Paydirt.co.nz

New Zealand Gold Prospecting & Metal Detecting Forums Archive

 

The forum has moved to community.paydirt.co.nz, see you there!

This forum is now an archive to preserve the knowledge and finds posted here.

Recent decent in Gold Price
Scorpio  
Posted : Friday, 28 June 2013 9:44:21 AM(UTC)
Scorpio

Rank: Gold Nugget

Groups: Registered
Joined: 2/09/2012(UTC)
Posts: 83
New Zealand
Location: Auckland

Thanks: 6 times
Was thanked: 52 time(s) in 29 post(s)
thought it would be good to talk about the recent decent of the spot price. Today its under $50 NZ a gram and the lowest its been since late 2009. Good time to buy ? :P or sell :P what do you guys think is effecting the price so much right now ?
Back to top
Lammerlaw  
Posted : Friday, 28 June 2013 10:44:10 AM(UTC)
Lammerlaw

Rank: Gold Ingot

Groups: Registered
Joined: 24/05/2011(UTC)
Posts: 1,721

Thanks: 72 times
Was thanked: 579 time(s) in 396 post(s)

Right now I am looking to buy all I can 'at the right price' despite the fact that I am destitute, insolvent, bankrupt and otherwise financially embarrassed. As for the drop in value - yes I have lost just a 'few' dollars in value over the last few months - but to me its fun - as I watch the prices go up and down and know that over night I have 'lost' thousands or 'made' thousands were I to sell.
Back to top
goldstalker  
Posted : Friday, 28 June 2013 11:17:57 AM(UTC)
goldstalker

Rank: Gold Ingot

Groups: Registered
Joined: 11/10/2012(UTC)
Posts: 454
Location: greymouth, west coast

Thanks: 6 times
Was thanked: 67 time(s) in 57 post(s)
it is droping fast isnt it, blows me away has been droping more and more each day will take a year or two i reckon to get back up to around $2000 a ounce nzd. but it may just keep droping i have no idea on what or who controls such price changes. i dont fill my brain with stuff i dont understand i think to much wacky backy has damaged my brain :)
Back to top
oroplata  
Posted : Friday, 28 June 2013 12:27:42 PM(UTC)
oroplata

Rank: Gold Ingot

Groups: Registered, Moderators
Joined: 16/06/2011(UTC)
Posts: 1,040
Location: Christchurch

Thanks: 23 times
Was thanked: 211 time(s) in 152 post(s)

The problem is, the gold price everyone quotes doesn't just include REAL gold, it includes all the paper gold products like ETF's. Those can (and are) being manipulated by those that can.

Just keep buying/digging to make sure you have plenty when the fiat currencies pop their clogs and the ETF's follow them.
Back to top
WWW
Shilo  
Posted : Friday, 28 June 2013 2:18:48 PM(UTC)
Shilo

Rank: Gold Ingot

Medals: Donation: Made a donation helping cover the running costs of the site - thank you :)

Groups: Registered
Joined: 29/01/2011(UTC)
Posts: 573
Location: Kawhia

Thanks: 17 times
Was thanked: 285 time(s) in 185 post(s)
Originally Posted by: Scorpio Go to Quoted Post
thought it would be good to talk about the recent decent of the spot price. Today its under $50 NZ a gram and the lowest its been since late 2009. Good time to buy ? :P or sell :P what do you guys think is effecting the price so much right now ?


Yup great time to buy! Don't wait do it now!!!
I say this because the more people that do buy gold the sooner the price will go back up and the happier I will be (being a hoarder instead of an investor). But in reality I reckon it has still got a bit to drop before it levels out, take a look at the 20 year graph below and you will see that the previous years have been the exception:

UserPostedImage

I doubt it will ever level out as low as pre 2006 prices again but it will still be lower then what it is now. To get another massive jump in the price we will need another global economic catastrophe that makes investors turn away from shares & futures etc and back to precious metals.
Back to top
BLOG
oroplata  
Posted : Friday, 28 June 2013 5:41:29 PM(UTC)
oroplata

Rank: Gold Ingot

Groups: Registered, Moderators
Joined: 16/06/2011(UTC)
Posts: 1,040
Location: Christchurch

Thanks: 23 times
Was thanked: 211 time(s) in 152 post(s)

http://www.stuff.co.nz/b...lls-time-on-Reefton-mine

Idling the mine in 2 years time.

"The company has put in place hedging arrangements which mean it will receive a minimum NZ$1600 an ounce of gold for 115,650 ounces expected to be produced from July 2013 to June 2015 from Globe Progress."

So they've placed a bet the price is stay down for 2 more years.
Back to top
WWW
Lammerlaw  
Posted : Friday, 28 June 2013 5:57:35 PM(UTC)
Lammerlaw

Rank: Gold Ingot

Groups: Registered
Joined: 24/05/2011(UTC)
Posts: 1,721

Thanks: 72 times
Was thanked: 579 time(s) in 396 post(s)

I do not think that it will go much lower - yes it is manipulated and always has been. Those who operated the global financial system and in particular the Federal reserve WANT it low at the moment so that they can buy up large then it will go up in price to recover what it lost and gain some more.
Anyone wish to sell gold? Its a o wonderful time to sell! If I can convince you then sell to me!!! (tongue in cheek humour - or is it?)
Back to top
Goldie  
Posted : Friday, 28 June 2013 6:00:14 PM(UTC)
Goldie

Rank: Gold Dust

Groups: Registered
Joined: 14/04/2013(UTC)
Posts: 3
New Zealand
Location: Oamaru

Thanks: 24 times
Was thanked: 6 time(s) in 3 post(s)
What am I missing here.... They opened the mine in 2006 when gold was about 20usd a gram and now that it has dropped to 40usd they are saying most of their profit is gone.

Have operating costs really risen that much over the last few years??
Back to top
oroplata  
Posted : Saturday, 29 June 2013 2:49:19 PM(UTC)
oroplata

Rank: Gold Ingot

Groups: Registered, Moderators
Joined: 16/06/2011(UTC)
Posts: 1,040
Location: Christchurch

Thanks: 23 times
Was thanked: 211 time(s) in 152 post(s)
Good article on the fake gold price


http://www.zerohedge.com...al-gold-price-datasource

http://www.realpriceofgold.com/

http://www.zerohedge.com...ments-can-screw-currency

Edited by user Saturday, 29 June 2013 2:51:00 PM(UTC)  | Reason: Not specified
Back to top
WWW
kiwisouth  
Posted : Tuesday, 4 March 2014 4:59:25 PM(UTC)
kiwisouth

Rank: Gold Ingot

Medals: Donation: Made a donation helping cover the running costs of the site - thank you :)

Groups: Registered
Joined: 3/04/2010(UTC)
Posts: 326
Man
New Zealand
Location: Blenheim (Renwick)

Thanks: 39 times
Was thanked: 105 time(s) in 83 post(s)
Notwithstanding the nastiness going on in Ukraine but gold prices are on the rise. Should keep the gold sellers happy

Nulli Illigitimi Carborundum
Back to top
WWW
Johnny  
Posted : Tuesday, 4 March 2014 9:42:44 PM(UTC)
Johnny

Rank: Gold Flake

Groups: Registered
Joined: 2/12/2013(UTC)
Posts: 17
New Zealand
Location: Southland

Thanks: 1 times
Lammerlaw, how much are you paying? what area are you in? i have a little i want to sell but i am in Invercargill
Back to top