Who's surprised at this?

Catsmokinpot

Not me....

http://www.bbc.co.uk/news/business-13139996

When companies are buying up all your gold what do you expects going to happen? :rolleyes:

Now, when the economy really does go down the toilet and your money is worth nothing, just remember you made these leech companies rich.

I just want to say, I told you so.

DaveDaRave

I knew i shouldn't have invested in typewriters

candy-gal1

Youve got to sell your pumpkins before Halloween, before!

Dravokivich

actually in all seriousness...

What is this, I don't even..?

that whole thing is way over my head...

For mobile users:

Gold price hits record at $1,500 an ounce
Gold nugget Analysts are divided over whether the price can go much higher in the near term
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The gold price has risen above $1,500 an ounce for the first time after concerns about global economic recovery lifted the metal's appeal as a haven.

In Hong Kong trade, gold hit a record $1,500.70 an ounce, which traders said was mainly due to Standard & Poor's downgrade of its outlook on US debt.

Silver also touched a 31-year high of $44.34 an ounce.

"In a word, sensational. Everything's feeding into this, sovereign debt, weak dollar, inflation," said one analyst.

But analysts were divided about whether the price could go higher and are waiting to see if trading in Europe and the US continues the momentum seen in Asia.

Jonathan Barratt, at Commodity Broking Services, said: "We often see a $20 rally after breaking a big number, then a pullback.

"We will see what Europe and United States do with this. $1,510 or $1,520 look possible, but prices are starting to look a little stretched up here."

Darren Heathcote, at Investec, said: "The market is so fickle at the moment and it wouldn't surprise me if we saw a sell-off."

Some market watchers see gold consolidating at its current level as it waits for the next reason to push higher.

Natalie Robertson, commodities strategist at ANZ, said: "I don't see prices convincingly past that level in the next few days unless we see something very negative, probably related to the eurozone sovereign debt.

"But we do see gold very well supported at the $1,490 level," she said .

Silver continued to soar, rising to a 31-year high for the fifth consecutive session.

Not only is silver increasingly seen as a haven, but there is also rising demand for industrial consumption.

"Silver is still in a clear bull trend that targets $50 next," said Taso Anastasiou, a UBS technical strategist.

What are we discussing here? The price of gold or "leech companies" whatever they are?

Catsmokinpot

Dravokivich wrote: »

actually in all seriousness...

What is this, I don't even..?

that whole thing is way over my head...

For mobile users:

The price of gold shoots up yet again. now they're saying it can't possibly go any higher, I doubt that somehow as it's been rising steadily for the last 10 years....

Blackhorse Slim

Good call, now that gold has tableaued, invest in leeches ftw!
Return to traditional medecine and all that...

Catsmokinpot

Deleted User wrote: »

What are we discussing here? The price of gold or "leech companies" whatever they are?

we're discussing the fact that gold has shot up in price yet again, and leech companies like cash 4 gold (or any other arrangement of those two words) were all saying gold has reached an all time high!! sell all your gold now. when they knew well what was going to happen and people are so interested in short term gains that they just sold all their gold.

edit: now these leech companies have gotten cheap gold off of dimwitted people they can sell for a fortune.

Biggins

I was more interested by a link on the side of that news item: http://www.bbc.co.uk/news/entertainment-arts-13140810

God bless 3-D LOL

prinz

Catsmokinpot wrote: »

we're discussing the fact that gold has shot up in price yet again, and leech companies like cash 4 gold (or any other arrangement of those two words) were all saying gold has reached an all time high!! sell all your gold now. when they knew well what was going to happen and people are so interested in short term gains that they just sold all their gold.

You calling Tom Gear a chancer? I believe buying something for less than you can sell it for is the essence of good business, the bastards should have been buying at an all time high and selling it low to help out those folk looking form a short term gain.

JustAddWater

silver people, silver!!!!

http://www.kitco.com/LFgif/agapr11.gif

Dwellingdweller

Catsmokinpot wrote: »

we're discussing the fact that gold has shot up in price yet again, and leech companies like cash 4 gold (or any other arrangement of those two words) were all saying gold has reached an all time high!! sell all your gold now. when they knew well what was going to happen and people are so interested in short term gains that they just sold all their gold.

edit: now these leech companies have gotten cheap gold off of dimwitted people they can sell for a fortune.

Survival of the fittest bruh, those idiots had it comin' if they couldn't put 2+2 together. (okay, economics is more complicated than that but yano yourself.:D)

oh yeah, I'd like to add that gold is absolutely useless at anything except being exceedingly rare. The only reason that it is so goddamn expensive is cos of how rare it is.

Wibbs

And yet another bubble inflates and yet more "experts" will be caught out. Of course with these "cash for gold" ripoff merchants* and the desperate people/morons/scumbag burglers feeding them it probably won't slump in the short term. I'd ban cash for gold shops right now though. There is a significant rise in scum targeting houses just for gold, even gold coloured stuff like brass(well scum tend to be stupid). I know two elderly people whose homes have been burgled and all they took was gold or gold coloured things. They left silver(thats gonna change now I suppose) jewelry, even left a small amount of cash in one case. Mad.









*they give you an unbelievably shítty return on your gold prices, while claiming or rather hinting around the law that they give good value.

Catsmokinpot

Catsmokinpot wrote: »

we're discussing the fact that gold has shot up in price yet again, and leech companies like cash 4 gold (or any other arrangement of those two words) were all saying gold has reached an all time high!! sell all your gold now. when they knew well what was going to happen and people are so interested in short term gains that they just sold all their gold.

edit: now these leech companies have gotten cheap gold off of dimwitted people they can sell for a fortune.

I still don't understand what this issue... We're talking about legitimate companies buying gold off people? Why is this is even being discussed?

giz_a_job

Would all these cash/gold comapnies not lower the value, as more gold is coming on the market place, rather than hiding in peoples homes.

Like a previous poster, I'm slight lost aswell now !!

Catsmokinpot

Catsmokinpot wrote: »

When companies are buying up all your gold what do you expects going to happen? :rolleyes:

When they buy your gold, absolutely nothing to the market price.. Then when they try and sell, the market price drops.

Trainwreck thread in fairness.

Catsmokinpot

Deleted User wrote: »

I still don't understand what this issue... We're talking about legitimate companies buying gold off people? Why is this is even being discussed?

Yeah, legitimate companies that setup shop when the economy started to go down the swannie and offer desperate people under the price for gold which they know is going to then rise in price.

But it's legal, so its good right?

giz_a_job wrote: »

Would all these cash/gold comapnies not lower the value, as more gold is coming on the market place, rather than hiding in peoples homes.

Like a previous poster, I'm slight lost aswell now !!

Why would the price go down? you think people are going to buy gold for a higher price and sell it for cheap? Gold may sometimes lose value in the short term but the trend is always to a higher price. This is Because production of gold doesn't increase along side the consumption of gold.

My point is, money increases and decreases in value, its worth whatever the government say it's worth. Gold stays the same or goes up in price. Gold is the only thing of real intrinsic value that people have and vulture companies are telling people to sell their gold, some desperate people are so dazzled by the money signs that they don't realise that if the economy goes down the toilet and everything shoots up in price, they might have been better off keeping the gold, because they might actually have something of value.

This may seem stupid to you, but I have no gold, I only have savings, and I'm worried that if the economy really did go to the dogs tomorrow my savings would be worth nothing, have you seen the rise in food prices over the last while? I'm pretty sure it's going to continue to rise. I'm not an economist or an accountant, But I can see what's happening, I called the house-prices dropping and still dropping, I called NAMA being full of **** and doing nothing only wasting money, now I see all these people selling their gold and I think, Idiots.

I hope I'm wrong about what's coming.

Orando Broom

Deleted User wrote: »

What are we discussing here? The price of gold or "leech companies" whatever they are?

Golden Leeches.

Catsmokinpot

Deleted User wrote: »

When they buy your gold, absolutely nothing to the market price.. Then when they try and sell, the market price drops.

Trainwreck thread in fairness.

I didn't mean them buying your gold will make the difference, I meant that them buying your gold was a clear sign of whats going to happen along with everything else. Would all these companies be setting up shop if they thought gold would drop in price? Of course not! They have seen the trend in the last 10 years and are taking advantage of the continuing trend.

Market price only drops when huge deposits of gold are found which rarely happens nowadays, at least not enough to make a dent in the market.

Catsmokinpot

Catsmokinpot wrote: »

Yeah, legitimate companies that setup shop when the economy started to go down the swannie and offer desperate people under the price for gold which they know is going to then rise in price.

But it's legal, so its good right?

Ok Einstein, if someone in Ireland is stuck for cash because of the recession, where should they sell it then that will correspond to the raising value of gold? And not everyone can be a speculator and wait for % gains.

Catsmokinpot wrote: »

Why would the price go down?

In relation to these companies you're on about, because of an increased supply of gold on the market.
In relation to general market forces, plenty of reasons.. Increased confidence in property, currencies, antiques, wines, classic cars, the list goes on but with property and currencies being the big ones.

Catsmokinpot wrote: »

you think people are going to buy gold for a higher price and sell it for cheap? Gold may sometimes lose value in the short term but the trend is always to a higher price. This is Because production of gold doesn't increase along side the consumption of gold.

First part is quite true.. There is a general upward trend but it doesn't always beat inflation and AAA bond rates. For that reason, gold is usually a long term investor holding. The second part makes no sense to me.. How did we end up with so much gold?

Catsmokinpot wrote: »

My point is, money increases and decreases in value, its worth whatever the government say it's worth.

Really? I want to know your own explanation for how this happens.. Out of interest.

Catsmokinpot wrote: »

Gold stays the same or goes up in price. Gold is the only thing of real intrinsic value that people have and vulture companies are telling people to sell their gold, some desperate people are so dazzled by the money signs that they don't realise that if the economy goes down the toilet and everything shoots up in price, they might have been better off keeping the gold, because they might actually have something of value.

It's not the only thing of intrinsic value.. Check my list above. As for the rest, they're not vulture companies. They're regular companies who have the ability so sell gold unlike the average person.. They're turning a profit but they're taking a gamble. Gold could easily fall in value.

Catsmokinpot wrote: »

This may seem stupid to you,

:rolleyes:

Catsmokinpot wrote: »

but I have no gold, I only have savings, and I'm worried that if the economy really did go to the dogs tomorrow my savings would be worth nothing, have you seen the rise in food prices over the last while?

Go buy gold with your savings if you want to..! Why don't you?

Catsmokinpot wrote: »

I'm pretty sure it's going to continue to rise. I'm not an economist or an accountant,

No shlt Sherlock.

Catsmokinpot wrote: »

But I can see what's happening, I called the house-prices dropping and still dropping, I called NAMA being full of **** and doing nothing only wasting money, now I see all these people selling their gold and I think, Idiots.

I hope I'm wrong about what's coming.

Fairly easy assumptions to make.. And why are people idiots again? As I said, not all people are speculators and how much gold do you think people are selling them?

Even if they sell $5000 of gold and miss out on a few % of a gain, it's still not much.. If they sold it in the first place, they probably needed the money more then than they needed the extra % now.

Catsmokinpot wrote: »

Market price only drops when huge deposits of gold are found which rarely happens nowadays, at least not enough to make a dent in the market.

Only drops when there's a huge deposit of gold? No. It drops when confidence is gained elsewhere.. When the recession is over, you will see gold plummet in value.

This hurts my head but I feel that you need to be educated.

prinz

Wtf is this thread about? Stating the bloody obvious? Companies set up and make a profit :eek:, more fools the saps who fell for it tbh.

That said offering cash for items which you cannot prove ownership of is dodgy business. Anyone off-loading gold/jewellery etc should have to provide proof of ownership. No receipt, no cash.

fontanalis

candy-gal1 wrote: »

Youve got to sell your pumpkins before Halloween, before!

Pumpkins always go up; irelands different.

cml387

Blackhorse Slim wrote: »

Good call, now that gold has tableaued, invest in leeches ftw!
Return to traditional medecine and all that...

Says Blackhorse Slim,owner of the largest leech farm in Europe.

Unpossible

Time to crack open croagh patrick, start searching around all the old castles and monastries and cracking open ancient tombs. We'll get this country moving again yet.









For those who can't tell this is a joke, please stay well away from archaeological sites.

mawk

Dwellingdweller wrote: »

oh yeah, I'd like to add that gold is absolutely useless at anything except being exceedingly rare. The only reason that it is so goddamn expensive is cos of how rare it is.

not true in the least. gold is both the most ductile and most malleable metal in the world. It has tons of specialised applications. everything from the wires in space stations being gold to high end sun visors in aerospace helmets having a layer of gold on the glass so thin its see through. no other metal can do that. its also used a lot in electronics

Dravokivich

Catsmokinpot wrote: »

The price of gold shoots up yet again. now they're saying it can't possibly go any higher, I doubt that somehow as it's been rising steadily for the last 10 years....

no... I think you missed what I was saying...

I don't understand what is caused by the perceived increase in the value of gold.

It's a luxury item for most people...

It's not something we need like Oil or Wheat...

Orando Broom

fontanalis wrote: »

Pumpkins always go up; irelands different.

Only if you acquire lots of pumpkins. The more you have to sell, the bigger the market, the more you can charge. I know. I'm sinking all into pumpkins. Only idiots don't buy pumpkins.

Also my brother-in-law has a big pumpkin patch in Bulgaria, he says it's an emerging market for pumpkin consumption.

Saila

"get yer leeches, 2 for 50"

guaranteed return they're as safe as houses folks..

Ronin247

cml387 wrote: »

Says Blackhorse Slim,owner of the largest leech farm in Europe.

Due to our generous Social Welfare system we already are have the largest leech farm in Europe

No shortage of leeches in Ireland.

mike65

Dwellingdweller wrote: »

oh yeah, I'd like to add that gold is absolutely useless at anything except being exceedingly rare. The only reason that it is so goddamn expensive is cos of how rare it is.

Its also the best metal for conducting electric current without tarnishing.

InReality

1. the price of gold in international markets is not going up or down due to "cash for gold shops"

2. the cash for gold places are right in saying gold values are at all time highs