you speak the truth. The eurozone is fucked. This just adds to gold's upside.

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#11

07-18-2011, 07:02 AM

I'm loving it

Keep on panning ;)

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#12

07-18-2011, 07:07 AM

gold is interesting on a psychological level. when things get unstable people flock to and invest their money and faith in an actual can touch with your hands physical object ... like that is really going to save them.

like primitive magic really ...
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#13

07-18-2011, 07:08 AM

shouldn't ron paul be setting the price of gold?

in ron we trust.
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#14

07-18-2011, 07:14 AM

pump & dump is building
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07-18-2011, 07:18 AM

Originally posted by Agent 488

gold is interesting on a psychological level. when things get unstable people flock to and invest their money and faith in an actual can touch with your hands physical object ... like that is really going to save them.

like primitive magic really ...

yep i love it when people bank on world economies collapsing so their gold goes up in value.

but at least they can melt it down and use it for bullets during the mass scale riots

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#16

07-18-2011, 07:32 AM

I wouldn't be surprised if it hits 2k, honestly. The dollar is all but dead at this point.

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#17

07-18-2011, 07:38 AM

I bought some last week and will be buying more this week.
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#18

07-18-2011, 08:39 AM

Gold is going to experience a short term correction (1100-1300) and I'll just buy on the dip. Still have silver and going to sell it at $50 (yes it will go up that high). I'm still laughing at all the morons calling precious metals a "bubble".

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#19

07-18-2011, 08:42 AM

I thought it was a little absurd to see all these infomercials for gold investment. In retrospect it wouldn't have been a bad buy at all.
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#20

07-18-2011, 08:50 AM

i believe the people who say it's going to double within 1-3 years. very tempted to buy even now at this price but i've never bought gold before.

what's the best way to buy gold and what are the fees when i buy and when i sell?

i heard a gold tout say this 'in the middle of the Great Depression an ounce of gold bought a fine custom tailored man's suit and today it does the same'

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#21

07-18-2011, 08:55 AM

I dont see gold as a bubble. Silver definitely has some good pumping going along with it though. As long as they keep printing money the value will go higher. When the Weimar republic turned the printing presses on the value of gold and silver were in the trillions of dollars. lol

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#22

07-18-2011, 08:56 AM

Originally posted by The Demon

Gold is going to experience a short term correction (1100-1300) and I'll just buy on the dip. Still have silver and going to sell it at $50 (yes it will go up that high). I'm still laughing at all the morons calling precious metals a "bubble".

I knew we'd agree on something eventually!

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#23

07-18-2011, 08:59 AM

Originally posted by Mutt

i believe the people who say it's going to double within 1-3 years. very tempted to buy even now at this price but i've never bought gold before.

what's the best way to buy gold and what are the fees when i buy and when i sell?

i heard a gold tout say this 'in the middle of the Great Depression an ounce of gold bought a fine custom tailored man's suit and today it does the same'

If you believe that you will need it someday because the world is going to collapse, then along with your water / food / ammunition supplies you can buy physical from a numismatics dealer.

If you are simply treating it as an investment / trade that you will sell one day, you can look at ETF's or if you can handle the leverage, futures contracts.

.

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#24

07-18-2011, 09:01 AM

Gold will dip and then go up again and make $1600 look normal. The point is that gold has not been going up in value at all... the dollar and the euro have been going down.

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#25

07-18-2011, 09:06 AM

Originally posted by jalami

Gold will dip and then go up again and make $1600 look normal. The point is that gold has not been going up in value at all... the dollar and the euro have been going down.

Why limit it to just those two currencies? I wish people would stop repeating your statement as if to single out the US Dollar or Euro.

Go here, set the time period to 10 years, then keep changing currencies and let me know when you find one where gold is not going up in that currency.

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#26

07-18-2011, 09:16 AM

Originally posted by Caligari

yep i love it when people bank on world economies collapsing so their gold goes up in value.

but at least they can melt it down and use it for bullets during the mass scale riots

Actually, if economies do collapse, the only thing you will be able to buy necessary items with is precious minerals of value....ie gold, silver, platinum, diamonds and so forth.

I think people investing in something they do not have in their hands is as good as the worthless currency if the economy fails totally....

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#27

07-18-2011, 09:21 AM

Originally posted by Nikki_Licks

Actually, if economies do collapse, the only thing you will be able to buy necessary items with is precious minerals of value....ie gold, silver, platinum, diamonds and so forth.

precious metals have no inherent value. can't eat gold, grow gold, build a house from gold.

if the economy did collapse sitting on your little pile will look silly.
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#28

07-18-2011, 09:29 AM

funny documentary on the people prepping for doomsday, the producers brought in experts and graded them all and they all failed but 1 due to letting the neighbors know about their preparedness but not bringing in the neighbors on the plan, instead making themselves targets and not having adequate defense to deal with a horde of people coming after their supplies.
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#29

07-18-2011, 09:34 AM

Originally posted by Agent 488

precious metals have no inherent value. can't eat gold, grow gold, build a house from gold.

if the economy did collapse sitting on your little pile will look silly.

Looks like somebody needs a lesson in historical economies that used Gold as their main currency.

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#30

07-18-2011, 09:36 AM

the whole "stockpiling for collapse" thing is pretty funny as well.

history shows whenever a society dissolves recently there is yes, a short lived period of dissolution and chaos, but then societies rebuild and restructure to get food on the shelves and the trains running again.

in times of chaos people come together, not apart. though there will be some struggles to see who ends up the top primate.
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07-18-2011, 09:37 AM

Originally posted by The Demon

Looks like somebody needs a lesson in historical economies that used Gold as their main currency.

over your head as usual.
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#32

07-18-2011, 09:43 AM

Originally posted by The Demon

Looks like somebody needs a lesson in historical economies that used Gold as their main currency.

But those days are gone and won't return. Sorry.

But to the point, I guess it depends on how one defines collapse. This is not going to happen in any sustained way, but if all fiat money and systems are rendered useless and chaos ensues, people will exchange goods that will be useful for survival.

Gold, silver, copper, diamonds are not going to be the top choices for people with something useful to trade for. Even when order returns, it money will not be precious metal based.

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#33

07-18-2011, 10:15 AM

Originally posted by Agent 488

precious metals have no inherent value. can't eat gold, grow gold, build a house from gold.

In a way you are right, but precious metals can be traded for staples and other items to sustain yourself during a crisis when currency is worthless......is what I was getting at ;)

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#34

07-18-2011, 10:27 AM

The market in metals still has not hit the "irrational buying frenzy" stage.
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07-18-2011, 10:33 AM

Originally posted by The Demon

Looks like somebody needs a lesson in historical economies that used Gold as their main currency.

Yes please give me some examples. Rome? lol

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#36

07-18-2011, 10:33 AM

Originally posted by Nikki_Licks

In a way you are right, but precious metals can be traded for staples and other items to sustain yourself during a crisis when currency is worthless......is what I was getting at ;)

people could trade woodchips with the signature of a local artist if they could agree on it as a medium. no reason to use gold or silver.

if things did collapse most likely a new fiat currency would appear approved and controlled by your town, state, community council whatever. there isn't enough gold to go around to make it realistic.
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#37

07-18-2011, 10:38 AM

I used to pay $500 to fly to US in 2006, recently checked the rate and it hit $1k for return ticket.

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#38

07-18-2011, 10:45 AM

It may have some fluctuations, but it will keep going up. As currency is devalued and becomes more unstable, people always turn to precious metals.

Spend some time reading blogs from people who went through the Argentina crash in the late 90s. Some really good stuff out there in terms of survival and what is really important once your currency becomes worthless overnight. You'd be surprised what becomes valuable. Besides precious metals... instant packs of coffee, bullets, medical supplies (antibiotics), food, smokes, and so on.

Nothing wrong with having food storage, weapons, and items to barter. Plan for the worst and hope for the best. If nothing ever happens, you didn't lose anything. If something bad does happen, you're somewhat prepared.
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#39

07-18-2011, 10:54 AM

Originally posted by Agent 488

if things did collapse most likely a new fiat currency would appear approved and controlled by your town, state, community council whatever. there isn't enough gold to go around to make it realistic.

No doubt there would be a new currency pop up sooner or later, and guess who's going to be able to have a lot of it? Those who can trade gold and silver (or other tangibles) for it.

Guess who's going to get shafted into poverty? Those who were only holding dollars, which would then be worthless and unable to trade for the new currency.

Don't worry about if a new currency will be backed by gold or not, worry about what you're going to be left holding if it all falls apart, and how you are going to get your hands on that new currency if you have nothing to trade for it. No one, and I mean no one, is going to be driving down the streets giving it away for free, and you can bet your ass that your bank, who was at one time holding $100k for you, is going to trade your $100k worth of toilet paper for 100k worth of a new currency, fiat or otherwise.

In a worst case scenario, and a new currency is introduced, if you're not in a position to have something to buy it with, you're going to be living in a van down by the river. And when it comes, it will happen overnight and without warning.
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#40

07-18-2011, 10:59 AM

Originally posted by DWB

Spend some time reading blogs from people who went through the Argentina crash in the late 90s. Some really good stuff out there in terms of survival and what is really important once your currency becomes worthless overnight.

It started in Argentina in 1975, they went through a few "currency reforms" over a decade and a half so that by 1992 one peso = 100 billion 1975 pesos.

Most people never heard of this hyperinflation and sure as hell 99% of people alive at the time were completely unaware of what was happening in Argentina.

If at some point in the future a single 2001 US Dollar is worth 100 billion times the then existing US Dollar, things will have already been so far gone that the whole world will be a different place.

Worrying about this scenario should only be for those attired with tin foil hats.

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#41

07-18-2011, 11:05 AM

Originally posted by Agent 488

people could trade woodchips with the signature of a local artist if they could agree on it as a medium. no reason to use gold or silver.

if things did collapse most likely a new fiat currency would appear approved and controlled by your town, state, community council whatever. there isn't enough gold to go around to make it realistic.

When things collapse, no one is gonna give a crap about some stupid artists' signature...are you serious?

As for not enough gold? I think you are mistaken.....hence why I said to keep panning. We have plenty of gold out west.....more than you may imagine ;)

If things collapse and everything goes into the shitter, you can bet people will be trading gold, diamonds or anything of value to sustain themselves with any person that has what they need.

I don't think any person is going to abide by any system set up by a government that failed them......

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#42

07-18-2011, 11:06 AM

like i said earlier, you can't eat gold, plant gold, it will be worthless as well if things got that bad.

Originally posted by DWB

No doubt there would be a new currency pop up sooner or later, and guess who's going to be able to have a lot of it? Those who can trade gold and silver (or other tangibles) for it.

Guess who's going to get shafted into poverty? Those who were only holding dollars, which would then be worthless and unable to trade for the new currency.

Don't worry about if a new currency will be backed by gold or not, worry about what you're going to be left holding if it all falls apart, and how you are going to get your hands on that new currency if you have nothing to trade for it. No one, and I mean no one, is going to be driving down the streets giving it away for free, and you can bet your ass that your bank, who was at one time holding $100k for you, is going to trade your $100k worth of toilet paper for 100k worth of a new currency, fiat or otherwise.

In a worst case scenario, and a new currency is introduced, if you're not in a position to have something to buy it with, you're going to be living in a van down by the river. And when it comes, it will happen overnight and without warning.
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07-18-2011, 11:06 AM

Originally posted by DWB

No doubt there would be a new currency pop up sooner or later, and guess who's going to be able to have a lot of it? Those who can trade gold and silver (or other tangibles) for it.

Guess who's going to get shafted into poverty? Those who were only holding dollars, which would then be worthless and unable to trade for the new currency.

Don't worry about if a new currency will be backed by gold or not, worry about what you're going to be left holding if it all falls apart, and how you are going to get your hands on that new currency if you have nothing to trade for it. No one, and I mean no one, is going to be driving down the streets giving it away for free, and you can bet your ass that your bank, who was at one time holding $100k for you, is going to trade your $100k worth of toilet paper for 100k worth of a new currency, fiat or otherwise.

In a worst case scenario, and a new currency is introduced, if you're not in a position to have something to buy it with, you're going to be living in a van down by the river. And when it comes, it will happen overnight and without warning.

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#44

07-18-2011, 11:09 AM

Originally posted by Agent 488

the whole "stockpiling for collapse" thing is pretty funny as well.

history shows whenever a society dissolves recently there is yes, a short lived period of dissolution and chaos, but then societies rebuild and restructure to get food on the shelves and the trains running again.

in times of chaos people come together, not apart. though there will be some struggles to see who ends up the top primate.

Good point ;)

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#45

07-18-2011, 11:11 AM

Originally posted by wig

But those days are gone and won't return.

.

That wasn't the point of my post wig and you know it. Also, it's great to have our resident retarded nut in a tin foil hat Mayabong back.

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#46

07-18-2011, 11:21 AM

Originally posted by Nikki_Licks

Actually, if economies do collapse, the only thing you will be able to buy necessary items with is precious minerals of value....ie gold, silver, platinum, diamonds and so forth.

I think people investing in something they do not have in their hands is as good as the worthless currency if the economy fails totally....

actually if the economy does collapse you won't be able to leave your house to get to point B without getting attacked, robbed and possibly eaten, so as i said, best to melt down that gold and make ya some bullets.

i mean really, if the economies collapse there will be utter pandemonium, the dark ages will return for a while so how do you possibly think you are going to get in your car (how about getting gas?) to get to some place in order to exchange your gold for anything of value?

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#47

07-18-2011, 11:27 AM

Originally posted by Nikki_Licks

When things collapse, no one is gonna give a crap about some stupid artists' signature...are you serious?

As for not enough gold? I think you are mistaken.....hence why I said to keep panning. We have plenty of gold out west.....more than you may imagine ;)

If things collapse and everything goes into the shitter, you can bet people will be trading gold, diamonds or anything of value to sustain themselves with any person that has what they need.

I don't think any person is going to abide by any system set up by a government that failed them......

You are missing the point entirely.

No one is going to trade for gold (or diamonds) under your scenario for exactly the reason Agent 488 stated.

If someone has chickens, I have corn, Agent 488 has water, Nikki_Licks has ammunition and TheDemon has gold, the first four of us are going to barter but TheDemon is going to have a hard time finding someone to accept his gold until such time that there is enough order that a monetary vehicle becomes efficient.

When this happens, it will be electronic / paper money again EXACTLY because there is not enough gold and it is not efficient to carry around and use as a medium of exchange.

Whether the currency of choice is backed by some commodity or basket of commodities or some other scheme is another topic.

.

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#48

07-18-2011, 11:30 AM

Originally posted by The Demon

That wasn't the point of my post wig and you know it. Also, it's great to have our resident retarded nut in a tin foil hat Mayabong back.

What was the point of the history of metals as money then? I'm sure Agent 488 is aware of that.

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#49

07-18-2011, 11:38 AM

Originally posted by Caligari

actually if the economy does collapse you won't be able to leave your house to get to point B without getting attacked, robbed and possibly eaten, so as i said, best to melt down that gold and make ya some bullets.

i mean really, if the economies collapse there will be utter pandemonium, the dark ages will return for a while so how do you possibly think you are going to get in your car (how about getting gas?) to get to some place in order to exchange your gold for anything of value?

We do not need gold bullets....

Hence why being prepared is very important and getting to where we need to go will be no problem.......but I don't think I will find too many people on our claim and if we do, god bless them.....

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#50

07-18-2011, 11:44 AM

Originally posted by wig

You are missing the point entirely.

No one is going to trade for gold (or diamonds) under your scenario for exactly the reason Agent 488 stated.

If someone has chickens, I have corn, Agent 488 has water, Nikki_Licks has ammunition and TheDemon has gold, the first four of us are going to barter but TheDemon is going to have a hard time finding someone to accept his gold until such time that there is enough order that a monetary vehicle becomes efficient.

When this happens, it will be electronic / paper money again EXACTLY because there is not enough gold and it is not efficient to carry around and use as a medium of exchange.

Whether the currency of choice is backed by some commodity or basket of commodities or some other scheme is another topic.

.

OK. But lets say the person selling or trading has everything you mention, except the items I mentioned, do you think he will be interested in trading? I do.

The people with weapons and ammo will not bother with trading; they will simply shoot you and take what they want.

When I think of collapse, I think of all out total ciaos and each man for him self….. maybe I am understanding collapse differently than you folks ;)

I do understand your point, don't get me wrong, just seeing it from another angle. If in fact anything like this happens, we are all fucked in one way or another and no one can predict the outcome....

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