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Sorry about the gap in posting, I've been busy buying gold of all kinds (as well as some silver, but that's another story...) Here's a tip - if you really, really want the cheapest possible gold, do a search for 'nugget's on the online auctions. While the larger ones command a premium, the smaller ones will often go for spot price or below.These are often being sold by the people who have found them. Now, back to the present, and the rising price of gold, or 'new gold bull market' as some commentators are stating already. In scanning the online media sources for gold stories, I often find stories like this one which give some insight into the historical background of gold. The government of Australia sold most of its gold holdings in 1997, believing that it no longer played any part in the global financial system. But this was not what the Chinese government believed, and they were secretly buying it up, just as they continue to do. As is often the case, the comments on the stories are often more interesting and insightful than the stories themselves, and it was from one of the comments that I stole the title of this post. The Australian dollar has been devalued 98% in the last 40 years. Just think about that for a moment... The full comment runs "I'll trust the store of wealth par excellence for ten thousand years over the Australian currency or pixels in a bank account." That store of wealth is, of course, gold. OK, off to do some gold panning in my favorite stretch of river.....
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Olympic gold medals have how much gold in them? |
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At every Olympic games, the same questions occur to some people: how much gold is there in an Olympic gold medal, is the medal solid gold, and how much is the medal worth? While this all risks the reducing the skill, talent and determination of Olympic champions to a crude monetary value, the answers are: - There are 6 grams of pure gold in an Olympic gold medal
- No, they are not pure gold, they are mainly silver with a gold coating
- The gold in the medal is worth about 6/31.1 of the current spot price of one ounce of gold which at time of writing would be about $213.70
Not that much reward for all those years of training, but that's not why the athletes compete...
You will find that many people online are currently quoting a much smaller value for an Olympic gold medal. That's because they are looking at websites or information about past Olympic games which calcualte the value of the medals based on the current (then) price of gold. They don't know, like collectors of gold do, what has happened to the price of gold recently.
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Gold Price falling - but don't panic |
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As all the 'I told you so' investment experts jump up gleefully to shout about the latest drop of $40 in the spot price of gold, here is some commentary which emphasizes, as I do, the long term view of our gold investment. In the long run, the data indicates that gold is a good metal to own, with numismatic coins with bullion content inevitably doing well too. It may be the unpredictability of the price of gold, not only from day to day but from hour to hour, which makes some analysts nervous of gold ownership. If that is the case, then they shouldn't buy it and leave more for us....
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Cash for your gold is a ripoff, says a little man |
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Here is a report from a littlle green man with a large green hat about how he was ripped off by a cash for gold company and what he did about it. His revenge seems to have been spectacular. This all looks like it has taken place in England, or possibly in Ireland or somewhere similar. Though most of the stories on that site seem to be hard to believe, there may be a grain of truth in what the leprechaun says. You don't want to call someone like that a liar, anyway. He's a fellow gold collector.
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How to avoid ever buying fake gold coins or bars |
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Here is an excellent quick and short guide on how to avoid buying fake gold coins and fake gold bars, with some background on the recent scare stories about counterfeit coins sourced from China. By the way, never bite a gold coin to test it - you'll either ruin the coin or break your teeth... It's good to read that fake bullion gold Eagles and fake gold Maples, at least, are extremely rare; but as for historical gold coins of very high value, fakes are more likely, since there is such a great potential profit over and above the gold value for the counterfeiters. In dealing with the subject of fake gold bars, the author also gives the best informed account I've read about why the recent 'fake gold bars made of tungsten' story is an urban myth.
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Daily Gold Coins blog
