Gold Hits Record $900 an Ounce

[JohnQuixote]

From the AP: http://ap.google.com/article/ALeqM5gjxa6EVIYZ3RsfYbi3nLn6LctS1wD8U3P3OO0

Not as high, relatively speaking, as it was when adjusted for inflation in 1980 - but still high.

>

 

[Ellen]

Got anymore good news?

 

[beau13]

So John, what you''re telling us is, now is NOT the time to be having a custom made ring mount made..wait a few months, see if the price of gold goes down?

 

[diagem]

Date: 1/11/2008 12:33:36 PM
Author: Ellen
Got anymore good news?

Sure...

Just one of the reasons that makes the Diamond go up-up as well.

 

[LitigatorChick]

Date: 1/11/2008 12:40:24 PM
Author: beau13
So John, what you''re telling us is, now is NOT the time to be having a custom made ring mount made..wait a few months, see if the price of gold goes down?

Never!!!

. I am having a new plain wedding band made (long story), and my jeweller advised me of the increase (as I was trying to negotiate a lower price). Actually, the price was good, and I really didn''t notice too much of a difference over a stock ring (actually, I got a lower price.).

 

[LitigatorChick]

Date: 1/11/2008 12:14:55 PM
Author:JohnQuixote
From the AP: http://ap.google.com/article/ALeqM5gjxa6EVIYZ3RsfYbi3nLn6LctS1wD8U3P3OO0

Not as high, relatively speaking, as it was when adjusted for inflation in 1980 - but still high.

<< Gold futures rose above $900 an ounce for the first time Friday, as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal... >>

Love to be Canadian - high oil means boom times in Calgary, so more bling!!!

 

[diagem]

Date: 1/11/2008 12:40:24 PM
Author: beau13
So John, what you''re telling us is, now is NOT the time to be having a custom made ring mount made..wait a few months, see if the price of gold goes down?

Sure..., wait till gold is at $1,100 and Diamonds are 10-15$ more..., in a few months?

But labor might be lower...

 

[oldminer]

The home I bought in 1982 has gone way up and more recently come down a small amount in value. The change since 1982 remains about 5 times the original price. I am very fortunate to live in a highly stable neighborhood, nothing fancy, but great schools and reasonable taxes.

If gold at $800 in 1980 was to be adjusted today per my home value, it would be at $4,000 pr ounce. So, as high as gold is, it isn''t crazy. Even gasoline at $3.10 per gallon is only tem times the price it was in the mid 1950''s. Many other things have gone up 20 times and more since then. Can you believe that gasoline is cheap or that gold is cheap? It is a matter of relative buying power of the once almightly US dollar. We were once king of the mountain, but I think we are looking up at the summit a bit. How far we go down the hill depends on so many factors that we can hardly comprehend or predict what will or won''t happen.

The best strategy is to hedge every bet. Don''t go wild spending your savings, put a few dollars aside every pay day for the future in tax deferred savings, and don''t sacrifice every pleasure for later on. Do some of the things you really want to do while you can. It isn''t a bargain to wait until you are too old to think you''ll enjoy them as much after you get ready to retire. Time flies. Enjoy the trip as you go.

 

[Ellen]

Date: 1/11/2008 1:18:50 PM
Author: oldminer
The best strategy is to hedge every bet. Don''t go wild spending your savings, put a few dollars aside every pay day for the future in tax deferred savings, and don''t sacrifice every pleasure for later on. Do some of the things you really want to do while you can. It isn''t a bargain to wait until you are too old to think you''ll enjoy them as much after you get ready to retire. Time flies. Enjoy the trip as you go.

So true. Great advice.

 

[canuk-gal]

Date: 1/11/2008 12:45:07 PM
Author: LitigatorChick

Date: 1/11/2008 12:14:55 PM
Author:JohnQuixote
From the AP: http://ap.google.com/article/ALeqM5gjxa6EVIYZ3RsfYbi3nLn6LctS1wD8U3P3OO0

Not as high, relatively speaking, as it was when adjusted for inflation in 1980 - but still high.

<< Gold futures rose above $900 an ounce for the first time Friday, as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal... >>

Love to be Canadian - high oil means boom times in Calgary, so more bling!!!

HI:

Another Calgarian? Wow, lots of Albertans on here these days......sign of the times?

cheers--Sharon

 

[strmrdr]

Date: 1/11/2008 1:18:50 PM
Author: oldminer
The home I bought in 1982 has gone way up and more recently come down a small amount in value. The change since 1982 remains about 5 times the original price. I am very fortunate to live in a highly stable neighborhood, nothing fancy, but great schools and reasonable taxes.

If gold at $800 in 1980 was to be adjusted today per my home value, it would be at $4,000 pr ounce. So, as high as gold is, it isn''t crazy. Even gasoline at $3.10 per gallon is only tem times the price it was in the mid 1950''s. Many other things have gone up 20 times and more since then. Can you believe that gasoline is cheap or that gold is cheap? It is a matter of relative buying power of the once almightly US dollar. We were once king of the mountain, but I think we are looking up at the summit a bit. How far we go down the hill depends on so many factors that we can hardly comprehend or predict what will or won''t happen.

The best strategy is to hedge every bet. Don''t go wild spending your savings, put a few dollars aside every pay day for the future in tax deferred savings, and don''t sacrifice every pleasure for later on. Do some of the things you really want to do while you can. It isn''t a bargain to wait until you are too old to think you''ll enjoy them as much after you get ready to retire. Time flies. Enjoy the trip as you go.

both would tank in value as soon as enough people needed the money enough too sell.
considering a lot of countries on brink including the US are holding billions of tons of gold the odds of the high prices surviving a crash are about 0.
I don''t see the attraction of holding in artificial markets booth housing and gold,.....

 

[JohnQuixote]

Date: 1/11/2008 12:40:24 PM
Author: beau13

So John, what you're telling us is, now is NOT the time to be having a custom made ring mount made..wait a few months, see if the price of gold goes down?

No hidden message, I just thought it worthy of attention. No telling whether it will hover, rise or decline. As mentioned, spot prices don't actually reflect the additional materials and labor involved so there is no need to delay or rush a project. It is what it is.

PS: Ellen, don't shoot the messenger.

 

[strmrdr]

Date: 1/11/2008 4:21:50 PM
Author: JohnQuixote


PS: Ellen, don''t shoot the messenger.

Yea thats my job,,,
BANG!!!!!!!!!
lol

 

[JohnQuixote]

Date: 1/11/2008 4:35:17 PM
Author: strmrdr

BANG!!!!!!!!!

Wait a minute. Where was the "Strm warning?"

 

[strmrdr]

Date: 1/11/2008 4:52:21 PM
Author: JohnQuixote

Date: 1/11/2008 4:35:17 PM
Author: strmrdr

BANG!!!!!!!!!

Wait a minute. Where was the ''Strm warning?''

rofl!
will have too ask the weather service.

 

[CrookedRock]

Just my .02 as an investor in gold in silver. The risk of a correction in the gold and silver market (silver at a 22 year high today) is very high. In the long run though, as pointed out, gold is extremely undervalued. I see it as a one of the best long term investments there is and could easily go above $3000 an ounce in the years to come... All depends on how much money the fed decicides to print...

 

[Modified Brilliant]

This is my second time around watching gold sky rocket. Last time in 1980 I was in retail
and remember the turning point for alot of retailers...no longer putting prices on the tickets of
gold items..just the weights.......it was crazy back then..even crazier now!!!!!!!

Buckle up and enjoy the ride.

Jeff Averbook,GG
Graduate Gemologist/Appraiser
www.metrojewelryappraisers.com

 

[bebe]

Hhm, what kind of impact will that have on gold jewelry?

I have my eye on something.

 

[Modified Brilliant]

It depends how long the item has been in the showcase. Everytime a store has to re-order
a gold item, the cost will be different to reflect the gold market. The increases, like gasoline, are
passed on to the consumer. It also depends on how diligent the store is in keeping up with pricing issues regarding the volatility
of the markets (gold, silver and platinum).

Jeff Averbook,GG
Graduate Gemologist/Appraiser
www.metrojewelryappraisers.com

 

[DiamanteBlu]

Date: 1/11/2008 7:26:19 PM
Author: CrookedRock
In the long run though, as pointed out, gold is extremely undervalued. I see it as a one of the best long term investments there is and could easily go above $3000 an ounce in the years to come... All depends on how much money the fed decicides to print...

Ditto!

 

[DiamanteBlu]

Date: 1/11/2008 12:45:07 PM
Author: LitigatorChick

Date: 1/11/2008 12:14:55 PM

Author:JohnQuixote

From the AP: http://ap.google.com/article/ALeqM5gjxa6EVIYZ3RsfYbi3nLn6LctS1wD8U3P3OO0


Not as high, relatively speaking, as it was when adjusted for inflation in 1980 - but still high.


<< Gold futures rose above $900 an ounce for the first time Friday, as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal... >>

Love to be Canadian - high oil means boom times in Calgary, so more bling!!!

It is very exciting! Oil prices up, gold up, housing prices down = HUGE opportunity!

 

[DiamanteBlu]

Time megazine said: "Still, when adjusted for inflation, gold remains well below its all-time high. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 today." [Assuming that the reporter used the correct figures and did the arithmetic correctly. LOL!]

 

[DiamanteBlu]

Crap. The computer ate my eloquent [joke] last post. Here''s a summary.

It was US gold for February delivery that briefly hit $900.10 this morning, not the spot price. February gold settled at $897.70.

The figures, however, that interest me more are for today''s settlement prices for later months:
March 2008 $901.30
April 2008 $904.40
June 2008 $910.20
August 2008 $915.30
See a trend here?

BTW, the spot price ranged between $887.20 - $898.50 and closed at a bid of $894.90.

 

[jewelerman]

I remember when gold hit 875.00 and silver hit a crazy 50.00 per ounce in 1980!I was in high school and working for a small custom jeweler.The jewelers in my small tourist town didnt think that they could survive with gold hitting 200.00 an ounce let alone over 800.00!I remember discussions about bringing in low carat gold(5-9carat gold from germany and england)to keep prices down but that didnt happen.At this time i frequented a small gold exchange whos manager showed me the beautiful antique sterling tea services and flatware heirloom pieces from the turn of the century that people had sold and was to be sent to be melted down!

 

[jewelerman]

Yep i need to proof read before i post...k for karat...not c...

 

[AGBF]

I do know that I would not choose this moment to have another 24K bangle made! I am sure that the price of gold will come down. If it comes down because there is a huge recession, I may need every penny I have to buy bread. If it comes down for less dramatic reasons, it will buy a bangle at a far more reasonable price than it now would. I thought it was insane when prices of precious metals went so high in the 1980''s. People acted as if they would stay at those prices forever!

Deborah

 

[CrookedRock]

Date: 1/11/2008 11:04:37 PM
Author: DiamanteBlu

Date: 1/11/2008 7:26:19 PM
Author: CrookedRock
In the long run though, as pointed out, gold is extremely undervalued. I see it as a one of the best long term investments there is and could easily go above $3000 an ounce in the years to come... All depends on how much money the fed decicides to print...

Ditto!

Blu... I take it you invest in this sector too?