Gold and Silver Still Up

At todays writing gold is at $1,158 and silver is at $18.40. The normal Friday sell-off did not happen last week normal so the metals have stayed up. The next four days should maintain a very strong market with prices continuing to increase.

The metals market will receive some more help as shake outs from a few of the banking industries continue to unfold. If this week also continues to reveal the need to pay for all our new government implemented plans, we could actually see the dollar drop and the metals increase even more. The results on the spot prices will prove to be a positive outcome from a lot of negative.

It’s a beautiful day in Oklahoma City!

The metals market is strong today with gold at $1,167.70 and silver at $18.41 at this writing. With the underlying troubles in the world, this should only increase. I’m not sure what will shake out with JP Morgan and all the things I’m reading on the Internet as to whether they are manipulating the market and shorting their position at this time. You can read many things on the Internet but the mainstream media is not really divulging any real information at this time.

Regardless,  I still believe that “poor mans gold” (silver) is your best buy at this time. When you factor in Oklahoma City’s tax rate that makes gold over $1,200 per ounce, silver offers much more profit to be taken. We’ll add a little more to this in the near future.

Update

Top of the morning from the numismatic capital of the world. As of this writing gold is $1,131.50 and silver is $18.08. Stories are now coming out about the government holding both metals in check. Manipulation by many big companies and major potential fraud is coming to light only through the internet. The media is being blown over by the new regime in Washington but the truth seems to be coming out about problems via the internet. Of course you will hear numerous sides of the story but as dealers, we have known something is going on as gold should be $2,000 an ounce and silver should be $30 an ounce.

As we continue to study the metals market and the numismatic markers, it’s an exciting time. The studies are not work for me, but an enjoyment to find out the best way to protect our customers and give the best advice possible. Thanks again and look forward to providing more updates.

Time To Buy

As of this writing the dollar is up to $81.71. For those of you that don’t understand the dollar index, it is an average of 6 foreign currencies that are weighed against the US Dollar. The dollar being up now causes the price of gold to drop. In January, when gold was at an all-time high of $1,227, the dollar index was at 74.71. As you can see, since the dollar is up, gold has dropped; it is the time to buy. I will be trying to buy everything I can for our business as gold is down.

Yesterday, I purchased a major gold collection at $1,106 per ounce and as of today we would have lost $14 per ounce at his time because the spot price of gold is now $1,092.10.

Most people would be nervous about buying 59 ounces of gold and losing $14 per ounce but we opt to look at the positive side of doing dollar-cost averaging and continuing to buy when it’s down. I truly believe that $1,500 per ounce is a real figure with all of the unrest and all of the info we continually sift through on major credible sources of information. BUY NOW!

Positioning Yourself For Inflation

It is very possible for the value of gold to increase for the third straight day as investors continue to look at interest rates and the weakening dollar. The US Dollar is now at 79.76; not long ago, when the dollar was down in the 74 range, gold reached a all-time high of $1,227. As we see the dollar moving lower, it leads me to believe that people need to continue to buy. I’ve heard many prognosticators say gold will be $1,500 an ounce by the end of the year-some are even sticking to their guns and saying $3,000 per ounce.

To be a good steward of your money, I would continue to err on the conservative side while keeping in mind that the government is changing things that have long been the status quo. As the US debt continues to rise and inflation fears increase, it is very possible that we could see a dramatic rise in gold this year. Many prognosticators believe that once the dollar starts to drop, it will drop fast. This is when you will see gold rise dramatically. Make sure you’re positioned for this move. If you need any information or have questions, feel free to call me.

Thank you for your patience with the lack of blogs I’ve entered over the winter. Our office has been extremely busy with the volatility of the market and incoming collections. I’m still actively pursuing collections and trying to buy rare coins. We are seeing a few rare coins in Oklahoma City but not near enough to wet my appetite in the numismatic market. However, over the weekend I did buy a 1891 Carson City $10 gold piece that was a very satisfying purchase. I look forward to updating this blog another time this week and will try to get back in the groove of doing two to three blogs per week. Please call for you numismatic or bullion needs and/or any questions you might have.

Great Day To Be In The Metals Market!

Recently, one of the Kitco commentaries I read noted that in 21 of the past 23 days, gold has hit a record high. Many prognosticators said $1,100 an ounce this year would be the high. As we continue to see countries buy massive amounts of gold (India and many others) it becomes more possible that we may see $1,300 per ounce this year.

In my opinion, because of the shortage of metal available and people hoarding the precious yellow metal, we will see at least $2,000 an ounce in the near future. One of the old-time players I’ve dealt with for years said this is shaping up to look like the early ‘80s when he had 30 to 40 customers lined up outside his door. As this continues to develop and we continue to spend more money in the US at a rapid pace, we could quite possibly see $3,000 to $4,000 per ounce price as some other prognosticators have suggested.

Keep in mind, we still encourage dollar-cost averaging, as it will not hurt to buy as it’s going up. Do not wait until you have $5,000, $10,000 or $20,000 to invest, it is ok to buy even 1/10 of an ounce at today’s prices of $165 per 1/10 ounce. One of my customers this morning told me he wished he had bought more two months ago. My instruction was to be glad you bought what you bought, but now you must do dollar-cost averaging. He is a medical doctor that doesn’t have time to keep up with this, so he trusts me to give him good advice. That is the most sound advice I can give at this time is don’t cry over what you haven’t done but be aggressive as the price explosion gets ready to happen.

Keep in mind, gold’s little brother, silver, still has many legs and can run a long way. Percentage wise there is a lot more profit to be made in silver than there is gold. As of this morning, gold is up 356.7% for the year and silver is up 66%. When factoring in inflation, gold should be $2,600 an ounce right now and silver should be $40. This is based on 2009 price increases; this does not factor in the inflation we’re going to see in 2010. Please feel free to call or email any questions, I am at your service and would love to help.

Happy Record Setting Day To You!

The gold spot price is within $2 of $1,200 at this writing. The prognosticators that said gold would be $1,100 this year are now saying $1,800 next year. They have backpedaled and made excuses every way imaginable for gold being so high. The bottom line is that when you can put all the processed and sellable gold in two Olympic-sized swimming pools there is a shortage. When India is buying $7,000,000,000 worth of gold and China is encouraging their people to buy gold individually, the shortage will drive the price much higher than $1,800 per ounce. A few of the prognosticators that I deal with and keep up with say they believe $3,000 to $5,000 is more realistic. I never thought I would see $1,200 to $1,400 one ounce gold in my lifetime!

 

We still encourage you to only put 20-25% of your portfolio in the metals market, and in that you should have some silver. We will continue to keep you updated but as we continue to have an onslaught of customers, it is hard to keep up with the blog-please be patience with my staff and myself!

Another New High In Gold

This morning gold reached a high of $1,149. This has been a little slow coming; we dealers thought this would happen when we started printing massive amounts of money. However, it has taken longer than expected for us to start paying for our ignorance. We see China and a few other major players are considering buying up more U.S. debt. We are losing out status as a world power as the dollar continues to fall. This fact, however bleak, will continue to drive gold and silver, and the likelihood of $2,000 to $3,000 per ounce gold is real.

The importance of the wealth preservation tool (gold) have really come to the forefront. I try to save investors large amounts of money by directing them to a few of my out-of-state wholesalers. This is such a great investment opportunity and the opportunity has not been missed. Feel free to contact me for more information on wealth preservation. Stay tunesd

The Silver Dollar Expo in St. Louis, Missouri

I second-guessed going to this show because I was so busy at our office. It was hard not to go because the venue is on site with the hotel. Most dealers go for dealer-to-dealer transactions so some see the public as in the way. I know this sounds snotty, uppity and cocky or whatever word you may think but the dealer-to-dealer transaction is extremely important right now due to the rare coin market being so hot.

One of my friends I see at about 20 shows per year, purchased $50,000 in rare coins and was excited to spend the money. He will be going to Baltimore in two weeks and he must continually upgrade his inventory or he would be out of business so dealer-to-dealer transactions are crucial.

I flew in Friday night and wondered how many dealers would be left when I arrived at 10 a.m. on Saturday. Most of the dealers arrive Wednesday and leave Saturday so by the time I got there approximately 1/10 of the dealers had left.  It is possible that I missed some good purchases and it was about 3 1/2 hours of organized chaos as dealers were packing up, but this worked to Oklahoma Coin, Gold and Silver’s advantage.

In a future blog I will detail a few of the better examples of coins purchased, a few with populations of 9, 23, 300 and 400 that were tremendous buys. These are all in PCGS holders and were purchased right because of the timing. I will also illustrate how valuable these coins are because of being at a show outside of Oklahoma City. We see a tremendous amount of coins coming through our office but not the numismatic coins in PCGS holders that we like to see.