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 Replies: 34 / Views: 4,612 |
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Rest in Peace
United States
1729 Posts |
Hm. My Internet connection seems to "freeze" every day at 9:49 pm (CLT) and seems to "hold" for about 2-3 minutes. I've also seen the same thing happen at 9:49 am. Coincidence? (AT&T has failed to answer my queries.)
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Pillar of the Community
 United States
5863 Posts |
Well, PMs plummeted in the wee hours last night and then have been picking up dramatically since 8:00 AM (I'm assuming that's when the U.S. markets officially open). We'll see what happens as we head toward the 10:00 hour...
Edited by barryg
03/05/2012 09:32 am
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Pillar of the Community
United States
1554 Posts |
The big drop again! And right on time.
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Pillar of the Community
United States
5863 Posts |
Yep. When I look at it closer, it always seems to start (either going up or down) a little before 10 AM each day. Hmmmm....
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Pillar of the Community
United States
4008 Posts |
Got a tidbit of new info for you, Barry. It seems as if 10 AM EST coincides with the London daily gold price fix time. I think that there is a 5 hour difference between London and New York times, so that would be 3 PM in London.
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Pillar of the Community
United States
5863 Posts |
Interesting tidbit, Ed! Of course, now I have to find out what a gold fix time is...
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Pillar of the Community
United States
1554 Posts |
The big 10am drop again. Looks like a rough day. Buying is starting to look good again!
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Pillar of the Community
United States
5863 Posts |
If silver drops another $2/ounce, I just might need to go on a little buying spree...
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Pillar of the Community
United States
4008 Posts |
Quote:
Of course, now I have to find out what a gold fix time is... lol OK, OK. The London Bullion Exchange is one of, if not THE, largest bullion markets on Earth. Each business day, the price of gold is "fixed", which is to say set by this exchange. I'm not quite sure of the details of how they go about fixing this price but they are the folks who do it. Price fixing is supposedly illegal in the US but not necessarily in other countries. Usually, it is done by cartels who have the power to do it and a cooperative political system that allows it to occur. This is similar to OPEC, I suppose, although there are a lot of people bidding on oil to partly establish the price. With oil, at least, the producers can always reduce the volume they sell to raise the prices. I suppose that it is possible to do the same with gold and even silver. I will check into this and see how this is done for the metals... |
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Pillar of the Community
United States
4008 Posts |
OK, a quick search for info on gold price fixing resulted in the following: Source: http://www.lbma.org.uk/pages/index....arket_basicsThe Loco London Spot Price This is the basis for virtually all transactions in gold and silver in London. It is a quotation made by dealers based on US dollars per fine ounce for gold and US dollars per ounce for silver. Settlement and delivery for both metals is two good business days in London after the day of the deal. From this basis price, dealers can offer material of varying fineness, bar size or form - for example, grain - at premiums to cover the costs of producing smaller, exact weight bars, or bars of a fineness above the minimum 995 fine. Source: http://en.wikipedia.org/wiki/Gold_fixingThe London gold fixing or gold fix is the procedure by which the price of gold is determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in United States dollars (US$), Pound sterling (GBP), and the euro (€) daily at 10.30am and 3pm, London time, via a dedicated telephone conference facility. The Wikipedia page is especially interesting, as it contains a lot of historical info about how this got started and who the participants were, etc. Good reading on both pages, though. |
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Pillar of the Community
United States
5863 Posts |
Very interesting reading, Ed! I had no idea whatsoever.
Coming up on 10:00 again. I'm hoping for another massive dip to get prices back into buying range...
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Pillar of the Community
United States
5863 Posts |
Gee, looks like PMs took another nosedive today right at... wait for it... 10:00 AM!
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Pillar of the Community
United States
1554 Posts |
Yes! This is starting to look like major manipulation by the big players. I wonder how long this will or can go on as it's so obvious to market watchers. Fortunately it seems to correct most days. I also wonder who is getting ripped by this action that occurs every day or almost every day?
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Pillar of the Community
United States
4008 Posts |
Quote:
Very interesting reading, Ed! I had no idea whatsoever. No problem, Barry. I was happy to look into that and learned some things myself!  There is so much going on these days and so much info coming out that it can be hard to figure out what the really important things are amidst all the clutter. No one knows, for example, whether gold is topping out around $1700 an oz. now or whether this price will seem really cheap a year from now. Heh, I thought that gold was terribly expensive when it went to $500 an oz.!  Now, of course, it is around 3.5 times that and could well head higher... perhaps even MUCH higher thanks to all the economic problems out there, like excessive central bank money printing, suppressed interest rates, massive amounts of derivatives, oceans of public and private debt, etc. It literally boggles the mind! |
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Pillar of the Community
United States
5863 Posts |
I agree Ed. I keep people talking about the "primary upwards trend" of gold and silver, saying that any "small" dips along the way should be ignored. But as far as I'm concerned, it's just as likely that gold and silver have now peaked and that the current "dip" is simply the beginning of the slide back down. Or perhaps we're going to hit another 20-30 year plateau.
This is why I refuse to buy gold and have only put a very small percentage of my total assets into silver. Enough to make me giggle with glee if silver does go up above $100, but not enough to make me jump out a window if it goes back down to $5...
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Replies: 34 / Views: 4,612 |
First Page
Posted 03/05/2012 09:30 am
