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Metals are starting their "dive"

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
Gold down $20 to $882

Platinum below $980

Palladium under $200

Comments

  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    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! image
    imageQuid pro quo. Yes or no?
  • gecko109gecko109 Posts: 8,231 ✭
    Remember a few months ago that Rhodium was worth almost 10k? Its just above 4k today!image
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    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. image
    imageQuid pro quo. Yes or no?
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    silver down too! In the mid to high 12s but I doubt you can find it at that price for sale though.

    looks like plat is in the 900s!!! Maybe today gold will be higher than plat???
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  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    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?

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • RunnersDadRunnersDad Posts: 1,080 ✭✭✭
    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.
    Mike

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  • jmski52jmski52 Posts: 22,982 ✭✭✭✭✭
    I'm buying JP Goldman Fargo of America. The heck with gold.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,292 ✭✭✭✭✭


    << <i>I'm buying JP Goldman Fargo of America. The heck with gold. >>



    Nice!!! I like that one.image
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  • BBNBBN Posts: 3,761 ✭✭✭
    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!

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  • OPAOPA Posts: 17,127 ✭✭✭✭✭


    << <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 & waitedimage
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  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <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 & waitedimage >>



    it still is purdy though!

    sorry OPA
  • jmski52jmski52 Posts: 22,982 ✭✭✭✭✭
    I wonder how many people sold the farm to buy platinum at 2200.

    I'm sure that you can count me in that group.image

    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 knew it would happen.
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