GOLD, 'nuff said.

M1911 said:
Looking at the chart alone, I think gold has a ways to fall.
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The financial illiteracy and media manipulations are staggering. As such, it is difficult to pinpoint short term moves. And I am not only talking about US.

Here is US:
Laura Mandaro is a MarketWatch editor, based in San Francisco.

Gold futures skidded nearly 5% Wednesday, sinking below the $1,600 level for the first time in nearly three months, as a drop in the euro signaled a new level of anxiety about the region’s debt crisis and investors sought cash as the safest asset.
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Here is Canada:


[rofl][rofl][rofl]
 
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OPM said:
The financial illiteracy and media manipulations are staggering. As such, it is difficult to pinpoint short term moves. And I am not only talking about US.

Here is US:


Here is Canada:


[rofl][rofl][rofl]
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That station needs its plug pulled permanently.
 
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Yup, there are some stupid things being said -- that Canadian journalist (or whoever wrote her script) is a freaking idiot. But I made my judgment just by looking at the chart. I think gold was over bought and the price will either be dropping or consolidating for a while.
 
This woman is proof that even the stupid can read the news because most people getting the news from bimbos like this are also stupid. I only hope that she is good in bed or she will have no redeeming qualities.

Personally, I bought more silver today. The price was right. I wish I had more extra cash because I would have bought more… even though it is not backed by the American dollar…
 
I'm sure that this has come up before, but i couldn't find it. I'm curious to know people's thoughts on eagles versus bags of coins. Is junk silver easily resold/saleable, or is it mainly for barter/trade? Obviously it is attractively priced relative to eagles and easily measured for barter. I am interested in having some of each, but it seems like eagles are a lot more liquid than, say, a bag of dimes.
 
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I cannot believe what I did yesterday. As I said yesterday, I bought some silver yesterday and, as always, I paid with a check. Well, today I open my checkbook and there is the check I was supposed to give the coin dealer. I never paid him! I walked out with the silver and the check! So I went back today and asked him if he caught my mistake. He said, “What mistake?” I showed him the check and he just shook his head in disbelief. I guess we were both shocked that silver was under $29 per ounce.

Rider, I have a little of each. I have some Silver Eagles, some Morgan and Peace dollars, some pre-1964 half dollars and a bunch of silver rounds & bars. I guess I am celebrating diversity in my silver. Silver Eagles cost more than silver rounds & bars. But, where I buy my silver, the dealer pays the full price of silver when he buys Eagles. I know that some people believe that Morgan & Peace dollars are worth more than Silver Eagles. So it might be good to have all sorts of silver.

IGWT, good article. My hope is to never need it so I leave it to the wife upon my reaching room temperature. She won’t have to pay taxes and she can use it to buy the good looking Cabana Boy. Cabana Boys ain’t cheap… or so I am told. [smile]
 
I read a few articles on it, and consensus, for whatever it's worth, is that gold may have a way to go before heading back up. There was an article on Bloomberg about it today. A few of the traders were saying they think it could go under $1,500 soon before going up. How closely silver follows is anybody's guess. in both cases, there's a disconnect between demand for physical, which is at record highs, and exchange-traded products, which are what are currently driving prices down.

What really annoys me is how fat the spreads are. Pricing for silver is actually higher now than it was Monday, even though spot is down over $2.

A couple of observations from a non-expert: Gainesville seems quite a bit cheaper than Apmex, by at least $1/ounce on silver, and their credit card rate is as good as apmex' high quantity price. There are some good recommendations for both sites elsewhere on the forum. You have to watch out for shipping schedules. Some dealers will wait weeks or more for any orders, some will ship immediately for credit card but place a hold on check payments, even after the check clears. Finally, just because something is printed(especially on the Internet) doesn't mean it's true or that the person writing knows what they are talking about. (this could be construed as self-referential.)

Does anyone have any thoughts on the following:

1. Using bank wires, from a security/government perspective? I am aware of money laundering regs, but am more curious about SWIFT transactions and the privacy of such.

2. Junk silver- is the condition highly variable, mostly okay, or garbage? If dimes are usually very worn, then I think the preference would be for quarters, or so you'd think. I'd expect that this could add a lot to the spread when selling back, and of course could make a difference when using coins for trade.

3. In a SHTF scenario, would most Americans really care if you were trading maple leafs as opposed to eagles? I know they sell at a higher premium, but personally I like the maple leafs, and they sell for less, so unless other people prefer the eagles for trade and really wouldn't take the leafs, my preference would be to buy maple leafs.
 
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Thought i would resurrect this thread due to the hit gold took today. Whose buying after today? I am thinking hard about US coins.
 
yogi said:
Thought i would resurrect this thread due to the hit gold took today. Whose buying after today? I am thinking hard about US coins.
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There has been a buying opportunity for a while now. It's kind of interesting, but sales of physicals have been way down since January's record. No reaction to Operation Twist, part duh, because expectations for growth have fallen off a cliff and inflation(as measured by a basket of products that no one buys) seems contained.

In other words, at the moment, there is not a lot driving metal prices up, since investors are going for high quality sovereign debt with no yield rather than piling into metals that could lose principal.

I'm not the expert, but I see this as a time to look at growing your position, if that is your plan, keeping in mind that prices could very well decline further.
 
OPM said:
What is so special about today? We’ve been at this level 4-5 times in the last month.
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Not the level so much as the convergence of a significant one day decline in price, a significant down day in equities and a significant day of poor economic data points. I feel if you look out a year, i could be covinced we will be back to all time highs.
 
excoastie said:
I just bought a bunch of Silver Eagles. Wished I had more money so I could have bought more.
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+1

Silver is the way I prefer to go as well. MUCH more undervalued than it should be, and definitely much more undervalued than Gold. Also more in my price range, with the additional benefit of being much easier to trade in smaller quantities in a SHTF scenario.
 
This is the pre-panic phase, I have a theory.

http://www.zerohedge.com/contributed/2012-07-06/are-banks-raiding-allocated-gold-accounts

Some time ago Morgan Stanley got fined for not buying and holding gold for their clients as directed. Now reports are coming out that those that have 'allocated gold' at holding warehouses are taking delivery and it is new gold. That is to say if it was really allocated and held for them it would be from the year or prior to them buying it.

SO, how many firms are holding NOTHING and trying desperately to short the market in hopes no one catches on. Let's also not forget MF Global when their warehouse with gold owned by clients was raided and sold off to give everyone a piece.

UNLESS YOU HOLD IT IN YOUR HAND YOU DO NOT OWN IT. All my gold and silver is in my house, hidden, stashed, and tucked - only I know where it all is.
 
From CNBC:

As gold prices hit a 2012 record of $1,787.40 per ounce on Friday, Bank of America Merrill Lynch analysts said the precious metal could soar to $3,000 or even $5,000 over the longer-term.


“We will be focusing in on gold. Ultimately we think gold can trade between $3,000 and $5,000 an ounce going forward,” MacNeil Curry, head of foreign-exchange and rates technical strategy at BAML, told CNBC’s “Worldwide Exchange.”

“Certainly not within the next few months, but on a long-term basis we are on a well-defined uptrend, and we have got more to run before that runs its course.”

Sabine Schels, senior director and head of fundamental commodity research at BAML, added: “The best long story for commodity markets right now is gold. In the type of aggressive monetary policy easing environment we have right now, post what the Fed has done with an open-ended QE, and what the ECB has done, you really want to be invested in gold.”

Schels forecast gold prices would reach $2,000 within six months, before rising to $2,400 by the end of 2014.

While Bank of America’s call on gold is among the most bullish, other market participants have also weighed in to suggest the yellow metal’s rally is far from over. (Read More: Gold Should Be ‘Owned by Everyone’: Dalio.)

In a Deutsche Bank report published on Tuesday, analysts Daniel Brebner and Xiao Fu forecasts gold prices will exceed $2,000 in the first half of 2013.

Like Schels, Brebner and Fu think a soft global monetary picture will be positive for gold prices.

“We believe the growth in supply of fiat currencies [those without intrinsic value] such as the U.S. dollar and dollar-linked currencies such as the renminbi is a key driver, followed by concerns regarding inflation and inflation volatility which could follow,” Brebner and Fu said in the report.

They added that the low interest rate environment meant investing in commodities rather than other asset classes came with negligible opportunity cost. (Read More: Gold ‘Clear Winner’ From Stimulus)

While the current global economic picture is supportive of gold, its intrinsic characteristics also help.

“Gold is truly scarce, having a concentration of around 3 parts per billion in the Earth’s crust… Scarcity may create some stability in the value that it represents, and in turn impact the confidence with which the public regard it,” Brebner and Fu said.

“The rate of gold supply growth is normally quite slow and reasonably predictable,” they continued.
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swik said:
u r full of it, dude. 1995, gold was $300 an oz, and now it's over $1900 an oz. 8% annual returns, rule of 72'sa says doubles your money in 9 years. 1995 to today is just 16 years, yet the price has gone up 6x. that means that it has doubled every 6 years, and it has now nearly doubled in ONE year. That means that MORE people overseas are wizing up about how we are "paying for" our wars, bailouts, etc. We are simply printing more money, with nothing to back it up. So they are DUMPING $ to buy gold, to protect themselves from our inflation. We will never again see gold for less than $1500 an oz, and I will be surprised if it ever again falls below $1700 an oz.
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Yeah? Well it's hovering around $1300+ presently. Last week it was closer to $1275. This thread has convinced me not to sit on my hands too long on this. If indeed we had an economic collapse I don't want to be that guy that said I wish I bought when I had the chance despite thinking prices were too high. Seems like it's better to have bought at least a little at a poor price than to have none at all.
 
Bt74 said:
Would have made much more money buying 5.45x39 a couple of weeks ago!
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Did you buy any?



Would have made a ton of money if you'd bought gold back in late 1990s and early 2000s........yes I bought it and silver too and a lifetime or two supply of .22 ammo a few years ago.[wink]
 

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