Hi everyone
I'd like to make it clear first that I'm not after someone to direct my finances, but merely looking for additional input
Basically, I'm wondering whether I have missed the opportunity to buy gold both as an investment and a protection against inflation. Gold is selling at $800USD, and with the Australian Dollar at a miserable .62USD, I will be paying $1260+AUD per ounce.
So the Australian dollar would only have to regain a portion of its almost 1:1 strength against the USD for me to have lost a considerable amount.
In addition, the gold price itself is very high. How much higher can it go?
It seems as though any purchase I made would be threatened by an Australian dollar that can't go much lower (and will eventually regain strength) and a gold price that is unlikely to increase enough to compensate.
I'd be very appreciative of any reflections on the current gold situation. If necessary, I will resign myself to only purchasing gold as emergency currency, and not for protection and investment.
Thanks to all
Why are you buying gold? Physical gold is trading around $1000 an ounce right now.
Are you worried about not having Gold if the global economy goes sideways, and thus not being able to buy Vegemite?
Look into silver if you want money you can spend. It is very cheap right now.
Otherwise, wait for the US dollar to correct.
The boat on gold passed quite a while ago. Its already inflated, even at $800 usd/ounce. Commodities will be coming down (look at oil) at the economy 'improves'. Wait for gold to fall to 600 or so and you'll be ok. It will happen. However, as an american, I think i should travel to aussie now... didnt know the dollar was so strong to you all right now. I'll be rich! ;-)
Check out www.apmex.com and their offerings. They have a good reputation, and I use them myself without complaint. I'm not sure about their international shipping policy--or if they even have one.
"All men having power ought to be distrusted to a certain degree." -James Madison
"If government were efficient, it would cease to exist."
liberty student:Are you worried about not having Gold if the global economy goes sideways, and thus not being able to buy Vegemite?
No, no- I have a stash of Vegemite, shrimp and Dry-as-a-bone coats hidden in my Kangaroos' pouch.
I must admit I was getting gold fever.
Silver may serve me better then while I acquaint myself with the precious metals markets. I'm wanting something that will provide protection if the economy completely collapses, and a tidy return if it maintains itself.
Looking at the history of the silver price, it seems to have remained fairly steady in recent history up until 2003. It hasn't returned to that same level just yet.
Cheers
Hi,
citigroup expects the gold price to hit the 2000$/ounce by the end of 2009, thus an investment in gold seems to be quite reasonable. Today the gold price is at 760$, a good point for buying. But dont forget platinum and silver, both of which quite interesting as an investment as well. More information and a comparison of different gold dealers on http://585-gold.com
abitofludwigvon:In addition, the gold price itself is very high. How much higher can it go?
High compared to what? How much higher can it go? Compared to fiat currencies? Have a look at Simbabwe these days and you get an idea. Keep in mind though, that there might be a day to come where the fiat currency is worth just a peace of paper. And that paper wouldn't even make a good lavatory paper.
Buying gold is one thing, getting your hand on it in an "emergency situation" is another thing to consider.
In the begining there was nothing, and it exploded.
Terry Pratchett (on the big bang theory)
I think oil looks cheaper. Of course, if you think the world order is going to collapse, then only physical gold makes sense.
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once foriegn countries lose faith in the us dollar and begin to trade there reserve of dollars for something holding its value gold should go through the roof no you have not missed the boat
gold was far above 1000 US-$ 20 years or so ago. So there is not practical limit on the procie of gold. Just imagine in Germany we had notes over a trillions Reichsmark and you needed quite a lot for a gram of gold. So you can buy if you like. If you meant to gain big from it, you may get dissapointed however. So the question is simple. Why would you like to buy gold? Is that reason enough for you than buy, otherwise don't.
I for my part decided to buy some gold 2 or so months ago. And I still keep it.
Right now the worlds financial markets are in crisis people are pulling out of what they consider risky investments and saving and investing in what they feel are less risky investments. Right now that is the us dollar. Due to this huge grab for dollars we are seeing the value of the dollar go up. After these huge bailout packages work through the system the dollars is going to be alot less appealing. Gold has always been a great hedge against inflation so you should own it for this reason alone but I think you will see some pretty impressive gains once alot of people no longer want to hold these US dollars.