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Silver And Gold Prices Are Tanking. Who Knows Why?

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Valued Member
United States
278 Posts
 Posted 03/18/2020  1:11 pm Show Profile   Bookmark this topic Add fplagge to your friends list Get a Link to this Message
Hello, all you professionals,

I must assume that precious metal prices crashing is due to the Corona virus outbreak, but can anyone provide the logic as to why?
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Canada
3301 Posts
 Posted 03/18/2020  1:15 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Along with stocks , other commodities, oil.
Simple , crazy unfounded fears causing a lemming panic.
We all need to stay calm , cool and collected .
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United States
8739 Posts
 Posted 03/18/2020  1:23 pm  Show Profile   Bookmark this reply Add TNG to your friends list Get a Link to this Reply
I agree. Wish I had 100,000 handy. If I had a lot of money right now, I'd be buying up stocks and gold and am going to buy what silver I can afford at this time.
I would not buy Palladium and feel sorry for those who didn't sell when it was over 2400. That sting will hurt for awhile.
It will all come back and in short order once this blows over.
But this will pass.

and I am frequently wrong about markets so don't go by my thinking.
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Edited by TNG
03/18/2020 1:27 pm
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United States
1909 Posts
 Posted 03/18/2020  1:30 pm  Show Profile   Bookmark this reply Add keith12 to your friends list Get a Link to this Reply
This to shall pass
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United States
5163 Posts
 Posted 03/18/2020  3:39 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
The problem is there is limited, to zero silver that wholesalers and dealers have in inventory that they want to sell..

Why sell silver that you paid 18$ for a few weeks ago at today's market price?

Nobody likes losing money.....especially coin dealers!
Valued Member
United States
379 Posts
 Posted 03/18/2020  4:37 pm  Show Profile   Bookmark this reply Add jaxenro to your friends list Get a Link to this Reply
oil.oil.oil

gold follows oil
Bedrock of the Community
Australia
16967 Posts
 Posted 03/18/2020  6:27 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Due to COVID-19,
World trade has partly diminished, shocks and scares (sorry, stocks and shares) prices are in free fall, World tourism has been almost temporarily wiped out, and local businesses that depend on groupings of people (restaurants entertainment tourism) have had their trade severely restricted by Government edicts.

Everybody wants cash.

That also applies to those who cannot afford to keep hold holdings of PM's, because they need immediate money as well.
Result?
PM prices are falling as well.

PM dealers have been caught with whatever inventory they have, and won't sell what they have for a loss. Like everybody else they are in business to make a profit.
So, they temporarily close their businesses.
Those with PM holdings have been caught as well, and for the same reason.

----------------------------------------------------------------------------------------------------------------------------------------------------

My advice to PM holders who have other forms of income, is to
stop wringing your hands with worry.

All pandemics has passed in the past. COVID-19 will do so as well. Some health authorities have guessed that the COVID-19 threat will last for something like six months.

in 1932 America was in the depths of the Great Depression. In 1936, (4 years later), the American economy for the most part, was well on the way to a strong recovery.

That will happen to PM prices as well.
Then, COVID-19 will be a distant memory.

So, we all should know what we can do with our toilet paper!
Edited by sel_69l
03/18/2020 6:58 pm
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United States
3921 Posts
 Posted 03/18/2020  7:31 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Hello! PM's compete w/the dolla! Enough said.
When I listen to LED ZEPPELIN...so do my neighbors...
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Pillar of the Community
Canada
2832 Posts
 Posted 03/18/2020  7:50 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
and gold is doing just fine.. it is silver that has broke it's leg..
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United States
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 Posted 03/18/2020  9:20 pm  Show Profile   Bookmark this reply Add D0ubl3Eagle to your friends list Get a Link to this Reply
I don't know if true but on twitter, there seems to be a rumor going around about several very large hedge funds needing to quickly unwind very large leveraged bets in the markets. It could explain the actions of the fed and some of the very volatile and strange prices lately. So maybe they had no choice but to sell gold in order to raise cash.
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2074 Posts
 Posted 03/19/2020  12:12 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
Leverage is killing us. But the Buffets are having a field day buying the drop.

Sell when you have to, buy when you can afford it.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Australia
16967 Posts
 Posted 03/19/2020  6:14 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Buffett is cashed up right now.
He now has the buying trigger that he was looking for.
Over the next 3 or 4 years, he will be buying quality shares using dollar cost averaging, of
companies that have good prospect of producing decent dividends, and have good forward looking business prospects.

He certainly doesn't need PM's.
Valued Member
Canada
62 Posts
 Posted 03/20/2020  12:38 pm  Show Profile   Bookmark this reply Add sbr to your friends list Get a Link to this Reply
What is cash eventually worth if they keep the presses going and give it to everybody, we went from a 20 billion deficit to a 100 billion deficit in one day(Canada).
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United States
3921 Posts
 Posted 03/20/2020  6:20 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Chicken feed.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
170 Posts
 Posted 03/23/2020  12:49 pm  Show Profile   Bookmark this reply Add river4449 to your friends list Get a Link to this Reply
There is no harm in being over-prepared for a situation such as this, but over-reaction to the extent it has been is unnecessary. While its understandable that business and money flow in markets is indeed heavily hindered by quarantines and the virus, it will pass. While control and treatment of a virus, which by nature infects exponentially more and more people with ever generation is very difficult, therefore warranting quarantines- the hoarding and brash "apocalypse preparation" shown in some states amidst a two-week shelter in place is ridiculous. With that said, if you have an avenue through which to purchase precious metals as a back-stop in case the economy worsens, I would recommend doing so.


Jasper
regards, Jasper- "river4449"

PMs are open, whether you have a question or simply wish to talk.
Edited by river4449
03/23/2020 4:19 pm
Valued Member
Canada
369 Posts
 Posted 03/23/2020  4:47 pm  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply

Quote:
but over-reaction to the extent it has been is unnecessary



I understand the approach from health care and government officials but the panic buying of basic commodities such as toilet paper, lysol, hand sanitizer has been crazy.

A local grocery store has indicated that there was no problem with the supply chain for household goods until the panic... now the issue is not enough drivers to keep shelves stocked. There is no commodity shortage. Grocery stores in this neck of the woods are limiting access to support distancing but beyond that, there are no issues except for those items panic bought and challenging the resupply channel.

There have been a number of threads on this forum over time that have discussed the best approach to the zombie apocalypse or economic melt down... Gold vs. Silver vs. Firearms. All Wrong. Toilet paper & lysol will be the new currencies come the end of days. What a world.
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