Gold becoming a cellar dweller

First topic message reminder :

I note that the price of gold has been continually falling in the past 5 months yet gold has been in very high demand from India..
With the demise of the gold price a lot of small gold miners will start feelin the pinch..

$1575.00 aussie mmm maybe time to reconcile ones position..

Is CASH king?

Obviously we all need a crystal ball..

I note a few people who keep telling me what they think their gold is worth--I dont have a problem with that I have a concern with individuals saying that its worth a lot more--My simple answer to those characters is to go out there and buy it--real simple and if u dont have the backing then talk is cheap..

My humble opinion would be, to sell your stash and convert it to cash and if u still want gold then buy gold bars from the Perth Mint ..otherwise sell it on flea bay --there seems to be a lot of confused individuals out there buying gold at even highly inflated prices coz its on auction--a lot of it is less than a gram..

So until gold finds its direction in life I feel its downward spiral will continue..

regards
oneday

So what do we do....hang on to our gold and hope that it rises in another year or so....or sell everything now to avoid any more loss? I have lost $7350 and it hasnt stopped yet
I had to laugh when a Clown from another forum said "I dont care if gold drops to $700 per Oz".
Now this bloke bought a stack at $1600 per Oz and is sitting on a massive loss so far.
I wonder if we will see stock market traders jumping out of windows again

that equates to about 25ozs give or take--I cant see anyone retiring on that amount--might pay for fuel and food if u prospect for 12 months..

There is a heap of uncertanty out there and once again gold has lost some shine due to the fact that some people dont need to hedge against inflation for the current time...

time will tell and sure as day meets night it will return..

Most of us fortunately dont have to go to bed worrying what we are goin to sell for---its harder finding the stuff than selling..just my humble opinion

regards
oneday

$1291 au.......at this rate it could hit $1000 by the end of the week

What we're seeing is "Gold's GFC". The world economies aren't improving but the last few years have brought about a "new norm". Japan is trying to inflate it's economy and even China is starting to see deflation. Other countries are just plain "broke". The USA has done what it needed to do and reduced the value of it's currency to reduce it's debt or at least stop spiralling up and up. Inflation, the supporter of gold along with energy prices, has disappeared, so who needs gold? Nobody.

The world has accepted that "THIS is the new normal". We're now stable except for the odd rumble out of Europe. The sky isn't falling and we'll all carry on as we did before, So who needs gold? Nobody.

Panic sellers are everywhere in this market and panic sellers are those that lose money. Those that lose money don't go back into a market in a hurry. So who needs gold? Nobody.

So stand up nad be counted all those people that say, as we hear all the time, "Aaah, I just love the bush life, the gold is just a bonus".

My reply to that is "Bollocks". I've lived like a dog for my gold over the years, sweating my rocks off, freezing like an eskimo, covered in red crap, no shower for days on end. The gold is not a bonus. it's the bloody reason I go out there!!

Cat

Fair enough Cat, we have had it good for a few years anyway.
Its a bit different for us over here in the East. If we find enough to cover a weekend out the scrub,all good. If we dont,then its still a weekend away from the crap n hustle of the big smoke....sitting round the campfire with some grog,good tucker and catching up with a few mates.
I run my own business mate,so any time away where I can forget all the BS is Gold to me

The way the gold price is going is truly shocking, I know little of the whys and wherefores just why it's dropping, but am learning a bit from this thread.

Personally yeah, when I get out there it's because I love the bush and all that entails, BUT.

Being nearly fifty and no real pension to speak of and very few savings I would be fairly peeved if I don't find gold, not loads, but at least some that may tide me over when older is all.

Hopefully I'll have the patience and foresight to hang in there and wait for the gold price to go up in years to come.

I have a very close relative who has invested in gold over several years, and I can gareuntee they will sell their gold pretty sharpish based on recent events.

It's not as if they 'need' the money, they aren't rich but certainly have a penny or two put aside. Maybe this is one reason why gold is being devalued (along with many other reasons that'd have been highlighted).

But whilst I could wax lyrical about the bush, my main concern is to find some gold and hold onto it for the future.

All part of a long term plan really, 'proper' job and then go bush for several months, which may take up to ten years to complete, but hey ho its better than no plan at all I guess.

Cheers Boney.

Wonder what the Gold & Ghost Books are worth now
3 weeks ago I was thinking of offloading Volume 1 & 2 simply because I seen what people were paying for them... Volume 1 was going for $950 on ebay... Couldn't bloody believe it.. I payed $150 for both around 15years ago

Just a bit of trivia but incase ya wondering. The Kitco Gold Price widget we used to have displayed is stuffed and can't be used but thats a Kitco problem.
I found this and at least it displays in Aussie dollars.


Cliff

Spoke to soon. Just checked and looks like Kitco have fixed it so I'll try it.

It's working again.

Geez I get 4 phone calls today from people I know warning me of the volatility of the price of gold.

Heres the Au$ falling below the US$ for the first time in don't know how long--this might be the saving grace..mind u its gotta fall a heap to kick the price along..

Maybe I'll sit back and just go with the flow, considering I don't rely on gold for a living, unlike a few people I know who absolutely depend on it for their lively hood.

regards
oneday

supposedly it will now test new recent lows according to some.....but those people also predicting below 1300 on the last drop and that it would stay there...unfortunately its out of our hands & in the hands of pencil pushers and paper gold buyers

G'day Caterpillar, I understand what you are saying.

But most of us don't rely on finding gold for a living. I suppose you could call us "amateurs". But to get out in the W.A. bush for a couple of months is pretty good for most of us. And to find a few ounces is even better.

To me it is not living rough and I have lived rough. I was in the Australian Navy for 12 years - Lived like a cockroach and was treated like a mongrel dog.

I do want the gold price to recover though, because it means people will regain their jobs, and the Country needs to repay all the borrowings that have been made during the last 6 years.

Regards Roger

being in the Navy eating three square meals a day isn't rough! yeah on the boats it aint "nice" but its a god damn cruise ship compared to the Army

sorry couldn't help myself
ex-Australian Army

I stick buy $1150 us gold price bottom , when the paper gold contract selling stops because the holders of these realise they don't have physical gold to back them ... look out, up she goes .

With respect to the gold price going down, we need to watch the US treasuries yields for an indication on gold. There heading for 2%. If they reach 4%, which is unlikely, then gold will correct that far. 1200 is the major support along with 1350/20. It will range trade for 4 months.

Cheers

Bob & Joan

looks like the next leg down on the gold price has started , the chart is looking like a down hill sawtooth

The guys at Macquarie Bank are talking in the range of about 1200 but may go down to as low as the 900 if it overcorrects too much before stabilising again. Time will tell on this one as the price now is doing a lot of damage to the mines in australia now. There will be next to none open if it gets to the 1200 level. Even less if it hits the 900 bracket... ( hard to believe it would get this low again but who knows)

Sad state of affairs Jim,  its 100 people down the road kickin a tin just this week where I am due to streamlining & cutting costs & more to come ..... watch the Perth real estate crumble a bit later on as the 5 house or so  negative gear mining people lose there jobs & the rent money drys up & have to liquidate ... big glut of auctions coming up when the kiwis  n eastern staters clear out when the music stops . Bad time to be in big debt I reckon . albo.

Having said that, for the itinerant prospector a gold price of 1000 or better is still worth getting out for . Whats your bottom gold price to not bother with it ?.... pro people I mean , not the ones government supplemeted  on the dole or pension . cheers albo.

At $1000 an oz,we will only get about $25 per gram. That means I would have to get at least 6-7 grms a weekend away just to cover costs.
Not too flash aye.....

there is no bottom line just a short fall on profits once the expenses have been accounted for which never come down in price.

regards
oneday

thank god the aussie dollar is as limp as the proverbial --under 90 cents and the price of gold heads north--well sort of.

regards
oneday

The falling dollar will help our exports but slam the importers.
Even it it settles around .85USD that will be a bonus for us hobby prospectors. At $47.30 a gram ATM its not too shabby.

The lower the aussie goes the better for gold but remember we buy a lot of oil imported to fuel cars, machinery and mines.  This is the negative side of the dollar being low.
We have vast distances to travel in this country due to it being so big. 
I heard whispers that the dollar may be around the 70 cent level in less than 16 months. The government wants the lowest aussie it can get to save manufacturing jobs and increase tourism etc etc. Back to around 50 cents may not be out of the question either.

Not sure about the aussie dollar being low being good for australian buyers. sure it's good for exporters, but not for us.
saw something on the tele last night about it, aussie retailers reckon we will buy more from local retailers. I got news for them.
aussie prices are too high. I'll wait, it's still cheaper to buy on line from over seas sellers.
Just my opinion