Current Gold Price

I see Silver is about half the value that some people brought 40 years ago.

Well, it happened. Gold rose above AUD $3,500 per Troy ounce today. That's quite a benchmark. I'm sure there's a few happy gold prospectors out there who are still clutching onto their nuggets and fine gold.

Gold was as low as AUD $530 back in 2005. Seems like yesterday. If you want to go back to the 1970s the prices were in the double digits. In 1970, the price of gold was just $38 per ounce. The value of the dollar and the exchange today has changed but it's interesting to see gold as it now breaks all barriers and previous records.

Silver punched above $40 per Troy ounce today as well... and it's looking to overtake it's past record highs... though Silver is being forcibly restrained as current demand continues to rise. This metal is considered "vastly undervalued" and is presently being shorted in the US and Europe.

But that 1ozt gold nugget you found that sold for $1,320 in 2014 - is now worth $3,500 !!

Yes, I'm glad I have hung onto my collection of colours. Once it reaches a certain price, I have promised myself I will do a Kalgoorlie trip and sell some off

adrian ss wrote:I should have held onto the gold that I had back in the eighties, I would be a very happy chappie today.
The silver that I purchased back then (coz it was cheap) is still worthless today

I wouldnt say that it's worthless.
Unless you bought at the peak of 1980 @ $31ish/oz the average price in the 80's was around $10/oz, it's now sitting at $41/oz.
To make it worthwhile, needed to buy it by the kg  

adrian ss wrote:I can not recall ever seeing it at 10 dollars an oz.
I paid around 29 dollars per oz if I recall correctly. Still have this sil. Guess I will wait a while yet.

I got the silver figures from goldprice.org looking up all data in AUD.  Data goes back to 1975

Like all here I am a bit incredulous at the rate gold has risen....

Look out ! .... The World has a few very serious problems at the moment....

It is a sign of big trouble coming me thinks.

In the mean time as long as theirs coldies in the fridge..

I was watching the gold price tick over at ABC Bullion's webpage just a moment ago and it's dropping now... But what a show!.  We're seeing some historic numbers for Gold and also Silver right now.  The price surged and then dropped back.  I'm under the belief that this is related to a combination of events... from BRICS stockpiling both metals in preparation for backing a new Petro-dollar (in opposition to the US Dollar) to the shorting of Silver in American supplies and then the obvious impact of US Inflation (which would have to be a big factor).  All the online traders seem to think this is just the beginning of a long-predicted uncoupling responding to the inability for JP Morgan to continue suppressing metal pricing after Silver went over a specific number in the us.  

GOLD reached above AUD $3,694.03 ozt
SILVER reached above AUD $44.87 ozt

* NOTE: This was from the Live Price listing on the ABC Bullion Webpage. Captured on 2024-04-12.
* All prices shown are in Australian Dollars per Troy Ounce.
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Still climbing. Definitely headed towards AUD $4K per ounce now.
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Back in 1970, you could buy a block of land in the Lower Blue Mountains with just a $100 deposit.  The homesite districts available at the time included Springwood, Blaxland and Glenbrook.  The land itself was often under a thousand.

A 3 bedroom brick veneer home in Sydney's suburbs cost just $11,900 (that's including a block of land) - as a complete house & land package.  The deposit for both was $1,000.

A brick veneer home in Sydney was $8,690 that year.  But you could step up to a modern, split-level home with lobby entrances, walk-in pantry, Western Red Cedar window frames, verandah... and en suites to the master bedroom cost $12,390.  

This was available for buyers (almost exclusively men) on a single income. You got significantly more interest (double digits, if I remember correctly) out of your savings accounts back then as well.  

By the time early metal detectors impacted gold prospecting in Australia, finding '67 ounces' (which is life-changing for some) wasn't nearly as difficult as it is today - because there was simply so much gold lying just under the surface back then.  200 ounces would be a tall order although quite a few members here have found hundreds of ounces in the 70s-80s.  I think several members here bought homes with their gold back then. Minelab's Goldseeker 15000 hit the public in 1984 and this offered considerably better results than the old Garret Ground Hogs and Bounty Hunter machines that had already cleaned up quite nicely on our goldfields, despite their primitive technology.  The price of gold rising is the reason why a lot of old mines reopened.  The rise in value made it profitable to mine there again.

I think it's interesting to see how high gold has risen just in the last two years.  But back in 2004, it was worth just AUD $540 an ounce.  Today, it's worth AUD $3700+ per ounce.  In 2018 it was AUD $1600.  That's not even in line with inflation or the present economy and economic uncertainty.  

A day has passed since I started to write this reply and gold is presently $3,750.95 and silver is at $44.72.  It's looking pretty stable these last few days.  I'd sure be curious to see how many folks will be panning at the creek the next time I drive past.  If it hits $4K per ounce we'll probably see some interesting behavior out there.  People tend to respond strongly to large, rounded numbers like that.

It's keeping the hobby alive, plenty of people out swinging in the bush


cheers moredeep