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Gold and silver market  
 

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Valued Member
United States
94 Posts
 Posted 01/27/2010  6:02 pm Show Profile   Bookmark this topic Add nancyk to your friends list Get a Link to this Message
What is going on with the price drops in gold and silver?
Pillar of the Community
United States
567 Posts
 Posted 01/27/2010  6:11 pm  Show Profile   Bookmark this reply Add RPT to your friends list Get a Link to this Reply
The Federal Reserve voiced cautious optimism on the U.S. economy, dampening the metal's appeal as an inflation hedge. http://www.cnbc.com/id/35093189
Valued Member
United States
213 Posts
 Posted 01/27/2010  8:46 pm  Show Profile   Bookmark this reply Add paul to your friends list Get a Link to this Reply
Silver and gold are currently "bubble markets". This means that the prices are higher than they should be.
For example, houses 4 years ago sold for way more than they were worth because of a housing bubble. So, people paid too much for their houses.

Silver and gold are trying to correct themselves, but it is a hard road. The metal bubble started in 2003 around the time of the iraq "war". As soon as everybody leaves that wasteland, silver will fall to around 6-8$ an ounce. I expect this to be soon. Silver already peaked on March 17, 2008 at about 21USD.

Here is what wikipedia says about that day:

Quote:
# laws. (Reuters)
# Subprime mortgage crisis:

-----> * World stock markets decline sharply after the proposed sale of investment bank Bear Stearns to rival JPMorgan Chase. (BBC News)
-----> * The United States dollar reaches a new record low against the euro, while petroleum price climbs to a new high. (BBC News)
* German engineering conglomerate Siemens AG issues a profit warning, and its shares fall by more than 10%. (BBC News)
* The price of gold rises above the £500 per troy ounce mark (£508.445/$1023.50/€649.511) for the first time in the a.m. London Gold Fixing. (LBMA)
* The price of gold reaches a record intraday high of 1034 US dollars per troy ounce. Stockcharts.com


Hope this helps. Don't buy silver!
Pillar of the Community
United States
628 Posts
 Posted 01/27/2010  9:08 pm  Show Profile   Bookmark this reply Add m9frank to your friends list Get a Link to this Reply
Also the dollar is making a rally, it's gaining value compared to the euro, yen, pound, etc. Stronger dollar buys more gold or silver.
Valued Member
United States
473 Posts
 Posted 01/27/2010  9:51 pm  Show Profile   Bookmark this reply Add GFR3 to your friends list Get a Link to this Reply
The governments of the world have toned done a little on the spending and the metal markets are showing this. Not watching the Prez's speech but you will probably see the markets move around a bit more than usual tomorrow. That goes both ways (good speech vs bad speech)
Pillar of the Community
United States
8589 Posts
 Posted 01/28/2010  02:22 am  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
Gold and silver, along with platinum and palladium, are "hard currency" among other things. Paper, electronic or any other government created money are backed only by issuing authorities. As more and more "money" is created without backing, metal prices should rise.

I look for silver to hit $30/oz within 3 years and gold: $2,000/oz. Recently the Euro has been in a free fall, allowing the USD to look relatively strong and suppressing metals prices in the U.S.

These things go up and down and have been on a good upswing the last few years. When economic prosperity returns, and that could be several years, then I'd look for a serious downturn in gold.

Many think gold will never trade below $1,000/oz again. I'm not that bullish and believe we see $700-$800/oz as well as $2,000/oz all in the span of the next few years.

Stocks can go to zero, bonds can go to zero, paper currency can go to zero. Precious metals will never go to zero. In these troubled times everyone should have 10% of their assets in metals for insurance if nothing else.
ANA #R3154474
Valued Member
United States
53 Posts
 Posted 01/28/2010  07:25 am  Show Profile   Bookmark this reply Add biglite351 to your friends list Get a Link to this Reply

Quote:
Hope this helps. Don't buy silver!


I just started buying silver...
Moderator
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United States
14454 Posts
 Posted 01/28/2010  09:10 am  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
you shouldn't spend money on precious metals that you will need in the next month, it should be a vehicle that you can hold on to for awhile and say I don't care if it goes lower than this but I will not sell until it gets to this. If you buy high and sell low you will lose your shirt because these things will go up and down according to what is going on ion the world at that specific time. I buy when I think its at a good price and I just sit on it until it reaches what ever figure I had in mind when I bought. I don't care if it goes higher than that after I sell and I don't care if it sells for lower after I buy, I have a set number in mind and I buy at the number I had and sell at the number I had and not a moment sooner. If it goes lower than my buy price I may buy more at that time but I never sell before it hits my sell price
Valued Member
United States
94 Posts
 Posted 01/28/2010  09:26 am  Show Profile   Bookmark this reply Add nancyk to your friends list Get a Link to this Reply
Obviously there is a variety of opinions: Buy silver; don't buy gold, etc. I tend to agree with USA. Buy and hold until it hits your predetermined high and then sell.
Pillar of the Community
United States
2107 Posts
 Posted 01/28/2010  09:57 am  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I'm always a little surprised when people ask what's up with the price drop/rise in anything. There are only 2 possible alternate price behaviors; either it doesn't change or it changes in only one direction. Neither of those options is realistic. Over time anything that can be invested in, or speculated on, fluctuates.

In general, market forces cause price fluctuations, as evidenced by the price changes in sliver over the last 12 months. If anyone does figure out exactly what makes the price change & a way to predict it let me know & I'll make us both rich.
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United States
57950 Posts
 Posted 01/28/2010  10:21 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I agree with Bryan. Like most investments, this should be a long term play and not something to make fast cash.
Valued Member
United States
94 Posts
 Posted 01/28/2010  10:25 am  Show Profile   Bookmark this reply Add nancyk to your friends list Get a Link to this Reply
I am not one of those paranoid types, but do believe there are "secret" forces behind what makes the dollar plus the metals go up and down. I am not sure if it is some form of the Illuminati, but I think the market can and is manipulated in the U.S.
Valued Member
United States
53 Posts
 Posted 01/28/2010  11:53 am  Show Profile   Bookmark this reply Add biglite351 to your friends list Get a Link to this Reply
I am cheap by nature anyway. Even though I am looking for silver coins (eagles, koalas, etc0 I am not just buying them up. I set a price for myself (including the shipping) and I do not go over it. I am looking for graded versions a lot so those have a premium, but I keep myself in check.
Valued Member
United States
272 Posts
 Posted 01/28/2010  2:38 pm  Show Profile   Bookmark this reply Add OldGold to your friends list Get a Link to this Reply
I just recently got back into collecting, but so far have stayed away from gold and silver. I just can't shake the feeling there is a big price drop coming and I don't want to get caught on the wrong side of it.
Pillar of the Community
United States
2107 Posts
 Posted 01/28/2010  3:02 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply

Quote:
I am not one of those paranoid types, but do believe there are "secret" forces behind what makes the dollar plus the metals go up and down. I am not sure if it is some form of the Illuminati, but I think the market can and is manipulated in the U.S.


I can 100% guarantee that IF there is a "secret" force manipulating precious metals & the US dollar they are also manipulating every other commodity & currency.
Valued Member
United States
94 Posts
 Posted 01/28/2010  5:41 pm  Show Profile   Bookmark this reply Add nancyk to your friends list Get a Link to this Reply
I think there is an international monetary fund. If there is conspiracy, that is where the genesis of it began.
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