Where do you think gold will be at the end of this year?

[garybeck]

What do you think the price of gold will be at the end of this year (12/31/2009)

Note, today it is at roughly $915 per oz.

Here is the last year's history:


And the last 10 year's history:


the highest gold has ever been is slightly above $1000 per oz.

[rcrush]

1. Someone answer this cause i have a bag full of old jewelry I need to sell

Its a bunch of old family jewelry that I cant affoard to hold on to anymore.

[EmeraldCityGrl]

2. Sell it before someone steals it.

I was reading a story about the depression and how much theft went on during that period.

[Birthmark]

3. I have no idea.

The price of gold is being manipulated so heavily that it's impossible to tell what will happen. If the manipulation continues, the price will probably stay in the $800-900 range. If the manipulation game collapses, then the sky is probably the limit for the price of gold. If such a collapse of manipulation occurs, it wouldn't surprise me to see the price at $2500 or even $3000/oz.

[Warpy]

4. All bets are off, actually

since the economy is set to worsen considerably.

Inflationary pressure is coming from the overseas factories that make everything we use. Deflationary pressure exists domestically.

The price of gold follows what the currency is doing.

[The Brethren]

16. I think you're exactly right.

Stimulus Plan ("American Recovery and Reinvestment Act") full text: Orig. House version -- http://appropriations.house.gov/pdf/RecoveryBill01-15-09.pdf Senate version -- http://appropriations.senate.gov/News/2009_02_02_The_American_Recovery_and_Reinvestment_Act_of_2009.pdf Spreadsheet of Senate compromise -- http://appropriations.senate.gov/News/2009_02_08_UPDATED_Appropriations_Provisions_of_American_Recovery_and_Reinvestment_Act.pdf?CFID=4043629&CFTOKEN=40573040 Text of Senate compromise version of fiscal stimulus legislation -- http://readthestimulus.org/amdth1.pdf

[madrchsod]

5. who cares.....

do`t mean shit to 99.9% of the humans and their critters on this earth..

[garybeck]

6. me

i bought a few gold coins 10 years ago. the late night radio commercials got to me. but it's looking like it worked out so far.

i also took every penny i had out of the stock market about 5 years ago.

[madrchsod]

7. never thought of coins. been watching to many hollywood movies!

[garybeck]

8. coins are the best

you can buy them at nearly the spot price. you can by them anonymously with cash.

[madrchsod]

9. i have several rare silver coins i suppose they are up in value....

[garybeck]

11. maybe

my understanding is... the rare coins are like a luxury item and may not be increasing in value as much as the ones that just have plain silver (or gold) content. the weight and content of the piece may be more significant than how rare it is, when it comes to value.

[Art_from_Ark]

14. Speaking as someone who has collected for over 40 years

I would say the "rare coin" market is a mixed bag.

First, it depends on what your definition of "rare coin" is. To most people, it is any coin that they don't see in daily circulation. To them, an Eisenhower dollar or a Bicentennial half dollar might qualify as "rare", although they are anything but rare. In circulated condition, they will still be worth only a dollar or a half dollar many years down the road (although the flea market price might be a little higher).

Truly rare coins (such as the very earliest US Mint issues and extremely low mintage 20th century regular issue coins, especially in excellent condition) are not so much attached to the bullion market and tend to follow a path of their own. Looking at my coin price guidebook for 1970, I see that some truly rare US coins have done remarkably well since then. For example, the 1913 Liberty nickel that Audrey Bebee bought in the '60s for the then princely sum of $46,000 is now worth at or near a million dollars. An 1804 dollar, which was also in the low 5-figures in the '60s, is also, in most cases, a million-dollar coin today.

But other rare coins haven't fared so well. A generic-date Type II gold dollar in "Very Fine" condition (not so good condition for US gold, actually), which is considered "rare" or at least, "scarce", was worth about $150 in 1970, and today is worth only about $400, so its performance during the past 38 years has been somewhat disappointing. (For comparison, the price of generic British gold sovereigns was about $12.50 to $15.00 in 1970, but now they're selling for more than $200each) And some of the "old" Indian Head pennies that I was paying up to 50 cents each for in the '60s, are barely worth more than a dollar today.

[DeltaLitProf]

23. But try selling them for the per oz price

It just can't be done.

[CoffeeCat]

25. Man, can I worship the ground you walk on?

It's one thing to feel that you know how the economy is going to go--it's another to act upon it.
Getting out of the market is risky, and so was buying gold 5 years ago.

And look at you now!

We got out of the stock market, when it was at 8,700 or so. We want to buy some gold this week.

So ya see--we're a bit behind.

But we saw what was coming more than three years ago. When we bought a house, and had every realtor and
mortgage broker trying to bamboozle us into "creative financing" we knew America was screwed beyond
repair. Btwn the mortgage crisis, the credit-card crisis and people using their homes as ATMS--we figured
a while ago--that we were in for a horrendous recession, at best. However, we never acted upon what
we presumed to be true.

Major kudos to you, man. Well done.

[notesdev]

10. Hard to say

There's probably at least a 1/3 chance that the government will make the sale of gold for monetary purposes illegal within the next few years, so it may turn out that there will be no selling price at all. The upside of being in a gold position right now is tempered by the lack of certainty as to what the government will do.

[Art_from_Ark]

15. Considering that the government has been hawking its gold bullion coins

to collectors and investors since the early 1980s, I seriously doubt that it would suddenly pull the rug out from under its customers and make illegal the holding of gold coins that the government itself issued and vigorously promoted.

Foreign gold coins might be a different matter, but there would still be a "grandfather clause", like there was with Krugerrands when the importation of newly-minted K-rands was prohibited in the '80s.

[notesdev]

21. It did in the 1930s

Look it up... FDR made the buying and selling of gold illegal.

Don't be too terribly surprised if it happens again.

[trof]

12. Thinking of buying SPDR Gold etf (GLD).

Then selling covered calls for some income.
:shrug:

[garybeck]

13. what's that?

the best way to buy gold is at a local coin shop, just get 1 oz coins. You can get them usually at the spot price, for cash, with no fees or shipping costs, and no legal record of the sale :)

[Art_from_Ark]

17. I don't think coins shops are selling 1oz coins at spot

There's usually a premium on those, around 3-4%, and in some states you will also be paying sales tax on them. I've also heard that due to demand, some dealers are getting a premium of up to 7% or even more.

[SlowDownFast]

18. Nobody sells gold bullion @ spot.

Unless you have at least $100,000 worth of gold futures contracts and take delivery.

To get an idea of what premiums are on bullion, here is a website that tracks all Ebay sales of gold and silver bullion worldwide:

http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0

As you can see, as of *this moment* - Feb 13, 10:30am EST - SPOT gold is $934/oz





At this same moment, the aforementioned website has tracked the average (last 20 sales on Ebay) of the most popular and widely known US bullion coin - 1 oz Gold American Eagles - at $1,112.

[Art_from_Ark]

20. E-bay buyers of bullion consist basically of 2 groups

Bargain hunters, and uninformed/naive investors. Anyone who pays $1,112 for a one-ounce bullion coin in today's market belongs to the second category, unless they are guaranteed an immediate turnaround at a higher price. Kitco is currently selling 1 ounce Krugerrands for about $60 above spot, for a premium of about 5%. The more popular Canadian Maple Leafs are going for about $10 higher than that.

[SlowDownFast]

19. Gold is going to *at least* $1,200/oz.

It is the currency of last resort.

The only solution to this crisis is a "reset".

There is NO safe place to put money, and the value of that money is in severe doubt.

Try as they may (and they will TRY), nothing less than a RESET will suffice.

It's pure mathematics. We've screwed the pooch, and bigtime. To attempt to dig ourselves out from under this exponential debt would take GENERATIONS, and then some. Even then, it's still very likely to fail during that effort. The system is genuinely broken and cannot be fixed. A new system has to built from the ground up.

Obama is over his head. We are all in over our heads.

edit:

When the DOW and gold reach parity, I will sell/trade my gold and buy "stuff".

[Mr. Hyde]

22. I'm betting that the gold speculators will turn into energy speculators in about April.

and we'll see $4/gallon gas (again) all summer long because of it. That's what happened last year anyways. I wouldn't buy gold right now because it isn't FDIC insured. I did buy some silver though...just in case.

[garybeck]

24. anyone care to change their vote, considering

gold has gone up to almost $970/oz at the moment ($55 more per oz from when this thread was started just a few days ago?!

[JVS]

26. I'm not sure.

If people start needing to cash out of gold it could be a collapsing bubble.

[Better Believe It]

27. The gold will be in someone else's safe deposit box

:)