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Gold Prices Crash. I Hope Everyone Sold Their Commodities Already.


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Inflation hedge isn't a good buy when they tell you they're going to stop priming the pump. Markets took a dive as well.

There is going to be some pain here, the US financial markets are going to be like a crack wh*re coming off the rock. Let's just hope that Bernanke doesn't cave and give the rock back.

We've got to ease our way out of this phony economy we are in right now.

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I told my mother, who has a very large collection of gold and not a lot of cash that she needed to sell it about a year and a half ago. She didn't believe me when I said that the economy is stabilizing and once it reaches a certain point, gold prices are going to plummet. $500+ drop later... oh well.

Edited by Free Radical
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I told my mother, who has a very large collection of gold and not a lot of cash that she needed to sell it about a year and a half ago. She didn't believe me when I said that the economy is stabilizing and once it reaches a certain point, gold prices are going to plummet. $500+ drop later... oh well.

Gold is still at a high price compared to historical movement. I started investing in 2007 and made huge bullion purchases in 2008 when gold was down in the $700 range. When I started investing, early 07, prices were around $700 and had run up to $1k by beginning of 08. When it dropped at end of 08 back down to $700, I basically spent all my available money on gold and platinum eagles. I was also able to buy a ton of the buffalo gold sets from mint, most 1/10th and 1/4 ounce. I even convinced my dad to buy anoth $150k in bullion and us gold and platinum sets and a green box of silver eagles. The fall of prices isn't terrible, it just means its time to buy more. I consider the bullion I have a very long term investment, so don't worry too much about these swings, the overall movement will continue to be higher for many reasons,

Anyone that wants to purchase, on of the main sites I buy from is Apmex.com . They have great prices and large selection.

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Fixed.

Seriously. These people honestly believe that there's going to be some economic catastrophe that renders the US a third-world hellhole or worse, and they want to have gold coins? If that's how it's really going down, guns, ammo, canned food, antibiotics, toilet paper, and tampons are all much wiser investments. I'd rather have pretty much anything EXCEPT a bunch of gold if we're talking apocalyptic meltdown.

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Gold is still at a high price compared to historical movement. I started investing in 2007 and made huge bullion purchases in 2008 when gold was down in the $700 range. When I started investing, early 07, prices were around $700 and had run up to $1k by beginning of 08. When it dropped at end of 08 back down to $700, I basically spent all my available money on gold and platinum eagles. I was also able to buy a ton of the buffalo gold sets from mint, most 1/10th and 1/4 ounce. I even convinced my dad to buy anoth $150k in bullion and us gold and platinum sets and a green box of silver eagles. The fall of prices isn't terrible, it just means its time to buy more. I consider the bullion I have a very long term investment, so don't worry too much about these swings, the overall movement will continue to be higher for many reasons,

Anyone that wants to purchase, on of the main sites I buy from is Apmex.com . They have great prices and large selection.

I really hope you change your mind and divest quickly. It's not going back to $2000 an ounce and could start plummeting even more.

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I really hope you change your mind and divest quickly. It's not going back to $2000 an ounce and could start plummeting even more.

It may drop further, but it will recover. I'm 34 and don't plan on using selling any till I retire in hopefully 12-15 years. Although there is no gold tied to currency, it is still a very limited resource that will continue to increase over time. Tehcnology is a one of many reasons that drive gold prices. All those processors and chips use a ton of gold. There are a ton of other reasons, but I don't want to get into a big economics discussion.

I'm just trying to make the point that the run up to $1,800 was at incredible pace from a historical perspective, so I expected a drop at some point, but it will recover. Bullion isn't something to speculate short term with, it's like an energy stock that over the long term almost guarantees to increase.

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One of the best sites for bullion news all linked in one place is Monex.com , they also sell, but I think Apmex is better price and many times more selection. They do offer a buy program where they can hold you bullion for you so you don't have to worry about having it at your house or renting a bank deposit box.

http://www.monex.com/

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It may drop further, but it will recover. I'm 34 and don't plan on using selling any till I retire in hopefully 12-15 years. Although there is no gold tied to currency, it is still a very limited resource that will continue to increase over time. Tehcnology is a one of many reasons that drive gold prices. All those processors and chips use a ton of gold. There are a ton of other reasons, but I don't want to get into a big economics discussion.

I'm just trying to make the point that the run up to $1,800 was at incredible pace from a historical perspective, so I expected a drop at some point, but it will recover. Bullion isn't something to speculate short term with, it's like an energy stock that over the long term almost guarantees to increase.

It's a terrible investment long-term, as well. Also, I really hope those buffalo sets were not the 1-ounce coin sets that they sell for nearly twice the price of gold per ounce (sometimes more). Those coin sets are a rip off. I really hope that you paid the market rate for gold on all of your purchases, otherwise you got royally screwed.

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One of the best sites for bullion news all linked in one place is Monex.com , they also sell, but I think Apmex is better price and many times more selection. They do offer a buy program where they can hold you bullion for you so you don't have to worry about having it at your house or renting a bank deposit box.

http://www.monex.com/

If gold is selling at $1,270 per ounce then how are you getting a "better price" for bullion, unless you are paying significantly higher than the market value for ounce? And if you're paying more per ounce than the selling price, you're getting screwed.

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It's a terrible investment long-term, as well. Also, I really hope those buffalo sets were not the 1-ounce coin sets that they sell for nearly twice the price of gold per ounce (sometimes more). Those coin sets are a rip off. I really hope that you paid the market rate for gold on all of your purchases, otherwise you got royally screwed.

Go look at the 2008 buffalo sets. I got 1/10 ounce for $103, now worth are $500-$600, and 1/4 oz were like $380 and last time I checked selling for $1,100. In 2008 the price of gold started out around $1,000 an ounce and fell all year till it hit $700 in November, for this reason, not many were buying, so the 2008 has a very low mintage. I started making really good money in '07 to the point where I had a lot to invest and my broker turned me onto bullion to diversify my holdings and then I got into coin collecting for investment. I have put together sets over the years of very rare graded coins that continue to in erase in price regardless of bullion. All my bullion was almost all purchased from Apmex, but as gold and platinum UNC eagles with a small like $6 per coin premium, it wasn't the limited proof coins although I also did purchased many. For instance, I also got the 09 Double Eagle gold for $1,083 a coin, spent about $45 in grading from PCGS, current price $4k to $5k.

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Go look at the 2008 buffalo sets. I got 1/10 ounce for $103, now worth are $500-$600, and 1/4 oz were like $380 and last time I checked selling for $1,100. In 2008 the price of gold started out around $1,000 an ounce and fell all year till it hit $700 in November, for this reason, not many were buying, so the 2008 has a very low mintage. I started making really good money in '07 to the point where I had a lot to invest and my broker turned me onto bullion to diversify my holdings and then I got into coin collecting for investment. I have put together sets over the years of very rare graded coins that continue to in erase in price regardless of bullion. All my bullion was almost all purchased from Apmex, but as gold and platinum UNC eagles with a small like $6 per coin premium, it wasn't the limited proof coins although I also did purchased many. For instance, I also got the 09 Double Eagle gold for $1,083 a coin, spent about $45 in grading from PCGS, current price $4k to $5k.

Wait, you're saying that 1/4 gold coins are "selling" for $1,100 right now. Selling to who? Sold by who? Do you think that you could sell your 1/4 gold coins to someone for $1,100 when the price of gold is almost that PER OUNCE? Who is going to buy that crap? It sounds like you got suckered into the collectible coin market and paid 3-4 times the actual going rate of gold. If that's the case, you're a sucker. Who told you that paying 3-4 times the per-ounce cost of gold was a good "investment"???

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If gold is selling at $1,270 per ounce then how are you getting a "better price" for bullion, unless you are paying significantly higher than the market value for ounce? And if you're paying more per ounce than the selling price, you're getting screwed.

Let me explain it to you, when you but gold coins, your have many options from small mint companies that are not very well know that sell for a tiny premium over price of gold, then they're are gold coins from various countries with Mexican, Austrian (philharmonic) , and Canadian (maple leafs) all selling for a premium over price of gold. Finally, the US eagles have highest premiums, right $55-$65 right now

Bottom line, unless your buying a hunk of gold of unknown purity that will he almost impossible to sell, you buy minted gold and that minting cost a premium that varies by coin or bar depending on minter. The different stores make their money of the premiums, so those vary store to store and I was pointing out the Apmex usually has best prices, ie lowest premiums.

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Wait, you're saying that 1/4 gold coins are "selling" for $1,100 right now. Selling to who? Sold by who? Do you think that you could sell your 1/4 gold coins to someone for $1,100 when the price of gold is almost that PER OUNCE? Who is going to buy that crap? It sounds like you got suckered into the collectible coin market and paid 3-4 times the actual going rate of gold. If that's the case, you're a sucker. Who told you that paying 3-4 times the per-ounce cost of gold was a good "investment"???

I can't help that your not educated on the real numismatic market and maybe are stuck on those late night state quarter sale shows. The 2008 1/4 oz Buffalo is selling for $1,500 on Apmex and they will purchase any for $1,232. You can also look at what sold on eBay and find them in the $1,600 range. This is not selling for 4 times it's gold value to crazy people, this is being sold for its collectible value as they had very few minted. I have an 1893 S Morgan Dollar I paid almost $12k for and it's value is because it is one of the scarcest Morgans minted and because of its condition, according to you I was a sucker for paying over silver value of $23, SMH

Understand we have touched on two seperate topics, bullion coins that were bought for just metal value plus small 3% -5% premium, and then the collectible market coins that get their value on how few were minted and current condition.

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