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Gold up $10.00; Silver up $1.03; Stock Market down 135

jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
in Precious Metals
I'm sure that the stock market will get rescued at some point, but this is the type of move that justifies owning gold and/or silver. This is emblematic of the situation as it exists today.

I believe that the August 2nd "deadline" freak show is a non-event designed to take our attention away from something else important. I really don't trust the gum'mint.
Q: Are You Printing Money? Bernanke: Not Literally

I knew it would happen.

Comments

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Things are rather hinky at this point and time. Be careful out there. 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......
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "I believe that the August 2nd "deadline" freak show is a non-event designed to take our attention away from something else important."

    The only thing important here that seems obvious is that this freak show is threatening to take a lot of big eaters at the gov. trough off the nipple from bankers to NGO's and yep, they gotta be freakin'. Gold at 1600 is certainly noteworthy and it shows no sign of weakening.
  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭
    The Dollar Index is up and oil is down. According to past performance metals should be down. The fact that they are not suggests to me that the game has changed.

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>The Dollar Index is up and oil is down. According to past performance metals should be down. The fact that they are not suggests to me that the game has changed. >>



    Yes, definitely something different. Even the rock currencies (Cando and Aussie) are well down today and normally PM's tend to follow them.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭


    << <i>I believe that the August 2nd "deadline" freak show is a non-event designed to take our attention away from something else important. I really don't trust the gum'mint. >>


    I don't either, but two things "really are different" this time and could be a game-changer as far as the debt limit is concerned:

    1) A significant number of "Tea Party" members of Congress have a seat at the bargaining table.

    2) There is a heavy amount of public support for keeping the debt ceiling where it is. This has got to be on the minds of some wavering politicians, especially considering the results of the last election.

    The debt ceiling may be raised when all is said and done, but I don't think the current game of "chicken" is a charade.

    My Adolph A. Weinman signature :)

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>

    << <i>The Dollar Index is up and oil is down. According to past performance metals should be down. The fact that they are not suggests to me that the game has changed. >>



    Yes, definitely something different. Even the rock currencies (Cando and Aussie) are well down today and normally PM's tend to follow them.

    roadrunner >>



    The cando and aussie gererallly do better in an up equties market with up oil. Gold and silver will sometimes track in lock step. However, in times like this gold especially gets an insurance /fear premium. It's also getting the benefit of a clear air (no resistance) technical ride as well. Momementum. Just the way I see it. FYI- I was forced to sell my physical cando position on Friday. A broker procedurial thing. Now I own some dollars at the moment. Now, what to do with them............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......
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    let's not forget the Euro-zone either,

    big meeting tomorrow (Tuesday)
  • Olds76Olds76 Posts: 44
    I was going to start a thread about this but one was already started so Ill just slide in my post here.

    I predict that when the posturing Politian’s pass the dept, deficit, balanced budget amendment on Aug 2 that gold will go down 15% and silver 20%. Making it the right time to sell you bullion bars or melt coins early next week. The recent run up of both is because of the players in the market are doing that & days before it passes they will sell to take profits because they know it will pass.
    Do you agree or disagree, Thanks
  • KonaheadKonahead Posts: 1,476 ✭✭✭
    Just because they pass it or not will not change the general state of the world. If you are a day trader I agree, long term no way. What happens on Aug 2nd will change nothing. I am in this for the long haul.
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭
    Better now then later....dealing with overspending that is. I really dislike the sky-is-falling mentality on Aug 2...."no social security checks." What an alarmist! What I do like is the impact of the insignificant-AstroTurf-racist group called the Tea Party. image Say what you will, two years later they (WE) are making some waves on a subject that no one wanted to address.
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>Things are rather hinky at this point and time. Be careful out there. MJ >>



    "hinky"--is that good or bad?? image
    "Poets are the unacknowledged legislators of the world." PBShelley
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>I was going to start a thread about this but one was already started so Ill just slide in my post here.

    I predict that when the posturing Politian’s pass the dept, deficit, balanced budget amendment on Aug 2 that gold will go down 15% and silver 20%. Making it the right time to sell you bullion bars or melt coins early next week. The recent run up of both is because of the players in the market are doing that & days before it passes they will sell to take profits because they know it will pass. Do you agree or disagree, Thanks >>



    If one is contemplating selling anything it might good to get it done before options expiration on Tuesday 7/26. There hasn't been a late July in the past 10 yrs where gold didn't pullback at least a few % percent the week before expiration or by the day of expiration. Then again, this is the first July in a LONG time where gold set a new all time high. Maybe expiration will transpire differently as well?

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • pmcollectourpmcollectour Posts: 1,211 ✭
    Someone really forgot to tell gold it's the summertime and it should not be acting like this.

    All the naysayers who said no way to 2000 gold and 50 silver will soon be wishing they held on to some.
  • cohodkcohodk Posts: 19,102 ✭✭✭✭✭


    << <i>I was going to start a thread about this but one was already started so Ill just slide in my post here.

    I predict that when the posturing Politian’s pass the dept, deficit, balanced budget amendment on Aug 2 that gold will go down 15% and silver 20%. Making it the right time to sell you bullion bars or melt coins early next week. The recent run up of both is because of the players in the market are doing that & days before it passes they will sell to take profits because they know it will pass.
    Do you agree or disagree, Thanks >>



    The price of any asset tends to peak when bullishness and prices are hitting new highs.

    Remember how giddy everyone was at end of April?

    Factoid of the week----todays run in gold marked the longest consecutive string of up days since 1980image



    Now I own some dollars at the moment. Now, what to do with them............MJ

    You have my address.image
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>The Dollar Index is up and oil is down. According to past performance metals should be down. The fact that they are not suggests to me that the game has changed. >>



    Yes, definitely something different. Even the rock currencies (Cando and Aussie) are well down today and normally PM's tend to follow them.

    roadrunner >>



    The cando and aussie gererallly do better in an up equties market with up oil. Gold and silver will sometimes track in lock step. However, in times like this gold especially gets an insurance /fear premium. It's also getting the benefit of a clear air (no resistance) technical ride as well. Momementum. Just the way I see it. FYI- I was forced to sell my physical cando position on Friday. A broker procedurial thing. Now I own some dollars at the moment. Now, what to do with them............MJ >>



    The new casino up by Rosemont opened today. Send me your unwanted dollars and I will go place them on "Red" for you.

    image
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • pf70collectorpf70collector Posts: 6,641 ✭✭✭
    I will be selling my 100 2007 ASE Ws to apmex if Silver hits $45 and they are all in sealed FS eligible boxes. Nobody wants these things. $14 less than what the 2011 ASE Proofs are selling now.image
    Montana State Quarter Die Clash

    Box of 20
  • pf70collectorpf70collector Posts: 6,641 ✭✭✭
    The new casino up by Rosemont opened today. Send me your unwanted dollars and I will go place them on "Red" for you

    Crappy casinos here in MD. I prefer AC a least they give me 20% Cash Back on my play. The ones in MD barely 1/2 percent.
    Montana State Quarter Die Clash

    Box of 20
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    There have been times in the last 30 years that I regretted being in this business.




    This ain't one of em image

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>The Dollar Index is up and oil is down. According to past performance metals should be down. The fact that they are not suggests to me that the game has changed. >>



    Yes, definitely something different. Even the rock currencies (Cando and Aussie) are well down today and normally PM's tend to follow them.

    roadrunner >>



    The cando and aussie gererallly do better in an up equties market with up oil. Gold and silver will sometimes track in lock step. However, in times like this gold especially gets an insurance /fear premium. It's also getting the benefit of a clearn air (no resistance) technical ride as well. Momementum. Just the way I see it............MJ >>



    and conversely today the aussie and cando are exploding with the equities market as well is oil and gold is beeing sold off a little. 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......
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