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Palladium is way down

secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
in Precious Metals
Down about 10% today. Any thoughts as to why?
"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)

Comments

  • TomohawkTomohawk Posts: 667 ✭✭
    Silver absolutely tanked as well...at one point, Kitco has the low @ $16.67!! That's over $2 in one day. I would have thought the naked short issue in Germany would have benefited PM's, but I guess not.
    ASE Addict...but oh so poor!
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "Any thoughts as to why?" Why isn't even part of the equation.

    The metal market folk that play daily or weekly are so whipsawed they don't know whether they are pukin' or eating lunch. The only people that are gonna come out of this whole are the physical stackers.

    JMHO
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    In my book....it's simply a matter of "profit taking" Palladium jumped from $290 in 6/09 to $560 in 2010...Plat., Gold & Silver also had decent run ups in the last 12 - 18 month.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • TomohawkTomohawk Posts: 667 ✭✭


    << <i>In my book....it's simply a matter of "profit taking" Palladium jumped from $290 in 6/09 to $560 in 2010...Plat., Gold & Silver also had decent run ups in the last 12 - 18 month. >>



    But a $2 drop in one day is unprecedented, at least since the 1980 fun. It feels like someone is just waiting for any news that could possible be related to PM's and then BAM! They light the fuse.

    Makes life more interesting I guess...
    ASE Addict...but oh so poor!
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Silver absolutely tanked as well...at one point, Kitco has the low @ $16.67!! That's over $2 in one day. I would have thought the naked short issue in Germany would have benefited PM's, but I guess not. >>



    Must have been a computer glitch. Kitco now shows the low for the day at $17.92 ( about a $1.00 drop...which btw is not that unusual)
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • MMRMMR Posts: 372
    I personally think it is just a healthy correction that came about in part as a result of the German short selling ban. I bought a couple more oz of Gold on the dip.

    I am following Jim Sinclair's advice to "Stand Your Ground"
    My eBay auctions - nothing now
  • cohodkcohodk Posts: 19,105 ✭✭✭✭✭
    Parabolas never end well.

    Parabolas are created when everyone is a buyer. Since everyone has bought, there are now no more buyers. Prices start to collapse under their own weight. Since there are no more buyers, there is no buying support. Everyone is now a seller. Prices usually collapse 70-90% from the peak. Gold/silver in 1980, the Nikkei, Nasdaq, Russia and China equity markets are examples as is oil in 2008.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Timely shakeout? Russia's pallidium stockpiles exhausted?

    It's on Bloomberg so it must be true................MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    I believe that the correct term is hyperbola.image

    The only people that are gonna come out of this whole are the physical stackers.

    Agreed, mh. The ETFs are busy today. However, I notice that my own stack hasn't shrunk or grown at all during all this hoopla.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    It's amazing what difference 3 - 4 month will do to PM's....climbing back up to $550-$600 in the next 1-2 month?
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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