Gold and silver. Discuss

[javyn]

Well there's nothing really special about them other than me admiring the personalities on the coins.

 

[Crane's]

Originally Posted by javyn

Well there's nothing really special about them other than me admiring the personalities on the coins.
Not a thing wrong with that. I like 2.5 and 5 dollar Indian gold coins just because they look cool.

 

[Crane's]

Interesting. The stock market and metals are both taking a dump today. I'm glad I didn't finalize my little Gold purchase yet.

 

[javyn]

Originally Posted by Crane's

Interesting. The stock market and metals are both taking a dump today. I'm glad I didn't finalize my little Gold purchase yet.

Yeah I'm getting hit pretty hard in oil services, my own fault for not selling Wednesday like I had planned.

Although, I am excited at the prospect of a silver breakdown. If it gets down to 28 an ounce I'm going to go nuts. Apmex.com should restocked with Eagles by 3/25

 

[mikeman]

Yeah, we are really taking a beating everywhere... Do you think we will get this silver pullback to 30 or less that everyone is talking about? I sure hope not, just bought and cant buy more. Oh well, long term will yield great things.

 

[javyn]

Originally Posted by mikeman

Yeah, we are really taking a beating everywhere... Do you think we will get this silver pullback to 30 or less that everyone is talking about? I sure hope not, just bought and cant buy more. Oh well, long term will yield great things.

I don't know but I'm guessing yes, people will take profits and it will breakdown to 30 or so, maybe less. I wouldn't worry too much. Silver seems to be very volatile because there is so little of it actually traded. Which is why I buy physical, and tell everyone I know to buy physical now, to take even more off the market.

 

[mikeman]

Originally Posted by javyn

Yeah I'm getting hit pretty hard in oil services, my own fault for not selling Wednesday like I had planned.

Although, I am excited at the prospect of a silver breakdown. If it gets down to 28 an ounce I'm going to go nuts. Apmex.com should restocked with Eagles by 3/25

Im getting slammed by oil too. sure hope silver doesn't sink back to 28 or below ~33 for that matter. I just bought and I think i'm don't buying silver for a while,as i have most of my money in it.

 

[culverwood]

I'm one of the three saying gold and silver are heading for a fall. Get out now if you can but always have 10K or there about in your safe in case the revolution ever happens.

 

[Crane's]

30 or 31 sounds about right. 1250 to 1300 for Gold would be OK with me too.

 

[javyn]

Originally Posted by culverwood

I'm one of the three saying gold and silver are heading for a fall. Get out now if you can but always have 10K or there about in your safe in case the revolution ever happens.
I am a recent convert on metals. I was always thinking that gold and silver were over-hyped, and since we went off the gold standard, they are no different than any other commodity since there is no built-in demand from it being a currency anymore to keep the price up. After reading about Utah trying to go back to making bullion into legal tender (as well as 10 other states), what's going on in the middle east, JPM's massive short interest in silver, and the incredible stubbornness of PM longs, well, I see the light now heh. PM bugs rock. You can short silver down to 20 dollars, and rather than freaking out looking for exits, the longs will just load up on even more physical metal. I love it. Crane, 1250 gold would be nice, but wouldn't 1k be nicer

I'm not worried about any breakdowns in the PM market. No problem letting the market digest some of these gains even if it means lower prices for a while. edit: Also, I see that weak hands are trying to point to the crash in '80 after silver touched 50 an ounce, as if to imply the same thing would happen today if silver hits 50. In 1980 the Q3 money supply was what, 1.5 trillion? What's it today? 18+ trillion and growing. You do the math to adjust that 1980 price in today's inflated dollars.

 

[mikeman]

javyn, I totally agree. People need to stop freaking out. People know the fundamentals are there, and it will go higher, but like every investment, it needs to consolidate after a run, and thats where we are now. There are way to many reasons for silver to fall a ton.
As for the 80s crash, that was totally different. That was because the hunt brothers were hoarding silver, but now, there is actually tons of demand. I still say 50+ by years end.

 

[javyn]

Agree w/ you 100%.

 

[Crane's]

Originally Posted by javyn

I am a recent convert on metals. I was always thinking that gold and silver were over-hyped, and since we went off the gold standard, they are no different than any other commodity since there is no built-in demand from it being a currency anymore to keep the price up. After reading about Utah trying to go back to making bullion into legal tender (as well as 10 other states), what's going on in the middle east, JPM's massive short interest in silver, and the incredible stubbornness of PM longs, well, I see the light now heh. PM bugs rock. You can short silver down to 20 dollars, and rather than freaking out looking for exits, the longs will just load up on even more physical metal. I love it. Crane, 1250 gold would be nice, but wouldn't 1k be nicer

I'm not worried about any breakdowns in the PM market. No problem letting the market digest some of these gains even if it means lower prices for a while. edit: Also, I see that weak hands are trying to point to the crash in '80 after silver touched 50 an ounce, as if to imply the same thing would happen today if silver hits 50. In 1980 the Q3 money supply was what, 1.5 trillion? What's it today? 18+ trillion and growing. You do the math to adjust that 1980 price in today's inflated dollars.
1K would be very nice. All I'm seeing is a small spike caused by recent events and now IMO there's a profit taking going on. I'm not overly concerned about it.

 

[javyn]

Originally Posted by Crane's

1K would be very nice.

All I'm seeing is a small spike caused by recent events and now IMO there's a profit taking going on. I'm not overly concerned about it.

Higher lows, higher highs, and it looks like our downturn now is on light volume. I'm not worried at all. Just profit taking if ya ask me.

 

[cretaceous_cretin]

Originally Posted by javyn

So, anyone else besides javyn in the freak out and stock up on bullion club? Just got ~130 oz silver and a few 1/4 oz gold krugerrands.

The numismatic and metal exchanges here in h-town were all sold out of everything save one this weekend, so I got what they had.

Plan on increasing this week to around 30k physical metal if I can find any exchange that's been restocked this week.

Already have 35 oz. of gold in bullion coins, bought in late '08 and early '09. I use GLD and calls on GLD to play gold now.