Wha' happened?!?!?!
Staircoins
Posts: 2,566 ✭✭✭
Gulp!
Jobs report to blame?
Jobs report to blame?
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Staircoins
Posts: 2,566 ✭✭✭
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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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It wasn't so much the net change, but the sub-$1700 amount that I saw when I checked this morning that surprised me.
Looks like a buying opportunity to me!
In my opinion, it's still mostly about the dollar. And there's an election going on.
I knew it would happen.
<< <i>In my opinion, it's still mostly about the dollar. >>
Correct, nothing has changed except a temporary rise in the dollar:
"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
<< <i>Does a $14 drop (0.8%) really deserve a gulp? >>
How about a $30 drop...are u gulping now?
<< <i>Gulp! >>
I think I will gulp down a few more ounces as well.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>And yet, each day, there's another Kitco headline that announces "traders bullish on gold." Not seeing it.. do most people here suspect that we'll hit rock bottom right around election time, and then come back up shortly thereafter? >>
I think you would have made out quite well, had you taken the contrarian view instead of their b.s.
<< <i>I think you would have made out quite well, had you taken the contrarian view instead of their b.s. >>
You're right. Since gold started dipping in Mid October, I sold Panda sets, gold bullion, silver, and so forth. I thought about buying more bullion, but... let's just say I haven't seen the trough with my own eyes yet.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
If it jumps after you bought, you're a saavy investor. If the bottom drops out after you've loaded up, you're a survivalist nutjob and a fool. Neither is all that true.
Don't wear blinders. If you keep your eyes & ears open and stay attentive to the world around you, you'll always be better off in the long run. Some day it will be time to sell, but I don't think that day is today.
I knew it would happen.
In God We Trust.... all others pay in Gold and Silver!
Interests:
Pre-Jump Grade Project
Toned Commemoratives
Forget it, not related, Just a passing thought.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>Part of me worries that it really was a bubble all this time
Don't worry. Every dog (US$) has it's day. Buying opportunity is presenting itself very soon.
I've caught enough falling knives that I am waiting for that major "boing!" before committing my dry powder.
Decline in hourly wages from $19.79 to $19.57 in October.
I knew it would happen.
After the 2008 (silver prices) drop from $21 to $9 and the 2011 drop from $48 to $26 you get insulated from feeling any pain.
Important thing to note is the price keeps rising long term.
I've never lost a minute's sleep worrying about these price drops.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Lol, I had just bought a green monster box at $21 in 2008, so I do remember THAT price drop. But, I don't even remember a drop from $46 to $26 in 2011. It wasn't even an issue. Geez.
I knew it would happen.
<< <i>Part of me worries that it really was a bubble all this time
My beginner view: It was.
If you look at the silver kitco chart (Nov 2010 to Sept 2011) in a 10-year view, I'd say that could be called a bubble or a peak.
It's been fluctuating $4+/- around level $31, sideways since then (Sept 2011 to Nov 2012 which is longer then that bubble). Cover that previous "bubble" with your hand and the chart slope seems more friendly. Same on the gold or silver chart.
I think overall what's been making it grow is still in effect. If things drop (pms or stocks and funds) I'd rather have some % metal in hand, then only a monthy statement with bad news. Land and bullets and multiple sources of income too.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>Possibly short term correction, I'm buying in
that may be a good idea. take your chances
"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
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>DaOnlyBG ... Your suspicions are well founded. World wide Gold & Silver demand is considerably lower this year. Eventually the driving economic calculation: Supply & Demand instead of speculation or conspiracy theories will eventually be the deciding force. >>
Thanks man. We'll see what happens.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>PM's will be in bubble mode when 1 oz AU = DJIA. >>
given reckless monetary policy I will not be surprised to see the gold to dow ratio norm become a negative number. I believe the historic "1" philosophy as an indicator of a peak in gold is now out the window.
"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
I give away money. I collect money.
I don’t love money . I do love the Lord God.
The 2nd major bottom of the year was due. The job's report was the perfect cover for the commercials to unload more of their short positions. They dumped a
load back on the drop to $1698 on October 24th. This is all was worth more prior to the election (ie strong dollar, Dow above 13,000, gold under $1700, solid
unemployment report). All systems go for re-election Tuesday.
There's also that knotty little sovereign debt problem that Western governments and Western economies have to contend with. And that nagging question of how much gold has been moved around "on loan" and to whom it's been loaned, and in order to finance what.
If it isn't verifiable, it doesn't exist.
I knew it would happen.
<< <i>After the 2008 (silver prices) drop from $21 to $9 and the 2011 drop from $48 to $26 you get insulated from feeling any pain. >>
<< <i>I still have a little gold that I'd like to sell for a nice profit. >>
You mean that now you can get more paper promises for your gold than when you bought it. Hope you plan to spend them soon because they won't keep thier value just laying around.
Whoa, ya think? i've been gradually selling off from about 1.5 years now and just recently dumped all my generic .999 silver. It's headed lower, plain and simple. That doesn't mean I'm not going to be picking some buying spots for the better silver bars though.
<< <i>Oil also dropped way down today: -$2.23. It makes me think this drop in gold is due to the dollar's strength and not that gold is in a bubble.
<< <i>After the 2008 (silver prices) drop from $21 to $9 and the 2011 drop from $48 to $26 you get insulated from feeling any pain. >>
Dollar strength? It moved up from 80.05 to 80.65, the exact same sized move that occurred on October 17th. But today's gold hit was good for -$42, the 17th was < -$13.
Something different at work here as these moves were 3X different for gold. Maybe it was the 10 minutes of massive selling today from 0830-0840 where the equivalent of
20% of world gold production (25% for silver) paper traded on the Comex. Motive, means, opportunity....check.
Why was/is anyone surprised?
Knowledge is the enemy of fear
<< <i>The charts predicted this move quite easily.
Why was/is anyone surprised? >>
Nothing is that easy except in hindsight.
The guy who sat next to me in a trading room and who swung the biggest stick had a sign on his desk that read.
"Every sunken ship had a chart"
That always stuck with me.
On a personal note I jumped off the BAC trade early. It was a nice win but not the score I should have netted. I loved that chart. It was my favorite set up. I felt like I had that trade down to a science and yet it shook me. Again, it's very easy to read now. The sound you hear is me kicking myself in the head.
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>After the 2008 (silver prices) drop from $21 to $9 and the 2011 drop from $48 to $26 you get insulated from feeling any pain.
Lol, I had just bought a green monster box at $21 in 2008, so I do remember THAT price drop. But, I don't even remember a drop from $46 to $26 in 2011. It wasn't even an issue. Geez. >>
If in 2013 the price of silver is $21, how will you reflect on putting money away for 5 years without any growth?
Knowledge is the enemy of fear
<< <i> Nothing is that easy except in hindsight.
The guy who sat next to me in a trading room and who swung the biggest stick had a sign on his desk that read.
"Every sunken ship had a chart"
That always stuck with me. >>
+100
Interests:
Pre-Jump Grade Project
Toned Commemoratives
I heard this 4 years ago, or more than 5% of a human lifespan. Unless we are all going to live as long as Moses, we may want to reconsider the term.
Knowledge is the enemy of fear
Almost 192 million ounces of paper Silver were ‘dumped’ on the market Friday within ten minutes upon the NFP release. This is the equivalent to one-quarter of the world’s annual physical Silver production.
I knew it would happen.
<< <i>Extra! Extra! Read all about it!
Almost 192 million ounces of paper Silver were ‘dumped’ on the market Friday within ten minutes upon the NFP release. This is the equivalent to one-quarter of the world’s annual physical Silver production. >>
cohodk response: "just normal market condition" .......
In God We Trust.... all others pay in Gold and Silver!
<< <i>Extra! Extra! Read all about it!
Almost 192 million ounces of paper Silver were ‘dumped’ on the market Friday within ten minutes upon the NFP release. This is the equivalent to one-quarter of the world’s annual physical Silver production. >>
that's a lot of silver to sell, wonder why they did it? are they smarter or dumber than me, with my few hundred ounces of physical? should I buy sell or hold?
Liberty: Parent of Science & Industry
Relax, it's only paper. And I'd go into further detail, but I don't want to rob you of the opportunity to read about it in the link, which addresses some of your questions.
Someone sold big. And someone else bought big, just at a bit lower price. Something's goin' on. That's my summary analysis.
I knew it would happen.
<< <i>that's a lot of silver to sell, wonder why they did it? are they smarter or dumber than me, with my few hundred ounces of physical? should I buy sell or hold?
Relax, it's only paper. And I'd go into further detail, but I don't want to rob you of the opportunity to read about it in the link, which addresses some of your questions.
Someone sold big. And someone else bought big, just at a bit lower price. Something's goin' on. That's my summary analysis.
Exactly, its only paper. Whats all the fuss. And so what if someone bought it? It could be a hedge against smoething else or could just be for a trade. Be thankful that there is a paper market, because without it, silver really would be a barbarous relic, with nothing more than relatively minor industrial use.
Someone should go back over the last 30 years and look at similar paper trades. When did they occur and what happened to the price in the next week, month, year? I think you will find absolutely nothing happened. So why get all worked up over this? If silver is at $25 in Jan, then whomever "dumped 1/4 the worlds annual production" will look pretty darn smart. And those looking for conspiracies will look pretty darned stupid. Just sayin'.
Knowledge is the enemy of fear
Hmmmm, I'd call it a fairly important industrial metal. Minor in gross volume usage maybe, but important in its applications considering it is the best at what it does for the price. Also, it's still quasi-monetary in nature, and always will be.
The problem with paper trades is that they don't reflect real assets and can evaporate in no time flat, if the counterparty decides that the trade is over - with no recourse for the little guy whatsoever. re: Corzine, Peregrine. More to follow, no doubt.
I knew it would happen.
<< <i>temporary rise in the dollar
I heard this 4 years ago, or more than 5% of a human lifespan. Unless we are all going to live as long as Moses, we may want to reconsider the term. >>
I chuckled out loud as I read this in a middle of a meeting I do not want to be in. 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>relatively minor industrial use
Hmmmm, I'd call it a fairly important industrial metal. Minor in gross volume usage maybe, but important in its applications considering it is the best at what it does for the price. Also, it's still quasi-monetary in nature, and always will be.
The problem with paper trades is that they don't reflect real assets and can evaporate in no time flat, if the counterparty decides that the trade is over - with no recourse for the little guy whatsoever. re: Corzine, Peregrine. More to follow, no doubt. >>
Silver is relatively unimportant. Copper and aluminum are much more important. Even lead is probably more important.
Without the paper influence, silver would NEVER even be considered "precious".
How about answering my question above?
Knowledge is the enemy of fear