Precious metals getting hammered today

[DirtyDigz 1,812]

$1,384.20.

[RubberBullets 65]

$1,384.20.

yeeupp

 

http://www.bbc.co.uk/news/business-22151474

[BarkNBite 15]

So what's the best way to sell diamonds.......?

[DirtyDigz 1,812]

So what's the best way to sell diamonds.......?

 

Find people getting ready to propose marriage.

[monmouth 19]

I respect those that prepare for rainy days, but also laugh when I see stashes of seeds. So many people are so far removed from agriculture that if I handed them an acre to work, they would stand in the middle of it and cry.

[BleedingOrange36 0]

I respect those that prepare for rainy days, but also laugh when I see stashes of seeds. So many people are so far removed from agriculture that if I handed them an acre to work, they would stand in the middle of it and cry.

If I had an acre right now...... I'd build a backstop

[Xchange1980 0]

So what's the best way to sell diamonds.......?

I can tell you that retail diamonds prices and the diamond market for dealers is 2 different ball games. I buy diamonds but I sell them mostly to dealers in the city. The markup on diamonds is ASTOUNDING even more than gold jewelry. So your first choice should always be a private sale.

[monmouth 19]

Back to silver, who's going to pull the trigger for $22.10 spot silver? Any SLV players looking for $21.20 purchase and resell at SLV $25 (huge new resistance area)? 20% return or a free AR on a small investment

 

For GAP theorists, $47.35 spot silver has a gap down........................... DOH! for the bear traders.

[Maksim 1,504]

HAHAHAHAHA..

 

Just had a laugh.

 

Last week I met with a wholesaler for an ETF company that amongts other products, does commodities. We were having a discussion and I told him my stance on gold/silver, etc.

 

Today... he calls me just now, asking for my advice.

 

Got to love it.

 

I do think Gold stabilizes around 1300. then will slowly go back down.

 

Silver I like more... and around $20, I would be a buyer for long term stuff.

 

Once again, commodities are not really a long term investment, much like housing etc, unless you can pick them up below historical average, or sell short when they are above... like Gold $1,800.

 

Through the gravepine I am hearing though Goldman is buying up Gold as their own clients are selling it.

[Walt of Destiny 412]

HAHAHAHAHA..

 

Just had a laugh.

 

Last week I met with a wholesaler for an ETF company that amongts other products, does commodities. We were having a discussion and I told him my stance on gold/silver, etc.

 

Today... he calls me just now, asking for my advice.

 

Got to love it.

 

I do think Gold stabilizes around 1300. then will slowly go back down.

 

Silver I like more... and around $20, I would be a buyer for long term stuff.

 

Once again, commodities are not really a long term investment, much like housing etc, unless you can pick them up below historical average, or sell short when they are above... like Gold $1,800.

 

Through the gravepine I am hearing though Goldman is buying up Gold as their own clients are selling it.

 

I have a friend on the silver desk of a large brokerage. He is buying. Xau and slv. Whatever people are selling.

[monmouth 19]

Whoa, Goldman is taking deliver or taking the other side of the contract? hehehe

[Maksim 1,504]

Part of an issue here... people were leveraged long.... I know of a place you could of bought gold coins on only 10% margin.... and now those margin calls are coming.

 

I think we have quite a ways to go on Gold.

 

Silver is a better story as well, there is actually use for silver.

 

What does gold do? Nothing, it sits pretty in your shelf.

 

I would be a Long Industrial metals, short Precious. or....Long precious metals, short gold.

 

To OldGlockGuy... yes debt is an issue.... but not a horrible issue right this second. Will discuss this after market close.

 

In short... go look up the fall of Oil after it hit $143 and change.

[RubberBullets 65]

Back to silver, who's going to pull the trigger for $22.10 spot silver? Any SLV players looking for $21.20 purchase and resell at SLV $25 (huge new resistance area)? 20% return or a free AR on a small investment

 

For GAP theorists, $47.35 spot silver has a gap down........................... DOH! for the bear traders.

 

[Sig226GuyNJ 128]

What do you guys think about this?

 

http://www.arabianmoney.net/gold-silver/2012/12/06/goldman-sachs-is-manipulating-the-gold-price-down-ready-to-reverse-it-later-says-jim-sinclair/

 

http://www.leadingtrader.com/04/gold-crash-3-reasons-why-you-should-not-believe-the-nonsense-about-golds-sell-off/

 

http://www.theburningplatform.com/?p=52558

[RubberBullets 65]

I found a coin shop in TR i might try... however is there any other place online I should look into for buying silver? Silvertowne, APMEX, MONEX etc.. Im not crazy about the idea of dropping that kinda money on ebay for precious metals lol.

[Maksim 1,504]

I found a coin shop in TR i might try... however is there any other place online I should look into for buying silver? Silvertowne, APMEX, MONEX etc.. Im not crazy about the idea of dropping that kinda money on ebay for precious metals lol.

 

How much are you looking to buy?

 

Send me a pm, I know of a few coin shops.

[Maksim 1,504]

Is Gold losing its luster?

A market commentary from Absolute Capital

 

The Sector Selector does not currently hold any Gold or Gold Miners within our portfolio holdings.

 

It is our current belief that downward pressure may be upon gold until at least $1,200 per ounce. We further surmise that there is a stampede towards the exits in gold where countries may be getting rid of it, shorts may be getting squeezed out of it and investors may not be currently enamored by Gold.

 

Absolute Capital Management is also not invested in Gold Miners. We believe that Gold Miners can have a magnified move on both the upside and downside relative to the price of gold. It is widely believed that the breakeven price of Gold for Gold Miners is around $1,200 an ounce. Things could get even more precarious for Gold Miners near the $1,200 level.

[Black Ops 1]

The way I understand it(could be wrong)

 

The treasury announced they would not buy as many fed notes in the future. Hence less dollars getting printed.that news caused a sell off of gold.(considered deflationary)

They did this because the world is becoming a little nervous with all the money the treasury is creating.

The dollar is right now the reserve(world) cucurrency But other countries are now starting to abandon the dollar and agree with each other (mainly china and whoever) to except each others paper instead. China wants the yuan(there money) as a new reserve currency. If that should happen our dollar would go to S*&T and a loaf of bread would cost $62 almost over night as there are so many dollars floating around the planet and the Feds don't have nearly enough precious metal reserves to back it up..

That would cause a panic sell off of the dollar. Which in turn would make everyone from farmers to CEO"s demand higher pay as the inflationary pessure would decrease the dollars buying power hourly! This happens now in many third world countries.

Example the billion dollar Zimbabwe notes that were selling on ebay for like $5 a year or so ago.

 

Also of note (tin foil hat?) Germany has pulled all of it gold reserves out of France and the USA this year. They have been kept here since the end of WWII. Why the change ? I think because of a lack of trust in our leftist Govt. If you read history .The first rule of Govt in a crisis is to save Govt! If that means locking down another Govts or persons gold they will do it in a heart beat.

It was done before in the 30's when the Govt outlawed owning gold(outside of jjewelry

Good commentary. I'm buying Canadian Maple Leafs and RCM 1 oz bars today.

[Vlad G 345]

It should be noted there is a significant disconnect between the paper and metal markets right now. Most dealers are very quickly running out of physical silver, and some of the distributors are already out. Lots of places are suspending sales due to no stock. Before that, premiums on the AEs where nearly $6 and every one sold. All this while 16% of US silver production just went off line due to a accident and it will be offline possibly for years. Oh, and there have been significant draw downs over the last couple of months at all major warehouses.

 

Keep in mind that when the "spot price" changes it is primarily driven by short and long speculative investment, often on margin, and often on very leveraged minimal metal stocks. There is little relation between the price of paper metal and physical metals at this point.

[monmouth 19]

 

Why would you make fun of my post? If you don't understand the context of it, just ask. If you don't care and want to try and portray me as a fool, that's ok also as I will just keep to myself and not share esperience and knowledge.

[BleedingOrange36 0]

 

Why would you make fun of my post? If you don't understand the context of it, just ask. If you don't care and want to try and portray me as a fool, that's ok also as I will just keep to myself and not share esperience and knowledge.

I'm not sure if he was making fun of your post...

Because that picture describes what I'm going through trying to decipher your nifty trading lingo....

[NJReloader 0]

 

Why would you make fun of my post? If you don't understand the context of it, just ask. If you don't care and want to try and portray me as a fool, that's ok also as I will just keep to myself and not share esperience and knowledge.

 

I think he was making fun of himself...

[monmouth 19]

It should be noted there is a significant disconnect between the paper and metal markets right now. Most dealers are very quickly running out of physical silver, and some of the distributors are already out. Lots of places are suspending sales due to no stock. Before that, premiums on the AEs where nearly $6 and every one sold. All this while 16% of US silver production just went off line due to a accident and it will be offline possibly for years. Oh, and there have been significant draw downs over the last couple of months at all major warehouses.

 

Keep in mind that when the "spot price" changes it is primarily driven by short and long speculative investment, often on margin, and often on very leveraged minimal metal stocks. There is little relation between the price of paper metal and physical metals at this point.

 

Nope, same song, different year sung. I can still purchase large quantities of door stops as well as 100 oz bars, so the physical is out there. There may be a "shortage" of small weight bullion, but that happened before and remedifies rather quickly. As far as "little relation" between the physical and paper markets, not there yet.

 

You will know a disconnect when it happens and will bet that 99.99% of bullion holders will be scared out of their minds when it does happen. The day CME, LBMA, Shanghai, etc... cry mercy, you will then see a true disconnect and it will just take your breath away. Lastly, those same organizations previously mentioned can and will (this is important) change the rules of the game at any time. For example, when they institute a sell only liquidation and the "market" price keeps rising, you know the shit has hit the fan. Metals sure have a lot of mystique and voodoo don't they

[Vlad G 345]

I don't think we actually disagree that much. Yes you can buy 100oz bars, and you can buy gold because most people can't afford those. If I'm a solar panel manufacturer I'm sure I can buy silver. I don't think there is an actual shortage, I do think there is a divergence of confidence between the speculative classes and the smaller investor that likes to stack and polish his PMs. Precious metals have a very strange nature in that they mean very different things to different people, to some they are stock ticker to be speculate on, to some they are a long term hedge, to other they are jewelry and for many they are industrial materials. And to some gold bugs they are money. No other commodity does that, even with the internets fetish for bacon, pork bellies don't have that spectrum.

 

However I can tell you that for the last few months there is a much higher premium on physical gold and silver in the marginal markets, like the second hand jewelry markets. Weather it is because of a bifurcation between physical and spot or because people are running out assets to sell, I can't tell.

 

I'm actually a bit more worried about the 3% drop in all commodities today, oil included.

[RubberBullets 65]

Why would you make fun of my post? If you don't understand the context of it, just ask. If you don't care and want to try and portray me as a fool, that's ok also as I will just keep to myself and not share esperience and knowledge.

 

I'm not sure if he was making fun of your post...

Because that picture describes what I'm going through trying to decipher your nifty trading lingo....

I think he was making fun of himself...

 

^that ^^and that.. It's a meme used to make fun of oneself when they have NO CLUE what the hell is going on.

 

You had an insightful post, I just wish I had some of the understanding of terminology to piece it all together.

[monmouth 19]

I'm not sure if he was making fun of your post...

Because that picture describes what I'm going through trying to decipher your nifty trading lingo....

 

Oh, my apologies. I'm very sorry then. If I may with regards to GAP theory, note the following. There's a theory that when a price "gaps up or down" in metals, currency, etc... that the metal will pull back to fill the gap. How do you find gaps? Pull up spot charts (www.netdania.com is a free service that's very good) and look at 5 minute, 1 hour, daily, weekly, monthly candlestick charts and look for gaps. So far during this current metal bull market, both metals (gold and silver) have filled all gap up and downs...... except for one so far. May 1, 2011, silver could not fill the gap down at $47.55 (it tried, but didn't do it). People will keep stacking positions on anticipating for that gap to be filled and the closer to the gap silver comes, the heavier positions will be put on thus fulfilling the theory. If you only traded the gaps during this bull market, either to the buy or sell side, you have done fantastic.

[BleedingOrange36 0]

 

Oh, my apologies. I'm very sorry then. If I may with regards to GAP theory, note the following. There's a theory that when a price "gaps up or down" in metals, currency, etc... that the metal will pull back to fill the gap. How do you find gaps? Pull up spot charts (www.netdania.com is a free service that's very good) and look at 5 minute, 1 hour, daily, weekly, monthly candlestick charts and look for gaps. So far during this current metal bull market, both metals (gold and silver) have filled all gap up and downs...... except for one so far. May 1, 2011, silver could not fill the gap down at $47.55 (it tried, but didn't do it). People will keep stacking positions on anticipating for that gap to be filled and the closer to the gap silver comes, the heavier positions will be put on thus fulfilling the theory. If you only traded the gaps during this bull market, either to the buy or sell side, you have done fantastic.

Ahh I understand exactly what you are saying now

[monmouth 19]

I don't think we actually disagree that much. Yes you can buy 100oz bars, and you can buy gold because most people can't afford those. If I'm a solar panel manufacturer I'm sure I can buy silver. I don't think there is an actual shortage, I do think there is a divergence of confidence between the speculative classes and the smaller investor that likes to stack and polish his PMs. Precious metals have a very strange nature in that they mean very different things to different people, to some they are stock ticker to be speculate on, to some they are a long term hedge, to other they are jewelry and for many they are industrial materials. And to some gold bugs they are money. No other commodity does that, even with the internets fetish for bacon, pork bellies don't have that spectrum.

 

However I can tell you that for the last few months there is a much higher premium on physical gold and silver in the marginal markets, like the second hand jewelry markets. Weather it is because of a bifurcation between physical and spot or because people are running out assets to sell, I can't tell.

 

I'm actually a bit more worried about the 3% drop in all commodities today, oil included.

 

Ahh, the run for the door. Take a look at this (a nice read for all of us):

http://www.zerohedge...e-saw-gold-drop

 

For those wanting to understand a little more, read the comments. LOL, some are very funny, bizarre, and some are real pro's just sharing data/info. Look at the time stamps and what happened at today's close......

[Barms 98]

I am frigging loving this thread

 

What I learned is that there is a difference between those that want to own metals because they think they hold up value "better" than stocks or bonds because those markets will tumble....

 

Versus those that don't really care about how much they "lose" when SHTF because they think the banking system will not exist so it's always better than cash.

 

 

Kudos to both. They both serve a purpose. I love this debate

 

[chris327 30]

I don't think we actually disagree that much. Yes you can buy 100oz bars, and you can buy gold because most people can't afford those. If I'm a solar panel manufacturer I'm sure I can buy silver. I don't think there is an actual shortage, I do think there is a divergence of confidence between the speculative classes and the smaller investor that likes to stack and polish his PMs. Precious metals have a very strange nature in that they mean very different things to different people, to some they are stock ticker to be speculate on, to some they are a long term hedge, to other they are jewelry and for many they are industrial materials. And to some gold bugs they are money. No other commodity does that, even with the internets fetish for bacon, pork bellies don't have that spectrum.

 

However I can tell you that for the last few months there is a much higher premium on physical gold and silver in the marginal markets, like the second hand jewelry markets. Weather it is because of a bifurcation between physical and spot or because people are running out assets to sell, I can't tell.

 

I'm actually a bit more worried about the 3% drop in all commodities today, oil included.

 

The 3% drop was big today. But I'm confident it will bounce back in a few months. This happened last year around this time. Copper, lead, aluminum, nickel all dropped. Few months later they bounced back. The metals have been dropping for the past few weeks. We hope for the best now.