Gold over $1,000 and Detectors Selling Like Hotcakes - What does it mean??

[bdahunter]

With the recent spike in the price of gold a lot of get rich quick types are getting into the hobby and detectors are flying off the shelves of dealers. What does this mean to those of us already in the hobby?
I figure that most of these newly bought detectors will be gathering dust in a garage or closet before the end of the summer as the get rich quick types find out how much is really involved in finding all that gold just lying around waiting for them to pick it up. Getting rich with a metal detector is a bit of a pipe dream as those of us who love to hunt already know. When the riches don't miraculously materialize, a lot of these detectors will be for sale on E-Bay at very attractive prices.
If you're thinking about trading up, wait until mid summer when E-Bay is full of barely used detectors. There could be some really good bargains to be had by then.
If I was a dealer I'd try to clear most of my stock before then because there will be a glut of gently used detectors competing against the new items on the dealers' shelves.

Cheers,

BDA

[Buster]

Good thoughts BDA...I am sure there will be more than a few deals in the later months for sure...Maybe some who buy them will find the hobby good enough to stay around and not just try to make a quick buck..We shall see the outcome for sure...I would welcome more to this family if they come and decide they like it..Always can use more family.......Buster....

[Ric-san]

Yep you're both right...Im pullin' a Buster finding pop tops and bottle caps...the only gold I found at the beach yesterday was gold covered chocolate foil...Doh!!! But on the other hand there are plenty of pawn shops in Pensacola...

[FoundSomething]

I think you are right BDA. With the price of gold where it is and TV shows like "Cash And Treasure" gaining in popularity, I think that there will be allot of impulse buying of detectors by folks that will discover that the earth can be hard and sometimes dirty, muddy and you gotta dig, there are roots and pull tabs, bottle caps and such. As you said Ebay might be a good place to pick up a slightly used detector mid season. If cash flush Metal Detector makers reinvest their earning in R and D we may see a quantum improvement in the average effectiveness of new models prompting more old timers to trade up.

After a trip to North and South India a few years ago I am convinced that gold could go up much further in price over the next few years. The Indian woman that I saw seems to adore 22 carat gold. The amount of it worn at any given time seemed to be a major indicator of status. With the Indian economy growing at 8-10% per year and with ruffly four times the population of the US, Gold may be progressively in demand. my two cents, Stephen

[Buster]

Rick at least you got out to hunt after work.now the beaches you hunted are fit for human consumption....I for one crawled out after I got done at work and limped on home...I will try to hit it today as soon as I do some stuff around the house and it gets close to 50 Degrees...Nothing better than going hunting and relaxing some after a hard day at work....Buster...

[bdahunter]

Originally Posted by FoundSomething

I think you are right BDA. With the price of gold where it is and TV shows like "Cash And Treasure" gaining in popularity, I think that there will be allot of impulse buying of detectors by folks that will discover that the earth can be hard and sometimes dirty, muddy and you gotta dig, there are roots and pull tabs, bottle caps and such. As you said Ebay might be a good place to pick up a slightly used detector mid season. If cash flush Metal Detector makers reinvest their earning in R and D we may see a quantum improvement in the average effectiveness of new models prompting more old timers to trade up.

After a trip to North and South India a few years ago I am convinced that gold could go up much further in price over the next few years. The Indian woman that I saw seems to adore 22 carat gold. The amount of it worn at any given time seemed to be a major indicator of status. With the Indian economy growing at 8-10% per year and with ruffly four times the population of the US, Gold may be progressively in demand. my two cents, Stephen

In India the accepted standard for gold is 22K, anything less is considered cheap. Except for the higher castes (Brahmins and the Aristocrats) the jewellery a woman wears is her sole wealth and she wears he savings account with pride. When the husband dies the property and wealth usually descends to a male heir and the wife is dependent upon the charity of that heir and her jewellery for her support. Things are changing as women become better educated and westernized but it takes time to change a culture as ancient as India.
Most of Asia and the Middle East prefer 22k or 24k gold as well and Platinum is now the metal of choice for wedding bands in much of the Far East, especially Japan, has been for the last few decades.

Cheers,

BDA

[Joker]

Where did you get your sources that metal detectors are flying off the shelf? If this is true, perhaps I could become a detector salesman on the side.. hmmm

[MinelabMan]

The only concern I have over people buying detectors to "get rich quick" is they may not have an interest in detecting at all but just looking to "get rich quick" and ruin it for others by trespassing, sloppy digging, digging trash and leaving it lay, etc.

On the topic of gold prices, precious metals nose-dived last week, gold closing about $917 and silver about $17.00.

[EPC Guy]

The awareness and interest in MD'ing is cyclical in nature - just like everything else. Im the late 70's (when gold was hitting an all new high for the times) I remember even my grandmother buying a machine and having "Treasure Hunter" magazines all over the house....the fad soon went away - and a couple of years later, when I asked her what she'd done with her machine - she didn't even remember where she'd stashed it! I agree with BDA - in a few months, we'll see a flood of great deals on e-Bay, Craigslist and in the classifieds.

[EBCIII]

Good thinking BDA and all! I agree 100% most of these people have no clue as to how hard this "hobby" can be. Yes somedays we do ok others not so good.

In 3-6 months when the good deals hit I may be needing a water machine. I need a reason any way. "Ya know honey it was on sale" works for my wife, Beale.