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Old 05-08-2012, 08:44   #1
Dragline
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Gold, Silver other PMs taking a major dump today

Looks like a spiraling downward trend that could continue into June.

Lower crude oil prices and strengthening U.S. dollar are apparently helping drive metal prices down so far today.

Short term not looking good for PMs currently.
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Old 05-08-2012, 08:46   #2
Dennis in MA
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Can't be. Economic uncertainty means that metals go up.
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Old 05-08-2012, 09:25   #3
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The socialist victories in France and Greece mean the world economy is all but healed and we have nothing to fear from future financial collapse.

Nobody needs gold and silver now. The future is bright. All is well.

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Old 05-08-2012, 09:27   #4
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As the prophet Gomer routinely said, "Surprise! Surprise! Surprise!" Sgt. Carter and company never seemed to appreciate the words of the prophet. No surprise.
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Old 05-08-2012, 09:27   #5
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Quote:
Originally Posted by Dennis in MA View Post
Can't be. Economic uncertainty means that metals go up.
They already went up and that train left the station a few years back.

Crude and gold go together. Crude is down as the markets realize they have been lying about the unemployment numbers to prop up a certain person.
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Old 05-08-2012, 09:33   #6
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Yeahbut, they tell me that when bad economic news comes out, gold ALWAYS goes up. Now you've introduced ANOTHER sub-rule to me. It's almost like you are saying that it depends on what investors want or fear and that it might not accurately represent the true cost.

Nahhhh, can't be. Buy gold - it always goes up.
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Old 05-08-2012, 09:35   #7
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Where is that Gold vs S&P 500 thread again?

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Old 05-08-2012, 09:57   #8
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Old 05-08-2012, 10:29   #9
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Quote:
Originally Posted by Dennis in MA View Post
Yeahbut, they tell me that when bad economic news comes out, gold ALWAYS goes up. Now you've introduced ANOTHER sub-rule to me. It's almost like you are saying that it depends on what investors want or fear and that it might not accurately represent the true cost.

Nahhhh, can't be. Buy gold - it always goes up.
Well they always tell you about the economies of scale too. Only when you reach the masters level do you learn the rule of dis-economies of scale. (larger scale of production leads to an Increase in product price)

ETA: I believe the price of copper is suffering from this now.
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Old 05-08-2012, 10:45   #10
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Down $40 and $0.75 are not too bad, there have been days when they dropped $100 and $4.00.
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Old 05-08-2012, 12:28   #11
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Precious metals retain relative buying power. If the buying power of the dollar increases their price goes down. If the dollar inflates, their price goes up. Same with any commodity really.

Of course with demand they'll also fluctuate relative to the market to some degree. Gold is probably a bit inflated right now, which is why some folks are going to Silver and Copper as a more stable PM. They won't spike as much, but unless you're trying to play the market for short term gains, something with long term staying power to retain wealth in the event of major inflation or market crash, is the real value of PMs.

Of course unless you're seriously expecting an economic crash in which the dollar will crease to be accepted as currency, a mutual fund will get you better results, since it would both compensate for inflation, and grow with interest. Most people just aren't patient enough to ride them out though.
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Old 05-08-2012, 12:49   #12
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Eventually the gold bubble had to burst. The events of the 2008 collapse and the Obama presidency just prolonged it a few years.

Just like housing prices, its got to come down to normal levels. You can't substain over a half a million dollar average homes prices and plus $1,500 an ounce for gold forever.

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Old 05-08-2012, 13:06   #13
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When the market tanks, some people need to liquidate other assets to cover their positions…margin calls, etc.

so when a bunch of folks sell en masse, more supply available on the market depresses prices.
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Old 05-08-2012, 13:37   #14
Dennis in MA
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I'm so glad you guys are around to show me how these things work.
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Old 05-08-2012, 14:28   #15
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That is just the paper price.

Very few are selling actual physical gold and silver.

The market manipulation continues in the pm markets with naked shorting. Nothing new here. Just a good time to stack some more. Get it while you can.
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Old 05-08-2012, 14:35   #16
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That is just the paper price.

Very few are selling actual physical gold and silver.

The market manipulation continues in the pm markets with naked shorting. Nothing new here. Just a good time to stack some more. Get it while you can.
This is truth. It's nice and convenient how Apmex raises their fees to compensate. When silver was "$8", you couldn't get physical near that.
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Old 05-08-2012, 14:55   #17
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You guys dont have a couple pounds of gold and platinum laying around?

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Old 05-08-2012, 15:44   #18
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This is truth. It's nice and convenient how Apmex raises their fees to compensate. When silver was "$8", you couldn't get physical near that.
Yep. And when the paper price goes to $1,000 for gold there won't be any to be had. No one will sell any physical for that price.

The paper game is coming to an end...so are the paper shenanigans. This paper dump is just part of that end game.

Keep stacking. It is the lifeboat for the coming flood.
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Old 05-08-2012, 16:12   #19
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When I was in Iraq as a contractor I was buying silver (physical silver; 1 troy ounce rounds) at ~$15, so I ain't hurtin', would have liked to have sold at $45+ though. I have a little over 1,000 ounces sitting in the gun safe.

If it drops some more it will bee a buying opportunity.

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Old 05-08-2012, 16:20   #20
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I just bought some palladium a couple weeks ago.
I did not anticipate a significant drop in price there, but nevertheless, here we are.
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Old 05-08-2012, 16:20   #21
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Keep stacking. It is the lifeboat for the coming flood.
And the worlds most expensive paperweight when that flood never comes. Sure is shiny though.
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Old 05-08-2012, 16:22   #22
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And the worlds most expensive paperweight when that flood never comes. Sure is shiny though.
What do you base your prediction off of?
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Old 05-08-2012, 16:42   #23
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Quote:
Originally Posted by Dragline View Post

Gold, Silver other PMs taking a major dump today
Not really. It's by nature a volatile market

Quote:
Originally Posted by Dragline View Post
Looks like a spiraling downward trend that could continue into June.

Short term not looking good for PMs currently.
This isn't unusual. PM isn't a good short term investment anyhow
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Old 05-08-2012, 17:38   #24
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And the worlds most expensive paperweight when that flood never comes. Sure is shiny though.
Just tell me a better place to put my money for the next ten years then. Cuz the last ten have been fantastic!

Gold and silver have absolutely no counter party risk. In a world where crooks are running the paper game, I'll take that.
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Old 05-08-2012, 18:29   #25
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Just tell me a better place to put my money for the next ten years then. Cuz the last ten have been fantastic!

Gold and silver have absolutely no counter party risk. In a world where crooks are running the paper game, I'll take that.
Nah. 10 years from now you'll need a wheel barrow full of gold to buy a loaf of bread. Widows will be using silver to light their stoves it will be so worthless.
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