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Metals Markets go berserk
CaptHenway
Posts: 32,718 ✭✭✭✭✭
Are we having fun yet?
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.
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Ride the roller coaster!
Very interesting times. Other metals affected also... including Rhodium up 100% ?!
Holy Smokes!
That was today?...
My Saint Set
I remember seeing Rhodium up to like 12000 at or around the beginning of the month, what do they use that stuff for anyways? I thought the price swings for Gold were steep!
Harlan J. Berserk
I think one of the primary uses is plating of white gold and platinum jewelry. Years ago,before the white gold craze hit, rhodium was a few hundred bucks.
It’s used for plating but the primary use is for catalytic converters.
m
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......
And of course we have lots of metal sellers on the BST today.
Off topic, sort of? I just found out about a "Gold Cell Phone"? What??? Worth $3000? What??? Now I heard everything!
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.what is the volume?
I think the volume would speak more to what is happening than the price chart. It could be that very few transactions are actually happening and the price swings are just desperate outliers.
If no one agrees to sell at the low would the spot price not go up until sellers agree to sell?
If everyone agrees to sell at the low than would the spot not continue to fall?
Look at the BID/ASK spread on Rhodium, $4000/$8000. It must be very thinly traded.
Join the fight against Minnesota's unjust coin dealer tax law.
Ride the roller coaster!
Wild Mouse
I knew it would happen.
Crazy, but strong gold & silver are good for the coin market.
YES, after it lost 80%. Lol
A wild ride
Just like with stocks, the metals market is moving mostly on emotion. Heck, if you look at the titles of the articles on kitco, many of them are either alarmist or sensationalistic. After seeing that type of prediction article on there for about 15 years now, I’ve learned to ignore them.
From Kitco...........
****Rhodium is a silver-white metallic element, is highly resistant to corrosion, and is extremely reflective. It is used as a finish for jewelry, mirrors, and search lights. It is also used in electric connections and is alloyed with platinum for aircraft turbine engines. Another use is manufacturing of nitric acid and used in hydrogenation of organic compounds. Rhodium usage is dominated by automotive catalyst applications where it is used together with platinum and palladium to control exhaust emissions.****
Slim Pickens on fail safe bomb ride " Heya. yahoo"!
And lest we forget " Go baby go"!
Heritage stating that physical gold delivery on the London Exchange was frozen yesterday. And there were questions if spot pricing was even accurate based on all the CV19 lock downs. Heritage was delayed in getting out a gold coin rate sheet this morning as they tried to assess the markets. Once printed..... I was stunned by the +16% premiums for circ $20s to slabbed MS65 Saints. In one day the price of Unc $20's went from about $1750 to $1900. Yowzer. No clue as to what buy prices are. Just a week ago circ premiums to spot were around +6%. And a month or more ago around 0%.
Yes. I think 75% or so of it’s total usage is auto/engine/turbine related
m
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......
And there goes Pd again, barbaric metal it is.
I found a little more information on rhodiums use.
Rhodium is used to make electrical contacts, as jewelry and in catalytic converters, but is most frequently used as an alloying agent in other materials, such as platinum and palladium. These alloys are used to make such things as furnace coils, electrodes for aircraft spark plugs and laboratory crucibles.
Rhodium is the other white meat
m
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 worked electroplating circuit boards in college. We used Rhodium on contacts and then a layer of gold afterwards. We had various military contracts including wiring and assembling missile housings.
It is fun to watch.... might dabble in a little gold selling ....maybe...
Cheers, RickO
It seems there may be a short squeeze coming. There are open contracts in May for twice as much as there is physical gold. Many refineries and even countries are closed that are the usual sources when needed.
There are a lot of people who pulled out of Stocks looking for a place to put their money, and it's not in Treasury or Municipal Bonds which in the past were considered safe places. All this Fiat currency being printed is crazy.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Have a hiccup now = give away 2 Trillion dollars. I get why they're doing it...... Please don't read into this that I'm against trying to mitigate this mess or helping those who are now in a real financial pickle, but long-term there will be unintended negative consequences. It always ends up rewarding those who take risk (and are heavily leveraged) and penalizes those who aren't (who generally small enough to fail). Just my ever-so-humble opinion. For one example, the airlines have plowed all their (massive) earnings into buying back stock instead of saving for a rainy day. Of all industries, they should know that travel is a fickle thing and demand easily interrupted. Scary stuff, IMO.
It's not really different than bailing out a careless teenager who got drunk, lost the keys, stole a car, and wrecked it on the way home. Fix everything, bribe the judge, remove the consequences, pay for everything and there's that much less incentive to be careful next time. The only real difference is the number of zeros.
But, apart from that, most every market will see some crazy volatility in the next few months. I just hope the cheese doesn't slide right off the cracker at some point. We're certainly flirting with disaster here.
Regardless of severity of virus like future disasters, there's more $ where this bailout came from.
the airlines have plowed all their (massive) earnings into buying back stock instead of saving for a rainy day. Of all industries, they should know that travel is a fickle thing and demand easily interrupted. Scary stuff, IMO.
It's not really different than bailing out a careless teenager who got drunk, lost the keys, stole a car, and wrecked it on the way home. Fix everything, bribe the judge, remove the consequences, pay for everything and there's that much less incentive to be careful next time. The only real difference is the number of zeros.
Perhaps those executives shouldn't be in charge of a company.
I knew it would happen.
Gold $1636.50/oz 16.50
today.
BHNC #203
Wow! Nearly $10 premium at Provident on the 2020 silver Eagles!
One of the big guys should take delivery
My Saint Set
Folks in the future will be reading about US in the history books.
100% Positive BST transactions
I used to watch Rhodium when it was on TV..............
Pete
Most of us couldn't care less.
bob
I was reading some analysis as to filling contracts, and it is a short term issue but some are exploiting it.
For example, a lot of gold moves by air, but most international flights are grounded so few planes fly. Insurance limits how much gold can be on a single plane, so instead of taking a day, it is a week or more to fill a physical demand.
Also, 3 refiners shut down in Switzerland due to Covid.
There were other reasons, for example, South Africa Mines shut down for the 1st time in 150 years.
All of this is short term for May deliveries, but has basically no impact long term.
Oh, come on! I bet you could care less!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Damn thing autocorrected me!
bob
Auto sales down 35% should take some pressure off Palladium, but who knows?
Pressure, Smessure. I don’t see any logic to any of the markets, currently.
Maybe we are bringing back Palladium buggy whips.