Gold Dip… can someone call the bottom?
That chart isn’t a real reflection of something happening to gold. What you’re seeing is the U.S. dollar gaining strength relative to other currencies. Proof: Gold is way up this year in Euros (see attached PIC).
$775
I understand what your saying. I agree.
But, when you see it… call out the bottom for us. Thanks.
Well that is pretty meaningless.
Do you buy your Gold with Euros?
It doesn’t matter because John’s chart is not a reflection of a change in gold’s value. It’s a reflection of change in relative currency strength. Otherwise, today, we could buy gold with dollars and sell it for Euros and get rich. We can’t.
If gold was down like oil is, it would be down in any currency you looked at it in.
Uh huh:roll:
USD
EUR
CAD
There ya go.
Yep Gold is well off the peak for every currency listed.
BS is BS
So gold is indeed deflating.
LOL. EVERYTHING is off its peak ALWAYS… except for the split second it hits its peak. This is true for everything at all times.
Hm. Let me try to explain it another way without using paper currency. Let’s use a hard asset (like gold is, only not gold) that home inspectors are familiar with. Let’s use homes. Did the price of the average home in the U.S. go up or down since the year 1900?
This should be a very easy question to answer. They’ve gone up a lot since the year 1900… right?
You have to agree with my premise that home values have gone way up since the year 1900 for me to continue with the explanation.
Do you agree with my premise first?
And going down further.
What is your prediction nick?
Correct. As an example in Canadian $ it is down only 2.6% over past 12 months.
So Michael, for me to finish the explanation, you’d have to agree with my premise that homes have gone way up in value since the year 1900. Do you agree or disagree?
Correct. What is interesting is the peak is actually not the same day, again currency value.
All time peak in USD was Aug 22, 2011 at $1889.70.
All time peak in CAD was Aug 26, 2011 at $1764.77.
Not many days off, but not the same day.
With the exception of the split second something hits its peak… EVERYTHING in the world is in a constant state of being “off its peak” at all times.
To say something is “off its peak” is to point out something that is always true. It’s like saying the earth is round. Or that gold is off it’s bottom. It’s always off its bottom.
Well according to this, when adjusted for inflation, not as much as one might think.
Having said that, the prices and the ranges would vary considerably from one area to another I would think. I am not sure if this is based on average or the full details.
You’re getting close Robin.
So Michael, for me to finish the explanation, you’d have to agree with my premise that homes have gone up in value since the year 1900. Do you agree or disagree?
I’m using homes for my explanation because they are a hard asset like gold is, and they are something home inspectors can get their head around as opposed to foreign currencies.
870
As long as it’s above 632 I’m OK.
Apples an oranges nick.
I’m going to use gold in the explanation, once you agree that home values have increased since the year 1900.