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Why do you sell your gold ? Why don't you sell your gold?


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 THe way  metals have bounced, it wouldn't surprise me to see a pullback:th:  

 

 

 

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Always cycles...but if all sh-t breaks with more countries leaving the E.U. the global economic impact will be heard everywhere. Gold will rise....but Britex is just a temporary spike in gold price not along term trend.  IMHO ...Euro- Union will and should fail. Countries always had trade with each other.....the Union just benefits the 1%......Sovereignty...is the enemy of globalists. 

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Anyone care to guess how much they made in wages for the gold they found/sold?

For the amount of time I have invested I would guess I have been making less than $1.00 per hour and I consider myself very lucky with the amount of gold I have recovered in the last 3 years.

Edited by GeoJack
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49 minutes ago, GeoJack said:

Anyone care to guess how much they made in wages for the gold they found/sold?

For the amount of time I have invested I would guess I have been making less than $1.00 per hour and I consider myself very lucky with the amount of gold I have recovered in the last 3 years.

  And think of all the  opportunity costs, too, of lost time and  money from not being able to stare into  the fridge:idunno:, plop down in front of the :zzzzz:boobtube/flatscreen/laptop smart/dumb phone and PC- not forgetting   time/dollars lost not spending time in the :stupidrb:local casino and bar. Oy.

 Of course, you get  the undisclosed benefit  of some:yesss: fresh air and sunshine, both good for what :old:ails ya, unless the hazards of the wild throw:evil1: gremlins( or worse) in your path.  So you should stay out of the doc's path if you lean toward prospectin.  

THere are other benefits, as well, without the  blessing of making your wallet fatter.

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Accumulating a volumous weight of Au via any form of prospecting / mining only (no buying) is tough enough as it is in the eastern belts, and even that's only if you're living near enough sources allowing for a pan dip or sluice setup between getting off work and supper.. With dedication, some luck and no purchasing of un-necessary equipment the entire time, it is possible for a person to have a break-even stash..

If, though, you're living situation is like mine, meaning over 500 miles from the nearest possible fly-poop-at-best location(s), break-even Au is a pipe dream even if you were gifted every item necessary for all possible methods of gold recovery.. Run the numbers and one quickly discovers one is much further ahead either purchasing reputible cons for home processing or totally cutting out all mess by simply buying processed gold..

Fortunately, or, perhaps as some non-prospectors might even say directly to one's face: stupidly, being ahead $-wise at the end of the day isn't the main reason driving the want / need / desire to prospect in many of us, especially here in the east.. I personally choose to remove the word "hobby" from conversation, address various approaches as: challenge + dedication + effort = reward, and, hopefully, at the end of the day, am able to come away with the satisfaction and knowledge that being able to do this good 'here' is but proof positive for how well it could go if/when 'there'..

Now, about selling / not selling gold: Considering the amount of effort put into recovering the small amount I have, I find it understandable that/when some people say they would never sell regardless the price.. I view those people as needing mementos (to/that remind them) about experiences, which makes them true hobbiests -- those who would never even consider getting into "the biz" regardless how well they did 'in trials'.. I'll further add that at least 50% of those people no longer prospect because they've already done so, and for the remainder who do continue to prospect it's now become merely one of any number of vacation hobbies from which they can choose this time.. This second group will never sell their gold either..

Those who would/will sell their gold are the people whos prospecting gets interrupted by the inconvenience of needing to 'start back to work on Thursday'..

As Skip noted early in this thread he obtained the majority of his Au when spot was in the $500 - 600 range.. I was a bit late to that party though, probably overall avg being in the $1050 - 1150s.. I didn't sell any the last time Au broke through the $1800 ceiling because I was absolutely positively certain gold would be between $2300 - 2500 within nine months..

Now, I don't want to go getting into market manipulations and/or other not-so-Kosher happenings that have transpired since near the end of 2011 (a few years earlier than that, really, but we're talking Au here..) Let's just say I missed a (cracked) window of opportunity and leave it at that, 'k.. I don't plan on making the same mistake a second time (in a row), especially since there's a steel-bodied acoustic guitar out there with my name on it I still don't yet have due to the first time ermmmm, certainty (which if push came to shove is most likely read: greed -- from multiple fronts, some of which fared wayyy better than other's, black ink vs red ink..)

Swamp

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On 6/27/2016 at 10:45 AM, GeoJack said:

...For the amount of time I have invested I would guess I have been making less than $1.00 per hour and I consider myself very lucky with the amount of gold I have recovered in the last 3 years.

It's kind of funny, your posting this at the same time I was typing my rambling.. I see it as a western viewpoint of what usually ends up being the standard eastern reality.. As hard as you've worked for the little you're ahead I'd gladly trade you profit-and-loss sheets.. Only make the trade if you need a tax write-off though..

It's taken me long enough to get to acceptance.. What I was pretty sure I could make happen vs what will and does happen aren't even in the same book, much less on the same page.. Meaning: There is no such thing as a profitable east coast long-distance prospector.. Nor is there break-even either.. It is a literal, virtual and physical impossibility in every sense of all words and worlds.. Those who live in the heart of eastern gold belt 'motherlodes' are wayyy ahead of the game if they can honestly say they're brake-even in their quest.. For everyone else, merely the basic cost of commuting will put one in an ever-deepening hole, forget about all other expenses..

The solution, short of packing up and moving, lays in being able to finally come to terms with what is available to one where one does reside and learn to embrace that, whatever that happens to be.. It may not be what you want to be doing as far as treasure adventure goes, but as long as there are reasons and/or situations preventing one from being where one's perceived action is, one's wisest choice is accepting what is available and persuing that to the best of one's ability.. Beyond this there's nothing at all.. Quit..? Give up..? Brood..? Ehhh, I don't think so..

Does this mean I no longer head into the eastern gold belts..? No, not at all.. I merely view time spent there differently than I once did..

Swamp

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Al,

 I'm in a similar situation thought a bit closer than you, I would love to be able to go to a stream after work each day and try to pan a little color, but alas it's not in the cards at present.

 When I got into gold prospecting it was because it was something I've always wanted to do since i was a young boy growing up in Atlanta, but back then I though it wasn't allowed for the common citizen to go out and find gold because of the law that citizens couldn't own gold, if I knew then what I know now I would of been finding gold and would have a good bit of yellow in my poke today, I now know that back then I could of went out and found gold and kept it because the law mainly pertained to bullion and to a much lesser degree raw gold.

 My outlook on gold prospecting is not for financial gain so much as just finding some gold, at present I work full time and make decent money, I'm not well off but I do a little better than living from paycheck to paycheck right now, I can't retire yet and don't know if I ever will be able to completely, so the gold I have and may have could someday very well be sold to be able to pay the bills, eat, etc.

 What Robert Service says in his poem "The Spell of the Yukon" probably describes best my feelings on gold prospecting....

 "There's gold, and it's haunting and haunting;

  It's luring me as of old;

 Yet it isn't the gold that I'm wanting 

 So much as just finding the gold"

I guess I was just born 100 years too late!!


 
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On 6/25/2016 at 9:14 AM, weaver hillbille said:

 THe way  metals have bounced, it wouldn't surprise me to see a pullback:th:  

 

 

 

 Well, the typical Monday pullback  never arrived ...  THe only chart that doesn't show appreciation is the 5 year( for both Au and Ag) .

 Some would say, "the world is going full retard". Emotion seems to be at the helm. http://www.apmex.com/spotprices/silver-prices http://www.apmex.com/spotprices/gold-price

 :tisk-tisk:WOulda, coulda, shoulda.

  INdependence Day is upon us.

 

:Just_Cuz_06: I still wouldn't be surprised by a pullback next week. WHere did I here that before?

 

 

 

 

Edited by weaver hillbille
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Why sell it unless money is needed.  I did sell a bunch in 2012 and paid for my new Jeep.  But another great alternative is have a nice piece of heirloom jewelry made from your gold.  That pops the value up considerably.

 

image.jpeg

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On 6/27/2016 at 5:51 AM, Hoser John said:

 :yesss: skies the limit come on $2k......John :old:

 So much for  Monday pullbacks, Jeez( I watchAg-which roughly correlates to Au)... I guess the bull is running

                         (annualized)

1 month + 25%      300%

3 month  +37%      148%

6 month  +47%        94%

10 year   +87%          8.7%

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 The charts are going sideways fast:Just_Cuz_06:

The jump in prices was rough and will take  some time to settleout-  weavin a tale, pay no mind:4chsmu1:

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  • 1 month later...

Agree with Steve, making some art out of your hard work continues the trend in owning gold you dug yourself. I love looking across the table at the wife wearing this.

 

2016-01-13_18-35-12_201.jpg

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  • 1 month later...

 Wht the he11  happened today  to cause precious metals to take a nose dive?   Issues with Deutsche bank? FActory orders data? Wikileaks, THe VP debate, Russia/US shenanigans? N Korea fire a shot off?  FUtures shenanigans,  OPec,? Arbitragers?:tisk-tisk::tisk-tisk:

 GOld's below $1300 and silver below 18$

Precious Metal Spot Prices

METAL BID                      ASK       CHANGE

Gold       $1,271.10       $1,273.10     $3.70

Silver      $17.82             $17.92       $0.13

Platinum$980.20           $990.20      $2.70

Palladium$693.40         $698.40      ($2.10)

http://www.apmex.com/

 and to make your brain/eyes bleed a bit, here's another link with technicals

KitCo article and analysis.

bleed more

and more  This one's a good read. "

UPDATE: 10/04/16

-Soren K

This article, written by our friend Vince Lanci is still applicable, and almost prescient in its expectations. We thought it appropriate to feature again. In it he lays out a potential play by play for the next crisis' creation and solution. Included is Deutsche Bank's own feel for the next round of QE. Note how DB called  (begged?)for it well in advance of their own crisis. We imagine they will be the first in line if the ECB bails out the Banks again. Here's to hoping!

This last week's drubbing in precious metals has left many scratching their heads, and we are no exception. A reality check is in order before we hold hands and tell each other everything is all right

  1. This Precious Metals bull market is in serious danger of being dead
  2. Below $1290 is definite hospitalization
  3. Under $1270 on a weekly basis is good for critical condition
  4. Below $1155 and there is nothing left to even rationalize.

Fund Traders Weep while Central Bankers Sleep.

"Bull market" is a term for traders. The investors, namely central banks, will be stepping in with both hands buying physical now. We see physical demand in both metals already coming in on the buy-side today. Does that mean we are going up? NO. It means that deep pockets, who are a lot more patient than they used to be are starting to pick their levels.

They will let the market come to them as long funds and banks puke. Then they will let it go lower as momentum funds start so sell it in the hole. Then when the OI is solidly short on the fund side, they will keep buying. And when the natural sellers and spec sellers are done, the physical guys will slowly start to raise their bids.

And THEN you will see the rally as short funds start to cover.

Other than Central Banks you will see JPM in the Silver market. They are long a ton (or so) of physical silver. And when they see the flow turning bearish, they hedge it by selling futures. And  when that market gets oversold, JPM is the buyer of spot in London for a profit. That is how it happens, always. And when bullion banks see vulnerability in the Metals, they will get short on top of their paper flat position. Their core  short trading position are put on from selling strength. They will sell weakness in a thin market. Sometimes to trigger stops for a washout. Sometimes to cover their own shorts as they see the tide beginning to turn bullish again. Spoofed markets lower are somethimes to trigger cascading selloffs, and sometimes to create an exit for a player to cover shorts.

The Point is: Deep pockets buy low and high. Shallow pockets use leverage and buy high and hope to sell higher.

FWIW

We are bidding on Silver in small amounts for personal use 5-10 years form now. We are using its crazy volatility to buy extremes. We are NOT selling it. We are giving it to our children when they hit college.We aer not deep pockets by any means. But we are aware of what we need to live on financially, and what we can buy and hold for 5 years for our children to use.(big snip)"

 Stay strong while this roller coaster is diving

 

Edited by weaver hillbille
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Everything is volatile these days...fluid....way to many hot spots in the world that can change from not so sure what the hell is going on day to day, to Holy crap look at the mushroom cloud !!! I am with Bill...sell and enjoy the show today, tomorrow is not guaranteed. Just watched the vice president debate....could not take it much longer so I left the tv and went on the forum.....But after hearing these Bozos...folks we are in deep trouble. May want to save some gold ..for safe passage to a safe zone.....think Jews and the diamonds, south east asians and their gold that brought them safe passage. Gold is Golden..... keep on looking for it.

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On 6/25/2016 at 9:14 AM, weaver hillbille said:

 THe way  metals have bounced, it wouldn't surprise me to see a pullback:th:  

  Maybe euro banks raiding their  piggybanks-reason for this latest selloff.... not a good time to  be a lemming.

http://seekingalpha.com/article/4010453-big-risk-gold-silver-european-banking-crisis?ifp=0&app=1

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