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Metals Down! [sale]

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



  1. Annie

    Annie Silver Member Silver Miner

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    It's feeling like this dip might hang around for a while. I'm itching to stack some silver! C'mon deals!
     
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  2. REO 54

    REO 54 Midas Member Midas Member

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    Ok so Greece blows up metals go down. Go figure.
     
  3. savvydon

    savvydon Gold Member Gold Chaser

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    There ought to be a lot of maneuvering as markets open later this morning. The ride isn't over.
     
  4. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    It's actually fun to be personally fully invested in PM's now and watch the roller coaster ride. Every penny I invested is from discretionary funds (I'm fortunate to have them) and I'll keep the shiny stuff for the long haul. If gold drops below $1000 and silver below $14 I would actually buy more but for now I'm popping some fresh corn and watching the madness as it begins to unfold
     
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  5. REO 54

    REO 54 Midas Member Midas Member

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    Copy that shootist.

    Wow, look at Plat hit the floor....
     
  6. Mr Paradise

    Mr Paradise Midas Member Midas Member

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    Ol' Platty gettin' punked
     
  7. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I never understood anyone investing in Plat as a hedge. I mean, gold, silver...yeah, they have a long history....I don't think I've ever seen old Roman platinum or old Greek platinum coins. Other than for industry I don't see any current or potential currency value in Platinum (I'm sure I'm about to get schooled on this topic now) :)


    If you have Platinum in that portfolio.....

     
    Last edited by a moderator: Dec 26, 2015
  8. REO 54

    REO 54 Midas Member Midas Member

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    Gold holding? Not really. I expect more down before up....

    PRECIOUS-Gold holds broadly steady ahead of Fed testimony:


    LONDON, July 15 (Reuters) - Gold steadied near $1,155 an ounce on Wednesday as investors awaited Federal Reserve Chair Janet Yellen's congressional testimony for more clues on the timing of a U.S. interest rate rise expected later this year.

    European stocks rose but the dollar was also rangebound ahead of the Fed testimony, with caution ahead of a Greek parliamentary vote on austerity measures and after a further drop in Chinese shares also limiting moves.

    Spot gold was at $1,154.29 an ounce at 1209 GMT, little changed from Tuesday, while U.S. gold futures for August delivery were a touch lower at $1,153.10.

    "The market is waiting for a trio of reasons: uncertainty over which direction Chinese equities might move in next comes at the same time as the Greek parliament's vote on the latest debt proposal and Janet Yellen's comments later today," Mitsui Precious Metals analyst David Jollie said.

    LONDON, July 15 (Reuters) - Gold steadied near $1,155 an ounce on Wednesday as investors awaited Federal Reserve Chair Janet Yellen's congressional testimony for more clues on the timing of a U.S. interest rate rise expected later this year.

    European stocks rose but the dollar was also rangebound ahead of the Fed testimony, with caution ahead of a Greek parliamentary vote on austerity measures and after a further drop in Chinese shares also limiting moves.

    http://www.reuters.com/article/2015/07/15/markets-precious-idUSL4N0ZV30820150715
     
  9. luckabuck

    luckabuck Gold Member Gold Chaser

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    I don't care if bullion goes any lower. Not buying any more. I have my limit with what I have considering the late history of it dropping like a rock.
     
  10. southfork

    southfork Mother Lode Found Mother Lode

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    Im with you unless I can get old art bars, engelhards ect, other wise I wont buy unless we see single digits.
     
  11. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Same here, on hold for now.
     
  12. REO 54

    REO 54 Midas Member Midas Member

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    PRECIOUS-Gold at 5-year low on Fed rate rise prospect, traders eye China reserves:

    * Dollar at highest since April vs major currencies (Recasts; updates prices; adds comment, byline, NEW YORK dateline)

    By Marcy Nicholson and Clara Denina

    NEW YORK/LONDON, July 17 (Reuters) - Gold fell to a five-year low on Friday, pressured by a strong dollar and expectations for a U.S. rate hike this year, and as China bought less than expected over the past six years.

    Platinum fell below the key $1,000-an-ounce level for the first time in more than six years while palladium extended losses to hit its lowest since November 2012.

    China's gold reserves were up 57 percent at the end of June, from the last time it adjusted its reserve figures more than six years ago, the central bank said. Despite the tonnage increase, gold now accounts for 1.65 percent of China's total forex reserves, against 1.8 percent in June 2009.

    The reduced ratio suggested China will increase its bullion purchases, but the market focused elsewhere, traders said.

    "The market's saying China's been buying gold but they bought a lot less than what they should have," said Phillip Streible, senior commodities broker for RJO Futures in Chicago.

    Spot gold dropped 1.1 percent to its lowest since April 2010 at $1,130.70 an ounce and was last down 1 percent at $1,133.13. It was on track for a 2.6 percent weekly fall, the biggest since early March.

    Spot platinum fell 1.4 percent to $991 an ounce, the lowest since February 2009.

    "If the low figure is correct then that is actually very bullish because there is plenty of scope for continued buying for many years to come," said Ross Norman, chief executive of bullion brokerage Sharps Pixley in London, referring to China's gold reserves.

    U.S. August gold futures settled down 1 percent at $1,131.90 an ounce.

    "The weakness we are seeing is related to the strength of the U.S. dollar," said Norbert Ruecker, head of commodity research at Julius Baer.

    The dollar index rose to its highest since April on strong U.S. jobs data, while global shares slipped after disappointing corporate results.

    "Gold is finding a lot of headwinds from multiple sources: we have seen the Greek risk fade and the focus return to the U.S. and Janet Yellen," Saxo Bank Senior Manager Ole Hansen said.

    Gold's 3 percent fall so far this year has failed to spur demand in top consumers in Asia with domestic prices in No. 2 market India remaining at a discount to global spot prices.

    Palladium slipped 2.5 percent to $613.47, its weakest since November 2012. Spot silver was down 0.9 percent at $14.84 an ounce. (Additional reporting by Manolo Serapio Jr in Manila; Editing by David Evans and Meredith Mazzilli)

    http://www.reuters.com/article/2015/07/17/markets-precious-idUSL4N0ZX2LZ20150717
     
  13. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    On hold buying PM's right now and watching my 401K rise. It's a balancing act between my FRNs and my PMs and right now there isn't a lot of balance for some unknown reason
     
  14. luckabuck

    luckabuck Gold Member Gold Chaser

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    "I don't care if bullion goes any lower. Not buying any more. I have my limit with what I have considering the late history of it dropping like a rock"
    Record low prices still have not changed my mine on buying anymore.
     
  15. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    If anything, I'll but it on the way back up, not on the way down to where ever it finally lands
     
  16. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    I'm actually quite happy to stack at these prices. Didn't buy a whole lot in the $20 range but anything sub $16 is a good price. Still won't go all in at this price, but happy to keep nibbling. So much more upswing potential than downswing. I do understand you not wanting to buy though, especially if your upside down on your investment. That's not a jab by any means, as I'm upside down as well right now. Not by as much as I thought though. Don't feel beat down, there's plenty stackers in the same boat.
     
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  17. savvydon

    savvydon Gold Member Gold Chaser

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    If the funds are not likely to be needed for other things anytime soon then I don't see why not keep on nibbling. I am. Let the prices keep falling. I have time. It is all about preparation.
     
  18. Ahillock

    Ahillock A nobody Mother Lode

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    Wonder how many billions worth of paper gold they flooded the market with this evening.
     
  19. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Lots and lots and lots of paper to try to break the back of gold and succeeding so far.
     
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  20. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Paper gold ain't physical gold my friends...stay the course and watch the market go to shit
     
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  21. savvydon

    savvydon Gold Member Gold Chaser

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    It will be interesting to see what premiums look like in the morning.
     
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  22. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    Platinum is scarce and premiums sky high. Trying to find any at a reasonable price.
     
  23. Ahillock

    Ahillock A nobody Mother Lode

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  24. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Would a platinum maple be a better buy for an extra $20 over? I know the bar will always get you spot and nothing else, but maybe with the maple you'll get the premium back and it'll move faster if you need to sell it..
     
  25. Unca Walt

    Unca Walt Midas Member Midas Member

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    Right on, bro.

    But the one thing they are for sure succeeding at is enabling me to acquire (not "buy") a LOT more PM's. I've been stacking since Krugerrands were $198 with freight. I have had a stable budget for acquisition for three decades.

    No change for me except for the better. I will EMBRACE the chance at $198 Krugerrands again!!! :s9:

    BRING IT!!
     
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  26. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    $60 premium on 1 oz. gold coins and $$.50 on ASEs. That includes free S&H on $99+ orders @ Provident. Platinum coins on ebay have a $125 premium with free S&H !
     
  27. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Where do you see $.50 premiums on ASEs?
     
  28. Mr.Jens

    Mr.Jens Seeker Seeker

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    My guess is he meant $4.50 and he hit the $ twice by accident.
     
  29. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    OHHHHH, yeah...makes sense, thanks!
     
  30. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    Hoping if this continues the ratio will start to get closer to 50/1. Trade some silver for gold or platinum.
     
  31. hoarder

    hoarder Banned

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    For the first time in over a decade, I went and bought some silver today. I got 200 uncirculated one ounce rounds of Sunshine Mint for $1.50 over spot at my local bullion dealer. That was most of the rounds he had. I told him I'd be back for more if it went down any lower. He said he's having to order more silver every week because there isn't enough coming in to restock.
    My last big buying spree was in 2002 to 2004 and I had never paid more than 40 cents premuim before.
     
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  32. REO 54

    REO 54 Midas Member Midas Member

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    How low will she go?

    Gold hovers near 5-1/2-year low, Fed spurs Sept rate hike view:

    Gold hovered not far from a 5-1/2-year low early on Thursday after the Federal Reserve said the U.S. economy and job market continue to strengthen, supporting a possibile interest rate rise when the Fed meets again in September.

    Following a two-day policy meeting on Wednesday, policymakers said they felt the economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas.

    FUNDAMENTALS

    * Spot gold was flat at $1,096.75 an ounce by 0036 GMT. It sank to as low as $1,077 last week, its weakest since February 2010, after a selloff in New York and Shanghai and has since struggled to recover above $1,100.

    * U.S. gold for August delivery gained 0.3 percent to $1,096 an ounce.

    * A looming increase in U.S. interest rates, the first since 2006, had weighed on non-interest bearing gold, with some analysts predicting further falls before and after the actual rate hike.

    * U.S. economic growth is set to pick up after a lackluster first half, allowing the Federal Reserve to raise interest rates in September, according to a Reuters poll published last week.

    * The first estimate of second-quarter U.S. gross domestic product will be released later on Thursday. The economy is seen returning to growth, expanding by 2.7 percent, after a contraction in a weather-battered first quarter.

    * But contracts to buy previously owned U.S. houses unexpectedly fell in June after five straight months of increase, suggesting some cooling in home resales activity after recent hefty gains.

    * Holdings of the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust, were unchanged at 21.87 million ounces for a second day on Tuesday. That level is the lowest since September 2008 and followed a seven-day slide in holdings.

    * Kinross Gold Corp is again considering cutting jobs at its Tasiast gold mine in Mauritania as the Canadian miner cuts costs at its higher-cost mines amid sliding metals prices.

    * Gold prices are at risk of falling to as low as $1,050 per ounce, Goldman Sachs global head of commodities research Jeffrey Currie said in an interview with CNBC on Wednesday, reinforcing the bearish outlook for bullion after last week's rout.

    * For the top stories on metals and other news, click or

    MARKET NEWS

    * The dollar held steady in cautious trade ahead of U.S. gross domestic product data that could reinforce or dent expectations that the Federal Reserve is on track to raise interest rates as early as September. Asian shares were mostly firm.

    DATA AHEAD (GMT)

    0755 Germany Unemployment rate July

    0900 Euro zone Busines climate July

    0900 Euro zone Consumer confidence July

    0900 Euro zone Unemployment rate June

    1200 Germany Consumer prices July

    1230 U.S. GDP advance Q2

    1230 U.S. Weekly jobless claims

    http://www.reuters.com/article/2015/07/30/markets-precious-idUSL3N1093EM20150730
     
  33. REO 54

    REO 54 Midas Member Midas Member

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    So platinum so far off that its not even showing up on the kitco ticker tape at the moment?
     
  34. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Im seeing it. Under a thousand, as usual...
     
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  35. REO 54

    REO 54 Midas Member Midas Member

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    maybe its my 'puter. Can't see gold either now and silver is messed up. kitco just messing with me......lol
     
  36. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I see everything here
     
  37. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    If gold takes a nosedive and we start seeing devaluation of the dollar it's gooooo time folks.....sink as many FRNs as you're comfortable with into PMs
     
  38. savvydon

    savvydon Gold Member Gold Chaser

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    Got any specific numbers you are looking at?
     
  39. Ahillock

    Ahillock A nobody Mother Lode

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    Looks like the bankers have regained control of the market. Back to your regular scheduled programming. Stocks up. Precious metals down.
     
  40. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    Nothing to see here folks, move along.
     

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