Gold and silver prices are down

enbloc

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i think $22 will hold, if not then $20 for sure. While it's the Comex, and there's price shenanigans, at $20, silver traders will be happy to exchange for physical, so I don't think it'll go below that.
Yeah, it's just a "gut"... I've got nothing to back it up with.
 

Varmint

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Yep! $17 SPOT these days though is like $21 retail (on ASEs at least...) [rofl2]

Yeah I remember in 2015 when silver and gold tanked, the physical retail coins and bars never dropped below a certain point. If spot silver does tank, buy silver mining stocks. Their prices are getting attractive again.
 
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I agree with you fine folks. There will be a big reload if gold comes down to around $1600 and silver comes down to sub $18. Obviously, this coming week's results will give a pretty good indication of what side to bet if chasing yield.
With Trump in we’ll get some stimulus but with a Biden victory the money printing will be astronomical. This will be a very interesting week for gold and silver.
 

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I agree with you fine folks. There will be a big reload if gold comes down to around $1600 and silver comes down to sub $18. Obviously, this coming week's results will give a pretty good indication of what side to bet if chasing yield.

There's massive buyer support at $1850 and $1800, there's really no way gold can go below that, who'd be selling? Unless the central banks decide to sell, but they've been the biggest buyers of gold. They know what's coming cause they're planning it.
 

richc

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This probably has been discussed before but is worth talking about again.

The estimated volume of all gold mined on earth would fit in an 80'x80'x80' cube. That's it. Or it would fill a regulation sized football field to 4 or 5 feet. Or 4 olympic sized swimming pools with a depth of about 6.5 feet (2 meters). And when you realize that about 1/2 of all gold is in non-investable form, such as jewelry, industrial uses and held by governments, well, the amount of gold that the public can take possession of is small.

There's not a lot of it in existence. And that's part of the appeal. Supply/demand. Certainly less than 1 troy ounce per person in the world.

I was chatting with a young neighbor not long ago. Very smart guy. He asked what volume of gold would represent $1 million US dollars. When I told him a bit bigger than a 4" cube he scoffed at me. But that's about right.

It's heavy, pretty, malleable, non-reactive, rare, and has been recognized as a store of value for many, many centuries. Now imagine if every mutual fund, bank, investor and more decided that they needed some of this precious yellow metal.

I don't know when this will happen. Or if it will happen in my lifetime. But at some point, as Jackie Gleason would say, it's going to the moon...

 

Varmint

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This probably has been discussed before but is worth talking about again.

The estimated volume of all gold mined on earth would fit in an 80'x80'x80' cube. That's it. Or it would fill a regulation sized football field to 4 or 5 feet. Or 4 olympic sized swimming pools with a depth of about 6.5 feet (2 meters). And when you realize that about 1/2 of all gold is in non-investable form, such as jewelry, industrial uses and held by governments, well, the amount of gold that the public can take possession of is small.

There's not a lot of it in existence. And that's part of the appeal. Supply/demand. Certainly less than 1 troy ounce per person in the world.

I was chatting with a young neighbor not long ago. Very smart guy. He asked what volume of gold would represent $1 million US dollars. When I told him a bit bigger than a 4" cube he scoffed at me. But that's about right.

It's heavy, pretty, malleable, non-reactive, rare, and has been recognized as a store of value for many, many centuries. Now imagine if every mutual fund, bank, investor and more decided that they needed some of this precious yellow metal.

I don't know when this will happen. Or if it will happen in my lifetime. But at some point, as Jackie Gleason would say, it's going to the moon...



Amen. Now think of the earnings of a gold mining company who pays $1000/oz to get it out of the ground. They can now sell that ounce for $2000 instead of $1400. What if it goes to $5000?
 

Varmint

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Biden will print even more money than Trump, so I should expect gold to go up as the dollar gets worth less.

I'm holding.

A blue wave (vomit) would have been more bullish for gold in the short run, since without the Senate, Biden won't be able to push through a massive bailout of the Dem states and cities.

It won't matter in the long run for gold though, cause whatever Congress doesn't print, the Fed will.
 

Varmint

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Very bullish to have the week finish above the 50 day MA for metals and miners. Could be the bottom is in at $1850 and GDX $35. We will probably retest those before the next leg up.
 

Varmint

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Gold and silver tanking 2% and stock futures punched through the all time high at $3588 on Pfizer vaccine news.

If I remember Pfizer's vaccine is the one that creates a shell that mimics the virus but is made of sugar, so it doesn't use a dead virus and would be much safer.
 
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