Dive, Dive, Dive...
jmski52
Posts: 22,822 ✭✭✭✭✭
Gold, Platinum, Silver - all headed lower now.
Platinum is at $1,655. Gold at $1,709.80. Silver is at $33.17.
We live in interesting times. I think it is all stock market-related. Even so, it ain't pretty.
Platinum is at $1,655. Gold at $1,709.80. Silver is at $33.17.
We live in interesting times. I think it is all stock market-related. Even so, it ain't pretty.
Q: Are You Printing Money? Bernanke: Not Literally
I knew it would happen.
I knew it would happen.
0
Comments
Hopefully the truth will come out.
I know my POS paper dolllars didnt lose 20% of purchasing power in 2 days. In fact Poland just got 7% cheaper more me.
Im not trying to be argumentative, just sayin'
Knowledge is the enemy of fear
I'm seeing 1560- 1580 , then 1500 for stronger support
next major support for silver looks to be @ 27.50 to me
<< <i>I thought PMs were supposed to be a store of value?
I know my POS paper dollars didnt lose 20% of purchasing power in 2 days. In fact Poland just got 7% cheaper more me.
Im not trying to be argumentative, just sayin'
Over the past 10 yrs the dollar has had its moments every so often (ie Jan-Nov 2005, Aug-Oct 2008, Dec 2009-May 2010, Aug 2011- ???).
It's relative performance to gold and silver in that time is still very poor and will likely stay that way when this dollar run is over.
But yes, a store of value for several months at a time. How quickly gold's move from $1478 to $1920 this year is forgotten. Moves like that
usually don't end nicely. Now we get to see how much of that $442 parabolic gain that gold gets to keep. Gold is close to filling its huge Aug 7th gap
at $1662-$1680. The dollar has a nice gap at 76.50 that will need to get filled at some point.
Stores of value since 2001 based on today's prices: USDX -34% Gold +560%
roadrunner
<< <i>cohodk, curiously, now that the metals have broken down technically, where do you see support for gold?
I'm seeing 1560- 1580 , then 1500 for stronger support
next major support for silver looks to be @ 27.50 to me >>
Silver is still at support (barely). Gold has acted fairly well all things considered. However that doesnt eliminate the possibility for a 20-30% drop from the peak--as I described in the trading thread a few weeks ago. Right now, gold is at the top end of the trendchannel that it broke out of on Aug 1. Momos look like crap and the 200dma is nearly $175 lower. So I guess I would agree with your numbers. Just be careful, as in highly emotional times support levels can be broken faster than you can call your broker.
How quickly gold's move from $1478 to $1920 this year is forgotten. Moves like that usually don't end nicely
Exactly. And thats why im very curious as to why I heard many more screams to BUY, BUY, BUY than SELL, SELL, SELL. Of course I know the answer (been doing this too long), but still amazes me.
Knowledge is the enemy of fear
Although until this break sentiment was wildly bullish for metals and bearish for stocks, which makes me think within a month or so there will be a decent opportunity. (stocks)
Getting back to gold, what looked like a potential double top, now looks like we can drop the word "potential"... it could be formidable.
With that I will do exactly what I did then...buy smoe more PM's. There just happens to be a local coin show today and tomorrow. I'm curious to see what I can get silver for today.
<< <i>Buy, Buy, Buy >>
the us debt is still piling up faster and faster.
the balance of trade is still negative.
that's why.
dips like this are a buying opportunity.
<< <i>
<< <i>Buy, Buy, Buy >>
the us debt is still piling up faster and faster.
the balance of trade is still negative.
that's why.
dips like this are a buying opportunity. >>
Debt has been piling up faster and faster in Japan to the point when Japan has a relative debt level more than 2x that of the USA. Yet, in YEN terms, gold is still 35% below its 1980 peak. So for the Japanese, who have seen debt levels rise incredibly and been mired in a 20 yr recession, gold has only performed 1/2 as well as it has for the Americans. Thats still pretty good, but I illustrate this fact to show that a rising debt level does not ensure outperformance.
In 2000, people the reason gave to BUY, BUY, BUY was that the internet would revolutionize business. And they were right, yet it did not translate into profits for investors.
Knowledge is the enemy of fear
So much for that, ugh.
Knowledge is the enemy of fear
Platinum is at $1,625. Gold is at $1,667. Silver is down to $32.25.
Once we get past this emotional blowoff, we'll have to start thinking where things are - in relative terms. That's really the issue here - where are we going to be, in relative terms?
cohodk certainly called this move with his deflationary commentary for the past several months. Time to start deciding whether or not he is right in a long term sense. Of course, Greece is weighing on the markets today and the dollar is an asset that can be bought everywhere. So can gold and silver, for the most part.
I don't see that anything has changed. The governments have not cut back. Debt is still crushing our capital structure. Interest rates can't go any lower (unless they pay people to take out loans.)
I'm sure that more than a few precious metals speculators were caught in the net today. Precious metals are still a store of value, I must note.
I knew it would happen.
<< <i>
Exactly. And thats why im very curious as to why I heard many more screams to BUY, BUY, BUY than SELL, SELL, SELL. Of course I know the answer (been doing this too long), but still amazes me. >>
only because i think there are many more buy and hold here than traders. that's my short answer.
Gold, in EU, has no VAT tax. But silver does have a VAT tax. Silver investors have to worry about a >10% tax. Of course, there is the black market and this is Greece you were talking about.
Proud recipient of two "You Suck" awards
<< <i> Greece is weighing on the markets today and the dollar is an asset that can be bought everywhere. So can gold and silver, for the most part.
Gold, in EU, has no VAT tax. But silver does have a VAT tax. Silver investors have to worry about a >10% tax. Of course, there is the black market and this is Greece you were talking about. >>
Agree. Tax avoidance is a major sport in most European countries.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
AGQ down almost 24% today(so far).
Mommy is correct!
Just sayin'
Welcome to sovereign debt default nation.
I knew it would happen.
<< <i>Something is going on, or people know something is going to happen in Europe this weekend. I am fascinated to find out next week the reason for this untimely selloff
I think we have known for a while now that many Euorpean countries(and the US) have serious debt issues.
Many European banks are known at risk. And, Citicorp, BOA and Wells Fargo ere all downgraded yesterday.
And, after the hugh run up in silver and gold in the last few years a blow off is not a surprise.
We saw the light at the end of the tunnel long ago and knew it was a trainwreck comming.
<< <i>mommy >>
$30.xx
the trip to the B&M this weekend will be very... interesting.
I don't think it's a huge surprise you are going to see vicious retracement of prices from time to time, the trouble is as always is knowing when. Any asset class that rises way above it's mean standard deviation, is going to be susceptible. I still think Gold could rally taking out the old highs, but clearly there has been some serious technical damage in the short run my guess is it will take at least until next year to repair the damage.
it is interesting so far today is that the metals are having a negative divergence from stocks and that hasn't happened much in the recent past. Of course that may mean nothing time will tell, but sentiment indicators are starting to get quite bullish.