Gold price is making a move.
Just gave my oldest son his 7th silver eagle for his 6th birthday (he got his first one on the day he turned zero). My youngest gets his 4th next month. I plan to keep up this tradition until they tell me to stop, or more likely, until the mint stops making silver eagles.
My new favorite place to buy low quantities of coins is pinehurstcoins.com. In the past, I have used moderncoinmart.com. Both have free shipping with no minimum - which matters for low quantities. Since I planned ahead this time, I was able to pick up two silver eagles at once. (Pinehurst gives a quantity discount on just two coins) and chose to pay with a check (all coin brokers give a discount when paying with check that is larger than whatever credit card points you may get).
Placed the order on 7/13. They require a credit card number, but didnât actually charge my card. I entered their info into my BoA Bill Pay on the same day and BoAâs system said earliest delivery was 7/20. BoA pulled my money out on 7/20. Got an email from Pinehurst on 7/21 that my check was in process/clearing. BoA says it cleared on 7/22. Got the email saying the coins were shipped on 7/28 via USPS first class with tracking. One state away, they arrived on 8/1. Almost 3 weeks, but significant savings over all other coin brokers at that time for a low quantity of two coins.
However, when I look now, even though silver has gone up $1.35 per ounce since I bought, Pinehurst has raised their silver eagle price $3.04 and a single coin is now $2 more than Modern Coin Mart. You have to buy two from Pinehurst to get close to MCMâs single coin price, with MCM still coming in 6 cents cheaper. Iâm wondering if Pinehurstâs pricing calculations were just off back when I got my two coins and I just got lucky, because now it doesnât seem like their prices are anything special. Shop around folks. Lots of places offering the exact same thing, often at very different prices.
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Some kids are born with a silver spoon⌠some with a silver eagle 
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The price of gold today is in the vicinity of $300/ounce lower than it was early in March.
If this is the answer to inflation, Iâm not impressed. 
It was never a good answer to inflation, just wishful thinking that was sometimes true 
.
(This post made at the very end of August, 2022)
The answer does not appear to be with gold, currently at a pathetic
1726.20
on the Comex.
Or for that matter with silver, either, currently at a disappointing
17.88
on the Comex. 
Perhaps better solutions can be found
My harebrained Elliot wave analysis of gold has me looking to buy between 1632 and 1612. Of course, as with all Elliot wavers, higher humidity, lower salinity, and less green in salads can affect my expectations. 
ETA: Iâm hoping/expecting to hit this range in March/April. If my insane expectations are met, I will go to 13% in precious metals from my standard of 3%.
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OK, we are almost a week into September and gold has fallen still further, down to roughly not quite $1714 this morning.
So when (if) gold descends into the $1600s, is that the time to buy? Is gold a safe and smart buy at $16xx?
2023 yes?
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Yes, but my Ouija board isnât as accurate as my Magic 8-Ball, which is currently in the shop, so please accept my disclaimer - I can barely read, much less offer sensible financial advice.
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Gold price is taking a beating . . . .
I assume based on the inflation report this morning.
Which makes absolutely no sense to those who subscribe to the âinvest in gold for inflation protectionâ theory.
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apparently gold is no longer the inflation hedge due to a stronger $ ?
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I totally take your point.
Gold is off a bit more this morning. Strictly on topic here, and as someone thinking of acquiring a bit of this stuff, Iâm wondering now more than any time recently whether this is the time to buy gold.
I mean:
Maybe it would be better to buy now rather than to wait and hope for a $16xx/oz price. A sixteen handle could trigger a spate of buying.
And not to venture too far off topic:
Would it be better to buy silver instead? Silver price this morning, while up a tad bit, remains solidly south of twenty bucks.
What to do. What to do.
Damn, youâre smart. Why the hell didnât I think of that!
Great insight on your part. Your entire post on that other thread was good and helpful. Thanks.
ETA
So I guess, as a corollary to your thinking, that if one week hence they come up with a (mostly) unanticipated 100 basis point increase, that the price of gold will fall even more.
This stuff belongs on the Forex considerations thread, as well. Thing is, unlike you I wasnât thinking of gold as a variety of Forex, or as having a relationship thereto, but now I totally take your point.
Cheap Gold
Wow
Just checked price of gold. Itâs all the way down to $1704.40
Cannot recall seeing it that low recently.
But silver is up just a tad.
A 100bp increase would put downward pressure on gold prices for two reasons. As we discussed, it would increase the value of the dollar. Also, it would be a sign to many that the Fed is serious about stopping inflation.
âŚwhile a 75bp increase would not increase the value of the dollar and be a sign that the FED is a bunch of nincompoops.
/sarcasm, in case not obvious.
OMG
Gold price this morning is down to $1694.
How low will this price go? The sixteen handle did not bring in buyers like I thought might happen.
Silver also down this morning.
ETA
Catch a falling knife?
Gold has fallen this evening more than twenty bucks on the day down to $1673.30.
Totally within the scope of this topic:
When will it become time to buy?
OK, maybe on Wednesday if the Fed does not do 100. The possibility of 100 might be impacting the gold price at this point?
My time frame may be wrong, but I will be biting at <$1632.
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