Gold and silver prices are down

[DJBrad]

Oil stocks up a lot today? I noticed all the industrial metal stuff was way up. I don’t have much of that, and no oil stocks. Never got that pullback.

Yes, they’re up about 5% on average.

 

[Varmint]

Yes, they’re up about 5% on average.

Gold, silver, oil and commodities had huge days.

Stocks were down again today. A reminder that inflation isn’t good news for stocks.

 

[not new guy]

Bad day for crypto too.

 

[Varmint]

Bad day for crypto too.

Is that just cause of Musk’s tweets?

 

[not new guy]

Don’t think so - it wasn’t contained to BTC.

 

[Varmint]

Don’t think so - it wasn’t contained to BTC.

Well Musk is poopooing the energy use, so that may apply to the whole crypto universe. Hard to believe he didn’t sell his bitcoin also.

 

[DJBrad]

Gold, silver, oil and commodities had huge days.

Stocks were down again today. A reminder that inflation isn’t good news for stocks.

It also portends the great risk inflation will have on the whole market. Will the Fed be able to stabilize it? Big if.

 

[Varmint]

It also portends the great risk inflation will have on the whole market. Will the Fed be able to stabilize it? Big if.

Yeah I think the market doesn’t have to think about that yet, it can pretend the Fed is correct that inflation is transitory. It’ll take 3-4 months at least to see if they’re wrong or not.

Maybe less if May is also a huge inflation surprise.

 

[DJBrad]

Gold and Silver. How will you shiny metal lovers react when we breech $2000 and $30?

 

[Varmint]

Gold and Silver. How will you shiny metal lovers react when we breech $2000 and $30?

Weekly close above $1900 and $28.5 would be great. Both making nice moves this morning. Silver will take off above $30.3.

 

[Grendizer138]

Gold and Silver. How will you shiny metal lovers react when we breech $2000 and $30?

Well, It’ll probably also mean that confidence in the economy is at an all time low, historic levels of inflation, poor economic outlooks, and crisis on the horizon.

Not sure why you guys celebrate this unless you’re at Scrooge McDuck levels of PM ownership.

 

[Varmint]

Well, It’ll probably also mean that confidence in the economy is at an all time low, historic levels of inflation, poor economic outlooks, and crisis on the horizon.

Not sure why you guys celebrate this unless you’re at Scrooge McDuck levels of PM ownership.

None of that has happened yet gold and silver are doing great. Gold doesn't need crisis to do well - if we get massive money printing, that'll work even better.

A lot of us are in gold and silver miners to make an investment profit, while the physical metals are really just insurance.

 

[hv55maxx]

None of that has happened yet gold and silver are doing great. Gold doesn't need crisis to do well - if we get massive money printing, that'll work even better.

A lot of us are in gold and silver miners to make an investment profit, while the physical metals are really just insurance.

my father-in-law works for Crane. he said they've never printed more than they are now, and it shows no signs of stopping.

 

[Win]

Well, It’ll probably also mean that confidence in the economy is at an all time low, historic levels of inflation, poor economic outlooks, and crisis on the horizon.

Not sure why you guys celebrate this unless you’re at Scrooge McDuck levels of PM ownership.

We all wish that fiscal and monetary policy in the US had been conducive to economic growth, low inflation, and the opportunity for prosperity for all Americans. We've all been advocating for those policies for many years now. No one here is celebrating anyone's economic suffering. If I could trade all of my precious metals for better fiscal and monetary policies over the past couple of decades I would do that. Because I don't have the opportunity to do that, I've attempted to prepare for the fallout of the policies that I never wanted implemented.

 

[Varmint]

my father-in-law works for Crane. he said they've never printed more than they are now, and it shows no signs of stopping.

What's Crane? Google says industrial equipment?

The government got away with so many trillions in money creation in 2020 that it's realized (or believes) there's no longer any resistance to government spending and money printing. So Biden has $2 trillion spending packages lined up every 3-4 months.

I guess we'll see soon enough if you can keep doing that without blowing something up.

Previous money printing was the Fed buying bonds, which inflated stocks, bonds etc. But Biden is handing out money to the people as well, which is a very different thing. I think that's why you see massive inflation in car prices, home remodeling and many other things. If I give my kids a wad of cash, they're gonna go buy shit, and they won't care how much it costs.

 

[AJK129]

What's Crane? Google says industrial equipment?

The government got away with so many trillions in money creation in 2020 that it's realized (or believes) there's no longer any resistance to government spending and money printing. So Biden has $2 trillion spending packages lined up every 3-4 months.

I guess we'll see soon enough if you can keep doing that without blowing something up.

I think Crane is a print house for USD

 

[richc]

I think Crane is a print house for USD

I think they make the paper for currency.

 

[Varmint]

I think they make the paper for currency.

They should branch out into making wheelbarrows.

 

[Varmint]

Now that we've cleared $1850 and $28 (and $38 GDX and $52 GDXJ), those levels are now support during selloffs, like this morning.

Not out of the woods yet, the big banks could still dump a gazillion dollars of paper contracts on the market to get us back below those levels.

 

[Varmint]

Don't sell that silver yet. Imagine premiums on silver eagles if spot is $40.

 

[Varmint]

And gold, note he's recommending selling at major resistance around $1960, thinking it'll pull back from there to $1780.

I don't buy and sell gold but I may sell some gold miners around $1960.

 

[richc]

@Varmint @samandglove1 @djbradles @Win @RumRunner @smokey-seven @new guy

Ok, frequent posters to this thread. Where are we headed with PM prices over the summer. Let all know your thinking here.

Personally I believe the drop in cryptos has been healthy for PM's. Plus weakness in the dollar.

So I do think we'll see prices over $30/$2000 over the next few months. But certainly I'm generally wrong, so what do y'all think? All others welcome to post their opinions as well.

Thanks

Rich

 

[Varmint]

@Varmint @samandglove1 @djbradles @Win @RumRunner @smokey-seven @new guy

Ok, frequent posters to this thread. Where are we headed with PM prices over the summer. Let all know your thinking here.

Personally I believe the drop in cryptos has been healthy for PM's. Plus weakness in the dollar.

So I do think we'll see prices over $30/$2000 over the next few months. But certainly I'm generally wrong, so what do y'all think? All others welcome to post their opinions as well.

Thanks

Rich

I think gold and silver's 8-9 months downtrend has reversed, so the bottom for both is in. It's conceivable we go test that bottom again of course, and it will probably take months or even as much as a year to breach $30 and $2089. So gotta be patient waiting for that. But once we're above those, it'll be off to the races, with not really any resistance above those levels.

The dollar might bottom short term here around $89. If not, the timeframe for gold and silver's move up will be greatly shortened.

I’m talking spot/futures prices. The retail physical market is a different animal.

 

[Win]

My experience is that everyone else’s predictive power is great than my own . I will say that it seems more likely to me that PM prices continue to move up rather than down. I’m therefore searching out the last several gold coin types I’d like to own before prices become prohibitively expensive.

 

[hv55maxx]

What's Crane? Google says industrial equipment?

The government got away with so many trillions in money creation in 2020 that it's realized (or believes) there's no longer any resistance to government spending and money printing. So Biden has $2 trillion spending packages lined up every 3-4 months.

I guess we'll see soon enough if you can keep doing that without blowing something up.

Previous money printing was the Fed buying bonds, which inflated stocks, bonds etc. But Biden is handing out money to the people as well, which is a very different thing. I think that's why you see massive inflation in car prices, home remodeling and many other things. If I give my kids a wad of cash, they're gonna go buy shit, and they won't care how much it costs.

I think they make the paper for currency.

RichC hit it. They make the paper for currency. Non-stop lately. It's located in Dalton.

 

[not new guy]

I just like the way gold feels in my hand. And my inflation predictions that have been running for the past 13 years or so have to pay off eventually.

 

[DJBrad]

@Varmint @samandglove1 @djbradles @Win @RumRunner @smokey-seven @new guy

Ok, frequent posters to this thread. Where are we headed with PM prices over the summer. Let all know your thinking here.

Personally I believe the drop in cryptos has been healthy for PM's. Plus weakness in the dollar.

So I do think we'll see prices over $30/$2000 over the next few months. But certainly I'm generally wrong, so what do y'all think? All others welcome to post their opinions as well.

Thanks

Rich

I think Stagflation is a real risk and outcome and we could possibly be in the pangs of it now.

Wrt PM’s the price in dollars will possibly rise to previous summer ‘20 levels. Test those highs again.

I’ve held my PM’s for the past 15 years and will continue to hold for the foreseeable future as well as holding commodity stocks. These will do well in such an environment as we find ourselves today.

Will we get that commodity super cycle? Maybe not. That play is the best one in an environment of low wages, low growth, high unemployment, and high prices.

 

[richc]

I think gold and silver's 8-9 months downtrend has reversed, so the bottom for both is in. It's conceivable we go test that bottom again of course, and it will probably take months or even as much as a year to breach $30 and $2089. So gotta be patient waiting for that. But once we're above those, it'll be off to the races, with not really any resistance above those levels.

The dollar might bottom short term here around $89. If not, the timeframe for gold and silver's move up will be greatly shortened.

I’m talking spot/futures prices. The retail physical market is a different animal.

I mentioned elsewhere that we sold our home in Canada and I've kept the sales proceeds in Canadian dollars. That has turned out to be a good choice. At this point I'm thinking about diversifying some money to another currency because I don't feel like the US dollar is heading anywhere good.

 

[Varmint]

I mentioned elsewhere that we sold our home in Canada and I've kept the sales proceeds in Canadian dollars. That has turned out to be a good choice. At this point I'm thinking about diversifying some money to another currency because I don't feel like the US dollar is heading anywhere good.

Yeah, put that into something that's not being printed - real estate, even PHYS or PSLV if you want PMs without the premiums of physical or the paper derivatives of SLV and GLD.

 

[DJBrad]

I mentioned elsewhere that we sold our home in Canada and I've kept the sales proceeds in Canadian dollars. That has turned out to be a good choice. At this point I'm thinking about diversifying some money to another currency because I don't feel like the US dollar is heading anywhere good.

Foreign bond markets will give greater yields than the US in a stagflatory environment. Nations with commodity based economies (ie. Canada) will also fair very well in such an environment.