Correction? Generic gold moving up faster.

roadrunner · May 18, 2006 11:42AM

A strange correction this week. Gold down $47/oz and most of the gold issues are up once again. My favorite, Type $1's in MS64 finally took a 10% hike to $1180 and you still can't find any in quantity. They will eventually reach $1500 within 6 months. At $950 last fall they were a give-away. I had one guy who was been looking for me and in 6 months I think he found me all of 3 pieces.

Other than $20 LIbs in MS63 falling a whopping $10, and $3's falling in 63 and 64......most everything else went up or held. I liked the value in $5 Libs and they are continuing to track down the more popular $10's. $5 LIbs in MS65 up 3% this week to $4080. They went begging at $3000-3200 last fall. They will eventually hit the $5K mark to catch up with the $10's.

MS64 gold appears to be quite in demand. One gold wholesaler I know indicates he has large orders to fill for anything gold MS62 to MS66. No correction yet here guys.

roadrunner

lloydmincy · May 18, 2006 11:43AM

8% drop isn't a correction.

roadrunner · May 18, 2006 11:51AM

8% is certainly a correction. Taking the first Fib point on the last move takes you right about where we are now. A 38% retracement of the previous move is a correction, albeit the smallest one typically seen. But the point of the thread was that as gold goes down, most of the generics have been moving upwards, with no real supplies being offered.

The DOW falls 200 points (2%) and all the chickens are up and fluttering.

roadrunner

Tarmac · May 18, 2006 12:01PM

The DOW falls 200 points (2%) and all the chickens are up and fluttering.

Isn't that silly? As if a week makes a market...well maybe if you believe the newsmedia.

Correction? Generic gold moving up faster.

Comments

Leave a Comment

Categories