Thank you.. Thank u.

But there was an earlier post that gold value is based in fiat money. So if fiat money gone.. Gold is also worthless??

Plus it also says gold is just a metal that ppl put value on... I think this is true oso?

What's ur thought on this?

Good to see greens in US market .

correct! for everyone's reference

gold passbook
maybank - 4.1% spread buy back (that's about right since last year)
uob - 1.1% spread
cimb - 2.94%

physical
public gold 20gm - 6%
uob aus nugget/maple - 3.1%

goldsmiths i.e tomei (someone mentioned before) give 8% spread buyback, but i'm sure you can't even open the case to enjoy the 8% spread.

jewellery shop will only buy back their own gold bars at 10-12% spreads, the 8% spread buy back is only for trade in with their jewellery products. other gold bars which were not bought from them, the will only take in at a 25-40% off their listing price depending on brands, certifications, conditions and most important the ori receipts. No matter how, it is not worth it getting from them IMO

This post has been edited by arrsoo: Aug 23 2011, 12:29 AM

What is FIAT Money ..
"Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used."
http://en.wikipedia.org/wiki/Fiat_money

Meaning Gold is the still BASE of all. Think this, if goverment fall, the currency fall cause different goverment place its own value on its own currency.
Ringgit Malaysia is value ONLY in Malaysia but not other country because Malaysian govement said so. And we trade everything within Malaysia is Ringgit Malaysia. PERIOD !! Not in USD, not in SGD but in RM !!
GOLD how ever is a type of Global Currency. If you can travel back to time, only and ONLY Gold has worth. Imagine you have today's RM and go back in time say 1960. Your cash is worthless, good enough to be toilet paper because Malaysian goverment back then never decree your cash has value. So you return from 1960 bring the old cash back here and your 1960 cash is still worthless since the goverment decree the latest vesion of cash has value.
If you bring a bar of Gold to 1960, it will worth an amount of cash value market back then and if you return to 2011, your gold will still have the amount worth today.



The story was, last time people use BARTER system. I trade my chicken for your goat but given that you agreed on it. If you dont want my chicken then we dont trade, but i still want your goat so how to settle this ? You may want Cow for your Goat. So in term of Cow size vs Goat size I will most likely ask me to add another goat to go with it which you only have one goat. So how to settle this?
Gold is use, hard to find, last forever as cash throughout time. So we put gold as value to counteract the barter exchange. So now, i buy your goat for 2 gold coins and you buy my cow for 4 gold coins. We have a trade, so everyone value gold as currency so i can buy anything i want without the hassle of what the other guy want.



This post has been edited by TruthHurts: Aug 23 2011, 12:40 AM

gold will reach $1900 in the morning today

a million dollar question for you.....

the price touched $1900. is it a good time to buy?????

omg above 1900!

perfect answer - better buy before you regret

Wow! USD$ 1910.

Gotta go top up more... Sigh .. The queue at the bank will be long.

But earn a bit Liao..

Be very careful oh............emotions can casue you mucho

ITs very very overbought................

wah like tht will sell off gold frm maybank n get frm UOB

agreed! manipulator is drawing the crowd for a kill.
for buyer if U scare U miss the boat, just buy with your spare-spare cash
correction can be painful.

---

Added on August 23, 2011, 9:21 amhttp://www.zerohedge.com/news/battle-libya...s-144-tons-gold

correction may be coming soon.


This post has been edited by GoldChan: Aug 23 2011, 09:21 AM

One person has modelled gold prices aginast its 200DMA.
EVERYTIME gold price has gone past 25% of its 200DMA, beware!
It is now 28% above its 200DMA...............beware

Those who has ears to hear, let them hear

wah ... feel wan to sell all my paper gold today...

any advice from expert?

This post has been edited by yacanni: Aug 23 2011, 09:44 AM

Will the price increase a lot more? I am afraid the current price is already too high and if we buy now, it will drop back to around 1,700 after USD bounce back.

no 1 know now.. the price change so fast.

Buy some now, and pump in again at 1700

This post has been edited by Alexdino: Aug 23 2011, 10:31 AM

EErrr... I read that Gold is a different asset class from stock bonds etc.

If i remember, DMA all this is use to measure stock market??

Will it be the same??

What does DMA says before the DJ crash??

correction I totally agree, but 1700..... cum on

when i bought in january this year, i think around 138/g, everyone says too expensive, correction will be soon, so i waited. believe it or not i've been waiting till today. go figure.

off course, anything can happen at anytime anyday