Metals tanking.....cause?

AUandAG · July 7, 2015 12:53AM

Haven't seen such a drop in quite a while.

bob

jessewvu · July 7, 2015 12:56AM

Who knows... Good time to buy? Is this the beginning of a major hit? Sub $10 in sight?

asheland · July 7, 2015 12:57AM

I just saw silver under $15!

derryb · July 7, 2015 12:58AM

euro slamming causing rise in dollar index. PMs remain inversely related to dollar index and directly related to oil. Oil is down 4.5%

jessewvu · July 7, 2015 12:58AM

It's still under $15

PerryHall · July 7, 2015 1:10AM

Dang! Silver really took a dump. Now may be a good buying opportunity.

rawteam1 · July 7, 2015 1:25AM

Yep oil was down 8% yesterday and silver was up yesterday...

rawteam1 · July 7, 2015 1:26AM

Yep n dollar was up yesterday and silver was up...

derryb · July 7, 2015 1:38AM

silver and dollar index pretty much ended where they began on July 6. We've had this argument before and again you are wrong. Worse than a broke clock.

rawteam1 · July 7, 2015 1:39AM

Oh yea sure...lol

bestmr · July 7, 2015 1:42AM

That figures as I bought, for me, a decent amount of silver the other day.

illini420 · July 7, 2015 1:48AM

Because UPS just delivered my bullion order from last week

mariner67 · July 7, 2015 2:23AM

Cyclical bear movement in a secular bear market.
There will be cyclical bull movements also but the secular bear will prevail for a very long time.

Wolf359 · July 7, 2015 4:41AM

US Mint is out of silver again, per Zero Hedge article.

The elites believe consumer demand is controlled by price. So to contain the demand, they lower prices thinking it will bring metal back into the market from sellers. That's why instead of rising prices, when the
demand increases, we get prices dropping.

topstuf · July 7, 2015 4:48AM

<< Dang! Silver really took a dump. Now may be a good buying opportunity. >>

s4ny · July 7, 2015 6:03AM

1) Greece deal in the works.

2) China

3) Dollar

derryb · July 7, 2015 6:57AM

Because traders continue to let imaginary metal set the price for real metal. Tulips anyone?

Look for premiums to spike.

rawteam1 · July 7, 2015 6:58AM

here dowserb, instead of your nonsense, do a little research on gold, silver whatever, do something, jeesh...

In 1978, the USD Index was at 85 and gold was at $200, in 2013 the USD Index was at 85 and gold was at $1,200.
Over the last several decades the USD has been at the 85 level, and here is where gold has traded:

Year - USD Index - Gold Price
1978 - 85 - $200
1980 - 85 - $800
1991 - 85 - $400
2013 - 85 - $1,200

Gold doesn't care what the USD does, short term it might have some influence...

Oh crap edit - add - USD today 96+ and voila $1155 Gold Price...

mhammerman · July 7, 2015 7:08AM

Here's the news

We've seen this before when those margin calls come in, the metal is the first asset used to cover. All the sudden, there's lots of metal on the market. The weaker hands have to give up their metal while the stronger hands and those hands that didn't get trimmed in the first place get to keep their metal until another day.

Maybe there are some nice deals coming...a stackers delight, courtesy of the paper boys.

PerryHall · July 7, 2015 8:25AM

<< It's still under $15 >>

Silver is now back over $15.

AcesCracked · July 7, 2015 10:17AM

"Look for premiums to spike. "

You read my mind. I have been selling 1 oz bullion to trade out for eagles and folks are buying them at almost 18.00 per but eagle rolls are still 377.00 and should be 360.00 ish at 3 over which is already high. It's all because anyone that bought in the last year is upside down........

Hope better days to come. Good time to cherry pick older rolls

Tom

Coulport · July 7, 2015 12:41PM

<< Look for premiums to spike. >>

In May the spread on 90% in my area was $1.25. Now it is $2.

piecesofme · July 7, 2015 8:18PM

I think it was in 2009 or 2010, spot was at $13-15 an oz and I couldn't buy a generic 10 oz bar here, locally or on ebay for less than $200...for generic. Engelhards & JM's were $225. I expect this to happen again as everything does eventually happen again with time.
Let the paper market fall, it really doesn't come into play that much anymore anyway if you're more physical minded. I go off of what I see it being offered for physically.

LochNESS · July 7, 2015 8:29PM

<< ... In 1978, the USD Index was at 85 and gold was at $200,… >>

I'm going to time travel back to 1978 and buy 1oz gold rounds while you guys stay here and by 10oz silver bars for the same price

TwoSides2aCoin · July 7, 2015 11:12PM

I bought a new car for XXXXX. as soon as I drove it off the lot it was only worth XXXX and I still owe XXXXXX on it.

X marks the spot.

ricko · July 8, 2015 1:20AM

This is fun to watch. Also interesting is the effects of Greece on the markets - which should, eventually, have some effect on PM's... depends on where the dollar goes to a large extent. I doubt the Euro will totally fail... although, if Spain follows Greece - well, all conjecture. Cheers, RickO

AUandAG · July 8, 2015 2:45AM

<< This is fun to watch. Also interesting is the effects of Greece on the markets - which should, eventually, have some effect on PM's... depends on where the dollar goes to a large extent. I doubt the Euro will totally fail... although, if Spain follows Greece - well, all conjecture. Cheers, RickO >>

How can a country of 11 million people affect the world markets to any extent? It's GDP is minuscule at best.

bob

derryb · July 8, 2015 3:21AM

<< How can a country of 11 million people affect the world markets to any extent? It's GDP is minuscule at best.

bob >>

It reveals a weakness in the world financial system. Weakest links break first. Bigger links become concerned.

OperationButter · July 8, 2015 3:26AM

Bigger countries have bought/issued the debt to the little countries. When defaults occur from the little, it can domino throughout the chain.

EagleEye · July 8, 2015 6:30AM

The China stock market crash is huge. I would think there is tremendous covering going on, which means gold and silver are being sold to shore up their accounts.

derryb · July 8, 2015 9:07AM

The rolling crises, from Puerto Rico to Greece to China’s stock market, all have one thing in common – the unraveling of too much debt

"That could rapidly turn into a full-fledged global crisis if policymakers misdiagnose what’s happening, treating the problems as isolated crises instead of a interconnected debt hangover from the go-go years. The core problem is income and wealth inequality, which can only be remedied by restructuring the financial system from that of a predatory wealth transfer mechanism to its proper role as an efficient allocator of capital."

jmski52 · July 8, 2015 9:10AM

The China stock market crash is huge. I would think there is tremendous covering going on, which means gold and silver are being sold to shore up their accounts.

How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market.

mariner67 · July 8, 2015 9:48AM

<< The China stock market crash is huge. I would think there is tremendous covering going on, which means gold and silver are being sold to shore up their accounts.

How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market. >>

Isn't the China stock market up a lot...like 300% or something in the last few years? If so, a 30% fallback doesn't seem that horrible...I could be off on the numbers but think they are ballpark.
Also, overseas markets in Europe and Asia faultering could swing fleeing money into the US markets.....a possibility.
Real answer.....no one knows....especially folks emotionally attached to any one asset.

cohodk · July 8, 2015 1:33PM

<< The China stock market crash is huge. I would think there is tremendous covering going on, which means gold and silver are being sold to shore up their accounts.

How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market. >>

At least you got your information sources prioritized.

OperationButter · July 8, 2015 3:11PM

<< Isn't the China stock market up a lot...like 300% or something in the last few years? If so, a 30% fallback doesn't seem that horrible...I could be off on the numbers but think they are ballpark. >>

30% decline takes a 42% gain to get back to "even"

cohodk · July 8, 2015 9:12PM

<< 

<< Isn't the China stock market up a lot...like 300% or something in the last few years? If so, a 30% fallback doesn't seem that horrible...I could be off on the numbers but think they are ballpark. >>

30% decline takes a 42% gain to get back to "even" >>

And a 69% decline takes a 226% gain to get back to "even". Cough, cough, silver, cough, cough

jmski52 · July 8, 2015 9:18PM

<<How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market. >>

At least you got your information sources prioritized.

Yeah, okay. I'll try to be a bit less subtle from now on.

And a 69% decline takes a 226% gain to get back to "even". Cough, cough, silver, cough, cough

Attention K-Mart Shoppers. There is a "blue light special" going on in aisle 5!

OperationButter · July 9, 2015 1:56AM

<< 

<< 

<< Isn't the China stock market up a lot...like 300% or something in the last few years? If so, a 30% fallback doesn't seem that horrible...I could be off on the numbers but think they are ballpark. >>

30% decline takes a 42% gain to get back to "even" >>

And a 69% decline takes a 226% gain to get back to "even". Cough, cough, silver, cough, cough >>

Yup thats pretty damn close to what needed to occur in the stock mkt after the 08 crash as well. Although I believe that was close to 60%

derryb · July 9, 2015 3:13AM

What's so wrong with millions of Chinese taking their profits? Gonna happen here sooner or later.

coolest · July 9, 2015 9:28AM

The reason is that the demand for gold and silver is setting records.
As the worlds economy tanks the demand for gold and silver will be an avalanche, and I guess that mean that silver will be about $2/oz and gold about $100/oz. just basic fundamental of supply and demand as demand goes up the prices tumble down.😜 what a strange world we live in.

cohodk · July 9, 2015 10:27AM

<< <<How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market. >>

At least you got your information sources prioritized.

Yeah, okay. I'll try to be a bit less subtle from now on.

And a 69% decline takes a 226% gain to get back to "even". Cough, cough, silver, cough, cough

Attention K-Mart Shoppers. There is a "blue light special" going on in aisle 5! >>

Too bad KMART doesn't take returns.

BAJJERFAN · July 9, 2015 10:30AM

<< The reason is that the demand for gold and silver is setting records.
As the worlds economy tanks the demand for gold and silver will be an avalanche, and I guess that mean that silver will be about $2/oz and gold about $100/oz. just basic fundamental of supply and demand as demand goes up the prices tumble down.😜 what a strange world we live in. >>

But if supply can't keep up with demand then prices should rise. Most of the supply is the same stuff that's been around the block many times. A lot of the stuff that people are holding was bought at higher pricing, so they don't really want to sell at a loss. Also physical pricing is based on some paper value which may not always follow demand. Demand is more likely high because the price is low, not because people are seeking a safe haven. A lot of people with limited funds [like myself for instance] were waiting for prices to fall even farther.

We need a separate physical market that operates apart from the paper market.

cohodk · July 9, 2015 11:20AM

We need a separate physical market that operates apart from the paper market.

Without a paper price instrument to attract large investors, the market for silver could be very very thin and at a much lower price than presently found via paper. Prices could become very localized and volatile.

Price discovery would be very infantile and chaotic.

Physical silver needs a paper market. The paper market does not need physical.

BAJJERFAN · July 9, 2015 11:42AM

<< We need a separate physical market that operates apart from the paper market.

Without a paper price instrument to attract large investors, the market for silver could be very very thin and at a much lower price than presently found via paper. Prices could become very localized and volatile.

Price discovery would be very infantile and chaotic.

Physical silver needs a paper market. The paper market does not need physical. >>

So I supposed one could start a market in moon dust even tho nobody on earth [save maybe NASA] has any?

BAJJERFAN · July 9, 2015 11:45AM

<< 

<< <<How Interesting...I've got it on good authority - here in this very forum that there's been no crash in the Chinese stock market. >>

At least you got your information sources prioritized.

Yeah, okay. I'll try to be a bit less subtle from now on.

And a 69% decline takes a 226% gain to get back to "even". Cough, cough, silver, cough, cough

Attention K-Mart Shoppers. There is a "blue light special" going on in aisle 5! >>

Too bad KMART doesn't take returns. >>

My local K Mart took off and NEVER returned.

derryb · July 9, 2015 12:26PM

<< Physical silver needs a paper market. >>

Paper markets alter the laws of supply and demand.
Paper offers an artificial, unlimited supply that results in an artificial price.
It provides an effortless opportunity for a big player to control a market.

Physical silver price manipulators need a paper market

rawteam1 · July 9, 2015 12:58PM

<< The reason is that the demand for gold and silver is setting records.
As the worlds economy tanks the demand for gold and silver will be an avalanche, and I guess that mean that silver will be about $2/oz and gold about $100/oz. just basic fundamental of supply and demand as demand goes up the prices tumble down.😜 what a strange world we live in. >>

Records???, lol, world economy tanks like it always does, and the prudent investors buy stocks, and buy em cheap and reinvest dividends...

Silver price indisputably is up because of available etf's and ease of buying, bringing in the chump retail investors, the massive amount of phyzz silver added to the market since 2008 is way more than the dwindled current phyzz market buyer can even make a dent in, even as those buyers have for all intensive purposes have vanished...

coolest · July 9, 2015 1:38PM

wolf359 has the best answer

BAJJERFAN · July 9, 2015 1:39PM

<< 

<< The reason is that the demand for gold and silver is setting records.
As the worlds economy tanks the demand for gold and silver will be an avalanche, and I guess that mean that silver will be about $2/oz and gold about $100/oz. just basic fundamental of supply and demand as demand goes up the prices tumble down.😜 what a strange world we live in. >>

Records???, lol, world economy tanks like it always does, and the prudent investors buy stocks, and buy em cheap and reinvest dividends...

Silver price indisputably is up because of available etf's and ease of buying, bringing in the chump retail investors, the massive amount of phyzz silver added to the market since 2008 is way more than the dwindled current phyzz market buyer can even make a dent in, even as those buyers have for all intensive purposes have vanished... >>

Baley · July 9, 2015 1:45PM

<< Metals tanking.....cause? Haven't seen such a drop in quite a while. >>

Manipulation by evil banksters, ain't that right guys?

Baley · July 9, 2015 1:48PM

<< We need a separate physical market that operates apart from the paper market. >>

We have that already.

The physical market is called "collectibles", and these small fetish items are priced differently (higher) per ounce than contracts for 1000 oz bars of boring industrial .999 silver.
And the market for physical scrap silver of lower purity typically causes such junk to trade for *less* than spot.

But we all knew this.

Metals tanking.....cause?

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