Gold Prices hit 17 year high

**talkgold** · #1 09-16-2005, 04:41 PM

Gold has reach $458 an ounce today. This pushes it over the 17 year old mark reached in 1987 of $456 an oz. Experts predict it may go as high as $480-$500 by the end of this year. Countries like Argentina are storing gold bullion as protection against inflation. China is encouraging its citezens to buy gold. Things look bright if you are a gold investor.

PrivacyPirate · #2 09-16-2005, 07:58 PM

Yes it does, and actually it closed at $459 today. Looks like the Gold Cartel is losing the battle, I don't think they have much left to keep the prices down. It'll hit $1000 by 2007 IMHO. Buy it while you can at these prices, and dump that paper.

slysgal215 · #3 09-16-2005, 11:34 PM

I know this is probably going to sound stupid, but if you have money in your e-gold account, does that mean you own gold??...I've never understood how that thing worked, beyond helping me get money in and out of different programs I was interested in.

DriverDan · #4 09-17-2005, 12:23 AM

Quote:

Originally Posted by slysgal215

I know this is probably going to sound stupid, but if you have money in your e-gold account, does that mean you own gold??...I've never understood how that thing worked, beyond helping me get money in and out of different programs I was interested in.

Yes, that's exactly what it means. E-gold is just a storage medium for gold.

slysgal215 · #5 09-17-2005, 12:39 AM

Thanks!!...So does that mean that if you chose to leave say $5000 sitting in there, at some point that money might be worth more than $5000 because gold had gone up??

( What can I say, I'm blonde!!)

**talkgold** · #6 09-17-2005, 12:40 AM

Yes as gold prices go up, so does the $ value of your e-gold account. Technically everyone who eventually sells e-gold should be paying capital gains taxes on it if they profit from the gold price increase.

slysgal215 · #7 09-17-2005, 12:43 AM

Thanks again...I never realized that...Makes me look at my egold acct. in a different way now!!

Luxor · #8 09-17-2005, 01:34 AM

Quote:

Originally Posted by slysgal215

Thanks again...I never realized that...Makes me look at my egold acct. in a different way now!!

It certainly gives one a different perspective on things, doesn't it.

Fire23 · #9 09-17-2005, 04:34 PM

maybe ill spend 1k to buy gold and make some profit

me222 · #10 09-17-2005, 06:10 PM

Quote:

Originally Posted by slysgal215

Thanks!!...So does that mean that if you chose to leave say $5000 sitting in there, at some point that money might be worth more than $5000 because gold had gone up??

( What can I say, I'm blonde!!)

I wouldn't leave too much money in your e-gold account if I was you as it is not 100% safe (hackers), certainly not $5000.