Gold going to $5,000+ per ounce
 

An exhaustive report by Standard Chartered predicts that gold [GCCV1 1524.80 0.40 (+0.03%) ] will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls.
http://www.cnbc.com/id/43396080

Lack of supply can only mean 1 thing.

Someone cooked the books on the value of gold. Anyone that supposedly buys gold I would advise to have it in a safe at a location and not expect some gold dealer to hold it...

You need it in you're hands for it to be worth anything. This is a protip from a gold buying and holding "Friend" in my area, and he mines his gold for a living.

This is an old gold buyer/seller trick going back to the 1700's and this sort of thing has happened plenty times before.

Bottom line is if you own gold you better have it on hand or within reach or its not worth shit for nothing.
Holding paper for gold is pointless. Thats not the point of buying gold...

You buy gold to fucking own it on hand or a location, not some jimmy fuck that hands you paper saying you own X amount of gold. LOL! One of the oldest tricks to play on gold minors in the back in the day when the gold rush was on... Banks handed gold minors cash and offered accounts to hold the gold for them then held on to the gold and sold it to rich people on paper. Thing is when the a Bank collapsed or economic change was underway the guys that actually held the gold faired far better than the ones that held paper.

True meaning of Paper Tiger was born.

Couldn?t agree with you more, Silver is the same always buy physical Silver and Gold. NEVER on paper...

You are wise beyond your years AlienQ.

.

I only know this shit from the locals that are all old timers and retirees. Some of them for generations been here with direct roots to actual gold miners and if you get em a beer or two you can get a lot of history out of them.

This will be my second year this summer actually gold panning to:) My first season ( Last year in the summer ) I got under an ounce. I love it. I have an ol Grizzled mentor to show me the hills that have the good streams and rattlers do not scare me anymore. Its actually a lot of fun. My life is way different now from being a city living guy from the valley with a cell phone stuck to my head.

I like dirt, I like hunting and I like the idea of living in the forest and enjoy the quiet nights away from people and the bullshit.:thumbsup

Historically silver holds a gold ratio anywhere from 40:1 to 16:1, which would mean silver would go to $125-$312 if gold hit $5000. A 357%-891% increase from where it is today.

Good for you man, you sound content. Next trip out west I'm gonna impose on a gold panning lesson. I love old west stuff.

.

Maybe it has something to do with the IMF getting hacked or anonymous going to war with the federal reserve.

When CNBC says gold will hit $5 000 you know it`s gonna crash for sure

i wana pan for gold!!!!!!!!! sounds cool

I have 40 acres (2 x 20 acre claims) on Whiskey Creek in Norcal I'll float for sale later this year if you want to try your hand in a well proven area. I was dredging there for awhile before it was outlawed, and still run my minelab gold detector there. You can also pan / sluice there.

I keep a couple of vials of gold flakes, some small nuggets and a few specimen pieces (gold still on quartz chips) on my desk to fondle while pondering coding problems, etc.

It gives a new meaning to the word "addiction" however... :helpme

Well, the value of gold hasn't really gone up over the last 50 years. It's the value of the goods (the USD, EUR,...) you are expressing the price of gold in that is going down. So, while speculation can be blamed for the small fluctuations in price, there is no intrinsic danger to the value of gold going down (crashing). If this whole thing should teach us one thing it is that the USD is crashing.

be a good time for some country to release another mountain up to mines...there is tons of gold just lying around in the ground

a bird in hand...

stupid question... where does one even buy physical gold or silver? Jewelers?

If you buy gold because you think our market place is going to crash, then who is going to buy your gold when it does?

and pawn shops

Scotia Bank, but I think in Canada you have some crazy ass tax when you purchase. The sale is not taxed in USA.

And where do you keep the gold once you've bought it? Do I have to put a bullion vault under my wine cellar, or something?

i wouldn't doubt it we tax everything... wonder if i can get friends in the US to buy it for me? probably wouldn't go over well at the border hehe

Isn't the price of gold going up against a lot of other currencies as well?


.

I had a friend in high school who's dad had a safe room and one wall was gold bars. It was a sight to see and it was literally a bank spec vault done as a hidden room in his house. If I had cash I would buy all the scrap gold you can as well as gold coins and bullion. Our local Salvation Army auctions gold on eBay they get from unclaimed jewelry in items Southwest Airlines gives them.

Got this from a gold site: "Precious Metals that are .999 fine shipped to Canada are not subject to Duty or NAFTA fees or GST."

You can buy from http://www.apmex.com and they'll ship it to you.

Just hide it in your house in a safe. A tube of American Gold Eagles, which is 20, 1 ounce coins, is about the size of your palm and it's about $32K. When people think physical, they automatically think of those 1000 oz bars you see in vaults. Those will cost you a little more than $1.5 million lol

I want :pimp

I wouldn't be surprised if it hit 5000$/oz indeed... Shouldn't take all that long (3-5 years?)

Who sells Treasury tubes at a good price? link?

Screw buying gold, we have a couple of mines and have been able to pull gold out from time to time. I sure do enjoy our weekends panning.....never know what you will come home with. Sometimes we come home with nothing but memories of a good trip and then there are those times we are totally stoked :thumbsup

There is nothing like finding a few good nuggets ;)

nice... thanks man.

What he said :thumbsup


Sounds great :)

still thinking about writing a book on your time spent out there? I've read you post a few things about your experiences before and it sounded pretty damn interesting to say the least.

PR Glen, best site for Canada is http://silvergoldbull.com

Local shops are better, lower prices and no shipping fees. Look it up on google or bing and you probably wont be more than 30 minutes from a proper shop.

I have 1000 of those bars in my closet. ;)

I can't believe gold is what is is now. It just keeps rising in price. It's funny how something like gold can increase in value while almost everything else loses its value, including cash.

grazie mille ;)

Wait. Precious metals are undervalued and are a great hedge against economic collapse and gold and silver will skyrocket exponentially the next few years? No kidding! LOL@all of the morons who thought the precious metals are a bubble.

What should you be aware of when buying gold? I'm pretty sure there are a million and a half scams going around when buying gold, what should you look out for?

:1orglaugh:1orglaugh:thumbsup

No problema :thumbsup

Well, the main thing would be buy bullion, and buy it from somewhere trustworthy.

Then you shouldn't have a problem, unless the value goes down obviously.

More like five hundred not five thousand :2 cents:

Actually, yes, I am working on it in my spare time......it sure brings back some good memories. :thumbsup

That would get me back in. :thumbsup I think it's still got a few more years, but it won't be a straight line and like in 2008, is susceptible to large declines.

I would be super surprised if we got back to $500. Still, I agree with what you are suggesting and I wouldn't buy it at current levels.


.

Yes, the price of gold expressed in USD, EUR, GBP, AUD etc is going up... One of the reasons here is the fact that today's monetary systems are very much interlinked. Both the USD and the EUR are being widely used as a reserve currency. The second reason is the worldwide reach of the banking crisis of 08 (again, what happens to the USD will affect most of the worlds currencies here).

There's no doubt in my mind that both the USD and the EUR are going to crash (*). It will be interesting to see which one will go first. If one of them goes, it will take the other one down with it.


(*) Most Europeans seem to be oblivious of this, but it only took the ECB tens years to do what the Fed needed 100 years for.

Okay, so I take it we can agree that since gold is going up against all major currencies and is not specific to the dollar, your position is that all currencies that are declining against gold are "crashing"?



.

Exactly. When ppl start making lofty projections you know the rally is just about over.

If I had tons of money I might still buy some for pure safety. But I wouldn't touch it as an investment at this point.

It's just a matter of time before it crashes hard... the real estate crash will look like a walk in the park in comparison... if you bought it for $500 few years ago you are probably in good shape, but buying now at $1500 is complete foolishness, no different than buying real estate at it's peak.. and with the real estate crash at least some measures were taken to soften the blow, but with the coming gold crash no one will give 2 fucks about some gold speculators, so it will crash and burn harder than you could ever imagine... but good luck with it :thumbsup

you have no fucking idea what you are talking about.

gold is in bullish trend and will stay that way for long time.

Its obvious you don't have a remote idea of world economy at all. Get a clue, then give a strong opinion like that.

in effect: yes. If you are going to base your currency on a certain product and the value of that product goes down, than in effect the value of your currency will go down as well. Most of the worlds central banks are using the USD and the EUR as their reserve currencies these days. In other words: their currencies are based on the USD and EUR.

Owning physical gold is important sure......

But one of the best ways to profit is to purchase shares in gold mining companies. Dont forget that when you buy physical gold, your only gain if/when the price goes up from the cost basis.

Gold mining companies basically earn the marginal difference between the cost of extraction and the market price - much more profit potential if you make the right play but it would be better to have exposure to both mining companies and physical as part of a gold strategy.