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Wit all the scuttlebut about a PM correction if debt-ceiling agreement is reached, why would anyone

BigEBigE Posts: 6,949 ✭✭✭
Surely buyers are waiting for this imminent correction. Are you? Discussimage-------BigE
I'm glad I am a Tree

Comments

  • Buy the highs, buy the middle, buy the lows. They're all going to be taken out anyway.
  • For the past four years I have been buying a little every week, no reason to stop now




    I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    I bought two mint state $20 gold Saints in PCGS plastic last Friday for a little over melt. I could easily see gold trading between 3k and 5k per ounce and a blow-off top in prices occuring. Sure, there's a speculative component there; but at the end of the day, even if gold's price falls a lot, I've got two really neat coins to look at, and those will always have some value.

    And frankly, I think the upside potential is much bigger than the downside. Gold just hasn't had the crazy parabolic move in prices that usually happens in these kinds of bull markets.
    "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)
  • guitarwesguitarwes Posts: 9,237 ✭✭✭

    I'm buying if I get a good deal. I think the fundamentals are in place to send silver up over the long haul rather than these up and downs within a few months. Just adding little by little to the stack. A few dollars don't buy much Ag anymore.

    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
    Too many positive BST transactions with too many members to list.
  • TJM965TJM965 Posts: 446 ✭✭✭

    Buy when you can. Sell when you have to.image
  • 2ndCharter2ndCharter Posts: 1,640 ✭✭✭✭✭
    Sure, there can be a short-term correction from an alleged deal being worked out but these are politicians you're talking about and any deal made today can (and most likely will) be forgotten about tomorrow.

    The nature of politicians makes the long-term trend of PMs definitely UP!

    Member ANA, SPMC, SCNA, FUN, CONECA

  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    Hummmmm...One could make the argument that everyone in the world is involved in the gold trade and what dissention that visits the Congr ess shouldn't affect the price of gold either way because there are so many international players. Then again, everyone in the world is directly connected to the usd so as the usd goes, so goes the rest of the world so one could make the argument that it's not about gold at all, it's all about the usd.

    If there is some kind of default then gold would likely go "to the moon" but if a compromise is reached and everyone in the world is safe for another night then gold drops back to 1200. So...wanna bet?
  • RedTigerRedTiger Posts: 5,608
    Think back a couple of months, similar things were said about the end of QE2. I'll write it again, trying to trade on widely anticipated fundamental news events is for the most part a waste of time. A person has to figure out what the news really means, how it will effect the markets, and most difficult of all, what other players expect the news and market reaction to be. The last part is the key, and is not available. It doesn't really matter what the news is, but how that news compares to what players expected the news to be.

    If enough players expect a decline with a budget agreement, and position themselves in anticipation of that reaction, the odds of a rally increase. It is not a straight play, and one reason why many very smart people become frustrated with the markets.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Way I look at it is. The dollar still has strength. We all know how FUBARRED our US economy is.

    That means to me the rest of the world is in worse shape.

    The world banks own gold and are still buying, they know somethingimage
    Avid collector of GSA's.
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    debt ceiling agreement is a given and has been baked into the price for some time. recent surge in price has been more related to European PIIGS crisis.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • 57loaded57loaded Posts: 4,967 ✭✭✭
    great post (amongst many) RedTiger
    image
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Seems like some people who posted above already had an inkling of what was coming today at 1:30 pm.

    Gold is usually taken down sometime this week or next week as options expire. It just turned out to be this week. And since the last 2 weeks of July is consistently one of the weaker times for gold, it wasn't going to be given a free pass this time either. Coincidentally, over the past 11 yrs, Tuesday of the week before OE (ie today) has been the most popular choice with 5 hits out of 11 chances. Guess they all want to get an early start on next Tuesday's OE.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • vibr0nicvibr0nic Posts: 614 ✭✭✭
    I'm nibbling constantly, sometimes I nibble more than others.

    In fact, I just nibbled some more gold and silver yesterday Monday at $1600+ and $40+ respectively.

    Any downturn doesn't bother me one bit, as I'd rather have my assets stocked in tangible precious metal than anything else right now.
    I like large size currency and silver dollars.
  • BearBear Posts: 18,954 ✭✭
    Raising the ceiling in no way resolves the underlying problem of bankruptcy and inflation

    as well as high unemployment and declining home values. loaning money to Greece, Italy,

    ect in no way will avert bankruptcy for thre Nations involved and the banks holding the

    countries bonds.
    There once was a place called
    Camelotimage
  • derrybderryb Posts: 36,112 ✭✭✭✭✭


    << <i>Raising the ceiling in no way resolves the underlying problem of bankruptcy and inflation

    as well as high unemployment and declining home values. loaning money to Greece, Italy,

    ect in no way will avert bankruptcy for thre Nations involved and the banks holding the

    countries bonds. >>


    Right. the metals fundamentals remain unchanged (stronger than ever) and the bull trend has backbone. The only restraints are artificially induced (as has always been), and they continue to grow weaker. Look for new approaches and creativity to discourage metals. The day will come when the market finally sets the true price and I for one plan to be sitting on a tall stack when it happens. Those that worry about topping out only have to keep an eye on the Dow to Gold ratio. Historically when it gets to 1:1 the gold market has peaked and equities have bottomed. Silver fans only have to keep an eye on gold trends to know what to expect. I believe we will see a much greater percentage gain with silver over the next two years.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • BigEBigE Posts: 6,949 ✭✭✭
    How can the debt ceiling not be raised?---the stock market goes up, so does oil, PM's go down, people get their entitlements---and everyone is happyimage-----------------------BigE
    I'm glad I am a Tree
  • With China opening up their PM exchange and India's voracious demand for PM's the equation has changed. This is not 1980 anymore.
    30's R Want List:

    R73 1933 Goudey Indian Gum - Series 288 - Nos. 118
    Also looking for 1953 Parkhurst & 1953 Quaker Oats Ripley's BION.

    If you have any available for sale PM me
  • mashmash Posts: 207 ✭✭✭
    the debt ceiling is periodically raised as the economy grows...60 times so far..
    Buying uncut sheets and 1914 stars! message me
  • gecko109gecko109 Posts: 8,231


    << <i>the debt ceiling is periodically raised as the economy grows...60 times so far.. >>





    If the economy truly is "growing", then why the need to borrow more and more? Seems like its a classic case of the tail wagging the dog.
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    the debt ceiling is periodically raised as the debt grows...60 times so far...

    The decline from democracy to tyranny is both a natural and inevitable one.

  • jmski52jmski52 Posts: 22,304 ✭✭✭✭✭
    Wit all the scuttlebut about a PM correction if debt-ceiling agreement is reached, why would anyone buy right now?

    My purchases of pms that are of any significance usually happen when I've accumulated enough cash to take a plunge. Once my cash reaches "critical mass", I start shopping - which means that I start paying much more attention to the current news, the current situation, the technicals - etc.

    If I had the cash right now, I'd be shopping prices and buy/sell spreads to see who is competitive - but I don't think I'd pull the trigger mainly because of the timing issues that roadrunner mentioned.

    I'd be reading Jim Sinclair daily and watching the dollar and the bond markets more closely. I'd be listening more carefully to Santelli's commentary every day, and at some point I would decide to pick up the phone and make my buy.

    It will still be a month or two before the cash accumulation becomes an issue, so until then I am on autopilot and just trying to keep a steady flow of money coming. If I miss a dip in the price, it won't be the first time, nor the last.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BigEBigE Posts: 6,949 ✭✭✭
    Not sure what roadrunner means on the effects of options expiration, other than shorts might have to pay out large$$, seems the longs want to win as well-or what happened at 1:30-though I do try to pay attention to his posts which are enlightening when I understand themimage

    I too try to accumulate a barrel of powder to fire a cannon, rather than a bullet, when its time to purchase. I happen to think a few people are waiting for "the announcement" to score around 1550 for one of the last times and ride back up to new highs-----------BigE
    I'm glad I am a Tree
  • gecko109gecko109 Posts: 8,231
    Two fantastic tidbits were spit out in this thread:

    "Buy when you can. Sell when you have to." AWESOME!!!!!!

    And the "critical mass" concept regarding cash.


    These are two simple concepts that are incorporated into my personal accumulation plan. Im just like Jmski. I save up cash until I hit 7 or 8 thousand, then I buy 3 or 4 thousand in metals. And I then build up my reserves again until I hit my personal "critical mass" of about 7 or 8 thousand, and repeat again.

    The way I see it......for my personal situation.....I have about $15,000 in credit card limit.....with a $0 balance at ALL TIMES. In addition, I have (what I feel to be) a good sized chunk of physical metals. So there is absolutely no reason for me to have more than 4 or 5 thousand in cash in the bank at any given point in time. 4 or 5 thou is enough to bail myself out of an unforseen emergency (leaky roof, blown car engine, dead furnace, etc.) and if its not, I have $15,000 more...in credit... at my fingertips if needed. Then add in the value of my metals, and it becomes easy to see that its simply crazy to hold too much cash.
  • BigEBigE Posts: 6,949 ✭✭✭
    Absolutely! A great buying plan is a necessity-plus it makes it way easier to pull the triggerimage--------BigE
    I'm glad I am a Tree
  • RedTigerRedTiger Posts: 5,608
    So are folks still waiting for a significant pull back on debt ceiling news? Are folks getting impatient and willing to buy at the market today, at much higher prices?

    The event has come and gone. Is it too early to say "I told you so" about the uselessness of trying to trade on these fundamental news events that everyone knows about? Flip a coin, it will get it right more often than analysts predicting market direction based on already known news.

    Maybe my post will cause the correction that never came on the news image
  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭
    Bought the last 2 weeks, planning on buying next week no matter. Might buy this week if I get to my BM.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    I suspect that the "Debt Crisis Settlement Splunge" has come and gone......
    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.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    What I said........
    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.
  • BigEBigE Posts: 6,949 ✭✭✭


    << <i>How can the debt ceiling not be raised?---the stock market goes up, so does oil, PM's go down, people get their entitlements---and everyone is happyimage-----------------------BigE >>






    Eww boy! Was I ever topsy turvey wrong with this above comment, I deserve to be bashed and my needles pulled out one by one by fellow PM coleaguesimageimageimageimage------BigE
    I'm glad I am a Tree
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Well... the crisis is done, signed by the hmmmmm person in the oval office... and gold continues to rise. Do any of the naysayers NOW begin to understand?? Talk about an epiphany.... but I guess there will still be those who cling to their unfounded faith in governmental shenanigans which are really nothing more than smoke and mirrors. The real truth is that the U.S. is in serious trouble financially, and gold will continue to rise based on the declining dollar and concern over the economic future. Gold is money. Cheers, RickO
  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭


    << <i>Bought the last 2 weeks, planning on buying next week no matter. Might buy this week if I get to my BM. >>



    And I made it to my BM this afternoon...
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Had a fine BM this morning... must have been the Thai food last night image

    Liberty: Parent of Science & Industry

  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭
    B&M, ha ha
  • DNADaveDNADave Posts: 7,239 ✭✭✭✭✭
    I'm buying.

    This past week I bought:

    57 Silver Dollars at $28 each.
    Two rolls of Washington Quarters at $500
    Three rolls of Barber Dimes at $450
    50 Franklin/Walkers Mixed at $12.75 each.

    My wife thinks the money should have been left in the bank, but I'm pretty happy with my decisions. The sellers were all happy with the cash.
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