Gold Price

Gold price today 24 Feb $80.98 grm

My little nest egg keeps growing Flake  


cheers  moredeep

Nothing to do with the Aussie dollar being so low is it?

Cheers

Doug

Gold just hit AUD $2,539.82 per troy ounce about 15 minutes ago.  It'll drop down before moving again.  Presumably up.  Kitco just listed Gold at $2,548.18 for today.  That's $81.93 per gram.

The cause of the price shift is undoubtedly connected to the world economy under the shadow of the Novel Coronavirus (COVID-19):
This is the result of the world market panic as the world economy tanks from the effects of the Wuhan Novel Coronavirus (COVID-19).  The Sydney Morning Herald just broke ranks with Mainstream Media and said "something has happened in the last 48 hours" that has spooked the Australian Government.  Iran just declared 50 dead in the city of Qom from the virus which essentially was only discovered there a few days ago.  This also confirms what the MSM was saying about the Chinese numbers being "pure Fantasy" (ie. the Chinese were lying about the real numbers of dead to keep their failing Economy from collapsing completely).  China ordering 1 million mobile incinerators to support the crematoriums is presumably a hint that the numbers coming out of the propaganda machine over there are wrong.  I was told two weeks ago that there was also to be some relaxing of the control over metal pricing this week due to investigations by the US - so that may be a partial influence.  


Current News headlines specify the Coronavirus as the cause behind the gold price rising

As the real panic begins to set in, expect Gold to bounce around further.  The Chinese Government is destroying and even quarantining their cash to prevent re-contamination, putting more emphasis on Gold as a more reliable commodity (China was the largest gold bullion buyer last year, last time I looked and you may recall the story of one corrupt mayor who was executed by the Chinese government for hoarding over 13 million dollars in gold bribes.  Video surfaced on Twitter two weeks ago of Chinese in Wuhan throwing handfuls of cash from their balconies as they were unable to buy food with it. With over 760 million people under forced quarantine last time I checked (in China alone), the world economy is grinding to a halt.  No more jeans are arriving in Australia.  Dentists operating here have run out of face masks. Lithium Batteries are no longer coming out of China.  Samsung just shut down an entire factory when one of their workers tested positive to Coronavirus.  Evidence is there that a mild risk exists from people receiving packages from the Wuhan parcel dispatch where most online purchases from China are sorted.  It's endless.  There are ships from one horizon to another in Singapore that are anchored offshore in the hundreds, possibly thousands.  They can't load or unload their cargo.  International travel by aircraft is badly affected.  Some major airports are entirely empty.  The Australian medical community says that even if we discover a viable vaccine tomorrow, it will take more than 18 months to create, test and distribute it.  To make matters worse, anyone who caught the virus and survived it can catch it again.  You don't suddenly become immune.  And for those who catch it a second time, the death rate is allegedly 20%+.  Some experts are projecting a bare minimum figure of 95 million dead as the virus becomes a pandemic.  The worst case-scenario (which is entirely speculative) is rather horrifying.


This was the front page of the Sydney Morning Herald website 2 hours ago.

These international woes are propping up Gold like nothing before it.  Within 4 weeks we may see it move up another thousand dollars before it really starts to coast.  And with it will move some of the other metals, potentially Platinum and Palladium and presumably Silver (which has long been artificially suppressed).  But, like Bitcoin, these figures will probably stabilize once the panic and excitement dies down.

What can you do?  Not a lot.  Avoid touching your face and mouth/nose/eyes/ears in public to avoid picking up the virus, which at this stage may yet be contained in Australia. From the Sydney Morning Herald just a few hours ago:

"Australia’s Chief Medical Officer, Professor Brendan Murphy, told The Age and The Sydney Morning Herald there was "a strong possibility of a pandemic" which had "increased in recent days". “In the beginning, there was an expectation containment would work,” said Professor Ian Mackey, an infection expert at the University of Queensland. But it is now clear the virus, unlike earlier respiratory disease outbreaks SARS and MERS, can readily spread through coughing and sneezing.

“This is a proper respiratory virus, with all the bells and whistles,” Professor Mackey said. On average every infected person infects between two and four others. Should the virus break out in Australia, efforts to stop it “might mean closing schools, stopping [football] games, all manner of impacts that will change our way of life for some time – should things get that far,” he said.

Professor Lyn Gilbert, senior researcher at the University of Sydney's Marie Bashir Institute for Infectious Disease and Biosecurity, said the virus would spread throughout Australia “sooner or later”.

Health Minister Greg Hunt said Australia was well prepared for any increase in cases.

Victoria’s Chief Health Officer, Brett Sutton, took to social media on Sunday to say a “pandemic is very likely, if not inevitable”. The state has declared a Class Two Public Health Emergency – but for now is in containment mode. Meanwhile, hospitals across Australia are starting to prepare for the surge in patients a pandemic would cause.

“Everyone is looking at those figures [from overseas] with alarm,” said Professor Allen Cheng, director of the infection prevention unit at Alfred Health. Professor Ben Cowie, an epidemiologist working for the World Health Organisation in Melbourne, said the utility of wearing a facemask was debatable.

"But what people can do, no question, is not touch their face and be better with their hand hygiene. People with chronic illnesses can think about stocking up on their medication now. There is certainly no need for people to go out and buy stockpiles of food.”

Source - https://www.smh.com.au/national/experts-warn-of-global-coronavirus-pandemic-and-local-sport-cancellations-20200224-p543u0.html

I guess we can do a little speculating of our own.

How high can this price go?  Is the prediction of US $5,000 per ounce a reasonable one?  I seem to remember the USGS stating around 2014 that Silver would bounce to US $10,000 per ounce by 2020 - and that one (so far) is still in the realm of fiction.  Having the price of gold rise is one thing, but selling unrefined gold without a bullion hallmark is another thing altogether.  Many of the gold buyers may not be able to afford buying gold at an absurdly high price, especially if they think the price may fall soon after.   Ebay is literally very risky with fewer protections for sellers. And note how slow people are to buy nuggets when the price leaps up so high and so quickly. Presumably, hallmarked bullion should be easy to sell to the bullion trading companies.  Interesting times ahead.

Just as long as the sun keeps rising on another beautiful day, personally, don't give a damn about gold price, share price and that doomsday bitcoin. Prefer smelling the roses in our garden. Life is not about, if and when or maybe.

Gold price should sky rocket now that the Coronavirus is playing havoc with the economy and the stock markets.

Hello Everybody, I am writing today to wish all gold chasers the best of luck for the coming year 2020. I find myself a few days away from heading bush and looking forward to mining and prospecting and escaping the rat race. The price of gold is just mind boggling when you think of where it may go. It is in some views getting harder to find but the reality is that at the current price you don't have to find a lot of grams per week to make it worth while, depending on your cost to get it. As I type this the gold price in Australia is $80 per gram WOW.
This year I will aim for 40 ounces machinery assisted not just detecting the ground but pushing and detecting on a lease. It is a very exiting time to be involved in doing this type of small scale mining. For myself just being out in the bush has a value, peace and some exercise and freedom to think.
Stay safe out there everyone and enjoy this wonderful past time.

Oddfellow

Had rummage thru cash converters two days ago and they had a recurring advertisments on a TV type screen.. One ad gave the prices they would pay for gold at various purities.. The price they would pay for 24 carat gold was $42 per gram.. What a scam!!!

rockhunter62 wrote:Nothing to do with the Aussie dollar being so low is it?

Cheers

Doug

Yes. It is not that the value of gold has gone up it is because our dollar has gone down against the USD.

I though that the panic in the stock market caused by the Corona virus might have pumped up the price of gold but it has not as yet.

dundiggin wrote:Had rummage thru cash converters two days ago and they had a recurring advertisments on a TV type screen.. One ad gave the prices they would pay for gold at various purities.. The price they would pay for 24 carat gold was $42 per gram.. What a scam!!!

Was at C Conv the other day and they had a 24k 7.8 g necklace and pendant on sale at approx 650 AUD. Just a hundred above spot price. It was on a 50% sale.
Which means that it was likely originally at 1300 dollar approx which means that they might have paid 400+ dollars for it. So even on sale they were still going to make a couple of hundred bucks on it. I doubt that they could have sales at that % profit margin very often. They would soon go bust. Costs a lot to run a business like that.

Oddfellow wrote:Hello Everybody, I am writing today to wish all gold chasers the best of luck for the coming year 2020. I find myself a few days away from heading bush and looking forward to mining and prospecting and escaping the rat race. The price of gold is just mind boggling when you think of where it may go. It is in some views getting harder to find but the reality is that at the current price you don't have to find a lot of grams per week to make it worth while, depending on your cost to get it. As I type this the gold price in Australia is $80 per gram WOW.
This year I will aim for 40 ounces machinery assisted not just detecting the ground but pushing and detecting on a lease. It is a very exiting time to be involved in doing this type of small scale mining. For myself just being out in the bush has a value, peace and some exercise and freedom to think.
Stay safe out there everyone and enjoy this wonderful past time.

Oddfellow  

Best of luck to you too and look after yourself !
Cheers !

JP Morgan (who are said to own the largest silver bullion stocks) are suppressing the silver price (something we know now it true after confirmation by mainstream media round 2018).  But Silver is just slowly going down lately, something that surprises me.  Gold seems to have settled at around AUD $2500 and has been bouncing up and down between $2450 and $2540 over the last couple of weeks.  Again, the price of gold is being artificially restrained.  But it's performing well.  Should have been to at LEAST AUD $3000 by now but that hasn't happened.  They sure don't seem to want metals to perform.




The only thing that will force Gold and Silver to their unencumbered prices will be the tanking of the world economy.  Of course, Wall Street are throwing Billions of dollars at the Global Financial Markets to keep that from happening and they're doing this several times per week. The amount they injected twice last week was eye-watering.  Yet nothing has changed with precious metal production other than Chinese manufacturers not being in operation for the last three months. This means that those large television screens that use 3 ounces of silver in every display aren't consuming anything until normal production resumes.  The experts predict that the world economy will "bounce twice before flat-lining in the second quarter".  If that happens, the bottom will drop out of the world's economy and silver may rise to between $75-100 per gram. Gold will be almost unobtainable.  If that happens, the price of solar and flatscreen devices will soar.  Of course, that will be the very least of our problems.  Heck, you can't even find toilet paper in the stores any more, no matter how rich you are.  That's why it's selling for $24,500 for a 36-pack on Ebay at the moment.  I took a look at those auctions and when I first saw them I thought it was a joke.  Then I looked at the fees they were paying and how they were actually completing these transactions.... and I realized that money can indeed buy anything ...and, if you're rich enough, you can source toilet paper for a lot more than the price of an ounce of gold.

A few saved grams or ounces of gold in ones kitty, wouldn't change the time of day for many a detectorist/prospector Nero, less you'v got a ton of gold stashed. I'd be worried more that the bottom don't drop out of the worlds economy, because then we'll be looking at a world wide depression, not recession. That in turn leads to high unemployment, poverty, hunger, sickness & despair, & one can only imagine what the crime rate will be.

Cheers Kon.  

Just as a matter of interest I made a few phone calls to gold buyers. The general reaction was; "We are not buying at the moment as the market is too volatile".
So the price may be fairly high, but that is not of much use if you can't sell it. Them that are buying are offering pretty poor prices for native gold.

Volatile market times indeed Reg. The fear of not knowing what might happen to the worlds stock markets/shares from day to day, has created fear, confusion & instability for investors as well as buyers. In the case of gold price, it is not so much the fear of buying gold at such a price, but more so the fear of gold suddenly dropping dramatically in value .
The law of economics, relies on the supply/demand scale, which in turn governs our everyday lives. When confidence in stock buying is lost, people hold on to their money & when money don't circulate, everything soon comes to a halt. This is when confusion, fear/chaos sets it.
I can only hope a cure is one step closer in sight, than further away, for there are more tough times to come for many, before stability/confidence settles in once more.

Cheers Kon.

IF they won't buy at 80 bucks a gram kon don't worry,because when it hits 100 bucks a gram; they the gold buyer will be very happy to pay $80.00/grm?


cheers moredeep

moredeep, these are times like no other. Gold has always been a safe haven in times of war, or when currencies have crashed, but now we are looking at a totally different situation.
Perhaps we could be looking at a time in which gold will not buy us things that in the past it would. There was a time when gold could get you across closed borders, or out of concentration camps, or even save you from the firing squad, but now it won't save you from disease, and in the near future it may not even save you from starvation. It may lose its value and power if the possible buyers cannot do anything with it. There may be no purpose in hoarding it if things deteriorate to the stage where the very basics such as food and shelter are the only things of value.
Gold may still be a valued trade medium, as currencies crash, however in really dire situations you cannot eat it, and a kilo may not buy a loaf of bread.

I have some HIGH GRADE DUNNY ROLL  fer sale, best ya can buy. Has endless  uses. Wipe yer A*s*, blow yer nose,, clean up the cats crap with it, wrap weed in it and smoke it, clean yer floor with it, wrap gold nuggets in ut. The list goes on and on.
     You cannot afford ta be without this stuff. 100,000 bucks US per roll....Cardboard tube in the roll is extra 1000 bucks.
Tell ya what I'll do. Give me 100,000 bucks worth of gold and ya can have ut. less the cost of the cardboard inner tube .

UH! OH! UH OH!  Sorry I have changed my mind. I am feeling like I might have ta use it fer ut's original purpose in a second  or two.

I can't understand the fuss about toilet paper. Having lived in Asia I got used to washing my backside, and then washing my hands. Much cleaner.

In some countries gold leaf on food is a delicacy apparently.
In japan some very very very poor people used to pan at the sewage farms
As for dunny paper there are lots of options out there,go to the opp shop by some old cotton sheets[NOT POLY COTTON],cut into squares,& hey presto
DON'T FLUSH IT,bin it or better still chuck it into the compost bin,make the worms happy

cheers moredeep

Gold leaf on sweets is popular in India. In Calcutta they carefully pan the drains from the goldsmiths shops.

Reg Wilson wrote:I can't understand the fuss about toilet paper. Having lived in Asia I got used to washing my backside, and then washing my hands. Much cleaner.

I guess that is fine Reg so long as you wash and disinfect the wash basin after washing the crap off your hands in the sink otherwise the next person to give their face a splash down will get a face full of  crap and associated bugs n germs. Like dengue, cholera, typhoid, Ebola, Giardia, And then there are those who vomit in those public wash basins and give it a quick rinse out.
The world knows how unhigenic Asia is

Adrian, I know that you are an expert on any given subject, but you don't wash your A*s* in a basin drongo. Have you ever been to Asia?

Where do you wash your hands after you have washed your bot bot.
And no you guessed correctly I have not and never will go to Asia

Thanks fellas for giving me a good laugh,after a crazy evening shift working in the heath care system ,it's much appreciated,keep up the NICE friendly banta

cheers moredeep

Glad to have put a smile on yer face......

Called into Grappy’s Gold the other day and he is still buying gold.


https://www.facebook.com/grappys/?__tn__=%2Cd%2CP-R&eid=ARB44vcDREhvMVWCe4SjK8SnUtCNamZvzVYDrmqwjWF_5WSUj7IwSk34smGb11b9REmcTO9Gb9jY0wMp


Cheers.


Mike.

You neglected to mention how much they are paying Mike.

Just parted with 10 oz at $80 per gram Reg...not through Grappy though.

That's AU$2,488 per ounce, which is a damned good price seeing how the spot price is hovering around the AU$2,500 mark. You did well. I doubt many buyers would pay that much.

PS Just checked Grappy's price. Based on today's spot price of AU$2,550, their buying price is AU$2,295, which is higher than some others I have checked, but not as high as Madtuna's price.
No doubt about it Madtuna, you've got a real good deal.