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And in other (probably unrelated) financial news, the price of gold jumped $31.59 today to $1871.47 an ounce - so far.
Friday, March 10, 2023
FDIC seizes Silicon Valley Bank's assets
The Federal Deposit Insurance Corporation (FDIC) seized SVB's assets today as depositors - mostly tech workers and start-up firms - began withdrawing their money following the shock announcement of a $1.8bn loss. The bank took a hammering in pre-market with its price plunging 66 percent before trading was halted.
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well, connect the dots. they pulled their cash out and then bought gold with the cash.
ReplyDeletenot a bad idea really. the first time I bought gold coins was in the army overseas.
it was like 275 and change for a Kruger rand back then. I managed to buy 10 of them before coming home. 1979. sold them in 1984 after I got married and needed cash- kids are expensive ! a couple of years ago I bought some silver coins to hang on to. my brother thought I was nuts. he was asking me about it just 2 months ago. seems he wants to get some now ?
Ok, got some gold in whatever form, coins, one ounce things, etc. Need bread and milk, at store, do I shave off some gold to purchase? How do I exchange gold to buy??
Delete@Luis-?????
Not to nit-pick but gold went UP 32.17 today. Went from yesterday's settle of around $1839 an ounce to $1872.
ReplyDeleteUh-huh, and your point is? You do realize that the price of gold changes constantly when the market's open, right? It had a jump of $31.59 when I posted it, it jumped again when you checked, and it's jumped yet again since you commented.
DeleteChecking right now, the price of gold is $1873.65 an ounce and I'm sure it'll change again in another 5 minutes. That's why the last 2 words in my post were 'so far'.
And what do you know, it dropped to $1873.37 in the time it took me to type out that reply.
DeletePaper gold prices have little to do with buying physical gold. Last time I checked there were over 300 legal claims in "Paper Contracts" for every ounce of gold available in the international banking system. Normally they just roll over their profits and never take possession of the actual gold. Often, THEY CANNOT even try to take ownership of the gold it's in the fine print.
DeleteSeems the Perth Mint has been caught playing fast and loose with their .9999 pure Gold and got busted by the Chinese.
Weird times in the Gold Market and now the Bitcoin stuff also.
Go long storable foods and canned goods including the GI can versions. So far their price has only been going up.
I didn't know that about paper gold. Never gave it any thought, to be honest.
DeleteThanks.
The ownership of gold was outlawed once, government set a buy back price, and anyone caught after that date had it confiscated without recompense.
DeleteDo you really think the people in our government won’t do it again?
All "spot" quoted prices are future contracts and not physical. Go to a metal trader house and see "at an given time" what the real price of a PM is.
Deletemy grandfather worked hard and long to be able to get gold coins back in the 1910-20"
Deletewhen FDR did the gold thing. he hid his coins. I first saw one of them back in the mid 1960's. it seems like he hid them in a tarp he kept in a barrel of dried beans done in the root cellar. my grandmother split them up with HER kids back around 1980 or so. she thought she was going to die. she didn't. she lasted another 12 years
he had a lot of 5 and 10 dollar coins. not too many 20 dollar ones though
my dad got 6 ,ten dollar coins and 6 five dollar ones. and a couple of 20 dollar ones I think. never saw them again though. I think mom sold them to a coin exchange
sometime in the 1990's
Seems to go up by end of trading on Friday's. Guessing it's so there isn't a big run at the gold houses over the weekend. Good place for commodity price graphs, intraday and historical https://comexlive.org/
DeleteSteve S6
This is just the first Bow wave. Stand by for heavy seas.
ReplyDeleteAnd rogue waves.
DeleteResearch BAIL INS. This bank is asking for a government bailout. Thanks to Dodd-Frank, failed banks are no longer bailed out. Banks now legally steal your deposits. It's called BAIL INS. Doubt me? Do your own research.
ReplyDeleteGainesville Coin….
ReplyDeletebuy physical silver…..$22.50….1 oz Buffalo blank….
$1.75 over spot.
Ed357
The other thing about "paper" gold and silver, is that the price of physical PM's is manipulated by the inside trading of paper PM's. Physical PM's are kept artificially below their true value. Also if you look up the price of silver, then go to a physical PM store, you will find out that the actual cost is several $ more, depending on demand.
ReplyDelete