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 Replies: 5,649 / Views: 461,645 |
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Pillar of the Community
United States
4333 Posts |
Quote:
I'm no economist.
IMO, metals are cheap when people have faith in the economy. After 2 recent wars everyone is catching their breath, and things (the economy) seem to be going along ok. So metal prices are dropping, money is cheap, cash is king, and the stock market is good.
The middle east stuff is basically being ignored by us now while we have our heads in the sand.
The next round for us to get re-involved at a high level WILL eventually come. Peoples knees will get weak again, and precious metal prices will rise. BTW silver is NOT renewable. Recyclable yes. There is a finite amount of it as far as I know unless we've found a way to create it.
THESE ARE THE GOOD OLD DAYS Thanks to the FED pumping artificial money into the market, yes, everything is ok. For the 10% that can't complain. I know I'm rolling in cash, food and energy prices stable. Property taxes not going up. All is good in la la land. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
174 Posts |
$18.63 silver and $1240 gold!
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Pillar of the Community
 United States
3789 Posts |
.... and gold and silver are resolving their moves lower after weeks of slow grinding downward consolidation.
the question becomes- are we going to re-test yearly lows?
Thats the first issue of importance.
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Pillar of the Community
United States
2373 Posts |
We are at yearly lows now. It shouldn't be too long.
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Pillar of the Community
United States
3789 Posts |
for gold we are not at yearly lows, the yearly low is 1181.40
for silver the yearly low is 18.61 which we have touched today.
A rip past those ares increases the probabilities greatly of much lower, fresh yearly lows.
As we can see, the powerful downtrend in silver and gold never went away. You do not buy downtrends for this reason.
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Valued Member
United States
174 Posts |
Keep dropping! I want it cheap and I want a lot of it!
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Pillar of the Community
United States
3789 Posts |
well pretty good follow through selling in the sense that the sellers havent backed off. Not heavy straight down price action, I suspect we are going to get another range of back and forth before the next move.
That said, the trend is down and all the back and forth we have seen has been resolved lower.
Whats important now is how low will it get pushed?
I like the price action tho thus far for lower prices, I am short gold since Tuesday and I think, based on price action and how its acting, we are course to test golds yearly lows.
For those that are buying gold, silver and thinking low prices are great, well that might be what you want in that sense if you are buying it as an investment. However, I wouldnt go all in just because prices are depressed. Even when we find that floor, there is no telling when prices will go back to an uptrend.
It could take a long time before you see a return on your PM purchases, so if you do buy, dont lay all your cash into them.
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Pillar of the Community
United States
3789 Posts |
wouldn't be surprised to see a pop here in gold and silver, should be typical as this has been the typical pattern.
I think, based on price has traded before, we once again go into yet another range, on the lower end, full of chop and sideways trading until it resolves itself.
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Pillar of the Community
United States
3789 Posts |
well. pretty clear the last 4 days, gold was consolidating and then with today, decesively broke lower.
It appears via the price action that the probabilities are high a yearly test of gold is on tap and maybe even breaking 1,000.
let see if price moves lower, as of now, the yearly low is going to act as a strong magnet for gold.
Silver is also not looking hot either...
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Pillar of the Community
United States
5857 Posts |
I am thinking if gold drop below $1100+ and silver at $16+ per oz. Then I will start to pick a few up here and there, meanwhile I am just buying a few Mercury dimes and rhinos into my collection. Edited by macmercury
09/17/2014 5:48 pm
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Pillar of the Community
United States
3789 Posts |
@Macmercury yea I would like to find some of these semi-bullion coins I have missed like a proof Rawanda elephant..... and I would love to find some older dated Somalia elephants.... I am so so so looking forward to gold and silver dropping hard and staying down for a long time as there are many nice coins with elephants and rhinos, as an example, that I want. I think the probability is pretty good to at least touch yearly lows in gold as an example, and as silver has touched yearly lows, I think it can go much lower here. I continue to stalk ebay looking for fire sales and hope we see panic from individual collectors that perhaps were speculating or higher prices, that will dump their coins. |
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Pillar of the Community
United States
3789 Posts |
Heads up guys, gold and silver making big moves here, lower and are and have been breaking important areas in price.
I will try and get some charts up to explain more in detail.
I do want to say, this is why buying in a downtrend is not wise. Whether you believe it or not, downtrends dont reverse overnight nor do they just just continue down.
I would sit back and just let the dust settle over the coming days, theres no need to rush in and buy silver and gold here right now, there will be plenty of deals for those who continue to stack. Why you would want to stack on assets that are rolling over,, I dont know.. but at least dont over pay for declining assets please.
more later, very busy on this end but will be back with more discussion.
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Valued Member
United States
276 Posts |
Any ideas what is happening today with the spot prices? This big of a huge and sudden drop seems like it would be the result of something. Also,
shouldn't we be nearing the price floor for what silver can be mined and refined at? I'm wondering what's the lowest it can go?
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Pillar of the Community
United States
3789 Posts |
@lunchmoney
silver and gold are in a very large and powerful multi-year downtrend. They will continue to go down until the downtrend is broken.
What we have seen for the 6-12 months was a huge range, a consoldiation of price that resolved itself, again, to the downside.
To keep it simple- silver and gold will continue to decline. It is anyones guess where the floor is, to keep guessing is futile. We can declare the downtrend is over when price breaks upward, stopping the downtrend.
Mining costs, refining costs, etc , have no bearing on the price of silver and its direction. Some miners will continue to mine, others will close, some will merge, etc. Many big names have or already hedging these lower prices.
For now, stay way from silver and gold, as buying them will result in finding that they moved lower in price from where you purchased.
There will be plenty of time to buy, without the huge risk of seeing lower prices.
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Pillar of the Community
Canada
746 Posts |
Thanks for the heads up, yup! Trying to stay cool!  Enjoying the show, in the meanwhile...  |
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Replies: 5,649 / Views: 461,645 |
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Posted 09/11/2014 07:01 am
