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

 
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Pillar of the Community
United States
610 Posts
 Posted 04/14/2013  11:01 pm  Show Profile   Bookmark this reply Add Westwood Arms to your friends list Get a Link to this Reply
I have never been into bullion per se. The last gold I bought was a 1790 Mexico eight escudos (transitional type) VF for $1615, in Feb. 2013.

Driving back from Long Beach my buddy asked if this was a bullion purchase, no, if gold goes to $1k, this will still be worth $1600. Plus it is a very attractive coin.

Numismatic value lowers the PM beta considerably.

I do not understand PM valuation. But the velocity of price drop and the high volume = momentum would make me want to stay away. If you must, if you have a $50k budget, maybe go it at $10k per month.
Pillar of the Community
United States
2168 Posts
 Posted 04/14/2013  11:04 pm  Show Profile   Bookmark this reply Add angel2004 to your friends list Get a Link to this Reply
I am waiting until the prices are stable. You can't get anything at spot anyway, so I feel just wait and see where it ends and not pay those high premiums.
Bedrock of the Community
United States
12773 Posts
 Posted 04/14/2013  11:16 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
I agree with westwood dont put all the eggs in one basket and only use a percentage on PMs.

Also agree with Angel no reason to pay the old prices with the new drops. If they still want 30 plus for it Id wait it out some


Quote:
To me it is time to seriously look at property and I will be looking at shares in this area. I am not saying I am going to buy them, I am saying that they need to be looked at over the next 6 months along with gold and silver.


Im a big fan of diversification. The only caution I would say for that area is interest rates being non existent we could see another bubble type event when they return. If you stick to highly desirable properties though they should survive a raise.

Fire A.J. Preller
Pillar of the Community
United States
3787 Posts
 Posted 04/14/2013  11:51 pm  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
This is what I was talking about when I wrote this post. The trend would take its time to develop. There would be a retracement in price. Eventually tho, for the downtrend to make itself manifest, we would see finally a range break and it would be swift, hard and furious. I have said this countless times and its happening.

I emphasis the action today, not because I am giving a play by play of everyday and its action (tho day traders will be doing that because thats their time frame) but the key IMPORTANCE that this is.

this swift follow through today, after Fridays break of yearly lows, shows how serious this downtrend is. it CONFIRMS it. Many times and the best way to confirm the downtrend in price, that it wasn't a one off,, is follow through.. mind you they had all weekend to decide what to do and they decided they are going to keep dumping their gold and silver.

I;ll say it again, those that INSIST on buying every single dip, those who scoff and say "oh so what it dropped 2 pts its coming back" or say "i am in this for the long term" are going to be in for a rude awakening in the coming days, weeks, months and the big wild card,, years.

Why do I say years? because this downtrend could play out for years and then what? No one has any clue whether gold comes back soon or takes its sweet time.

So again, PLEASE,,, be patient and take your time if you are buying physical silver and gold. I would rather be hated and jeered at on this forum (which by now hopefully you realize I don't CARE what you think of me) and thread than have it on my conscience that I knew and know whats going on and be quiet and just say nada. NIBBLE.. this is not the time to unload and shoot your wad of cash on each and every dip, it will be painful and you will regret it.

and my disclaimers- I am short Silver since Friday and I am still long gold in an account.. and yes I have been selling sort gold and silver for months now. I will do my best to always disclose my positions in the interest of being open and not wanting anyone to think I am taking my book or biased.

Pillar of the Community
United States
3787 Posts
 Posted 04/14/2013  11:58 pm  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
Hat tip to Westwood from me!

Hey said something that I keep forgetting to write about- the beta in coin prices....the numismatic value, the premium on these coins, and even my beloved proof silver and gold... sure they will get hit,, but its not going to be the hard impact we will see in bullion pieces.

and I agree with Baseball and the other guys, don't buy yet, these dealers are going to have to unload their coins, there will be in the coming months silver and gold left and right as the general public dumps and gives up.
Valued Member
United States
380 Posts
 Posted 04/15/2013  01:18 am  Show Profile   Bookmark this reply Add Arcticsparky to your friends list Get a Link to this Reply
You got lucky with your prediction yup. It can always go either way. Don't let your head get too big.
Valued Member
United States
380 Posts
 Posted 04/15/2013  01:25 am  Show Profile   Bookmark this reply Add Arcticsparky to your friends list Get a Link to this Reply

Quote:
and I agree with Baseball and the other guys, don't buy yet, these dealers are going to have to unload their coins, there will be in the coming months silver and gold left and right as the general public dumps and gives up.

I agree that some may choose to sell at the worst time. It's too bad the general public is so ignorant. Alas this is the plague that destroys countries, and civilizations. Where survival of the fittest, becomes support of the weak.
Pillar of the Community
United Kingdom
548 Posts
 Posted 04/15/2013  04:06 am  Show Profile   Bookmark this reply Add Demarco Bishopp to your friends list Get a Link to this Reply
Markets have opened in London. Price of gold has fallen again to $1439/oz. Lets see if there's a recovery.
Edited by Demarco Bishopp
04/15/2013 04:29 am
Valued Member
Canada
281 Posts
 Posted 04/15/2013  05:21 am  Show Profile   Bookmark this reply Add miggs to your friends list Get a Link to this Reply

Quote:
Don't let your head get too big.

Too late for that
Pillar of the Community
Canada
746 Posts
 Posted 04/15/2013  05:38 am  Show Profile   Bookmark this reply Add allspice to your friends list Get a Link to this Reply
@yup7676, thanks for the warning! I focus mainly on numismatics and semi-numismatics, always figuring that was good leverage. But this is indeed painful for the those who only bought bullion. This is a good time to get a few nice pieces without the hefty premiums, if one is lucky.

I'm a fan of Marc Faber, who is calling for $1350 gold, as a good buying opportunity. He claims a significant drop would signal the next bull run. No doubt, this insane move is where the strongest hands will be the winners! And let's not forget the Cyprus situation. I'd still rather hold precious metals than watch my hard-earned money get robbed/drained with a possible bank run!

Getting another cup of coffee. This is a night/morning we won't forget!
Pillar of the Community
United Kingdom
548 Posts
 Posted 04/15/2013  06:25 am  Show Profile   Bookmark this reply Add Demarco Bishopp to your friends list Get a Link to this Reply
Now it's $1400/oz

This is looking like freefall. Surely this can't continue.
Pillar of the Community
United States
1252 Posts
 Posted 04/15/2013  06:40 am  Show Profile   Bookmark this reply Add Wornslick to your friends list Get a Link to this Reply
yup7676, just want to let you know that I appreciate you posting your thoughts on what's happening now and in the future in the gold and silver market.

I am not a large buyer of silver, just 2-3 ounces at a time, once or twice a month. Now that I think about it, a 5 ounce bar is my biggest purchase so far.

Keep posting, some of us are paying attention.
Pillar of the Community
United States
4742 Posts
 Posted 04/15/2013  06:42 am  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Wow, it was at $1385 when I got up a little while ago, but it has now bounced back a bit to $1415. Just waiting to see what will happen when the U.S. markets open. More recovery, or back to freefall?

My Coin & Currency Collection
(Dansco 7070 and 8100 albums, Proof Type Set, U.S. Currency Type Set & Foreign Bullion Collection)
Valued Member
Canada
281 Posts
 Posted 04/15/2013  06:44 am  Show Profile   Bookmark this reply Add miggs to your friends list Get a Link to this Reply
From a low of $1385, its now $1421. Its looks like
buyers were waiting for the right price to jump in.
But there's allot of back in fourth.
http://www.pmbull.com/gold-price/
http://www.pmbull.com/silver-price/
Pillar of the Community
United States
4742 Posts
 Posted 04/15/2013  06:57 am  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Well, today is a holiday where I live and I'm taking my son on a fishing trip. If priced haven't rebounded by the time we get home, I'll probably pick up a little more gold. Otherwise, I'd be a nervous wreck all day long trying to second guess the market.
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