Wit all the scuttlebut about a PM correction if debt-ceiling agreement is reached, why would anyone
BigE
Posts: 6,949 ✭✭✭
Surely buyers are waiting for this imminent correction. Are you? Discuss
-------BigE
-------BigE I'm glad I am a Tree
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I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
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.
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.
Too many positive BST transactions with too many members to list.
Buy when you can. Sell when you have to.
The nature of politicians makes the long-term trend of PMs definitely UP!
Member ANA, SPMC, SCNA, FUN, CONECA
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?
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.
That means to me the rest of the world is in worse shape.
The world banks own gold and are still buying, they know something
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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
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.
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.
Camelot
<< <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.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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
<< <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.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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.
I knew it would happen.
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
"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.
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
<< <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 happy
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 coleagues
<< <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...
Liberty: Parent of Science & Industry
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.