Gold prices post biggest 1-day gain ever

Gold prices post biggest 1-day gain ever

www.breitbart.com

Gold for December delivery rose as much as $90.40, or 11.6 percent, to $870.90 an ounce in after-hours trading on the New York Mercantile Exchange after jumping $70 to settle at $850.50 in the regular session. That was the biggest one-day price jump ever; gold's previous single-day record was a $64 gain on Jan. 29, 1980. In percentage terms, it was gold's largest one-day advance since 1999.

(visit the link for the full news article)

...as those around here knows -- gold, and other commodities, in times of looming economic collapse, become all the more valuable.

www.breitbart.com
(visit the link for the full news article)

Yes it is a good day. I have fortunate friends who have not lost the value of their dollar today. On the otherhand silver went up by like 1.34...

reply to post by arktkchr


times like this
i wish i bought the Gold bars insted of my entertainment system

...agreed with Antar -- silver is a good investment at a time like this when those "need" an affordable investment|not trusting currencies/stocks|verge of potential economic collapse. I've been following, have a small investment in. Silver 'peaked' around 20$oz. within last calendar year -- it's been a steady decline since, although now hovering around 10-11$.

That drop seems to be market fluctuation or 'gouging' in stocks, scams like 'derivatives' or locust funds. Soon, there'll be nowhere else to go except commodities.

From what I read/hear from investors -- should times become vaguely 'dire,' silver could reach $50oz. quickly. And we do know from historical reference, commodities as a 'standard' is normal.

[edit on 17-9-2008 by arktkchr]

My question is....

If the economy actually goes belly up and you are holding bullion in gold or sterling. Who do you sell it to? Will there still be people/agencies willing to buy metals at huge prices.

I would think that metal investors would not buy when the spot price was very high; but wait until it dropped to sensible levels. What good is an investment that nobody wants even if it is worth a fortune.

reply to post by whaaa


The general idea is to be able to trade them in for usable currency at a later date. It will always have value, while the dollar may lose value.

As for the dollar jumping so much, it's no surprise to me. All that money thats been thrown in is going to raise that up a good bit. Most surprising is oil hasn't done the same.

Gold and metals are the only things I actually pay attention to. I had a feeling when it got down in the 700's something big was about to happen.

It calls into question, what does our money have behind it now? If it takes you, lets say 900.00 dollars to buy one once of gold. Then what is our money worth? In todays world it is worth very little. Simpily because our money is no longer backed buy gold. It is just printed up when we need more. That is what is so sad, that we just print money, with nothing backing it up but me and you and our hard labor.

Originally posted by badmedia
reply to post by whaaa

 

The general idea is to be able to trade them in for usable currency at a later date. It will always have value, while the dollar may lose value.

AND... if ever you need to jump ship, you can go to another country and exchange gold for their currency. Which you wouldn't have been able to do with your home currency if your home currency is worthless to them.

I.E; "You no give us American dollars, we spit on American dollars... my son use dem for toilet!."
"How about gold"
"oooooohhhhhhhhhhhhhhhhh" stares wantingly.


... I remember asking a few months back, how would I be able to invest in Gold... is it a broker... what?

[edit on 18-9-2008 by johnsky]

reply to post by johnsky


Your best bet is silver, not gold (IMO) for the simple reason that the smallest gold coins are 1/4 oz and if the SHTF a quarter ounce of gold could be worth $500. You're going to need a smaller denomination coin to trade, unless you plan to pay $500 for a loaf of bread. Silver actually had a bigger percentage jump yesterday than gold but it's not being reported, and you can still buy silver coins for about $15 an ounce. Check out Monex for prices and purchase options.