Metals soar

ttown · May 10, 2006 11:05PM

Gold +$16 ($719.70)
Silver +.57 cents ($14.89)
Platinum +$35 ($1284)

Those 1 oz Platunum Proofs for $1500 are looking better and better.

holadude · May 10, 2006 11:13PM

I just ordered a 1/2 oz plat proof. I know my wife will kill me, but I figure I should get it before they suspend them like they did gold. I'll be sending it to PCGS Express Special when it comes in. I hope it turns out to be a great investment.

ttown · May 10, 2006 11:16PM

I'd just keep it in the mint packaging unless you think it will grade an PF70. If it grades PF69 you'll get less for it than if you had it in the box with COA.

fc · May 10, 2006 11:19PM

time to reap the rewards of selling gold in an up market.
so many people interested in such an odd time. ahhhh

CC2GO · May 10, 2006 11:26PM

I ordered 1/2oz Platinum Proof today also although I was hoping to get 1oz.
But because prices are skyrocketing I grabbed what I could fearing the
Mint would also stop platinum sales to increase prices.

ALSO...bought a roll of Silver Eagles!
It's time to sell my car so I can buy metal.

VTCoins · May 10, 2006 11:28PM

I bought 200 ounces of silver yesterday. Maybe I'll sell them today.

Weiss · May 10, 2006 11:29PM

Silver at $15.01 per ounce. Who'd have thunk it?

holadude · May 10, 2006 11:38PM

I think I'll take a chance anyway for the grading since there have been some counterfit plats found recently, and when I sell, I want the buyer to be assured of the real deal. I have some silver and gold proofs in the original packaging that have changed appearance a little, so I want to get them in a container where their preservation is guaranteed.

aficionado · May 10, 2006 11:45PM

I'm in on the Plat. a little under melt at this point.

I have my regular collection, but I trade GLD and SLV on the stock exchange. GLD up $1.50 today, SLV up $4.00 , better than stocks !!!

Of course soon as I say that it'll tank, but hey, give it a try, ya never know.

mrearlygold · May 10, 2006 11:51PM

TheRaven · May 10, 2006 11:59PM

I think it is time to order the platinum proofs if you want them.....

cladking · May 11, 2006 12:06AM

Copper is the big winner today (so far). It is up half of its value from just a few years ago.

INXS · May 11, 2006 12:22AM

Just added another 1 oz Plat to the box.

Drizzt · May 11, 2006 12:22AM

The cycle is starting over again?

So next it will be Baseball cards after gold and silver have their run, right?

kranky · May 11, 2006 12:27AM

Heh, there was an article in our local paper today about baseball cards. I think they said total sales have slumped from $1.3 billion in 1992 down to $300 million last year.

Doubtful they will ever come back.

SportsModerator · May 11, 2006 12:27AM

<< The cycle is starting over again?

So next it will be Baseball cards after gold and silver have their run, right?

>>

Absolutely!

nccoin · May 11, 2006 1:27AM

<< Copper is the big winner today (so far). It is up half of its value from just a few years ago. >>

So what is a penny worth at melt?

McDonis · May 11, 2006 1:32AM

<< The cycle is starting over again?

So next it will be Baseball cards after gold and silver have their run, right?

>>

I hope so....

Otherwise I will never be able to get back what I put into them 10-20 years ago

cladking · May 11, 2006 1:35AM

<< 

So what is a penny worth at melt? >>

2.7 cents. The zinc cents are doing pretty well also. They're closing in on 1c pretty fast. Separating
them will be mighty easy when all you have to do is melt them all and skim off the zinc.

Russ · May 11, 2006 1:54AM

Should I sell the $1,082,655 worth of platinum I'm holding?

Russ, NCNE

JDelage · May 11, 2006 1:57AM

Funny. I bought a proof set of 1998 Britannia back in January. Obviously, I had to pay a material premium. Even that is now a profitable purchase if I only sold at melt...

roadrunner · May 11, 2006 2:29AM

Hold on to your platinum, silver, copper, and gold. Anyone out there ready to step forward and bet
against gold? How about $800 gold before 600 Google?

roadrunner

IndianHeadMan · May 11, 2006 2:32AM

this is starting to get rediculous.

roadrunner · May 11, 2006 2:38AM

Baseball cards and beannie babies. At least the early cards will still have some value.

Ridiculous? We haven't even begun to see "ridiculous" yet. This is only the warm up act. The
headliner is still waiting behind stage.

roadrunner

TheRaven · May 11, 2006 2:40AM

You mean my collection of late 80's & early 90's cards are worth what heat I can get out of them and a match.....

Please go up so I can sell all my cards for something.....

With the why they destroyed that industry I am surprised that 300 million is still sold.....

Then again the packs are $25+ a piece so.....

Deadhorse · May 11, 2006 2:43AM

<< Baseball cards and beannie babies. At least the early cards will still have some value.

Ridiculous? We haven't even begun to see "ridiculous" yet. This is only the warm up act. The
headliner is still waiting behind stage.

roadrunner >>

Absolutely!! We ain't seen nothing yet.

I'm still having sticker shock buying 100 oz silver bars, but it's tempered by this dramatic swing. Not so long ago I could buy 3 of them for not much more than a single one costs today.

KUCH · May 11, 2006 3:12AM

Hold the commen dates too?

MrKelso · May 11, 2006 3:14AM

Went to NY today and Sold a few pounds of Gold and Silver that i bought way back when, Made a nice Nice profit on this haul. The few pounds i have left i am holding onto just incase we see that $1000 to $1500 level. The way the World looks we may see that over the next Year or Two so now i can sit back and relax for a while.

$1000 is only $279.10 away

$1500 is only $779.10 away

RedneckHB · May 11, 2006 3:16AM

The entire metals complex is smaller than just the amount of Microsoft shares that traded on April 28. If they want to put some money to work then you cant even begin to imagine how high metals could go. NEVER, NEVER, NEVER underestimate the power of a mania.

ttown · May 11, 2006 3:19AM

I think now that all the big funds that couldn't play commodities markets can now buy ETF's both will be healthly for now on. I've heard the new Silver ETF is sucking silver off the market so fast that some say it could be $30 in a month if people and funds keep it up.

EarlyTypeManJohn · May 11, 2006 3:26AM

At $600 an ounce I was somewhat comfortable buying into the idea that gold is a safe haven against inflation in uncertain times, etc., etc. Now I just see it as wild speculation. I also find it interesting how nearly every day the news reports the housing bubble is deflating. I find that interesting as gold and silver are rising fast. I have to wonder if it is all a simple matter of big money investors chasing the next big thing now that the housing market is slowing down.

Either way, I admit I don't know enough about the commodities markets and I am too chicken to play in this red hot market. I wish all those that do good luck. With any money I have to speculate I am far more comfortable buying Microsoft stock since it is trading really low at the moment and they have a huge stream of new products coming out over the next year. I am also comfortable buying purchase rights to the new Sony PS3 with hopes of making a profit on resale because historically, there has been a huge demand for the new Play Station and not nearly enough supply at launch time. I will opt for the former, however.

ttown · May 11, 2006 3:34AM

<< At $600 an ounce I was somewhat comfortable buying into the idea that gold is a safe haven against inflation in uncertain times, etc., etc. Now I just see it as wild speculation. I also find it interesting how nearly every day the news reports the housing bubble is deflating. I find that interesting as gold and silver are rising fast. I have to wonder if it is all a simple matter of big money investors chasing the next big thing now that the housing market is slowing down.

Either way, I admit I don't know enough about the commodities markets and I am too chicken to play in this red hot market. I wish all those that do good luck. With any money I have to speculate I am far more comfortable buying Microsoft stock since it is trading really low at the moment and they have a huge stream of new products coming out over the next year. I am also comfortable buying purchase rights to the new Sony PS3 with hopes of making a profit on resale because historically, there has been a huge demand for the new Play Station and not nearly enough supply at launch time. I will opt for the former, however. >>

If you get in buy a little at a time and average. Metals can take wild swings but with the ETF's the goverments have less control over keeping the prices down. The metals market doesn't take much to cause it to go wild and now that you can buy silver and gold just like stocks that should be backed by the product you'll see big retirement funds have a portion of assest in these markets as a hedge.
They aren't allowed to play the commodities markets. The central bank held prices back but they've sold most of their stock now and it will raise to what has been malupalated all these years. JMO

kalch23 · May 11, 2006 3:36AM

Only the begginning...

Everybody is soon going to want gold in the portfolio and this time it could be an even bigger speculative bubble.

$10 Indians aren't satifying my gold bug anymore so I'm just going right for the options contracts.

Jcarney · May 11, 2006 3:49AM

<< I am also comfortable buying purchase rights to the new Sony PS3 with hopes of making a profit on resale >>

Can you explain how this is done? Sounds interesting!

Legend · May 11, 2006 3:53AM

We're off to the races. After Gold breaks $800.00 and runs to $1,000.00-watch out! I'd be hedging and starting to sell my generic gold for sure at that point.

EarlyTypeManJohn · May 11, 2006 4:05AM

<< Can you explain how this is done? Sounds interesting! >>

Sure thing. Consider what happened with the XBox 360 launch next year. There was huge anticipation for it in the U.S. and Microsoft did not have enough units to meet demand. They released it in mid-November, 2005. But, anyone could go to an electronics store such as Game Stop in May of 2005 and put a deposit down to reserve one when they came out. A lot of folks were smart and reserved more than one. Soon after launch people were selling XBox 360s on eBay for twice to triple the retail price. Some folks were even selling them in parking lots after they picked them up from the store for double or triple retail. Granted, not everyone who supposedly reserved on received their on or even near the launch date as there was not enough supply.

The same thing is shaping up for the Sony Play Station 3 this year. However, some of the parameters have changed. The premium version of the Xbox 260 costs $399. The premium version of the PS 3 will cost $599. That should curtail demand somewhat. Also, Sony has promised to have 4 million units ready by the end of 2006. However, one of the problems with trying to capitalize on this is that after the situation with the Xbox 360 I think many more people will try to get in on the ground floor with the Play Station 3 and there will probably be fewer people willing to pay double or triple the price for a PS 3 since the starting price is higher. I am not endorsing this or promoting doing this in any way. I am merely pointing out that I *think* I understand this market better than the gold commodities market.

Sorry for the tangent, folks. Now, back to your regularly scheduled gold discussion

Coxe · May 11, 2006 5:55AM

<< I think now that all the big funds that couldn't play commodities markets can now buy ETF's both will be healthly for now on. I've heard the new Silver ETF is sucking silver off the market so fast that some say it could be $30 in a month if people and funds keep it up. >>

And there is such a small fraction available to satisfy the market delivery requirements. If those poor shorts get squeezed, it will get really ugly really fast too. We also have had a lot tempered by increasing margin requirements that cannot go much further.

orie · May 11, 2006 6:35AM

If gold is $5,000 an oz you might be better off with a garden and a shotgun then holding that gold.

MrKelso · May 11, 2006 6:39AM

CC2GO · May 11, 2006 6:55AM

There's lots of information and speculation about this at Kitco but I like this quote in particular....

<< Overall, "a global readjustment is taking place, and the short of it is -- the U.S. dollar is losing its dominance," Peter S--- chief investment strategist at GoldSeek.com, said earlier Thursday.

"Clearly, the shift from the U.S. dollar is accelerating," he said. "Combine this with other driving factors in the gold market, [and] you have the recipe for much higher prices." >>

Baley · May 11, 2006 7:14AM

If gold is $5,000 an oz you might be better off with a garden and a shotgun then holding that gold.

why must it be either/or?

Some of us have rare coins as well as bullion metals, in addition to plenty of guns and ammo, garden and fruit trees, water source and water purification equipment, plenty of camping, survival, and first aid gear, a deep freeze full of good meat, a cellar full of good wine and canned foods, etc etc.

diversificaiton is your friend!

Stock and bonds and real estate might still be worth something, too, depending on "what all happens"

BlindedByEgo · May 11, 2006 7:38AM

<< Should I sell the $1,082,655 worth of platinum I'm holding?

Russ, NCNE >>

Depends... Do you need the greenbacks right now to pay off debt, or buy smoething you want? If not, no.

I'll sell my metals when and if I a) want to pay capital gains tax, and b) need the greenbacks to pay for smoething I want. I don't think that we've reached the top yet, either. Adjusted for inflation we are nowhere near the prior peaks.

sinin1 · May 11, 2006 9:08AM

I think Russ is talking about his PCGS trading account

Russ · May 11, 2006 9:29AM

<< I think Russ is talking about his PCGS trading account >>

Yes, he was.

Russ, NCNE

CC2GO · May 11, 2006 11:56AM

BIG TROUBLE IN little america.....

Just a tidbit from an article I was reading that I thought some might find interesting.

<< At the same time, House Republicans propose raising the debt limit to nearly $10 trillion - its fifth hike in the Bush years. When they took back the House in 1994, the debt limit was $4.9 trillion.

"The trouble for Republicans is they are going to be forced to increase the debt limit again, having just done it [in March], and this time to an embarrassingly large $10 trillion," Mr. Ornstein adds. "It's hard to argue that these tax cuts will cut the deficits, when they have had to raise the debt limit so many times."
The soaring national debt, some $2 trillion of which is in foreign hands, troubles lawmakers on both sides of the aisle. >>

"If you want to explain how much our national debt is....it's handing out a $100 bill on a street corner every second of every day for 2,500 years," said Sen. Christopher Dodd (D) of Connecticut."

ttown · May 11, 2006 12:03PM

One thing Americans may not know is there was a 17% tax on physical silver in the EU before the ETF so many didn't play the market. With the ETF it's brought in a whole new source of inverstors since it's not taxed. The first week of the ETF it sucked up about 100 million ounces of silver off the market and the more inverstors that come in will take 10 ounces a share off the market so this could be huge. Expect more with some ups and downs, we're just starting here but I must admit I was hoping this wouldn't happen for 2 or 3 more years.

Bear · May 11, 2006 12:08PM

Super high precious metal prices signal several things:

1. The high price of metals shows just how inflated the dollar has become.

2. The world seems to be tottering on the edge of madness

3.Wars are on the horizen, over who controls essencial resources.

4.Allies will become merely a temporary state of convenience. Soon
it will be every nation for itself.

5.Soon, the nuclear genie will be out of the lamp and only heaven knows
who will be the first to be on the receiving line.

6. Remember, high prices of metals reflect worldwide uncertainty. That uncertainty
is tied to a sense of security, safety and stability or the lack thereof.

7Our major trading partners may soon become our greatest enemies.

ttown · May 11, 2006 12:15PM

<< Super high precious metal prices signal several things:

1. The high price of metals shows just how inflated the dollar has become.

2. The world seems to be tottering on the edge of madness

3.Wars are on the horizen, over who controls essencial resources.

4.Allies will become merely a temporary state of convenience. Soon
it will be every nation for itself.

5.Soon, the nuclear genie will be out of the lamp and only heaven knows
who will be the first to be on the receiving line.

6. Remember, high prices of metals reflect worldwide uncertainty. That uncertainty
is tied to a sense of security, safety and stability or the lack thereof.

7Our major trading partners may soon become our greatest enemies. >>

All the above plus

#8 Gold and Siver is trade like stock now with no Central Bank control since they've spent there resources to keep prices down the last 25 years.

roadrunner · May 11, 2006 12:28PM

Each of the major nations is trying to out inflate the next. Consider an average rate of money printing at 10%. Only PM's will hold up to that......not paper instruments. There is really no end to this dillemma except to inflate further. The US is a rather tame 8%. Some of our EURO friends are as high as 14%.

Consider that the US only has a $150 billion in gold to cover tens of trillions of debt instruments out there. The world's gold supply is only a few trillion dollars. That amount trades on the Forex every day.

roadrunner

Metals soar

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