Metals up, Oil up
CaptHenway
Posts: 32,353 ✭✭✭✭✭
Cover your shorts in the metals markets, and gas up your car ASAP.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
3
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We're panicking over a 1% bounce?
(Not that I have any shorts.)
Because the war in the Middle East is escalating?
Mr_Spud
Do you know that gas stations haven’t already raised prices?
If they haven’t already, once they do, how much do you think the cost of a gallon will increase?
Oil is currently up about 4% - not nearly enough for me to worry about filling up ASAP. And it could just as easily drop in price from here.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I have quite a few, and am wearing a pair right now.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Oil up, cover your shorts? And you're telling me this is a coin forum?
Type collector, mainly into Seated. -formerly Ownerofawheatiehorde. Good BST transactions with: mirabela, OKCC, MICHAELDIXON, Gerard
$3.29/gal Marathon in Baltimore County
It's only just begun......
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
White lace and promises.
A kiss for luck and we're on our way.
peacockcoins
You sir, have just broken the internet! 😆
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Gas is up a ton in the last few years with no indication it will drop soon. We were energy independent, no longer. Now with mideast conflict, energy markets will be in turmoil and prices will fluctuate even more. Hold on to your shorts.
Time to make some changes. Anything is better than what we have now.
Edited to add: I have been stealthily selling off quite a number of coins, especially widgets with no intrinsic value. Down to one safe deposit box which is a great relief. Keeping small gold and silver coins and bullion pieces in case the dollar collapses. Hold on, I think 2024 is lining up to be a major disaster.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Fear not. Tomorrow the world will wake up and realize that inflation is up, debt is out of control, and the world is supporting the aggressor in an invasion. Such things have been hammering down the price of oil and metals for 20 years now.
It's all part of a plan and a massive bull trap that will ensnare the old world order,
I don’t wear shorts either and it’s a big problem, always sitting on the guys.
** Gas is up a ton in the last few years with no indication it will drop soon. We were energy independent, no longer. **
RBOB hit a 10 month low last week.
The US has been a net exporter of energy since 2019, and actually set a record for energy exports in 2023.
I did snag a 5oz silver bar for $105 last week…
We're fine, OPEC needs the money.
On a related matter, silver is on sale, stack 'em up people.
Our local station dropped the price 10¢ a gallon today. Currently at $3.19.
Wall of HONOR transaction list:WonderCoin, CoinFlip, Masscrew, Travintiques, lordmarcovan, Jinx86, Gerard, ElKevvo
Maybe.
But I keep wondering what will happen when people realize instability, pandemic, and war have been pushing down metals prices even more than inflation and no interest rates have been pushing them down.
But gold is a "barbarous relic" unsuited to polite society and there's enough silver to meet increasing demand until the sun is right outside our windows.
The status quo has been enshrined by the baby boomers for 50 years. When things change expect a lot of pent up forces to be unleashed.
I think @MFeld had already broken it with his shorts but @Ownerofawheatiehorde made sure it would stay broken.
My shorts have been stained the past 33 months and I can't get the stain out!!! Any questions??
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Uh...no.
Also, barbarous relic? I don't know if you're arguing with yourself or trolling but other than a few random cryptobros I've never heard a single person say that, and they certainly didn't use those words, not sure who in the world you're quoting.
Everything has deteriorated significantly since this was written;
https://www.etf.com/sections/features-and-news/6975-gold-is-a-barbarous-relic-but-these-are-barbarous-times
It's harder for young people to see since so many of the greatest evils look normal. Eight years of moral hazard and zero interest rates have sealed our future.
We live in interesting times.
I've never used those words, but I've long considered gold to be a relic.
Yes. But as soon as the panic subsides, so does the increase. There is still a much larger war in Ukraine but that didn't prevent the recent slide in both oil and gas.
This is what every thread in the PM forum looked like after Lehman collapsed.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
This is a political post that needs to be deleted as soon as the PCGS moderator sees it. This is a coin forum. The open forum is long gone.
You must be in training to be a moderator. I guess you'll be the one reporting this won't you???
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
How is this political? I worked in a coin shop where if you sold a hundred ounce deal on Friday afternoon and didn't cover your shorts before you went home you stood the risk of losing a lot of money on the deal on Monday morning. Sheesh!
As for fill up your car, I am trying to save fellow members a few dollars on a commodity that most people still buy every week. Remember the 1973 war? I do.
This thread would be more appropriate in the Precious Metals Forum. In any event, this is not a political thread.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I envy the gas prices posted above - I paid $5.59 this weekend for premium in WA state.
WA is raising bug bucks selling the rights to pollute, the oil companies then passing it along to the consumers. The Governor said it would raise prices a few cents but he was WAY wrong (as usual).
I think @jmlanzaf broke it with his comment > @CaptHenway said:
My guess/hope is that he was referring to one or more of the replies, not your post.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
And I thought you were just a simple coin dealer.
I avoid such discussions but I'm confident he was referring to what most here call the "thread" and not to his post.
I wouldn't respond except sudden changes in metals markets tend to have an outsized effect in coins because there is so much "wealth effect". When metal soars people tend to buy both silver and coins. It's a shot of adrenaline for the hobby.
I cover my shorts with blue jeans, drive a plug-in electric hybrid, have bought only one tank of gas in 4,000 miles. Not worried at all about gas prices and really enjoy it when precious metals go up.
All loss of life from wars is terrible.
My US Mint Commemorative Medal Set
Disagree. If a terrorist who is trying to kill me and my family loses his life, that is NOT terrible.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It's still someone's son or father or brother...
As anyone who remember the open forum will recall. Posts with even the slightest hint of politics quickly degenerated. This seems to be happening with this post.
The original post wasn't political. Some of the rest has evolved into the usual chest-thumping, "gubmint bad" and selective memory nonsense that has nothing to do with coins.
10-4,
My Instagram picturesErik
My registry sets
While some of the replies within this thread might be considered political in nature, the original “post” didn’t even hint at that. Posters have no control over what others post.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
It wasn't long ago we went through this. Deja vu ?
Unfortunately, the vast majority of people being killed in wars are not terrorists.
My US Mint Commemorative Medal Set
Gold spot is up $30 to $1,864. WTI crude oil was over $90 the last two weeks of September.
Oil is up more than 4% on recent news, but is still only $86.30, so it has not even recovered yet from last week's decline.
Oil exports from Iran are now more than 2 million barrels per day. Lower Iranian oil exports are a potential crude price risk, but gasoline prices are currently trending downward to better match lower wholesale price levels.
My US Mint Commemorative Medal Set
This is the new paradigm that has been in place since 1987. Before this almost everything went down on bad news but gold went up. If this hadn't changed gold would be sitting at several million an once by now based on just how lopsidedly bad the news has been since about the year 2000. But now days bad news causes a flight to safety which means people buy stocks, bonds, crypto, and anything else not nailed down and can not be nailed down. So we have an "everything bubble" and gold is a barbarous relic that just clutters up safety deposit boxes and an otherwise vibrant economic system.
Inflation, war, and lockdowns have no effect on gold any longer. The status quo is so deeply entrenched the belief is everything must stay the same forever even as we do everything in our power to destroy the old economy and many institutions. It's "business as usual" for those who can't remember when manufacturers each sought to build a better mousetrap and thereby get wealthy.
The destruction and waste proceed apace. Nothing can benefit relative everything else.
It's a brave new world where gold has no use even as a store of value because nobody can even carry enough to transfer wealth any longer. To have real value for everyone it would have to be worth millions per ounce.
NUGT is going higher too I feel.
Gasoline has dropped 18 cents a gallon in my area since Tuesday morning….
I'm human. I might respond to acts of terrorism, massive casualties and war by filling up my tank. But I feel horrible even having those thoughts, and I damn sure wouldn't brag about it.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
We're real proud of you for not bragging about filling your gas tank. You're a real credit to the CU Forums.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
"It's a brave new world where gold has no use even as a store of value because nobody can even carry enough to transfer wealth any longer. To have real value for everyone it would have to be worth millions per ounce."
When I was a kid there was a story that Proctor and Gamble was started with an investment of 5c.
Today it would require a truck full of gold to even get the permits to start up a new company.
I don't believe there is anything at all funny about businesses competing to make a worse mousetrap.
Dollar has been on a tear. Now everyone getting the feeling Fed is about done raising rates. The fact gold is at the current level after all the rate increases is quite telling. Dollar is the best actor in a neighborhood of shady characters.
Mark
My brother used to say to me:"everyone is broke,just at a different level".
I'm not sure why you're attacking people. It is perfectly human to have complex feelings here.
You're right of course and Andy is definitely one of the good guys here. I guess I'm easily triggered by virtue signaling.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Yeah, me too. I should have made that point more gently. But you get where I'm coming from.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.