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Metals Down! [sale]

Discussion in 'PM Trading/Stocks/Technical Analysis' started by REO 54, Mar 6, 2012.



  1. pitw

    pitw Gold Member Gold Chaser Site Supporter

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    I'd bet an ounce of silver that it doesn't go below $1095 before Jan 1st.
     
  2. REO 54

    REO 54 Midas Member Midas Member

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    Sure heading that direction today!
     
  3. REO 54

    REO 54 Midas Member Midas Member

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    Metals taking a pounding today, because of the blizzard .......lol
     
  4. REO 54

    REO 54 Midas Member Midas Member

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    * Greece's anti-austerity party wins snap election
    * Euro at 11-yr low, equities drop after Greek vote
    * CME's Hong Kong contract begins trading

    (Adds dollar move, updates prices)
    By A. Ananthalakshmi
    SINGAPORE, Jan 26 (Reuters) - Gold reversed earlier gains on
    Monday as a stronger dollar offset safe-haven demand following
    an electoral win by Greece's anti-austerity party that sparked
    fears of renewed instability in Europe.
    Greek leftist leader Alexis Tsipras, whose Syriza party
    swept to victory in a snap election on Sunday, was set to become
    prime minister of the first euro zone government openly opposed
    to bailout conditions imposed by the European Union and
    International Monetary Fund during the economic crisis.
    European leaders have said Greece must respect the terms of
    its 240 billion euro bailout deal, but Tsipras campaigned on a
    promise to renegotiate the country's huge debt, raising the
    possibility of a major conflict with euro zone partners.
    The euro hit an 11-year low on Monday after the election
    results, and U.S. stock futures also fell. The dollar index was
    trading near its highest since 2003.
    "People are very uncertain about the markets and are
    wondering whether Greece will break out of the euro zone," said
    Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong
    Kong, adding this was lending some support to the yellow metal.
    Spot gold eased 0.3 percent to $1,290 an ounce by
    0754 GMT, after rising as much as 0.4 percent earlier in the
    session.
    The yellow metal has had a good start to the year, gaining
    about 9 percent so far this month, largely due to safe-haven
    demand sparked by falling oil prices and European uncertainties.
    The improvement in sentiment has been seen in investor
    positioning. Speculators raised their bullish bets on gold
    futures and options for the fourth straight week in the week
    ending Jan. 20, while holdings in SPDR Gold Trust, the top
    gold-backed exchange-traded fund, have also increased.

    NEW GOLD CONTRACT
    CME Group's Asian gold contract began trading in
    Hong Kong on Monday, a new entrant in the regional race to
    provide a price benchmark.
    The 1 kg physically settled contract was trading at
    a premium of $2-$3 an ounce over the global benchmark.
    The launch of the CME contract within six months of new
    contracts in Singapore and China underscores a desire in top
    consuming region Asia to have price benchmarks that reflect
    regional market dynamics, although liquidity has been a problem.
    "There have been lots of recent contracts in Asia, vying for
    liquidity. For CME, the delivery point is in Hong Kong, so that
    should make it an interesting one," said a precious metals
    trader in Hong Kong, which is the main conduit for gold into top
    consumer China.

    PRICES AT 0754 GMT
    Metal Last Change Pct chg

    Spot gold 1290 -4.15 -0.32
    Spot silver 18.15 -0.1 -0.55
    Spot platinum 1254.74 -6.86 -0.54
    Spot palladium 758 -12.98 -1.68
    Comex gold 1290 -2.6 -0.2
    Comex silver 18.18 -0.12 -0.66
    Euro 1.1217
    DXY 94.931

    COMEX gold and silver contracts show the
    most active months

    (Reporting by A. Ananthalakshmi; Editing by Richard Pullin,
    Alan Raybould and Biju

    http://www.reuters.com/article/2015/01/26/markets-precious-idUSL4N0V51D620150126
     
  5. Usury

    Usury Gold Chaser Platinum Bling

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    It's because I pulled the trigger on a couple buys this past weekend. Sorry guys...
     
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  6. Ahillock

    Ahillock A nobody Mother Lode

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    Ok which of you bozos bought a bunch of gold/silver a few days ago to help drive the price down?
     
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  7. pitw

    pitw Gold Member Gold Chaser Site Supporter

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    You can't blame me as I actually sold a batch to get some US dollars in my Paypal account. Gosh it feels good to have finally done something right.
     
  8. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Now it's really on sale. ha
     
  9. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Hoping to see a little low 1200 action this spring. Not so much into the 1100s because that might be more harm than good for any stacker.
     
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  10. REO 54

    REO 54 Midas Member Midas Member

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    MOAR down ................ stackin' & sinkin' ......
     
  11. Varmint Hunter

    Varmint Hunter Gold Member Gold Chaser Site Supporter ++

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    I confess....it was me.
    Almost every time one of the major retailers has a "sale" the smash arrives a day or two later.
     
  12. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    It was probably me. I bought a lot of '70's silver art bars recently during this month. Much more than what I normally buy per month.
     
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  13. Ahillock

    Ahillock A nobody Mother Lode

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    54 m/s!


    [​IMG]
     
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  14. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    economy is improving, rate hikes will come later this year.
     
    Ahillock likes this.
  15. Usury

    Usury Gold Chaser Platinum Bling

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    We are seeing foreign dolllars plunging into US stocks and bonds, pushing up those prices and down yields. Unless there's a massive improvement abroad, I'm skeptical of real interest rate increases.
     
  16. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Usury,There is no way they could or would dare to raise intrist rates :452::ahhhhh: it would cause the US dollar to instently implode and take all the other global currencies pegged to the dollar with it!:thumbs_down::devil1:

    the DUCK :15_1_70v:
     
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  17. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Gold $1229.00 how in hell did that happen?:questionmark::dontknow:

    the DUCK :15_1_70v:
     
  18. Usury

    Usury Gold Chaser Platinum Bling

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    Sorry....I made a few more purchases.
     
    Mujahideen likes this.
  19. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Usury,BUY MORE!:thumbs_up::23_28_100s::cheerful:

    the DUCK:s9:
     
    REO 54 likes this.
  20. REO 54

    REO 54 Midas Member Midas Member

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    Well hell it's not even Friday and we are having a sales event. Must be valentines is around the corner right?
     
  21. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    It's on sale again and it keeps getting cheaper.
     
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  22. REO 54

    REO 54 Midas Member Midas Member

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    .......1100? By May ?
     
  23. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    By Friday.
     
  24. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    Special price today for fleabay 5x ebucks deal.
     
  25. Ahillock

    Ahillock A nobody Mother Lode

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    More paper gold and paper silver found their way to the bankers for them to smash down the price again. Just another Friday smackdown.
     
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  26. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    I took a look and felt like an elevator was plunging.
     
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  27. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,gringott,Just think of your stack of GOLD and SILVER as a cousian so you won't get hurt when the elevator hits the bottom :36_1_25: ---- immagin that every ounce = a pound of feathers in grandmas feather bed!:2::thinkey:

    You will be safe and warm and out of the storm!:wink_smile::applause_smiley:

    https://www.youtube.com/watch?v=E5eoZNdlzck

    the DUCK :s11:
     
    Last edited: Mar 6, 2015
    gringott and Ebie like this.
  28. Ahillock

    Ahillock A nobody Mother Lode

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    Not sure if it has reached the basement floor yet. Still making stops a long the way down.
     
  29. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Never fails... deal on ebay for Eagles for spot +42 (and use of a credit card, of course) and sure as the day is long, metals down a few days later.
     
  30. southfork

    southfork Mother Lode Found Mother Lode

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    I had a real bad feeling yesterday when Apmex had their gold at melt sale. Told me to run and not buy.
     
  31. REO 54

    REO 54 Midas Member Midas Member

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    Good call! Good sale now....
     
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  32. Mr.Jens

    Mr.Jens Seeker Seeker

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    Well who done screwed up today?
     
  33. REO 54

    REO 54 Midas Member Midas Member

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    Dunno, but a good opportunity for DCA though ....
     
  34. Ebie

    Ebie Midas Member Midas Member

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    1140 was the bottom
    They are defending 1200.
     
  35. REO 54

    REO 54 Midas Member Midas Member

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    Metals down at 1776 oh the irony.....
     
  36. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    It seems gold is in a slow steady decline. Get your FRNs out and get ready to trade that useless paper for some hard currency.
     
  37. Ahillock

    Ahillock A nobody Mother Lode

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    But is it? Seems range bound and limited to me. Still in that $1200 +/- $30-40 range. When gold was up to $1220 were you guys talking about a slow steady incline?

    Once gold gets below $1100 (even $1140) wake me up. When gold gets above $1300 wake me up. Until then, nothing is really happening. Just look at a chart over the last year and you can see the tight channel it has been traded in. Nothing new to see boys.
     
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  38. Ahillock

    Ahillock A nobody Mother Lode

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    Interesting that gold got taken to the woodshed but silver has stayed fairly flat in the recent smack down. You can see that in the right before 10 am EST smack down between the two metals.

    [​IMG]


    [​IMG]
     
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  39. REO 54

    REO 54 Midas Member Midas Member

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    Wonder if plat is a deal yet. I might get an oz just for the novelty of it at some point.
     
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  40. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,I think it is just a knee jerk response to the statement that Greece may get a last min. loan to put off the end a little longer!:2:

    the DUCK :s11:
     
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