Actually PMs haven't crashed hard yet

lathmach

But other metals sure have.
I sold off some 6061 aluminum extrusions last fall and got $1.04 a pound.
My aluminum chips went for 43¢ a pound.
I have a few hundred pounds of chips accumulated again, and called the scrap metal dealer. They said they were paying 12¢ a pound.
I asked for the price on aluminum 6061 solids and they offered 54¢.
Wow. I'm glad I sold off what I did when I did.
I still have a few hundred pounds of 6061, as well as a few hundred pounds of scrap cast aluminum tooling plate.
I'll sell my chips as they make a mess in the shop and I need to get rid of them, but the solids are going out into my barn at home.

Ray

cars

Yes, Alum, Copper, Brass, all dropped off. I use to deal in Cat converters as well, some are selling for a meare 10% of what they were bringing only a few months ago. Will take years before it gets anywhere near where it was before. Scrap metal or steel was $300/ton few months ago, Its now $50/ton.

ProofRainbowRoosevelt

Stainless has took a dump as well. A year+ ago it was paying 1.60/lb. and is now at .25/lb. I have about 9-10k lbs. in clean stainless sitting in a corner of my warehouse. I'm guessing it will be sitting there a while longer. I don't see the price moving up any time soon if ever. BLAHHH!!

roadrunner

Industrial metals will lag somewhat but they will come back within 1-3 years, and probably as high or higher than before as will most commodities. Gold is only down 9% for the year, which beats most other commodities and stocks. Gold should recover first, and the industrial metals follow sometime later.

roadrunner

bluelobster

The fact that gold has held up, could mean that it will eventualy lead other industrial metals up, but imho, a more likely scenario is that it will play catchup on the downside somewhat before being able to build a sustainable base that would lead to any real uptrend. Even though many PM entusiasts seem to think gold is being held down by the PPT and other conspiratorial forces....Price action in gold, suggests, on a relative basis, that it is overvalued, when compared to any of the other metals and has been propt up by retail buyers, banking on that gold will protect them from ANY financial calamity....time will tell

mkman123

I'm placing my bets on silver going up within the year!

COINB0Y

Considering when I saw Gas @ $4.49 a gallon, Gold was $975.

I now see Gas @ $2.10 a Gallon and Gold @ $742, so for that matter I suppose PMs haven't had that bad of a drop.

roadrunner

YTD, gold bullion is down a "massive" 9%, while every major stock index except possibly Dow Transports is down in the -25 to -30% range. Gold is already primed for a take off back to the $850-$950 range and all it will take is a single major economic or geo-political event. While a return to $640/oz is still possible, it is becoming more unlikely every day. The stock market will probably experience a strong dead-cat bounce rally between now and March. In that same time frame gold should rally as well as both stocks and commodities are probably heavily oversold.

roadrunner

Deadhorse

<< <i>YTD, gold bullion is down a "massive" 9%, while every major stock index except possibly Dow Transports is down in the -25 to -30% range. Gold is already primed for a take off back to the $850-$950 range and all it will take is a single major economic or geo-political event. While a return to $640/oz is still possible, it is becoming more unlikely every day. The stock market will probably experience a strong dead-cat bounce rally between now and March. In that same time frame gold should rally as well as both stocks and commodities are probably heavily oversold.

roadrunner >>




Of course you are talking about the absurd paper price.

Physical modern Gold Eagles are fetching $110 or more over that silly price and I'm sure pre-'33 gold is doing the same.

Spot and physical have long been decoupled from both silver and gold.

Overdate

Actually one PM has "crashed hard".

Rhodium.

From a high of over $10,000 less than 6 months ago, it has fallen to just over $1,300 at the moment - a decline of around 87 percent. None of the other platinum group metals have fallen nearly that far, percentage-wise.

Any thoughts on why rhodium has taken such a beating?

roadrunner

Of course you are talking about the absurd paper price.

Good point Deadhorse. If counting the actual selling premium of physical gold for the products that 99% of gold consumers buy, the price YTD shows a + gain. As far as 2008 goes, gold has done the job. FRN's have done better gaining 12-14% in 2008 but gold has been quite competitive in the overall financial markets.

roadrunner

RedTiger

<< <i>

<< <i>YTD, gold bullion is down a "massive" 9%, while every major stock index except possibly Dow Transports is down in the -25 to -30% range. Gold is already primed for a take off back to the $850-$950 range and all it will take is a single major economic or geo-political event. While a return to $640/oz is still possible, it is becoming more unlikely every day. The stock market will probably experience a strong dead-cat bounce rally between now and March. In that same time frame gold should rally as well as both stocks and commodities are probably heavily oversold.

roadrunner >>




Of course you are talking about the absurd paper price.

Physical modern Gold Eagles are fetching $110 or more over that silly price and I'm sure pre-'33 gold is doing the same.

Spot and physical have long been decoupled from both silver and gold. >>



Tulving has 2008 Gold eagles for spot +$69, will ship overnight with bank wire and over 20 ounces ordered, prior years are spot +$59. Aussie Kangaroos are spot +$39, though they won't ship for another 10 days. JM gold one kilo bars (32.15 troy oz) are spot +$15, and again they will ship overnight with bank wire.

Tulving link

roadrunner

Tulving has 2008 Gold eagles for spot +$69, will ship overnight with bank wire and over 20 ounces ordered, prior years are spot +$59. Aussie Kangaroos are spot +$39, though they won't ship for another 10 days. JM gold one kilo bars (32.15 troy oz) are spot +$15, and again they will ship overnight with bank wire.

For Joe Average looking to buy a single ounce or a fractional piece, the above doesn't do a whole lot for him. Looks like it takes $15K-$25K to be a "player" buying national ounce coins at only a 5-10% premium to spot rather than the 15% or so that many B&M's are charging. One of the keys that I see with holding PM's is having them be "divisible" or available in smaller buying units. 10-400 oz bars just don't cut it unless you are running your own "investment bank." A +$69 premium for 2008 eagles still seems pretty strong imo.

roadrunner

COINB0Y

Short Term Chart is playing in a Channel. A low volume break out will be a head fake pop and then a wash-out.

We need any break-out to have real High Volume



Long Term Chart is turning and looking better every day, a cross of the Slow Stochastics at bottom is the confirmation.



Bottom line, it will take off soon for real.

roadrunner

One of the things that those TA charts don't show is that the reported inventory in GLD is within 5% or so of it's all time high - around 750 tons. Even with the fall back from $900+ to $700 the tons in GLD have been growing....and for the most part growing steadily since it was created back in 2004. That's a pretty powerful trend and just the opposite one would have expected with "paper" gold falling off so much recently. It might be explained as part of the flight to safer assets such as gold and cash during the turmoil of the last 2 months.

roadrunner

cohodk

Since all metals are way down, while gold is not, is it possible that the "PPT" is actually supporting the price of gold?

ProofCollection

Coinboy, why don't you use the futures charts instead? Since GLD tracks the futures price and the futures market is pretty much 24 hours (and sometimes very active overnight), wouldn't it make sense to use those charts instead?