What Happens To Gold And Silver Next? Look Out Below?

Its not growing, but it is certainly not coming down in price much....

Sure on running auctions genric 10 bars on ebay for eample end right around 235, give or take 5 bucks. On tougher to find old pour Engelhard and J&M 10 bars you are seeing 300 to 350....

update-

please notice that we have GLD hitting yet another 52 low. lets see if 1200 gold is on the books.

Falling through the floor...

Now sub-1200.

Next big milestone is 1150.

yes I would say 1150s or staying below 1200s....

a- a fast and furious push to breach 1200, perhaps 10-20 pts below and then a vicious snap back rally

b- the selling pressure holds and it get crammed to 1150

at some point, there could be some sort of snap back. This usually murders those late to selling short. But again, the rally perhaps is very small, thats entirely possible also, and then the selling again picks up steam.

For now, everyone watch and observe the price acts at 1200. This price action tho, is why I have been saying since this thread started, to not rush and buy every dip. When selling picks up, trendwise, it runs everyone over.

more later

WEll, as a collector, I love seeing these prices drop. I can plug holes in my collection and I have been going for items that had been up there.

I think, once gold and silver are done dumping, even if the prices go stagnant, coins with numismatic value will come back and increase in value. Those coins will the the first ones to recover.

I think the coin market is starting to suffer a disconnect perhaps over people getting spooked by lower prices in the metals and that's keeping buyers away. In the meantime, savvy collectors and no doubt investors are buying these pieces up.

Almost reminds me of the stock market,,, we have market drops and everything gets tossed, and lots of good quality names get smashed but eventually they come up, the solid names that have been around for decades. Example- XOM is a stock that has withstood the test of time, yes when theres market declines it gets smashed to bits. Yet, its a market leader.

I think one of those "XOM" names in the coin market are proof Buffs and eagles. Sure the price will drop but they are the standard and desired coins.

So I say, be patient, let prices come to you, and then go and get those coins that are worth it, even the RCM has great pieces. I will unashamedly plug the 1/4 oz proof .999 Artic Fox 2013 coin with very limited mintage with COA and box. That coin has been smashed so much. I waited and waited and I got it WELL UNDER what even the lowest dealer wanted.

So the deals are there and theres going to be more. I am positive a lot of people are going to thrown in the towel and say, "coins are not for me, prices are dropping". But if you are patient and buy right, you will be ok.

yes I agree. With prices soaring, I am sure across the board the hobby of coin collecting got a nice push of people coming in.

Now that this PM run is over, I can see a ton of people saying, forget this and either leaving the hobby or dumping their PMs at whatever cost. I think thats why prices are really flopping on ebay on these really nice coins that are non-bullion..... my thoughts are

a- savvy collectors know they can get these at much lower prices so they are bidding low and holding back

b- some dip buyers have been smashed and they are saying, forget this I dont want to buy and get burned again

c- another portion of the market is now seeing that they are underwater and that buying dips didnt work and probably feel scammed by dealers for the prems they paid, which I mean, no one told them to buy and the market clearly was supporting those prems because people were buying

After all this noise is done, attention will be paid to how low mintage numbers were on these nice coins such as proof gold and silver coins and the prices will start to run up again.

I mean I really cant complain. I have greatly enjoyed selling short gold and silver, I have closed out my long term gold account after YEARS of holding and I am plugging my holes in my collection of proof silver and gold as price drop. Finally, I feel good that, if I can even get 1-2 persons not to buy gold and silver until we see signs of a floor and then help them to start purchasing and over time their coins make value then I helped a fellow hobbyist.

I think you will see premiums dropping faster this time. I base this on a couple of things.

The first is that I have read article after article about the big drop not equating to sells as it did in April. People are now weary, and they a lot of them have figured out that a great many dealers did not lower their sell prices at that time.

The second is that a bunch of dealers are still not lowering their prices. I know one dealer that is still selling ASEs at $31/oz. Or well, advertising them any way. A bunch of them are also saying that they whole sale prices on Morgans and Peace is between $28 and $31...that is garbage. I'm a dealer and I asked EVERY dealer that told me that to let me know who the wholeseller was so I could make a killing! Not one would look me in the eye and tell me "who' it was. They usually said it was a secret! . I told them that if their wholeseller is that tight with cash then he can't be much of an influence on the market.

Now keep all that in mind and realize that these same dealers are going to be BUYING at 10 to 11 times. Can you imagine the reaction when people realize that those dealers are buying Morgans at $11 dollars each and still attempting to sell them at $25 each. Or buying ASE's at $15 each and selling at $25-$30 each. It won't be long till we see demand destruction and/or intense competition.

And lastly, there was an article, I believe in Bloomburg, about China having enough silver in storage to feed the worlds total demand for the next 2 years. That surplus is going to affect refiners. In fact it already has. My Guy has already told me that he is not taking any orders right now, as he has a surplus of refined Silver that he can't get rid of. When Refiners are limiting orders and consumers are getting angry in the inequity in buy/sell prices; and these are the two outlets ( other than places like Silvertown)most of do our business with, then prices have to come down of a necessity or we go out of business.

I did not lose any money on this downtrend. I sold every week, and even in the worse week I broke even. And that doesn't count the numismatic grade coins I cherried from the buy pile. There were many times that I have bought one coin that more than made up for my purchase price of the entire collection.

So don't let them fool you, most of the moaners are people that are just not going to be making as big a profit as they were used to. In essense they are going to have to go back to selling coins.

@yup

In the last few days, you've been mentioning a possible bounce back at every downturn. Its almost like, even you can't believe how far and how fast gold is sinking!

I have a picture in my mind that I cannot shake off and its an image of a slingshot. I have no idea how far it will be pulled back and regardless of trends,prices and volumes,
I firmly see it being unleashed and bringing gold to New Highs

All the fundamentals in 2011 which brought gold to $1980 are still present and if anything, its even worse.

The interest rates on the 5 and 10 years bonds have been going up and if that continues, the 500 trillion global derivatives mess could unravel and cause massive losses

2008 will then look like an afternoon picnic in the park

Personally I'm still in the black. The little that I have, was purchased at $700-900 level but it infuriates me to see godlike creatures like Goldman Sachs saying
gold will go down and then sure enough 5 days later, bam gold goes down $300...grrrr....Its hard not to wear a tin foil hat when stuff like that happens