What Happens To Gold And Silver Next? Look Out Below?

Sure enough, the markup on spot price has gone up today in the UK, sadly this wasn't the case last night whilst those running those sites were asleep.

For example on TheGoldBullion UK website, last night(or this morning rather around 4am ish) the spot price was £938.32 and the cost they were selling a 1oz gold Britannia was £1005.78

Now that we're in working hours, the spot price last time I checked couple minutes ago was £925.42, but the price of a Britannia has gone UP to £1011.42.

In other words, early in morning they charged £67 more over spot and now they're charging a whopping £85 over spot!

Keep an eye on the spot vs actual sale price people, there's a lot of 'tweaking' going on right now with some websites.

Good morning my friends, I wish you all a happy Monday!

just a quick note here- price wise, it appears we could be running into our first level of support here in silver. lets see how the day goes as its still early. However, I want to note, seeing we broke 25 the probabilities are very high that in time we see 20 on the low end for silver.


I would expect either two things from here -a- markets continue to dump hard silver and gold b- or a retracement before another leg down. eventually the sellers will get exhausted.

Finally in the interests of full disclosure, I covered my line short in silver and am out for the time being. I continue to be long gold.

Pricing up after a plunge is normal, sad to say, in the business. There is always a lag between the market and the street. So when there is a plunge like this alot of companies raise their prices because they know that sooner or later they WILL have to lower them and they are trying to make as much money as they can to cover those future losses. The problem is that the buyer from the street usually will reconsider buying when they notice the price going up. I stopped selling gold as a bullion product almost a year ago. Buying of bullion gold dropped to almost nothing in my market. Silver has still modestly been selling, but mostly in bags or rolls of 90%. Bars and Ingots are not doing so well, and haven't been. Most buyers of 90% are doing so with an eye to a potential collapse of the Fiat currency and want silver as a back up currency, in recognized denominations and purity.

Actually the Mint's pricing regulations could work in our favor. If the price stays down and the mint HAS to lower their prices then it will cause a reduction of prices on the secondary market. Imagine if you will the mint selling proof silver eagles in $30 to $35 range. Or Gold Eagles in the $1300 range. The only way for the secondary market to compete would be to lower their prices as well.

This is a price drop many of us can't even buy on even if we wanted to. Dealers are not lowering prices on 90% silver. Dealers are holding back supplies of ASE's. The only things they are selling are items they buy on the cheap today from frightened sellers. Maybe it is different where you are but my LCS's have not lowered prices on Peace dollars, Morgans, 90% and claim to be out of ASE's. Now let's see if the mint lowers prices.

I don't see how the drop in price will trickle down from dealer to the mint to the mine concerning physical PM. At any point in that process the precious metal could be stockpiled and production cease. If the mint has contracts to buy silver from a mine at $25/ounce, for example, why would they invest the cost to produce the coins then sell them to the wholesaler at a loss?

Thanks yup7676! You are a godsend!

I tried to make a purchase whilst panicking in the middle of the night, but when I pressed the trigger button, the site went offline. When it went back up, premiums were higher. I will wait for the dust to settle & with patience, make a better deal/decision then. Trying to stay cool! ...