Current Gold Price

If this chart is anything to go by, gold is about to drop around 100 USD / oz. There appears to be a sell spike arising.

There appears to be approx one complete buy/sell cycle every month.

https://eurasiabusinessnews.com/2023/11/30/gold-price-soars-to-2044-an-ounce/

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

Yes not so flash Aye!
https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart

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

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

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  

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.

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..

bicter wrote:

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

Really displays how hopeless sil has been as an investment metal....Maybe something is about to happen by the look of those ripples in the pond lately....May be a sign of people dumping their silver and going for gold.

https://www.techopedia.com/silver-price-forecast

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.
.

$1 in 1980 is equivalent in purchasing power to about $5.13 today, an increase of $4.13 over 44 years. The dollar had an average inflation rate of 3.78% per year between 1980 and today, producing a cumulative price increase of 412.50%.

This means that today's prices are 5.13 times as high as average prices since 1980, according to the Bureau of Statistics consumer price index. A dollar today only buys 19.493% of what it could buy back then.

The inflation rate in 1980 was 10.46%. The current inflation rate compared to the end of last year is now 1.05%. If this number holds, $1 today will be equivalent in buying power to $1.01 next year.

While gold provides a store of value, it does not generate income like dividend-paying stocks or interest-bearing bonds, which can be a downside to some types of investors. As such, investors should carefully weigh the trade-off between potential capital appreciation and income generation based on their financial goals and risk tolerance.

Has gold kept up wih inflation?/.....Naah.

Gold today has approx 23% of the purchasing power that it had back in 1980.

Here are some inflation figures.
https://www.officialdata.org/australia/inflation/1980?amount=1

A different slant on the value of gold:
https://www.coins-auctioned.com/learn/news/history-of-gold-ounce-price-comparison-to-a-loaf-of-bread

Still climbing. Definitely headed towards AUD $4K per ounce now.
.

So back in 1980 you could purchase a new 4 bedroom home for around 50,000 AUD......Roughly 67 oz of gold at the time.
Today you would need approx 200 oz of gold for the same house.

Gold might be increasing in dollar value per oz but it is becoming more and more valueless , it continues to loose purchasing power.

We purchased our house in 87 for approx 89,000AUD....Today it would set us back at roughly 800,000 AUD.....How the hell is my daughter or any other normal single person ever going to own a home

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

In 1980, the year after I began prospecting, the gold pundits were predicting gold would go to $3000 an ounce within five years. it has actually taken 44 years. But none of that matter when we get out gold out of the ground for free. Oh you might want to take in all the costs such as your detector etc but once that is paid for the gold you get is mostly cream and even a gram of gold will fuel your car enough for most trips. And remember, the actual cost of a detector is the figure between what you paid for it and what you sell it for.

Almost nudged 4000.00 AUD OZ on the 01 April 24.
https://www.melbournegoldcompany.com.au/gold-price-aud.php

China causing a lot of friction in the world today; Gold might be about to do a quantum leap....Or not.