Gold

[waimeamomi]

Fellow LBs, keep an eye on gold which has dropped significantly in price to below the $800. US mark
I jumped and made an order at 850. last week, but am going to watch carefully and go out on the limb and place another one for the future (can' usually afford to buy more than current needs) while its low. I try to watch oil and dollar prices, since it follows them. I like this site to keep up with what's up - http://www.kitco.com/
Maybe this will help someone out there

 

[CLICLASP]

Go ahead, it helps a lot !!!

 

[waimeamomi]

If you've been watching and waiting on the market like I have, you might want to make a move. The gold market opened and shot straight up today. Hurricane gas prices are going to have an effect, and it may take a little while to come back down. I'd love to be wrong, but I grabbed my order that I'd left hanging while it was still $752. (already blew 741.). I don't mind kicking myself when it goes farther down, but I hate it when I wait and it goes booming up. It's up to $780. right now. Every little bit helps.

 

[aggiep]

The hurricane had a small effect for a short time. What is driving the price of gold back down is the global economy. When the dollar is strong, the gold price goes down. The dollar is crap, but the other currencies around the globe are worse at the moment. In essence this makes the dollar look good thus drives down the price of precious metals. It may rise for a week, but it will fall again. Insiders I know say it should be around $600 by Christmas.

 

[pearlescence]

I'll check prices here, thanks, as I need to buy gold for some orders

 

[Satine De La Courcel]

waimeamomi,

Thanks for posting the link and the heads up!

Cheers.
Ash

 

[pearlescence]

Mind you, with the new financial turmoil of today I expect gold has shot up again

 

[aggiep]

It actually dropped to 765 then rose back to 780. The dollar is still strong. What is bad is the stock market fiasco. Stock market messes are not what drives metals it is the strength of the dollar. Now if the dollar loses ground again say against the Euro, then metals will rise signifigantly.

 

[Slraep]

It actually dropped to 765 then rose back to 780. The dollar is still strong. What is bad is the stock market fiasco. Stock market messes are not what drives metals it is the strength of the dollar. Now if the dollar loses ground again say against the Euro, then metals will rise signifigantly.

I think the dollar will tank hard soon. There's some carnage on Wallstreet. LEH bankruptcy, Bank of America and Merrill.......

Slraep

 

[pearlescence]

when paper money and paper wealth goes bad people traditionally turn to gold.

 

[Slraep]

when paper money and paper wealth goes bad people traditionally turn to gold.

Yup. And the gold skyrockets.

Slraep

 

[Mervione]

Don?t hate me because of this but I sort of enjoy when the dollar go down.

 

[barbie biggs]

Not to worry. When one country uses most of the resources of the world and isn't careful about it's trash, etc. many people feel that way. It's called the ugly American. Kind of a syndrome.
'Course we aren't all like that. Many North Americans are appalled at the waste that continues to go on in their country. Many care about clean water, reusable resources, a good future for everybodies children, not just the children from this small point on the globe. Quite a few of them are represented here on the Pearl Guide.
barbie

 

[aggiep]

The dollar was up 2 cents agains the pound and euro today. That is what kept the run on gold from going crazy. It's not watching some stupid companies that made stupid moves go down in flames it is the long term prosepects of what the dollar is doing. We are seeing a repeat of what happened in 1929 and the stupidity that drove that fiancial disaster. I took real estate law (class) back in 1979. It was enough to turn me off real estate as a career. We were taught about how the housing market and shoddy loans were made which in turn caused banks to fail, which in turn caused the stock market to tank. I have been watching this build now for over 8 years. I told hubby we were not going to get into the herd mentality that was causing the mess to build. Now we are watching the fall out. Yet the dollar is faring well compared to other currencies. Bottom line our country has it problems, but compared to some others we are not so bad.

 

[barbie biggs]

Touche' Aggie.

 

[knotty panda]

All I know is silver is dropping. Several of my vendors have dropped their prices accordingly, but some -- not naming names -- LIKE FIRE MOUNTAIN have actually raised their prices. Those sorry rascals. I haven't been very pleased with them of late and I don't think things are going to get better. Monsterslayer.com has dropped their silver prices accordingly. Thanks Monsterslayer!

 

[aggiep]

If you go to the kitco site and scroll down to the ibnternational market that is currently open, you will see that gold is falling again in the world market. So is silver. Companies like Hauser and Miller, Rio Grande, and David H. Fell all tie the price of their metals to the spot market. I would never go with a third party who has to go through a refiner like those I just mentioned. You only end up paying another layers markup. Another solution is to buy in a group in bulk. That way you get the bulk prices and can split it up. I hate paying retail that is why I became a bench jeweler.

 

[waimeamomi]

Aggie, Thanks for your expertise on this! I do check Kitco, but I don't know how to use it other than to check the spot market and to grab things from Rio Grande when the price is down. It's small time, but everything seems huge these days. I would love to find another way to do it, and I would LOVE to co-op with some other people to bring the prices down. I can't afford to buy huge bulk, but co-oping (we call it forming a hui here in Hawaii) would make sense since it is easy to split findings and supplies. I think it would be harder to do with pearls because of the variables in a lot. A bench jeweler - something else to learn in the future, hmmm.