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 Replies: 10 / Views: 1,538 |
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Pillar of the Community
United States
3789 Posts |
While the PMs are getting a good beat down today, along with other commods that are extremely weak and falling this week (corn, sugar, coffee cocoa to name a few) these overall stock market is looking great.
I am seeing today continued action in banks, not only here but in many parts of the world, and housing stocks and related names to make yearly highs. there is market leadership.
My first conclusion therefore, with regards to the PMs being weak, especially after the Fed announcement is - the market is rotating out of these high fliers for now and putting money to work in other areas of the market. Also, the PMs are suffering price wise at the expense of the overall commodity market which has been weak and continues to weaken.
I dont think at this stage tho, price wise, that its game over for the PMs. I would only start to really raise my eyebrows should silver and gold start to get closer and crack their yearly lows, then that would confirm that a new trend is in place, that of a downtrend.
in the end, the market will decide. BTW, these are my thoughts only and are not the final say. I adhere to the tape and the direction it gives, and it does drop clues along the way in the form of price action.
also by no means does this mean that I wont stop buying gold and silver and collecting those coins.
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Pillar of the Community
United Kingdom
4208 Posts |
I can finally afford silver! However, I think that tomorrow, or perhaps saturday, once people realise we arent all going to die in the mayan 'apocalypse' the price might pick up a bit.
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Pillar of the Community
United States
919 Posts |
Silver has fallen below its 200 day moving average. The "pros" are calling for it to fall some more. They are calling it profit taking, but it seems to be more then that. Hard to believe on a day the dollar drops silver and gold dropped a lot.
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Valued Member
United States
148 Posts |
In the short-run the market is a voting machine. In the long-run it is a weighing machine.
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Pillar of the Community
 United States
3789 Posts |
actually the market is always looking forward and as such discounts and marks up all asset classes.
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Pillar of the Community
United States
3789 Posts |
nice little lift there getting up off the lows. tomorrow should be interesting, seeing its the weekend would be surprised a slight move lower and drift into no where.
i also suspect silver takes a bounce before it decides its next move.
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Pillar of the Community
United States
2661 Posts |
Stop loss orders are kicking in putting downward pressure on the PM markets.
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Pillar of the Community
Canada
1723 Posts |
I can see it dropping more until the new year. Dunno how low but I still think (IMO) that $27 is the floor. Repeat of last year this time. As for profit taking....why not? End of the year balancing and such. For those that bought in the summer of this year.....even at today's prices.... would still profit around $4/oz. Makes sense to me...such is life in the PM game.
Edited by samsnate
12/20/2012 7:38 pm
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Pillar of the Community
United States
830 Posts |
I started buying silver eagles in 1987. They were about $7 each, over the next few years the price dropped to the sub $4 range but I still have them all and looking back now it seems trivial as to whether my cost basis is $7 or $4. That's all I got to say about that.  |
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Pillar of the Community
United States
919 Posts |
All I ask for is one chance to buy a roll of ASE's for $80 and a roll of 1 oz AGE's for under $6000. |
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Pillar of the Community
United States
3789 Posts |
man and I thought a roll of Silver Eagles at 149 was a big deal haha!
man... I highly doubt we see those prices and lower. Silver has really done a great job of not giving up those lofty numbers.... and while I think we see lower price, I don't think we see much lower lower crazy prices. I think based on price action silver is digesting and consolidating these higher prices by just going lower and then moving higher and back down, its churning and grinding.. which is not a bad thing.
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Replies: 10 / Views: 1,538 |
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Posted 12/20/2012 12:20 pm
