Thread: Gold over $1700 and Oil under $85

Here we go! So what do the rest of you think? Is this the beginning of the massive devaluation that we all expected or just shenanigans based on the S&P report? I'm personally glad to see oil dropping, but if the printing presses fire up, fuel costs will rise regardless of the cost of oil. Will Wall Street continue it's decline this week or will they magically prop it up again? With all that's going on this looks to be the most credible scenario for a BIG change in the metals market. I guess I'll just have to wait and see, but I'm curious what the rest of you think?

It makes me cringe and smile. I cringe because we will be facing hard times. I smile because we must face hard times. with the direction our culture was headed we would have slowly lost all the values our nation was founded on and never noticed. we may not survive this trial by fire, but passing it is the only way. if you live in the big cities get out yesterday. desperate people will swarm them expecting the government to save them with food and money they don't have. that will quickly turn into madness.

I too am amazed at the price of crude oil. Im no expert, but I do watch the numbers daily. Perhaps this is the time for me to learn to dabble in futures.
A guy cant have just PM's, Right?

I think gold is so over valued its not even funny, ok well it kinda is... Its almost up to the price of platinum... So either gold is over valued or all the other metals are under valued. But I suppose thats what you get with the AM radio gold pump commercials.

The sky is not falling... we still have AAA credit with 2 of the big 3 so all the dooms day scenerios are way over done.

The 5% drop in the DOW last week probably will cover the S&P downgrade. Mabey 2% more drop today, we'll see... Its kinda fun to play Nostrsdamus

Weather or not gold is overvalued, it's based on a fiat currency.
Therefore all prices in the PM and stock market are skewed.
The devaluation of the dollar forces up the cost of PMs daily.
Unfortunately those dollars aren't any easier to get a hold of.

Originally Posted by dave

I too am amazed at the price of crude oil. Im no expert, but I do watch the numbers daily. Perhaps this is the time for me to learn to dabble in futures.
A guy cant have just PM's, Right?

Perhaps now is a time to thank the "speculators" for driving the price down. They always get the blame when prices go up, but it works both ways (they drive it to extreme lows too).

Originally Posted by powersbj

I think gold is so over valued its not even funny, ok well it kinda is... But I suppose thats what you get with the AM radio gold pump commercials.

The American public is not in the gold market yet. Demand thus far is the result of a combination of central banks and very wealthy people taking (additional) positions. Asian demand is huge also. The North American public at large will be last to this party (and they are not even close to there yet).

In less than 3 weeks Gold has broken $1900 because the US Dollar is not worth sheet and nations are buying gold by the TON, by 100's of tons.
Oil is down because comerce is stagnant and everyone is canceling orders for mfg goods, those goods are 40-90% plastic, made from oil. Caneling orders and buying gold.
BUY food NOW

I'm buying bullets, cause with bullets I can get all the food and gold i need, when s.h.t.f. BaaaaHaaaHaaHaa..

What irritates me is that the price at the pump is not going down in relation to the drop in oil prices.

Paper, bad. Real things, good.