Will gold break , rise above $1000 per troy oz

[Countryboy]

The Asian markets have dropped back to 1037.10 right now.

While gold hit a new high, did you see silver? Up 4.3% for the day, while gold was only up 2.4%

So, still kicking yourself for selling your gold eagle, or did you buy it back in silver?

[DRUR]

Originally Posted by Countryboy

So, still kicking yourself for selling your gold eagle, or did you buy it back in silver?

Sold my 4 gold eagles on the 19th of September for $1,070 each. I was worried until 250 silver eagles came available (private individual), which I bought for $17 each on the 23rd, when prices were heading down. It worked good because I have been trying to trade back into silver. Usually doesn't work this well for me. Don't know how long I will have the silver as I be looking for a team of young draft horses and a few other pieces of horse drawn equipment. What I need is a good grain drill and a small combine, then I will be set for what I can afford. Started this year with 2 purchased colonies of bees and have split up to 9 colonies (8 are in 1deep/1medium, 1 is 3 mediums), was hoping for 16. I hope to sell all my deep equipment next spring with bees, as I am going to all mediums. Hoping to split the 9 and then sell 8 colonies with deep boxes.

I only hold the metals if I don't have anything I can buy that will produce. But I am leary about the economy. I personally think deflation is coming, not inflation, but what do I know.

[Countryboy]

I only hold the metals if I don't have anything I can buy that will produce. But I am leary about the economy. I personally think deflation is coming, not inflation, but what do I know.

Historically whenever you have a loose monetary policy of artificially low interest rates and deficit spending and printing money out of thin air, you end up with inflation or hyperinflation. Historically, deflation was brought about when the currency was brought back in line with the gold standard.

I find it very unlikely for deflation to occur as there are no countries on the gold standard. Do you see America going to the gold standard, and the currency resetting?

Right now gold is at an all time high ($1050 in overseas trading). Silver is still down about 70% below it's all time high. Just by itself, that potential upside makes silver very attractive.

If you keep your deep boxes as your bottom box, and run all mediums above it, you'll still never have to lift a full deep of honey. (but inconvenient to swap frames.)

I only hold the metals if I don't have anything I can buy that will produce.

That's a good strategy provided you have the time to manage those producing activities. It seems I find myself with two hands and 10 irons in the fire - and good help is hard to come by. I've found it's sometimes better to hang onto your sound money than to spend it on something that only produces if you have the time to make it produce.

Scythes still work as a reaper - half of a combine. The Amish around here tend to have their own reaper/binder, and the thresher gets moved farm to farm.

[John Smith]

Ironically, it is all done with mirrors. Gold hasn't really changed much. A troy ounce is still about 31 grams. What is changing is the value of our currencies. So the real question should be, will the US Dollar fall further? Can the Chinese Yuan take up the slack? They are preparing to mine tons of new gold over there right now as we chat. The real money is not gold, not silver, not bronze or nickle, it is not even guns and butter, the real money is CONFIDENCE.

Gold isn't going up in Australia as much as it is in the US, as our currency tends to move in the opposite direction to the US Dollar. However, like two rubber duckies bobbing up and down in the bath tub, when you pull the plug they are both going down, despite the waves, and regardless of which one is riding a wave and which is in a trough.

Inflation is killing us all. We have already gone past the point where we can have a successful deflation, in my humble opinion. We are currently trying so desperately to prevent a deflation (total one) that hyper-inflation is the only likely outcome. All we can hope for is a long and slow decline, as opposed to a fast and furious one.

I do believe in Miracles, though, so cling to hope that the lads will be able to save it one more time.Ac cording to my view of the Planets, it is not going to be until around the 2017-2019 period that we see full blown hyper-inflation. If so, we may have a few fair years in between when we can make further provisions for our personal well-being. That's for the US and Australia (who have opposite birthdays!). Zimbabwe is suffering it's hyper now. Many countries have already experienced it.

Ironically, though, this is the first time in recorded history when the entire world is hooked on the one fiat currency, which means if it goes up in smoke, there will be much less chance of the neighbours picking up the pieces.

"NEW" money is only inflationary (of prices) when no corresponding increase is realized in the production of goods and services. If President Obama can motivate and stimulate the black races to work twice as hard, borrow twice as much, spend it wisely and put those trillions to productive use, then the ship might not sink!

Another miracle (the one I hope for) is that the Gnomes of Zurich will bite the bullet and encourage food production through increased credit being available for marginal production, thus allowing food prices to soar. This would soak up much of this or that trillion and recovery led by agriculture could happen. It's more about distributing the wealth than it is about prices, but without the harness of indebtedness, the bridle of debt, the nose ring thereof, the World Bank would lose control of things. What they will only do as a last resort, is relinquish some control. In fact, they seek to use these periods to increase control. Let's just hope they don't leave it too late to ease up on this their greatest harvest.

No beek want to starve his bees to death, but each of us loose some hives now and then owing to our own bad management. The world economy is not unlike this example.

Cheers and happy inflating!

JohnS

[Countryboy]

I heard some whisperings today that the basket of currencies the Arab states are looking at to price their gold will be weighted over half with gold.

[irwin harlton]

Well Gold is definitely over $1000 US and staying there and probably going higher
Here are some interesting theories, thoughts on Gold and the US dollar.Also an article called when Money becomes worthless,what could happen when a actual commodity is overbought.



http://www.prudentbear.com/index.php...w?art_id=10281 and

http://www.prudentbear.com/index.php...w?art_id=10296

[DRUR]

As the current price has broken through the prior $1,000 overhead resistance level, then breaking it prior all time high of about $1,038 (inner day trade) and kept rising to aroung $1,070, and then held well over $1,000; it makes one wonder if now $1,000 wil become the new lower support level. There has been no overhead resistance level established yet, but maybe working on $1,060+. Wonder what the new overhead resistance will be? Any suggestions?

I guess this thread should now be changed to When will gold break/rise above $1,100 per troy oz.

[Countryboy]

it makes one wonder if now $1,000 wil become the new lower support level.

I've heard reports the Chinese have essentially created a 'floor' bottom price for gold. The IMF is selling 403 tons of gold, and the Chinese are buying gold in the price dips.

I've also been hearing $2,000-$5,000 for gold in the next 1-5 years.

[Countryboy]

And now the news comes out that India has bought half of the 403 tons of gold the IMF was selling.

And the gold markets go nuts over the news.

Gold traded at a high of $1099 today. How long before gold breaks $1100? Or $2,000 an ounce?

[DRUR]

India buys 1/2 of the IMF offering of gold (about 200 metric tons), seems like they have decided to increase their reserves and dump the dollar.

Gold broke through $1,100.00 per oz. this morning, but dropped backed, currently at about $1,093.00. My, my haven't we come a long ways in a short time? Just wondering when $1,100 will become the lower support level instead?