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 Replies: 11 / Views: 1,185 |
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Pillar of the Community
Mexico
1304 Posts |
Okay folks, I know I'm out in the east elbow of nowhere, but I can read the news...what caused silver to take a dive over the past 24 hours? Fridays are notorious for the pre-weekend bump that aggrivates me every time I scrape togehter enough to buy an ounce.
What gives?
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Pillar of the Community
United States
2335 Posts |
The claim by the talking heads is that the dollar strengthened against other currencies, which would make the cost of gold in dollars drop. IMO it dropped because I shipped a small batch of scrap gold to my refiner today.
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Pillar of the Community
 Mexico
1304 Posts |
Do the talking heads actually check the USDX? If anything, it's down!
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Pillar of the Community
United States
1195 Posts |
I do hope this continues another %5 or more, then holds next week so I can stack and scratch my new numismatic itch: silver Washington quarters and their matching halves. |
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Pillar of the Community
United States
1200 Posts |
The responsibility for today's drop is at least partly mine, because I made an online PM buy early this morning. Every time I make a buy, PM spots by definition drop like a bowling ball in an open elevator shaft right after I make the buy.
Now that I'm temporarily broke again, everything should be back to normal in 2 or 3 working days.
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Bedrock of the Community
13014 Posts |
Lol freddy. Quote:
Do the talking heads actually check the USDX? If anything, it's down!
It actually went up 54 cents today getting it back to its highest point since early september |
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Pillar of the Community
Mexico
1304 Posts |
Curse my fumbling fingers...You are absolutely correct. On Kitco's USDX chart, 3M is in almost the same spot as the 3D on the Silver chart. I had the scale completely wrong.  |
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Bedrock of the Community
13014 Posts |
Ive done similar things many of times. Luckily I have the kitco app on my blackberry which has very few features other than the prices so I usually dont have to worry about messing anything up  |
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Valued Member
United States
487 Posts |
007 has it right, a strengthening of the US dollar to other major currencies along with a better than expected jobs report sent precious metals scrambling to the cellar. Oil is at surplus now and with the country going into the winter months doesn't help. Maybe a good time to buy?  |
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Bedrock of the Community
Australia
21788 Posts |
The 50 year price trend line (smoothed out) for silver gives a price of $20 or less. That would still suit me, because most of my silver was obtained at around $10 or $15 as numismatic silver coins, not bullion coins.
A price of around $20 would make my life as a numismatic coin collector a little easier.
I have perhaps over 1,000 silver coins in my collection, most of them 19th and early 20th century.
I gave around $8,000 numismatic value in modern proof silver coins to my kids recently.
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Pillar of the Community
United States
1116 Posts |
I'm going out tomorrow and try and score some silver to bring down my average cost some more. I always try to take advantage of dips like this.
This weeks drop in the price of gold matches last month's drop. Good time to buy gold also.
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Valued Member
United States
344 Posts |
Quote:
007 has it right, a strengthening of the US dollar to other major currencies along with a better than expected jobs report sent precious metals scrambling to the cellar. Oil is at surplus now and with the country going into the winter months doesn't help. Maybe a good time to buy? If you can get it. I dollar cost average my silver purchases, so I don't pay too much attention to price. Yesterday afternoon I went to my B&M guy for my regular junk silver purchase. He said with the drop, he was completely sold out within 15 minutes of opening. |
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Replies: 11 / Views: 1,185 |
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Posted 11/02/2012 4:49 pm
