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PM's are spiking upward today. Anyone know why?
PerryHall
Posts: 45,419 ✭✭✭✭✭
Silver up $1.57 and gold is up $53.80 as I type this. Any reasons for the spike in price?
Worry is the interest you pay on a debt you may not owe.
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Keep an open mind, or get financially repressed -Zoltan Pozsar
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>Equities sell of due to european non-resolution. There will be resolution of some sort, apparently at the last minute, so be prepared to take paper PM profits soon. >>
The European situation is going to get much, much worse before it gets better, IMO.
Several member nations of the EU are teetering on the brink of complete default and the Germans aren't going to continue to support them (and the Euro) indefinitely.
If Germany pulls out of the Euro, the Euro will fail, taking the weaker EU nations with it.
Of course that may trigger a run to the dollar and cause pm's to drop v the greenback.
If I knew the answer, I'd be driving a much ritzier car!
If you can take profits out of PMs now, what would you put them into?
I'm long-term bullish on gold and silver.
<< <i>If you can take profits out of PMs now, what would you put them into?
I'm long-term bullish on gold and silver. >>
If you think PMs are due a drop, put it in cash and buy them back on the cheap. That's how one with a limited investment income makes the stack grow. This is easier with the paper PMs as there is less costs to trade and faster transaction time. The stacker is an investor, the paper player is a trader, why not be both! You can turn paper profits into more bullion. You can't do it with paper losses so be sure of your trades.
Keep an open mind, or get financially repressed -Zoltan Pozsar
One of the dealers on my old dealer network had a cute story. Just before the spike, a guy comes into his shop and says he wants to buy 10 Maple Leafs. The dealer looks at his screen and quotes a spot price of $1654.
The guy gets all piffy and says that before he left home spot was $1649, and demands that the dealer sell besis that. The dealer tries to explain to the guy that that is not how the game works, and the guy gets mad and leaves.
Five minutes lates the dealer looks at the screen and gold is up about $40.
Within half an hour the guy hustles back in, starts pulling cash out of his pockets and says he's not gonna drive all around town shopping prices, and he'll take the $1654 spot price. He then gets all piffy again when the dealer will not honor the price he quoted.
Sometimes the dealers drink in celebration!!!!
LOL!
<< <i>Europe >>
Yep and the Euro stayed firm. I'm guessing folks think there will be a EU backstop on the Euro............MJ
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......
<< <i>Metals spiked after the European finance ministers cancelled a meeting scheduled for tomorrow. Chaosity ensued.
One of the dealers on my old dealer network had a cute story. Just before the spike, a guy comes into his shop and says he wants to buy 10 Maple Leafs. The dealer looks at his screen and quotes a spot price of $1654.
The guy gets all piffy and says that before he left home spot was $1649, and demands that the dealer sell besis that. The dealer tries to explain to the guy that that is not how the game works, and the guy gets mad and leaves.
Five minutes lates the dealer looks at the screen and gold is up about $40.
Within half an hour the guy hustles back in, starts pulling cash out of his pockets and says he's not gonna drive all around town shopping prices, and he'll take the $1654 spot price. He then gets all piffy again when the dealer will not honor the price he quoted.
Sometimes the dealers drink in celebration!!!!
LOL!
Great story!
Liberty: Parent of Science & Industry
<< <i>
<< <i>Europe >>
Yep and the Euro stayed firm. I'm guessing folks think there will be a EU backstop on the Euro............MJ >>
Actually looks like the IMF, er USA, will provide that backstop.
Incidentally though, PMs took off at 10am when the Richmond Fed and consumer confidence reports were issued. Both were terrible which led to thoughts of increased FED intervention, ie, QE3.
Knowledge is the enemy of fear
other than that's the way it's been going lately.
yes. MJ
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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Freedommilkdrinkers