Gold and silver prices are down

CoastieRon said:
I haven't bought all year. I was hoping for a good drop to pick some up.


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That would be fine by me. I think the long term prospects for the metals markets are good. I wouldn't mind some short term weakness to add to my collection.
 
There are rumors the Fed may not wait until December.
I just wish there was an eBay bucks offer right now


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CoastieRon said:
I actually bought for the first time this year.


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Good purchase! I added several ounces of silver a couple weeks ago at just under $19/ounce so I'm out for this buying opportunity unless it goes down further in which case I'll have to skip a couple 401K contributions to get back in.
 
Win said:
Good purchase! I added several ounces of silver a couple weeks ago at just under $19/ounce so I'm out for this buying opportunity unless it goes down further in which case I'll have to skip a couple 401K contributions to get back in.
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I just bought rounds. They were on sale. Let's see what happens tomorrow, I may add. I was waiting for the spot to get below my 2014 average....


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I just picked up 25 maples at $19 / eBay APMEX. It's gone up slightly since this a.m. It's my first purchase in a while.
 
Win said:
Kitco article on reasons for falling metal prices. http://www.kitco.com/news/2016-10-0...o-Low-On-Strong-Dollar-Rate-Hike-Worries.html
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I know the headline explanation is Fed officials talking up December rate hike. I don't buy it - nobody believes the Fed anymore, and if they did, the S&P would have dropped 100 points, not 10 points.

I suspect this is more related to Japan's ECB policy shift on bonds - you're seeing Japanese money selling off assets to return to Japan. I could be wrong, but I just don't believe it's related to the Fed talk.

- - - Updated - - -

Canndo said:
I just picked up 25 maples at $19 / eBay APMEX. It's gone up slightly since this a.m. It's my first purchase in a while.
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I almost bought that too ($492 for 25?). Just saving up for some gold, I have more silver than gold.
 
Varmint said:
I know the headline explanation is Fed officials talking up December rate hike. I don't buy it - nobody believes the Fed anymore, and if they did, the S&P would have dropped 100 points, not 10 points.

I suspect this is more related to Japan's ECB policy shift on bonds - you're seeing Japanese money selling off assets to return to Japan. I could be wrong, but I just don't believe it's related to the Fed talk.
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I agree. And it's worth noting that when people say that the dollar is strong they are comparing it to other currencies who's countries have monetary issues that appear worse than our own monetary issues. The best way that I've heard that comparison made is that the dollar is the cleanest dirty shirt...but it's still not that clean.
 
sacksjacked said:
apmex has a decent deal going now on gold eagles. linky link
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Definitely - i was trying to find gold deals when the gold price bottomed out, but could never find deals on Eagles or Buffalos. So this is not that much higher than the absolute lows of last year. Maybe $1200 was as low as it got for Eagles, and that only briefly?
 
one reason why i don't play the lottery or scratch tickets.... I never win.

bought american eagle 3 weeks ago for about $200 more than its trading right now.

its such a crap shoot...

Not sure if I mentioned this before but i only buy 1 gold eagle a year to eventually give to my daughter when she's old enough to know what it is. hopefully in 20 years i'm not upside down in the matter.

I would like to see gold prices come down due to strong economic growth so i'm actually rooting for myself to lose money in my gold purchases if you think about it that way.

Life, economics & family are so complicated!!!!
 
Varmint said:
I know the headline explanation is Fed officials talking up December rate hike. I don't buy it - nobody believes the Fed anymore, and if they did, the S&P would have dropped 100 points, not 10 points.
Click to expand...

The FED has been doing this for over a year now.
In order for the banks to survive they need more profit margin (eyeroll) and we are sitting at interest rates of 1/4 of 1%.

The FED needs to raise interest rates another 1/4 of 1% and then banks will have the necessary breathing room.
We all know the economy does not now indicate this is necessary nor prudent -- the FED just keeps on talking it up looking for an angle to justify another rise in interest rates.
The country with the highest interest rates drives that country's currency the highest as well as money will move to the higher interest rates from around the world.
Oil is traded in dollars making our dollar the world currency. When the dollar rises in value the price of oil should fall in value.
This morning (for example) the dollar is up 0.29 on the threat of interest rate hikes yet the price of oil should be falling yet it is up also 0.52 above $50 a barrel for the first time in months.

We are seeing a divergence. Oil has risen on just the threat of Saudi agreeing to cut production to support oil prices.
Yet we have the highest surplus oil in storage ever right now and our own companies are starting to drill again as well.
Oil should be tanking down yet is not.

TPTB know maybe something like a WAR coming or hurricane going to badly disrupt things or earthquake coming or election results (insert SHTF scenario here) ?

Oil should be falling.

In an election year we have a sideways market until election day which is also going on right now.
Then based on outcome or NOT markets historically make a great move higher or lower through the end of that year.
Folks are contemplating setting up trades in both directions and then once that direction is known cut the loses on the losing direction and holding the other trade allowing it to maximize profits on those trades.
 

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