Skip to main content

If loving gold is wrong, I don’t want to be right

Go, go, go, gold.

Can I be right and wrong at the same time?

Incredibly, the answer could be yes.

In my Dec. 18, 2018, blog I confessed that it looked like my forecast for gold was going to be wrong.

It closed 2017 at $1,306.30 a ounce.

My forecast for this year was it would rise some more.

This prediction looked bleak less than two weeks ago.

But the precious metal has been on a tear ever since.

It has gained about $30 since I wrote my mea culpa.

Where it was skittering along at under $1,250, this morning the Kitco website says gold is $1,277.70.

That is less than $30 away from where it began 2018.

More importantly in the wild and crazy financial market times we are living in, a $30 gain between now and the close of business Dec. 31 is entirely possible.

It is unlikely, true, but looking much more doable than it did on Dec. 18.

Certainly what has occurred in recent days makes me wish I had placed my order for 2019 gold American Eagles in advance on the APMEX website when I wrote about this service.

I would have made a little money in addition to getting the coins I want in the new year.

I was a bit poetic about how I enjoy buying coins on the bourse floor at the Florida United Numismtists convention in early January.

I do. But when it comes to saving some money, the poet in me, if there is one at all, vanishes.

Gold is nearly $70 more expensive now than when I wrote my Nov. 14 blog about early ordering.

If my year-end forecast comes true, gold will be $100 more expensive. Ouch.

This isn’t an investment advice column.

If I had ordered a gold coin, it would have been a one-ounce gold Eagle. Just one.

The sum of $100 is not going to make or break anything in my life other than perhaps to pinch my ego a bit.

Gaining this profit would have earned me bragging rights, I suppose.

Who doesn’t enjoy that?

But today you can still order your 2019-dated gold Eagles in advance on the APMEX site.

If gold vaults back over $1,306.30, you will be glad you did.

I would be in the position of being right with my annual forecast but wrong in my Dec. 18 blog.

I can live with being right or wrong.

The important thing is to get the bullion Eagles you want with the new 2019 date.

By the way, silver also has gained in price since Nov. 14, but there is absolutely no hope for my silver forecast of a gain in 2018.

You can still order the 2019 silver Eagles early as well.

What are you waiting for?

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017. He is editor of the weekly newspaper “Numismatic News.”

 

The post If loving gold is wrong, I don’t want to be right appeared first on Numismatic News.

Comments

Popular posts from this blog

Royal Mint Partners with NGC to Offer Certified UK Coins

The Royal Mint, the official mint of the United Kingdom, has partnered with Numismatic Guaranty Corporation (NGC), the world's largest third-party coin grading service. For the first time, The Royal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Record High Gold Price?

This week, the price of gold reached an all-time high price against the U.S. dollar. It closed Wednesday this week on the COMEX at $1,953.50 per troy ounce, well above even intraday gold prices during the previous peak in September 2011. Gold had previously set all-time high record prices against almost every other world currency last week. However, this record-high gold price needs to be noted with an asterisk. The reason the asterisk is needed is that the value of the U.S. dollar itself has declined over the years. As a consequence, the price of gold this week, if compared to a U.S. dollar of consistent purchasing power, is lower than the previous peak price in September 2011 of about $1,924 and even further below the January 1980 peak of about $850. To give you some idea of the instability of the value of the U.S. dollar, just compare the M2 definition of the U.S. money supply, courtesy of the Federal Reserve Bank of St. Louis: January 1980:      ...

Community Voice Response: Jan. 1, 2020

From the Dec. 13 Numismatic News E-NewsLetter What are your numismatic resolutions for the new year? Here are some answers sent in from our E-Newsletter readers.   One of my numismatic resolutions is to do what I can to make sure coin collector’s concerns are represented and NOT deep-pocket businesses. Ron Brown Address Withheld   My resolution is to encourage everyone in the world to never again buy from the U.S. Mint, considering the 2019-S Enhanced Reverse Proof fiasco. Steve McGowan Algonac, Mich.   First, I want to pay for the coins I purchased in 2019. Secondly, I want to pre-order my 2020 silver eagles graded. Merry Christmas to all! Timothy Kenyon Mechanicsburg, Pa.   One of my resolutions is not to end up with 20 2020 ASE’s in different holders/OGP/signatures as I did in 2019. Donovan Hamilton Address Withheld   We want to bring the enjoyment of the hobby to as many young people as possible and to keep the future of numismatics brig...