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Pd @ $519 overseas tonight
Weiss
Posts: 9,935 ✭✭✭✭✭
So my expectation of a sell-off @ $500 didn't come to pass.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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But I've never been accused of being smart. And honestly I don't really have enough to matter. I may sell today, I may sell in a month. But my gut says I'll probably never sell.
--Severian the Lame
CNI was buying Pd ML's for $15 over now its at spot
First time shame on you
2nd time shame on me!
I when in to CNI to sell some Pd the other day. I call up & also send an email to confirm there buy prices & they pay in cash.
1. walk in & the guy at the counter rude is rude.
2. Hand them a roll of Pd maples they say they pay under spot!! wtf
3. Hand them some maples in sealed plastic instead, they give me what they originally quoted
4. Invoice say part cash part check ????
5. guy comes back with it all in check!!!!!!! says they do not have any $$$$$ LOL WTF
My blood is slowly starting to boil. I figure i came this far, I'll finish the deal. Ill jus run a quarter mile down the rd to there bank that issued it & cash it right there!
YEAH RIGHT! There bank says they do not have enough cash & I need to go to another bank that has the funds. This bank that i am now heading to is on the way home, so no biggie. This bank now wants to charge me a "CHECK CASHING FEE"
I DRIVE RIGHT BACK TO CNI & TELL THEM THIS IS BS AN GIVE ME MY PALLADIUM BACK.
He then proceeds to give me cash
Hong kong/Long Beach JUNE Table #838
MACAU
emgworldwide@gmail.com
Cell: 512.808.3197
EMERGING MARKET GROUP
PCGS, NGC, CCE & NCS, CGC, PSA, Auth. Dealer
Hong kong/Long Beach JUNE Table #838
MACAU
emgworldwide@gmail.com
Cell: 512.808.3197
EMERGING MARKET GROUP
PCGS, NGC, CCE & NCS, CGC, PSA, Auth. Dealer
roadrunner
<< <i>Pd has followed the same waves up as gold and platinum. And basically each has completed a 5 wave set. It's apparently still on fumes. I would not be surprised to see it follow the other metals down very shortly.
roadrunner >>
In my opinion, Palladium is "marching to the beat of a different drummer" then Gold or Silver. Agree, pd may be due for a correction, but I would not place it with the "other" metals (gold & silver) In my opinion, along with Platinum & Rhodium, it's an industrial metal, such as steel, aluminum, nickel or tin. Do the industrial metals follow a "wave pattern," or is their price based on demand, subject to world economic conditions?
--Severian the Lame
I knew it would happen.
Keep on Stack'n!!
********************
Silver is the mortar that binds the bricks of loyalty.
--Severian the Lame
–John Adams, 1826
Unlike the more manipulated gold and silver, palladium has tended to move in a nice tight channel. But once it reaches the upper trend line it's usually time to pull back. I wouldn't label it a pure industrial metal like tin, lead, copper, tungsten, etc. It is used primarily in industry but does have a "precious" component to it. I think all the metals run in similar wave sets. But like anything, a wave set can be blown away in mid-stream by a major fundamental change or world-changing event. Those don't happen very often. Usually the markets already sense them coming even if the public cannot and price it in accordingly....hence the wave set is already changing length/shape to accomodate.
Looks like this morning may have been a blow off top? Still, there are no divergences of note in the momentum indicators indicating a lot of strength. But like any metal, Pall tends to follow a pretty clear 5 wave pattern. And Palladium from Feb 8th to April 13th is about as textbook as you could ask for. The last 13-14 days have seemingly formed the 5 smaller legs of wave 5. Sometimes they do extend into 7 or even 9 waves on extraordinary strength/mania but not very often. PALL has now jumped outside the daily trading bands (BB20,2) as well as touching/exceeding the top of the 2 month trend channel. Daily volume has been generally declining since peaking last Wed.
In comparing PALL to PPLT, GLD, and SLV it seems that it ignored Monday's overall metals downdraft but has taken advantage of the rebound in those other ETF's to post a new high this morning. That certainly makes sense in light of the strength/pricing of the overall stock market. From here it looks to me that GLD and SLV will start their next leg down. It's going to be hard for Palladium to hang in there much longer by itself, especially after a 5 leg - 2 month bull run. But in re-counting the waves in the 5th leg it's still possible that today's parabolic move was only the 3rd...with one more up leg to follow after a corrective 4th completes.
roadrunner
<< <i>Any more doubt that it is the metal of the future?
Keep on Stack'n!! >>
Nope, never doubted you in the first place. You should change the name of your Avatar to PalladiumBarron.
But, I gotta say, the 5-year chart has me a bit nervous...the precipitous drop in 07/08 from about $600 to sub $200 is pretty ugly. I realize that drop is nicely timed (maybe just a bit early) for the current recession, but all other factors aside, I guess I have to still sit this one out. Must confess I looked at the 5-year about 6 mos ago ready to jump in and didn't...pretty dumb.
I LIKE IT!!
Really ......... I do expect all of the metals to take a drop soon ....
BUTTTT ....... they are going MUCH HIGHER.
I am not sharp enough to buy low & sell high ......
So I take the safe way for me ...... I just keep buying when ever the $$$ are there.
And yes, I do plan on selling at some point, when I feel that the government has it right,
and that is not right now ...... IMHBAO!!
Keep on stack'n!!
********************
Silver is the mortar that binds the bricks of loyalty.
Pd price spike.
–John Adams, 1826
sidebar - I don't see anything better on the horizon. As I was driving back from Chicago yesterday, it sounded like all of the reports on the economy were favorable. I say, "bunk". I don't believe any of it. None of the problems have been fixed.
signed, Perplexed in Missouri
I knew it would happen.
<< <i>Weiss, I own no palladium, but - tell me what other investments you would prefer with your proceeds from the sale of palladium in lieu of palladium itself? I understand the need to want to "take profits" but why? Now, the gains are all taxable for you. Did you need the money for something else, or do you see something that you think looks markedly better? IMHO, any trade out of pms is a turnstile trade. Are you churning your own account? Seriously, what could be a better/safer/potentially more lucrative place for investing than pms at this moment? Just askin'.
sidebar - I don't see anything better on the horizon. As I was driving back from Chicago yesterday, it sounded like all of the reports on the economy were favorable. I say, "bunk". I don't believe any of it. None of the problems have been fixed.
signed, Perplexed in Missouri
I can't answer for Weiss, but my proceeds from my sales are going into "cash" for the time being. I totally agree with your assumption that the economy is definitely not "fixed" at this point. Jobless claims had a "surprising?" increase for the latest reporting period.
<< <i>Weiss, I own no palladium, but - tell me what other investments you would prefer with your proceeds from the sale of palladium in lieu of palladium itself? I understand the need to want to "take profits" but why? Now, the gains are all taxable for you. Did you need the money for something else, or do you see something that you think looks markedly better? IMHO, any trade out of pms is a turnstile trade. Are you churning your own account? Seriously, what could be a better/safer/potentially more lucrative place for investing than pms at this moment? Just askin'.
sidebar - I don't see anything better on the horizon. As I was driving back from Chicago yesterday, it sounded like all of the reports on the economy were favorable. I say, "bunk". I don't believe any of it. None of the problems have been fixed.
signed, Perplexed in Missouri
Does it have to be about investments?
This was a relatively small amount of metal, but not a bad return on investment for almost exactly a year.
My wife and I collect arts & crafts (mission style, Prairie school) era furniture, pottery, etc.
A year ago, the amount I bought the Pd for could not have purchased this:
L. AND J.G. STICKLEY
Sideboard, Oak, circa 1910, with plate rack
Branded mark
46 1/2" x 56" x 22"
Flash forward to yesterday, and the amount I sold the Pd for can.
That's pretty cool.
And if I were to buy it, the L&JG will continue to increase in value as it is used and appreciated in our home.
Sometimes it's not a bad idea to put gains into perspective.
--Severian the Lame
I knew it would happen.
<< <i>Weiss, time to visit the Antique Road Show, if it happens to stop by in your neck of the woods, and have them appraise this beautiful piece of furniture. >>
I haven't bought it yet
It's coming up for auction soon. It's just an example of what I could buy in the area for what I sold the Pd for.
--Severian the Lame
Hong kong/Long Beach JUNE Table #838
MACAU
emgworldwide@gmail.com
Cell: 512.808.3197
EMERGING MARKET GROUP
PCGS, NGC, CCE & NCS, CGC, PSA, Auth. Dealer
<< <i>Pd is a beast!!!!! >>
No it's fickled...reminds me of my x'wife
–John Adams, 1826
--Severian the Lame
<< <i>I'm officially glad I sold my pd @ $545. >>
That makes 2 of us...sold mine at a slightly higher price ... I still have 10 oz saved for a rainy day though.
I knew it would happen.
$398 was just too tempting.
--Severian the Lame
<< <i>I bought the dip
$398 was just too tempting. >>
Shame on you!
What did you buy? I was looking for a Maple or a Pamp bar but I am not sure if I want to pay $30/40 over spot + shipping.
Edited to add: for a Russian Ballerina wouldn't be that bad though...
<< <i>
<< <i>I bought the dip
$398 was just too tempting. >>
Shame on you!
What did you buy? I was looking for a Maple or a Pamp bar but I am not sure if I want to pay $30/40 over spot + shipping. >>
I didn't want to be greedy (or stupid). So I just bought one bar:
--Severian the Lame
As the saying goes "the early bird catches the worm."
Great buy.
I got lucky. It was a roll of the dice.
The way I figure it, and the way I thought about it last night when I pulled the trigger: I was able to go from 5 oz at ~$270 to 10 oz at ~$285 my "cost". I'd have done just as well (or better) if I'd just bought 10 oz originally a year ago instead of just 5.
I'm not holding my breath on it keeping its price. Still, it's pretty neat to see.
--Severian the Lame