27 Ounces of Ancient Gold to Buy “a Fancy House in One of the Best Neighborhoods”



Prices and Charts

Change from last weeks gold and silver prices

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Buying Back 1oz NZ Gold 9999 Purity $2767
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Gold Bouncing Back

Gold is up from last Thursday by about 1.5%. Rising up from $2850 to now be not far below $2900.

But we’d say the odds still favour a further fall to come. We could yet see a test of the 200 day moving average at $2700. While that might sound like a serious fall, it is only a 6.5% pull back from current levels.

Of course there are no guarantees which is why buying in tranches is a good idea.

NZ Dollar Gold Chart

Silver Rising Sharply

Silver in New Zealand dollars is up a hefty 6% from last week. It has bounced back sharply off the support line near $34. This was perhaps not a huge surprise given the sharp fall.

But we could still see silver head down to test the 200 day moving average near $30. This is also the break out level for the recent surge higher. So that is not uncommon to see the break out line retested.

As with gold consider layering in as picking bottoms is very difficult to do.

NZ Dollar Silver Chart

NZ Dollar Still Looks like a Fake Out Not a Break Out

The New Zealand dollar is up a little from last week. But is still well under the downtrend line. So it still looks like the break out was merely a fake out. We could yet see the Kiwi head a bit lower yet too.

NZ Dollar Chart

Need Help Understanding the Charts?

Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

Continues below


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27 Ounces of Ancient Gold to Buy “a Fancy House in One of the Best Neighborhoods”

This week a reader sent us an interesting news item about a find of 400 ancient gold coins in Israel.

It was not the finding of coins from 1100 years ago that piqued our interest though.

But rather the calculation that our reader did as to what the buying power of this cache of coins would amount to today…

According to a report by the Jerusalem Post, the 424 coins were discovered by two members participating in a dig conducted by the Israel Antiquities Authority.
 
“The cache, deliberately buried in the ground inside a clay jug, held 424 gold coins, with most dated to the early Islamic period and the Abbasid dynasty,” Liat Nadav-Ziv and Dr. Eli Hadad, the dig administrators, told the Jerusalem Post. “The person who buried his treasure 1,100 years ago definitely expected to come back to take them, and even fixed the vessel with a nail so that it would not move.”
 
The Abbasid Caliphate ruled over most of the Islamic empire after assuming power in the year 750. The caliphate reigned until 1258, when it was destroyed by the Mongol invasion.
 
According to Robert Cole, a coin expert at the Antiquities Authority, the coin cache, consisting of 846 grams of 24-karat gold, is one of the oldest ever discovered from the Abbasid Period.
 
“A significant amount of money in those days. For example with a sum [of cash] like this, a person could buy a fancy house in one of the best neighborhoods in Fustat, the rich capital of Egypt at the time,” Cole explained.
 
One of the coins discovered is extremely rare and has never been found in Israel before, according to the Jerusalem Post. It is a “fragment of a gold solidus of the Emperor Theophilus,” the Post explains, noting that the coin was minted in Constantinople, the capital city of the Byzantine Empire. Theophilus ruled from 829 until his death in 842.
 

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Our reader then points out:

“846 grams = 27.2 troy ounces.
House in Parnel picked at random from real estate listings. Renovated 1940’s weatherboard on tiny section. Very good area. $1.6m
This equates to $58,824 per ounce.

I wonder if our ‘expert’ Robert Cole is accurate in his assessment????”

The $58,000 might seem high, however it is not that far above other measures of gold we’ve read about. It’s also not too hugely above one measure for gold we’ve done ourselves too. See this post: How Do You Value Gold | What Price Could Gold Reach? Updated 2020

In that we arrive at a gold price in NZ dollars of $42,000 – based upon achieving a 100% backing of the US dollar. Less than $58,000 but not by a massive amount.

However the issue with coming up with a projected “dollar” price for gold is that dollars are a constantly expanding measure.

So we’d say how many ounces of gold to buy a house is the more useful measure to take note of.

On that note we have updated our measure of house prices in gold in New Zealand this week.

You’ll discover that when priced in gold, New Zealand median house prices have fallen 50% since 2005. You’ll also see how history shows New Zealand house prices could fall 79% further yet…

NZ Housing to Gold Ratio 1962 – 2020: Measuring House Prices in Gold‎

 

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Could Looser Lending Rules Boost House Prices Further?

In this week’s feature article on the housing to gold ratio, we postulate that perhaps house prices could continue to rise in nominal dollar terms, while falling in gold terms.

Looser lending rules could be one way to help keep house prices high. Surprise, surprise. This is exactly what is now happening in Australia. Never mind the Australian Royal Commission into banking practices and the clean up that was meant to produce.

Now with COVID as an excuse Australia is doing the exact opposite. A news item this week highlighted that Kiwi mortgage advisors are hoping for the same here.

Kiwi mortgage advisers are hopeful that Australia’s move to scrap responsible lending rules will lead to changes here. On Friday, Australia’s government relaxed responsible lending laws, making banks subjects to less onerous oversight.

Source.

In the coming years we’d expect to continue to see relaxations in the various lending restrictions, such as we have already seen with the likes of loan to value ratios. That combined with record low interest rates could send house prices even higher in the next few years.

Of course, as one of our readers, you’ll know to instead keep measuring house prices in gold. Rather than the quantitative easing stretched elastic band that is our kiwi dollar.

If you have any questions about the process of buying gold and silver please get in touch…

 
  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Shop Online with indicative pricing

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This Weeks Articles:

NZ Housing to Gold Ratio 1962 – 2020: Measuring House Prices in Gold‎

Tue, 29 Sep 2020 7:15 PM NZST

The housing to gold ratio shows that when priced in gold, New Zealand median house prices have fallen 50% since 2005. See how history shows New Zealand house prices could fall 79% further yet… There’s always plenty of discussion in the mainstream media about where house prices are going. Given New Zealanders predilection for property […]

The post NZ Housing to Gold Ratio 1962 – 2020: Measuring House Prices in Gold‎ appeared first on Gold Survival Guide.

  Read More…

Lower the Odds of the Theft of Your Gold and Silver

Wed, 23 Sep 2020 1:24 AM NZST

Prices and Charts Looking to sell your gold and silver? Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $2733 Buying Back 1kg NZ Silver 999 Purity $1152 Sorry we’re a day late on our update for this week. Had a school cross country championship to attend now that we are […]

The post Lower the Odds of the Theft of Your Gold and Silver appeared first on Gold Survival Guide.

  Read More…

Real Interest Rates vs Gold Prices – What Can They Tell Us About When to Buy Gold in New Zealand? [Mid Year 2020 Update]

Tue, 22 Sep 2020 1:32 PM NZST

There has been a lot of discussion in the mainstream about negative interest rates in recent week. Today you’ll see how the real interest rate shows us negative rates are already here… Interest Rates in New Zealand are at historic lows, with the Reserve Bank slashing the Official Cash Rate (OCR) by 0.75% back in […]

The post Real Interest Rates vs Gold Prices – What Can They Tell Us About When to Buy Gold in New Zealand? [Mid Year 2020 Update] appeared first on Gold Survival Guide.

  Read More…

Buying a Home Safe for Gold Silver Storage

Tue, 22 Sep 2020 9:49 AM NZST

There are many gold silver storage options available. From private vaulting and storage companies to “midnight gardening”. We go through the main ones in module 7 of our free Gold Ecourse: Module 7 of 8 – How and where to store it A home safe is one storage option for precious metals and one that definitely […]

The post Buying a Home Safe for Gold Silver Storage appeared first on Gold Survival Guide.

  Read More…

As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing


7 Reasons to Buy Gold & Silver via GoldSurvivalGuide

Today’s Prices to Buy
1oz NZ 99.99% pure gold bar
1oz NZ Gold Ingot
$2976
1kg ABC 99.9% pure silver bar
1 Kilo NZ Silver Bar
$1313
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1kg “Scottsdale Gold” Bar 99.99% with unique serial number

$95,876
1oz 2020 Royal Australian Mint 99.99% Gold Coin

$3072 – Phone or email to order
1oz Canadian Gold Maple 99.99% pure gold coin (2020)
Gold Maple
$3059
1 oz South African Silver Krugerrand Coin
(Minimum order size tube of 25 coins)

  Silver Monster Box
Tube of 25 $1150
Box of 500
$22,251 

(Fully insured and delivered)
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Note:

  • Prices are excluding delivery
  • 1 Troy ounce = 31.1 grams
  • 1 Kg = 32.15 Troy ounces
  • Request special pricing for larger orders such as monster box of Canadian maple silver coins
  • Lower pricing for local gold orders of 10 to 29ozs and best pricing for 30 ozs or more.
  • Foreign currency options available so you can purchase from USD, AUD, EURO, GBP
  • Plus we accept BTC, BCH, Visa and Mastercard
  • Note: For local gold and silver orders your funds are deposited into our suppliers bank account. We receive a finders fee direct from them. Pricing is as good or sometimes even better than if you went direct.

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We look forward to hearing from you soon.

Have a golden week!

David (and Glenn)
GoldSurvivalGuide.co.nz
Ph: 0800 888 465
From outside NZ: +64 9 281 3898
email: orders@goldsurvivalguide.co.nz

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The Legal stuff – Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

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