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When the so called "super committee" anounces tomorrow that they couldn't reach an agreeme

PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭
What will be the effect on silver and gold prices? Any predictions?

Worry is the interest you pay on a debt you may not owe.

Comments

  • ormandhormandh Posts: 3,111 ✭✭✭
    Higher! I would think that gold and silver will surge 5% or so. JMHO given the economic atmosphere. -Dan
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    Was just wondering that myself.
    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.
  • PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭


    << <i>Higher! I would think that gold and silver will surge 5% or so. JMHO given the economic atmosphere. -Dan >>



    I think economic instability is usually good for PM's but bad for the country so I have very mixed feelings. We are living in interesting times.

    Worry is the interest you pay on a debt you may not owe.

  • I have a feeling PM's won't move too much at first. It'll be interesting to see what happens over the coming weeks though...
    Remember that the market can stay irrational longer than you can stay solvent.

    BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty

    Travelog - 20in20travels.com
  • WingsruleWingsrule Posts: 2,977 ✭✭✭✭
    I would expect a slight run up as CNBC et al focus on something else besides Europe for the next 72 hours.
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    Already priced into stock markets, but will drive them down further. This has been and will continue to drive PMs down.

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

  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭


    << <i>I have a feeling PM's won't move too much at first. It'll be interesting to see what happens over the coming weeks though... >>



    ill agree with that
  • PM prices will move up or down. The direction is all in the hands of those who are controlling the bullion market. I think we should ask Ron Paul.image
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    I'm buying gold and silver this weekend. ( I do so quarterly) Down this week would be ok. 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......
  • TheRegulatorTheRegulator Posts: 1,215 ✭✭✭
    Probably down. If the markets move much, paper will be dumped. That will include metals.
    The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants. -Thomas Jefferson
  • tydyetydye Posts: 3,894 ✭✭✭
    Well I bought a 100oz of silver today. That usually indicates a downward movement


  • << <i>Well I bought a 100oz of silver today. That usually indicates a downward movement >>



    LOL... I feel you pain...
    Remember that the market can stay irrational longer than you can stay solvent.

    BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty

    Travelog - 20in20travels.com
  • mariner67mariner67 Posts: 2,746 ✭✭✭
    Similar to 2008 the tide is going out again.
    US Congress is impotent, a disservice to the electorate, cemented in partisanship.
    Europe is slowly but surely going down.
    All assets including precious metals will fall.
    Hoard cash if you can.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • jmski52jmski52 Posts: 22,305 ✭✭✭✭✭
    Probably down. If the markets move much, paper will be dumped. That will include metals.

    Similar to 2008 the tide is going out again.
    US Congress is impotent, a disservice to the electorate, cemented in partisanship.
    Europe is slowly but surely going down.
    All assets including precious metals will fall.
    Hoard cash if you can.


    image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • small drop as of now...we will see what happens in 12 hours. . . . might be a good time to buy smoe silver
    "I'm dropping my standards so that I can buy more"
  • Probably up or down... unless they move sideways.
    Still thinking of what to put in my signature...
  • I'm on the downtrain. I agree, looking like reruns of 2008.
    Successful transactions with keepdachange, tizofthe, adriana, wondercoin
  • It looks like silver is already down a buck...

    S&P set to open down 20 and DOW dow 170

    Has anything been announced yet by the super committee?
    Remember that the market can stay irrational longer than you can stay solvent.

    BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty

    Travelog - 20in20travels.com
  • WingsruleWingsrule Posts: 2,977 ✭✭✭✭
    Haven't heard anything yet from them, but some Chinese official saying that the current worldwide economic conditions will be long lasting probably didn't help.

  • jmski52jmski52 Posts: 22,305 ✭✭✭✭✭
    Keep asking yourself, "what are the choices now?" Do you think any politician is really going to cut anything?
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I keep asking, Are any politicians going to do anything?image
    Avid collector of GSA's.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    Maybe the prospect of actual mandated cuts is helping the dollar?
    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.
  • PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭


    << <i>Has anything been announced yet by the super committee? >>



    They're working hard to hammer out a last minute deal but it doesn't look good. If they don't, the defense budget will be hit hard.

    Worry is the interest you pay on a debt you may not owe.

  • jmski52jmski52 Posts: 22,305 ✭✭✭✭✭
    If they don't, the defense budget will be hit hard.

    John Kyl, who is on the committee - said this morning on CNBC that "there are ways around that..."

    It may take the public and the markets some time to realize that, but I don't doubt him. Nothing has changed, except maybe temporary perceptions.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 18,553 ✭✭✭✭✭
    I believe there are already mandated cuts in the event there is no compromise.

    Any cuts are disinflationary.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,305 ✭✭✭✭✭
    I'll believe it when I see it in the annual budget after the year is done. Until then, it's just smoke. Besides, everything is off the books now - the banking system is unregulated, government spending is unregulated, and money creation is unregulated. Nobody's accountable. That isn't changing. Whether or not it results in debt destruction - remains to be seen.

    To be sure, it's either gonna be debt destruction or some fancy monetary inflation. Do you like your Billion Dollar notes printed only on one side, or should Bernanke spring for the deluxe model and print them on both sides?image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭


    << <i>I believe there are already mandated cuts in the event there is no compromise.

    Any cuts are disinflationary. >>



    As someone pointed out in the post previous to yours---"There are ways around that."

    Worry is the interest you pay on a debt you may not owe.

  • cohodkcohodk Posts: 18,553 ✭✭✭✭✭


    << <i>

    << <i>I believe there are already mandated cuts in the event there is no compromise.

    Any cuts are disinflationary. >>



    As someone pointed out in the post previous to yours---"There are ways around that." >>




    If the politicans do not make cuts, then the markets will do so for them, just as the markets have done in Greece, Ireland and Iceland.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Well gold has fallen off the cliff...... not sure why it is that drastic... anyone rushing to the dollar is whistling past the graveyard (IMO)... we shall see...... Cheers, RickO
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    I just heard on the radio that the mandated cuts don't kick in for 13 MONTHS!!!!!!
    .
    In other words, after the election!
    .
    Time to take up the pitchforks and torches, people!!!!!!!
    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.
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭
    Any threat of automatic forced cuts, particularly impacting military spending, would drive both stocks and PMs down.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • pf70collectorpf70collector Posts: 6,503 ✭✭✭
    Platinum taking a beating. If it falls to 1300 I will snap up a 2011 Platinum Proof if I am not beaten to it. Only 4500 left.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    Howard Beale for President!
    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.
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i>I'll believe it when I see it in the annual budget after the year is done. Until then, it's just smoke. Besides, everything is off the books now - the banking system is unregulated, government spending is unregulated, and money creation is unregulated. Nobody's accountable. That isn't changing. Whether or not it results in debt destruction - remains to be seen.

    To be sure, it's either gonna be debt destruction or some fancy monetary inflation. Do you like your Billion Dollar notes printed only on one side, or should Bernanke spring for the deluxe model and print them on both sides?image >>



    There is no evidence that "government spending and money creation are unregulated," so why is the OP claiming this? And debt destruction DECREASES the money supply, causing the OPPOSITE of what the OP implies. When people are making investment decisions (and voting) based on such flawed understanding of economics...it's no wonder that things are in such a mess.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭


    << <i>I just heard on the radio that the mandated cuts don't kick in for 13 MONTHS!!!!!!
    .
    In other words, after the election!
    .
    Time to take up the pitchforks and torches, people!!!!!!! >>




    right... cuts dn't happen until 2013.


    They weren't even brave enough to make the "doomsday cuts" immediate.


    What you are seeing in PMs (crashing down) will continue as they do nothing substantial.


    This is all part of a puzzling "risk off."


    I personally don't get it, as the move to "cash" is bad in the long-term and treasuries are also bad in the long-term.

    Wall Street is such short-term focused (even thoiugh they would like to think they aren't)

    Cash and Treasuries are crap to me long-term and I sure wouldn't want to hold them through a US economic crisis that will surely be long-lived and have a detrimental effecton the dollar's exchange rate as well as the potential for "voluntary" US and eurozone debt relief. (Isn't the whole fear of the US debt is that we won't be able to pay it off, yet people are buying it for "safety"???? NONSENSICAL!!!)




    Hopefully, the masses get turned back on to the reality of PMs.

    (esp. for me... with all those first spouse coins.... it'd be nice for some of those I bought at $1900-$2000/oz retain their value image )


    But, who knows, if those masses are not panicked in their country and with their country's assets, we may not see that world-wide turn to PMs for safety like we once had.


    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i>

    << <i>I just heard on the radio that the mandated cuts don't kick in for 13 MONTHS!!!!!!
    .
    In other words, after the election!
    .
    Time to take up the pitchforks and torches, people!!!!!!! >>




    right... cuts dn't happen until 2013.


    They weren't even brave enough to make the "doomsday cuts" immediate.

    >>



    Fiscal year 2012 started Oct 1, 2011. Of course, FI 2013 starts BEFORE the next election. If you want to create total
    chaos (which some do, apparently) try making immediate cuts where current funding has already been allocated.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>I just heard on the radio that the mandated cuts don't kick in for 13 MONTHS!!!!!!
    .
    In other words, after the election!
    .
    Time to take up the pitchforks and torches, people!!!!!!! >>




    right... cuts dn't happen until 2013.


    They weren't even brave enough to make the "doomsday cuts" immediate.

    >>



    Fiscal year 2012 started Oct 1, 2011. Of course, FI 2013 starts BEFORE the next election. If you want to create total
    chaos (which some do, apparently) try making immediate cuts where current funding has already been allocated. >>




    I get your point.

    It is a good one...



    but



    We're still spending money we don't have.

    I would love it if they could reduce current spending.

    It would be a more hectic to cut in FY2012 (current), but proposed spending that is not locked in with a contract can at least be put on hold if not cut.


    Just as there are "ways to get around that" in FY2013, so it can be for FY2012.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    When the Tea Party -Whored themselves out to Repubs all hope was & has been ~ LOST!image
    Avid collector of GSA's.
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i> If you want to create total
    chaos (which some do, apparently) try making immediate cuts where current funding has already been allocated. >>




    I get your point.

    It is a good one...



    but



    We're still spending money we don't have.

    I would love it if they could reduce current spending.

    It would be a more hectic to cut in FY2012 (current), but proposed spending that is not locked in with a contract can at least be put on hold if not cut.


    Just as there are "ways to get around that" in FY2013, so it can be for FY2012. >>



    Dick Cheney made a lot of cuts in the defense budget in 1991-92 and unless contracts are cancelled "for cause" the cost to the government
    is often more (after lawsuits for damages) and the government gets NOTHING.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭
    Unfortunately for us, once a contract is locked in, then the gov't shouldn't just "change their mind."

    this can lead to some ugly contracts and deals for Americans.


    As I was saying, if it is not locked in by a contract, "things can be done."




    and we're in deep.... things need to be done.


    drastic
    brutal
    life changing

    all those apply.
    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • dpooledpoole Posts: 5,940 ✭✭✭✭✭
    People generally don't mind that the game is a bit rigged, so long as you have a decent chance nonetheless of winning.

    Tea Party and Occupy Wallstreet are both about the perception that the game has SO rigged that no one but the "ins" win now, and the house takes all our money. Big mistake.

    The strategy for both parties? Divide and conquer (make fun of one or the other).

    The Egyptians have the right idea. Time for everyone to march on Washington.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    "The Egyptians have the right idea. Time for everyone to march on Washington."


    imageimage
    Avid collector of GSA's.
  • jmski52jmski52 Posts: 22,305 ✭✭✭✭✭
    There is no evidence that "government spending and money creation are unregulated," so why is the OP claiming this?

    The OP didn't claim it. I did. And if you think that government spending is regulated, maybe I should have said "uncontrolled" instead of "unregulated". Same difference. If you think that all money creation is accounted for under the budget, you aren't considering the unregulated hedge funds or the financial derivatives created by the banking industry that we all admire so much. If money creation were regulated, it would reflect the actual budget numbers instead of being tied to nothing but future debt expansion.

    And debt destruction DECREASES the money supply, causing the OPPOSITE of what the OP implies.

    You are taking debt destruction as a given. I'm not. Time will tell who guesses correctly. Unless you have zero understanding about money creation, you should know that the most politically-palatable way of dealing with debt destruction is money creation. Bernanke is dedicated to the replacement of every bad debt with new money, i.e., more debt creation. This, in effect is inevitably dumped on US taxpayers until it is stopped. It's been happening this way for decades, and it's happening this way as we speak. It's really very simple, Frank.

    When people are making investment decisions (and voting) based on such flawed understanding of economics...it's no wonder that things are in such a mess.

    Earth to Frank: Take the time to actually read my post, which says, either debt destruction or inflation will occur. Then, look in the mirror. Take off the political blinders. If you're going to start making false accusations in threads on the Coin Forum, at least get things correct. I didn't have anything to do with your ebay auction, and I didn't say that debt destruction causes inflation.

    When you've just passed $15 trillion in debt, and have multiples of that amount in unfunded liabilities, who has a "flawed understanding of economics"? Tell me, what exactly has happened if we are $15 trillion in debt and the money's already been spent? Can we just make the debt disappear? Tell me how we do it, Frank - so that I can correct my "flawed understanding".

    When the debt clock starts turning back to successively smaller numbers, then you can lecture me about debt destruction.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i>There is no evidence that "government spending and money creation are unregulated," so why is the OP claiming this?

    The OP didn't claim it. I did. And if you think that government spending is regulated, maybe I should have said "uncontrolled" instead of "unregulated". Same difference. If you think that all money creation is accounted for under the budget, you aren't considering the unregulated hedge funds or the financial derivatives created by the banking industry that we all admire so much. If money creation were regulated, it would reflect the actual budget numbers instead of being tied to nothing but future debt expansion.

    And debt destruction DECREASES the money supply, causing the OPPOSITE of what the OP implies.

    You are taking debt destruction as a given. I'm not. Time will tell who guesses correctly. Unless you have zero understanding about money creation, you should know that the most politically-palatable way of dealing with debt destruction is money creation. Bernanke is dedicated to the replacement of every bad debt with new money, i.e., more debt creation. This, in effect is inevitably dumped on US taxpayers until it is stopped. It's been happening this way for decades, and it's happening this way as we speak. It's really very simple, Frank.

    When people are making investment decisions (and voting) based on such flawed understanding of economics...it's no wonder that things are in such a mess.

    Earth to Frank: Take the time to actually read my post, which says, either debt destruction or inflation will occur. Then, look in the mirror. Take off the political blinders. If you're going to start making false accusations in threads on the Coin Forum, at least get things correct. I didn't have anything to do with your ebay auction, and I didn't say that debt destruction causes inflation.

    When you've just passed $15 trillion in debt, and have multiples of that amount in unfunded liabilities, who has a "flawed understanding of economics"? Tell me, what exactly has happened if we are $15 trillion in debt and the money's already been spent? Can we just make the debt disappear? Tell me how we do it, Frank - so that I can correct my "flawed understanding".

    When the debt clock starts turning back to successively smaller numbers, then you can lecture me about debt destruction. >>



    I made no mention of you in the coin forum. Except that every time I participate in a heated discussion here, my Ebay auctions start getting reported and cancelled.
    The NATIONAL debt clock doesn't have to turn backwards for trillions of dollars of the money created by debt to disappear by unwinding of the house of cards. And that is counter inflationary.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com


  • << <i>People generally don't mind that the game is a bit rigged, so long as you have a decent chance nonetheless of winning.

    Tea Party and Occupy Wallstreet are both about the perception that the game has SO rigged that no one but the "ins" win now, and the house takes all our money. Big mistake.

    The strategy for both parties? Divide and conquer (make fun of one or the other).

    The Egyptians have the right idea. Time for everyone to march on Washington. >>



    image
    Remember that the market can stay irrational longer than you can stay solvent.

    BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty

    Travelog - 20in20travels.com
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    People do mind that the game is rigged, unfortunately they have learned to accept it rather than demand it be fixed. The anger, however is begining to boil.

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

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