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 Replies: 18 / Views: 3,058 |
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Pillar of the Community
United States
1450 Posts |
Gold is back over $1740 and silver is almost $34.50. I know Bernanke just spoke to the senate finance committee but he didn't say anything new that I know of that would drive up PM's like that. Any ideas?
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Valued Member
United States
404 Posts |
One doesn't always have to say something...to say something. Just sayin...lol.
No news is good news? I'm sure investors were waiting for him to speak today to determine how to proceed.
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Pillar of the Community
Canada
1723 Posts |
Were we not supposed to hear about Greece talks today?
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Valued Member
United States
404 Posts |
Greece? Don't they have the same GDP as Indiana?
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Pillar of the Community
United Kingdom
1682 Posts |
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Pillar of the Community
United States
4008 Posts |
Quote:
Greece? Don't they have the same GDP as Indiana? Yes, they do... but they also have borrowed many billions of dollars / euros and there are many more billions written as Credit Default Swaps. This is what happens when derivatives go bad. Just as the earnings are multiplied when things go well, so are the losses when they go bad. This is why the ECB was falling all over itself NOT to declare the Greeks in default, even though they are, as that would have triggered the CDSs that would have clobbered several big banks, possibly starting a worldwide banking collapse. Ain't leverage wonderful?  As to gold and silver today, not hearing improving news on the Greece situation when it was expected plus some dollar weakness led to the improvements in PM prices. |
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Pillar of the Community
United States
3670 Posts |
I would not put much weight on the minimal climb, as this is the second time silver past 34 recently, soaring up to 34.50 or so, while gold got back up around 1750 again, before the late day typical minor pullback an flat line....
When silver passes 35 bucks an oz., and gold flirts with 1800 again, then I think we are stepping up to dare I say, a new level....
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Pillar of the Community
Canada
3692 Posts |
Well, if we're talking 1-2 weeks ago (can't remember the exact day) when your president gave his state of the union address, the next day metals just went crazy. 4 years is enough for anyone.
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Valued Member
United States
67 Posts |
Could the sanctions with Iran impact PM prices.
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Valued Member
United States
299 Posts |
ANYthing that causes uncertainty affects prices of PMs
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Pillar of the Community
United States
648 Posts |
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Valued Member
United States
264 Posts |
@Silverhawk74 Excellent point about these new 1st quarter, 2012 PM levels. Hold on, the rollercoaster ride is going to be fun this year!
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Pillar of the Community
United States
4008 Posts |
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ANYthing that causes uncertainty affects prices of PMs True enough. Unfortunately, those who worry so much about certainty vs. uncertainty, do not seem to understand that certainty is basically just a comfortable illusion. We *think* that we know something, therefore we are more comfortable with the unknown that is the future. In fact, there IS NO CERTAINTY and there never has been any. Therefore, its loss should not be a big deal. Somehow, however, it still seems to be. :-/ |
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Pillar of the Community
United States
3670 Posts |
Silver is bouncing like a ball from 34.50 down to 33.50, and back up again and has been running that similar pattern for a week plus now, and gold has been bouncing back an forth from 1720 an 1750 or so during that time.....
It will be interesting to see if it continues up to the next level as fore mentioned say 35 bucks plus, or if it tanks back down into low 30's or dare I say high 20's once again, which would be real unusual for this time of year an all, as it should continue the steady rise, and most investors seeing all this economic recovery as more smoke an mirrors perhaps.....
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Pillar of the Community
United States
667 Posts |
To me silver has shown a very strong gain and ability to go higher after everyone had given it up for dead last month. I believe this level will hold for some time. $35 is not that far off in the near future.
In the past 30 days it has climbed $4 dollars, while it does not appear to be much that is a large gain, very large. To put it in perspective if you had 1,000 ounces you made you made $4,000.
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Pillar of the Community
United States
5856 Posts |
At 8:51 AM EST I got the following news alert: Quote:
Greek Political Leaders Reach Deal on Austerity Measures
After days of talks, Greek political leaders reached a deal on Thursday to support a package of harsh austerity measures demanded by Greece's financial backers in return for a 130 billion euro bailout. The deal is expected to unlock the bailout funding and prevent Greece from default. At almost the exact same time, silver and gold prices started climbing rapidly. I'm sure there's a connection, but I'll be darned if I know what it is... |
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Replies: 18 / Views: 3,058 |
Posted 02/07/2012 2:18 pm
