Metal Meltdown....

ScarsdaleCoin · June 13, 2006 1:08AM

Looks like Metals are taking a dive....

what are you doing.....

A. selling asap while you are still ahead...

B. buying while its cheap.....

C. couldnt care less...

ewitte · June 13, 2006 1:10AM

Looking into buying while its cheap but the certified stuff has not really taken that big of a dive.

Dave99B · June 13, 2006 1:14AM

Where have all the "gold is a great investment!" guys gone?

Dave

Cladiator · June 13, 2006 1:16AM

D. Thanking my lucky stars that I sold when it was right about $700

Conder101 · June 13, 2006 1:19AM

C. couldn't care less.

mrearlygold · June 13, 2006 1:22AM

AHHHHHHHHHHHHHHHHHHHHHHHH!

lkenefic · June 13, 2006 1:26AM

I sold off most all of my Junk Silver at $14...but this was only a drop in the bucket...L

mhammerman · June 13, 2006 1:40AM

"Where have all the "gold is a great investment!" guys gone?"

Selling to the speculators and buying on the dips...hee hee

Dave99B · June 13, 2006 1:46AM

Selling to the speculators and buying on the dips...hee hee

Buy low, sell high? Oh, I had that ars backwards. That explains a lot!

Dave

Merc · June 13, 2006 1:48AM

I sold my common date gold at $700. I wonder if the downturn is hurting dealers. Several were buying gold at the high. This quick drop has to hurt common date gold.

BillJones · June 13, 2006 1:50AM

I have a couple of coins in inventory that I might have to a hit on, but by in large I'm hoping that this overheated market is going to calm down some.

Does that sound odd from a dealer? Not really. As a small dealer I often need to get coins from other dealers, and this market few of those guys need to sell anything to me. I also see evidence of the “1980 market” when the real collectors stopped buying and the “market makers” were speculators and less than well informed buyers (that’s PC for “ignorant”) who were looking for alternatives to the stock market.

Last week a “Coin World” article claimed that the wholesale market had disappeared for many early coins. That’s about right, and although that might look healthy it’s not a situation that is going to last. There will be a correction.

LALASD4 · June 13, 2006 1:50AM

mgoodm3 · June 13, 2006 1:51AM

Metal Meltdown - Judas Priest.

Somethings calling
In the night
Electric madness
Roars in sight

Heat is rising
Blazing fast
Hot and evil
Feel the blast

Out of control
About to explode
Its coming at ya

Here comes the metal meltdown
Run for your lives
Cant stop the metal meltdown
No-one survives

Raging fury
Wired for sound
Nitro bombshell
Shakes the ground

High and mighty
Rips the air
Piercing lazer
Burning glaze

Out of control
About to explode
Its coming at ya

Here comes the metal meltdown
Run for your lives
Cant stop the metal meltdown
No-one survives

Temperature is boiling
Magnifying might
Feeding like a virus
Flashing light

Imminent collision
Shockwaves all around
Generating energy
Screams so loud

Its comin - meltdown
Start runnin - countdo

lloydmincy · June 13, 2006 1:53AM

I told you if I buy, it will go down!!! But it is only speculators leaving. Soon, the panic investors go also.

B. Not a good answer since it is not cheap yet.

DeusExMachina · June 13, 2006 1:55AM

I've already sold a lot of my gold so I am happy to see metals fall apart. I would also like to see the coin market slow down. Good coins have been hard to find for awhile and most coin dealers in my area have been catering to bullion traders.

coynclecter · June 13, 2006 1:56AM

Yeah, I'm feeling real confident that the Fed is gonna stop printing money, the deficits are going to shrink and that inflation will go away. I can't wait for 1.50 gas again.

Let's look at what's real. The biggest PM short in the world, Goldman Sachs, just got their home boy into the US Treasury. In addition, they just posted double profits over last year. Welcome to market manipulation, the advanced course. They should be getting ready to cover their shorts soon and the prices will level out.

TwoSides2aCoin · June 13, 2006 1:57AM

<< "Where have all the "gold is a great investment!" guys gone?"

Selling to the speculators and buying on the dips...hee hee >>

Ah, people tend to forget that life is full of peaks and valleys, just like the market. Some see a dip and take a dive, while others see a peak and start buying

it doesn't make cents when you don't know what's going on

I'm still not happy with the US mint stopping sales of GOLD PROOFS in 2006.
I don't mind someone raising prices , as long as they drop them with the dips .... Are there any lawyers or politicians in the know as to WHAT legislation is in force to allow stoppage of sales and re adjust prices on any item that is ALREADY marked up with a built in PROFIT ? This was illegal. IMO

But, I still say BUY

... especially when people panic.

Jon, answer B is an oxymoron. I cannot buy it while it's cheap, it's never been cheap. Men die for it !

hiyosilver · June 13, 2006 1:59AM

<<C. couldnt care less... >>

RedTiger · June 13, 2006 2:01AM

I sold my investment gold related stuff way early, April 1st. I missed a good 15% of the move on that stuff, but I did get out. I'm looking for the dust to settle before buying here for investment or trading purposes.

I did buy a token amount of silver coins at $11/$12 per, and kind of regret doing that, now that silver is back below $10.

I will look for "motivated" sellers. Some of them will be the same folks who bought when the markets where running hot and paying too much premium, may want to dump below spot because they are sure it is going down another 3% tomorrow. When there are lot of these fire sales around, the bottom may be in.

Again, let me repeat that the average collector has no business trying to time the metals markets. Tops are created by lots of buyers, bottoms when there are lots of sellers, so be definition the average person is going to buy near the top and sell near the bottom. Of course, there are exceptional people that are able to time the swings, but they are not the kind of people reading coin boards for investment tips or for validation on their own calls

. With the market the way it has been, every one who sold at the top will share their story, while virtually no one who bought the top will tell theirs. Unfortunately, there were a lot more buyers at the top than there were sellers (that's why it is a top).

rdunnit · June 13, 2006 2:03AM

Gotta love them Judas Priest lyrics!!! Metal Rules!!!

Russ · June 13, 2006 2:38AM

Not to worry. It's just a temporary detour on the road to $2000 gold.

Russ, NCNE

curly · June 13, 2006 2:51AM

<< Not to worry. It's just a temporary detour on the road to $2000 gold.

Russ, NCNE >>

Whaddaya mean "not to worry"? I just hocked everything I had and cashed in my life savings last week and bought gold at $700 on the recommendations of the bulls around here.

Lord, I got rent due next week. I might need a room and board from some of you seers.

ttown · June 13, 2006 3:00AM

Let's see Gold under $500 or DOW under 10k. The CB's doing everything they can to take out gold but they don't own enough to do this long term but unlike the past they haven't been able to prop the stock market either. I'm sure the cash is flowing out of the FED but with no M3 who knows.

19Lyds · June 13, 2006 3:03AM

I wonder if the Mint will "re-adjust" their asking prices for the GAE and Buffalo's?

MadMarty · June 13, 2006 3:07AM

Below $570 and going down faster than a cheap whore on Russ!!!

relayer · June 13, 2006 3:12AM

I covered my shorts last night at $594.80 and missed out on the extra $25 NY contributed

rgl1345 · June 13, 2006 3:55AM

I see alot of people locked in to high gold prices on ebay...bummer

ziggy29 · June 13, 2006 3:56AM

<< I see alot of people locked in to high gold prices on ebay...bummer >>

Yet another reason to snipe.

Kip · June 13, 2006 3:57AM

<< Yeah, I'm feeling real confident that the Fed is gonna stop printing money, the deficits are going to shrink and that inflation will go away. I can't wait for 1.50 gas again.

Let's look at what's real. The biggest PM short in the world, Goldman Sachs, just got their home boy into the US Treasury. In addition, they just posted double profits over last year. Welcome to market manipulation, the advanced course. They should be getting ready to cover their shorts soon and the prices will level out. >>

2bucks · June 13, 2006 4:00AM

<< Below $570 and going down faster than a cheap whore on Russ!!! >>

ledzep87 · June 13, 2006 4:01AM

C. Couldn't care less.

Russ · June 13, 2006 4:13AM

I'm sitting all cash in the world series right now and I've moved up by four in the rankings over the last couple days.

Russ, NCNE

MrKelso · June 13, 2006 4:16AM

Buying

ewitte · June 13, 2006 4:33AM

<< 

<< Not to worry. It's just a temporary detour on the road to $2000 gold.

Russ, NCNE >>

Whaddaya mean "not to worry"? I just hocked everything I had and cashed in my life savings last week and bought gold at $700 on the recommendations of the bulls around here.

Lord, I got rent due next week. I might need a room and board from some of you seers. >>

Why not to spend money you don't have. Been there done that. IRS messed up my tax return and I ended up having to borrow money until it got fixed. You will not have to wait too long for it to go back up. Relatively speeking. Buy some more while its low.

cohodk · June 13, 2006 4:36AM

<< I'm sitting all cash in the world series right now and I've moved up by four in the rankings over the last couple days.

Russ, NCNE >>

I moved to cash 2 weeks ago but havent moved in the standings. Still stuck at 18.

relayer · June 13, 2006 4:39AM

Did the GOLD AND SILVER WORLD NEWS, ECONOMIC PREDICTIONS thread call this one correctly?

Russ · June 13, 2006 4:43AM

<< << I'm sitting all cash in the world series right now and I've moved up by four in the rankings over the last couple days.

Russ, NCNE >>

I moved to cash 2 weeks ago but havent moved in the standings. Still stuck at 18. >>

I'm at 31, so that narrows the losers to #19 through #30.

Russ, NCNE

topstuf · June 13, 2006 4:49AM

Still not QUITE enough pessimism. Close, but not quite.
Zarqawi took Haditha outta the papers.
Bernanke took gold outta the papers. (course it screwed every homeowner in the country)
I figger Osama dies in August to take the stock market crash outta the papers.

THEN.... gold can reassert itself.

Russ · June 13, 2006 4:55AM

<< I figger Osama dies in August to take the stock market crash outta the papers. >>

Osama is already dead. The CIA has him in a freezer at a remote 7-11, from which he'll be pulled and thawed when the time is right.

Russ, NCNE

topstuf · June 13, 2006 5:06AM

<< The CIA has him in a freezer at a remote 7-11 >>

He musta outranked Zarqawi an got a longer expiration date.

HTubbs · June 13, 2006 5:06AM

I'll probably buy a few pieces for my personal collection since I can finally afford gold...

Hayden

ray7362 · June 13, 2006 5:17AM

B. buying while its cheap.....er......

EarlyTypeManJohn · June 13, 2006 5:21AM

<< B. buying while its cheap.....er...... >>

Cheap compared to when? A year ago? A month ago?

Gemineye · June 13, 2006 6:11AM

<< I have a couple of coins in inventory that I might have to a hit on, but by in large I'm hoping that this overheated market is going to calm down some.

Does that sound odd from a dealer? Not really. As a small dealer I often need to get coins from other dealers, and this market few of those guys need to sell anything to me. I also see evidence of the “1980 market” when the real collectors stopped buying and the “market makers” were speculators and less than well informed buyers (that’s PC for “ignorant”) who were looking for alternatives to the stock market.

Last week a “Coin World” article claimed that the wholesale market had disappeared for many early coins. That’s about right, and although that might look healthy it’s not a situation that is going to last. There will be a correction. >>

I know how much you hate Sackies...Bill......

........But I

*I also see evidence of the “1980 market”*

Tarmac · June 13, 2006 6:19AM

Just shows how thin the metals market remains.

What happened to all those Chinese and Indians buying metals?

Bottom line the buying was hedge funds and other speculators. They just decided to sell this week to cover emerging market losses.

That not withstanding, I feel gold will rally back and hit new highs by the end of next year. Fed will stop raising rates for fear of collapsing the RE market. Dollar will hit historic lows around the world.

Who knows what will happen but this is a great entry point for people who missed out earlier.

keets · June 13, 2006 6:24AM

market manipulation at it's finest. if you do well, it's probably a matter of luck since these things don't follow any pattern that even the experts can predict(with any repeating degree of accuracy). but then, why would the manipulators tell what they're doing and why they're doing it??

ziggy29 · June 13, 2006 6:25AM

<< Just shows how thin the metals market remains.

What happened to all those Chinese and Indians buying metals?

Bottom line the buying was hedge funds and other speculators. They just decided to sell this week to cover emerging market losses.

That not withstanding, I feel gold will rally back and hit new highs by the end of next year. Fed will stop raising rates for fear of collapsing the RE market. Dollar will hit historic lows around the world. >>

Hard to say. Central banks are in the business of propping up money by fiat, and if they have to actively suppress metals prices and seek to send the world into a recession, so be it. Small price for them to pay to prevent people from thinking their fiat currency isn't a safe haven.

bidask · June 13, 2006 6:31AM

Yeah, Laura was really right ....she called this when gold was above $700 oz.

Bear · June 13, 2006 7:11AM

The Prez should have appointed Marty's rubber chicken

to be head of the Fed. We might be better off. At least

the chicken knows enough to keep its beak shut.

bidask · June 13, 2006 7:34AM

I think we are within 5-7% of the bottom and I am beginning to buy now

Longacre · June 13, 2006 7:54AM

Gold is D-O-N-E.

Metal Meltdown....

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