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PM's are crashing again....
Manorcourtman
Posts: 7,935 ✭✭✭✭
LIVE METAL PRICES
9/9/2008 9:41:22 AM EST
Bid Ask Change
Gold $777.90 778.60 (-19.90)
Silver $11.5200 11.5700 (-0.4350)
Platinum $1,262.00 1,272.00 (-80.90)
Palladium $240.00 245.00 (-18.50)
= Offer Side vs. NY Close
9/9/2008 9:41:22 AM EST
Bid Ask Change
Gold $777.90 778.60 (-19.90)
Silver $11.5200 11.5700 (-0.4350)
Platinum $1,262.00 1,272.00 (-80.90)
Palladium $240.00 245.00 (-18.50)
= Offer Side vs. NY Close
0
Comments
did they even get close to telling their subscribers to sell at 900-1000 or did
they continually say "this is it!" while dumping their metal. then of course they
will say they timed the market again perfectly. ;-)
fc, the best way to stay on top of that is to follow Jim Sinclair's website, which is linked on all of roadrunner's posts.
You don't have to agree with anything that he says, but his postings will keep you informed about the economic influences that impact the prices of precious metals.
Call it spin, or whatever else you like - he doesn't fabricate. The truth is that there is a struggle going on for control. Sinclair offers insights, and he can do that because he's been there. Note that Paul Volker and David Walker, two guys who are also in a position to know - also have <<major>> concerns. This economic stuff - bailouts of banks, major market interventions, wealth destruction - might sound like a hallucination, but unfortunately, it's not. And these things should all affect the prices of precious metals. They should. And most likely, they will. It's always better to be aware than to be ignorant, regardless of your feelings toward policy.
A decline of the magnitude we've seen in precious metals does tend to eliminate the newbies - pretty much forever. Who wants to come back for another whuppin? Not many. This prolongs the time before more people begin to realize what's happened. Nobody wants the economy to crash and for people to be thrown out of work, and that's why goldbugs are considered heretics of a sort - they are warning us that the current system is rotten and cannot be sustained. In reality, they are the canaries in the coal mine. It's just a question of whom to believe, and how far you want to go out on that limb, based upon what they tell you.
Your choice of precious metals as an investment tells me that you already know this. I maintain that the logic behind holding precious metals is sound regardless of the price entry level, although you should indeed, always shop around. There's never been anything wrong with not buying from a clip artist.
I knew it would happen.
You can also go to Kitco website under the gold forum tab at the top and get the juice straight from the melon.
I think Sinclair got caught by the PPT induced drop at around the $940 level. I'd also bet that he sold a portion once he realized they were going for an $800 takedown. In any case round 3 in the gold bull is coming up. Let the dollar have its mini-rally to 0.80-.82 into the election period. With the Dow and S&P turnover for a while from here, I don't expect the dollar to get support for all that much longer. At some point the emperor will be found to have few clothes and metals will rally again. Right now it appears gold it retesting the $780 low of this year. If this holds, look out above.....and clearer sailing ahead. A "crash" back to $780 is a mere blip.
roadrunner
Knowledge is the enemy of fear
<< <i>Northwest Territorial Mint is currently sellig 100 oz bars / Engelhard and JM @ $ 1,272.00 w/free shipping and insurance >>
Just checked their website....only 100 oz bar available is the Pan American Brand.....still a decent price...$1,231...and I do see free shipping in Cont. USA.
Top of page hs the following:
Johnson Matthey and Engelhard 100 Ounce Bars: Temporarily Sold Out.
how do i know? i called them last month and asked a sales rep.
it will only get worse as more and more people call them and their deliveries
get further behind.
<< <i>Northwest Territorial Mint is currently sellig 100 oz bars / Engelhard and JM @ $ 1,272.00 w/free shipping and insurance >>
I also note this on their website.....which caused me to backout......
<< <i>Our policy is to ship orders within 28 days after receipt of good funds >>
.
I expect faster shipping than a possible 4 weeks....so my funds could be good on day 2 and they still have the option of not shipping for 26 more days?
<< <i>$775 is a big number for gold. The dollar is getting tired just in time. A close under $770 would mean $670, probably within days. >>
yeah that would be a hella floor, but very possible now. i see how the COMEX market is being played and it ain't so much the PPT.
<< <i>what northwest is not telling you is that they will ship it in Nov-Dec.
how do i know? i called them last month and asked a sales rep.
it will only get worse as more and more people call them and their deliveries
get further behind. >>
Sorry fc...I was viewing the NWM site and typing my response when you posted yours....didn't mean to repeat info...
but I agree....delivery in Oct-Nov-Dec is not for me......
What I would love to know is....just how many of the Engelhard and JM bars did they really have on hand at that price today!
RAH
at those levels...
Au = 765
Ag = 11
Amazing drops today.
<< <i>but I agree....delivery in Oct-Nov-Dec is not for me...... >>
I'm just curious, if you intend to buy and hold long term, why would it matter?
I know it isn't desireable, but it doesn't seem so bad. The only probably would be if you absolutely had to sell to generate cash, in which case you probably shouldn't be investing those dollars in PMs anyway.
I'm just curious, if you intend to buy and hold long term, why would it matter?
I know it isn't desireable, but it doesn't seem so bad. The only probably would be if you absolutely had to sell to generate cash, in which case you probably shouldn't be investing those dollars in PMs anyway.
When I dealt with NWT Mint, they couldn't even tell me the status of my order, and it took well over a month to come up with the coins.
When somebody has my money for over a month, I assume that they are using it to play the market. When somebody is playing the market with my money, I get anxious. Note, the number of banks with problems. Precious metals firms are less regulated than banks. 'nuf said.
I knew it would happen.
9/10/2008 11:11:14 AM EST
Bid Ask Change
Gold $766.00 767.50 (-20.60)
Silver $10.9500 11.0200 (-0.6350)
Platinum $1,207.00 1,217.00 (-45.10)
Palladium $227.00 232.00 (-9.00)
= Offer Side vs. NY Close
$9 Silver is next