No biggie on any of those, IMO, gold is still a good long term hold (and just barely down so far with the stock market up over 200), and I may actually buy an ounce of platinum soon if it keeps coming down!
I do wish I could find an ounce of palladium close to spot, please PM me if anyone wants to part with one!
Like others smarter than me have said, pretty much everything but gold are industrial metals at their core, and are now behaving as such with the market going south.
I also think the longer silver keeps getting hammered, eventually there will be some closer to spot on the market, which is good for us who are looking also.
It's obvious that Paulson and Congress have finally fixed the banking crisis. The sheeple have stopped selling their stocks and ransacking their 401K's. Today they are buying both by the fistfull. Gold is no longer needed. Looks like another 20 years of a dormant precious metals market is right around the corner. So, when will Level 3 derivatives be offered in my 401K so I too can make those "too big to fail" jumbo-sized, banker-type returns?
I agree with RG, I think gold is and always will be a great long term hold(even if we see a short term drop) simply because the supplies are drying up and it is not an "industrial" metal. The other precious metals will fluctuate with the market as being industrial metals they have a direct correlation with the up's and down's of the economy.
good gosh, I wonder how many people sold the farm to buy platinum at 2200. OTOH, I wonder how any long time holders sold at 2200 and made off like bandits. ABout a 60% drop in 75 days, wow!
<< <i>good gosh, I wonder how many people sold the farm to buy platinum at 2200. OTOH, I wonder how any long time holders sold at 2200 and made off like bandits. ABout a 60% drop in 75 days, wow! >>
Yeah...I'm one of those nuckleheads...bought a 10th Anniv PCGS PR70 FS rev proof for $1,200 about 6 weeks ago....I should have been more patient & waited
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<< <i>good gosh, I wonder how many people sold the farm to buy platinum at 2200. OTOH, I wonder how any long time holders sold at 2200 and made off like bandits. ABout a 60% drop in 75 days, wow! >>
Yeah...I'm one of those nuckleheads...bought a 10th Anniv PCGS PR70 FS rev proof for $1,200 about 6 weeks ago....I should have been more patient & waited >>
I wonder how many people sold the farm to buy platinum at 2200.
I'm sure that you can count me in that group.
If I have to sell at some point, I'll sell enough of my platinum that has gains to offset some of my platinum that has a loss, and my tax return will show a zero impact.
The nice thing about "averaging in" and keeping good records is that you can pick & choose the timing of your gains and losses.
***Added*** - My strategy has been called into question. Note that my pms are not identical assets and can be distinguished by metal, date/mintmark, denomination and date of purchase. My example wasn't specific enough, i.e., I might sell a 2004 Proof and a 2008 Proof, which at today's prices would have a gain vs. an offsetting loss.
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I do wish I could find an ounce of palladium close to spot, please PM me if anyone wants to part with one!
I also think the longer silver keeps getting hammered, eventually there will be some closer to spot on the market, which is good for us who are looking also.
looks like plat is in the 900s!!! Maybe today gold will be higher than plat???
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<< <i>I'm buying JP Goldman Fargo of America. The heck with gold. >>
Nice!!! I like that one.
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<< <i>good gosh, I wonder how many people sold the farm to buy platinum at 2200. OTOH, I wonder how any long time holders sold at 2200 and made off like bandits. ABout a 60% drop in 75 days, wow! >>
Yeah...I'm one of those nuckleheads...bought a 10th Anniv PCGS PR70 FS rev proof for $1,200 about 6 weeks ago....I should have been more patient & waited
<< <i>
<< <i>good gosh, I wonder how many people sold the farm to buy platinum at 2200. OTOH, I wonder how any long time holders sold at 2200 and made off like bandits. ABout a 60% drop in 75 days, wow! >>
Yeah...I'm one of those nuckleheads...bought a 10th Anniv PCGS PR70 FS rev proof for $1,200 about 6 weeks ago....I should have been more patient & waited >>
it still is purdy though!
sorry OPA
I'm sure that you can count me in that group.
If I have to sell at some point, I'll sell enough of my platinum that has gains to offset some of my platinum that has a loss, and my tax return will show a zero impact.
The nice thing about "averaging in" and keeping good records is that you can pick & choose the timing of your gains and losses.
***Added*** - My strategy has been called into question. Note that my pms are not identical assets and can be distinguished by metal, date/mintmark, denomination and date of purchase. My example wasn't specific enough, i.e., I might sell a 2004 Proof and a 2008 Proof, which at today's prices would have a gain vs. an offsetting loss.
I knew it would happen.