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  1. #1
    Kung Fu Master Eathan's Avatar
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    Gold Hits $1000!
    http://www.guardian.co.uk/feedarticle?id=7382193

    Okay, I know I'm a lot closer to this market than most ABWers, but this is really exciting, as well as really frightening news.

    On the one hand, soaring gold prices have been driving a gold rush mentality in recent months, which has been great for business, but on the other it's a sure sign of ongoing economic woes that hits us all in one way or another.

    We've been trying to buy a house and the lending process has been a nightmare compared to the last time I bought - so many more hoops - and yes, I was self employed then too. We're also about to sell, in a housing market that has 9 houses for every 1 buyer (to quote our Realtor). That's not exciting.

    Then again, the commercial space we're working on buying for the business is being sold dirt cheap, so there's always a trade off.

    Anyway, strange times we live in. Any other ramblings, speculation, etc on gold, the markets, the economy in general?
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  2. #2
    Troll Killer and best Snooper!
    I decide when the pigs fly!
    Rhea's Avatar
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    Ooh, time to grab the bits and bobs and trade them for some cash!

  3. #3
    Grandma broke her coccyx! Uncle Rico's Avatar
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    Mortgage lenders are getting hit hard with all of the foreclosures. On top of that, they are now gun shy to make any home loans. I guess those 5 yr ARM's didn't really benefit anyone in the end.

  4. #4
    Kung Fu Master Eathan's Avatar
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    Quote Originally Posted by Rhea
    Ooh, time to grab the bits and bobs and trade them for some cash!
    So you've seen all those ads for the gold kit on tv too? I have a feeling those guys are cashing in right now.

    Quote Originally Posted by SeymourButts
    Mortgage lenders are getting hit hard with all of the foreclosures. On top of that, they are now gun shy to make any home loans. I guess those 5 yr ARM's didn't really benefit anyone in the end.
    Yeah, definitely gun shy, but the lenders made their own beds with the ARMs, so it's hard to be too sympathetic.
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  5. #5
    Troll Killer and best Snooper!
    I decide when the pigs fly!
    Rhea's Avatar
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    Haha, Eathan, I'm not putting precious metals in the mail -- not even the odd bent earring or bead. Last time I did this (gold was around $800/ounce) I went to a gold show at a hotel and cashed out. I drove straight to Bloomie's and bought myself a couch with the cash!

  6. #6
    Kung Fu Master Eathan's Avatar
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    I'd wait until it hits $1250 and get yourself a living room set this time.

    It's slowed some over the last month, but I still think it'll go higher, at least $1100.
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  7. #7
    Troll Killer and best Snooper!
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    Rhea's Avatar
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    Eathan, you're funny! I am not going to speculate in the gold market with the hope that the price goes any higher. I worked for a commodities brokerage many years ago and I have a huge aversion to speculating in any market. I'll happily take $1,000/ounce and walk away. (It's not like I have a pound of the stuff lying around the house, you know!)

    But I do appreciate the advice.

  8. #8
    Kung Fu Master Eathan's Avatar
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    Could be a wise move. Then again, you really just can't do a new couch without a matching love seat. Where's the feng shui in that...!?!?
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  9. #9
    I like traffic lights
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    Quote Originally Posted by Rhea
    I'll happily take $1,000/ounce and walk away.

    And you seriously think that $1000 cash is going to hold it's value better than the gold you sold too soon?

    Hmmmm. Interesting concept.

  10. #10
    Troll Killer and best Snooper!
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    Rhea's Avatar
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    And you seriously think that $1000 cash is going to hold it's value better than the gold you sold too soon?
    Who said anything about cash? I plan to convert the gold to cash and the cash to a vacation or furniture or some other thing I need or want.

  11. #11
    notary sojac Herb ԿԬ's Avatar
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    I consider precious metals my personal "contrary investment." If our (US) currency failed, the stuff I bought might still be worth something. Surprising, what I've found over the years.

  12. #12
    Kung Fu Master Eathan's Avatar
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    One of our new affiliates has a really cool picture on his site. On one side are two stacks of 20 quarters each. On the other are a few smallish grains of gold sort of dwarfed by the quarters. The caption reads "$10.00".
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

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