Gold and silver prices are down

[richc]

It goes up. It goes down. Whatever.

The small amount I own is because I fear the debasement of our fiat currency. The ups and downs are just noise in the meantime.

That was a really strong day for gold and the miners, wow. Tomorrow's still important though, don't want to see a slide back below $1360.

 

[Varmint]

It goes up. It goes down. Whatever.

The small amount I own is because I fear the debasement of our fiat currency. The ups and downs are just noise in the meantime.

Well yeah, but you can see how important $1360-1400 is from this chart. We broke a 6 year closing high today. Gold long term tends to find new ranges to move up and down in. We could be moving from the $1000-1400 range into a higher range, like $1400-1900.

 

[Varmint]

Futures are at $1408!

I think the cats out of the bag!

 

[richc]

Someone came in and smacked the price down to the low 1380's early this morning. But it has mostly recovered back.

The Force is strong with this movement...

 

[Varmint]

Someone came in and smacked the price down to the low 1380's early this morning. But it has mostly recovered back.

The Force is strong with this movement...

A good close today for gold would be really positive (weekly close, and next week monthly close will be even more important.

So they're gonna try to prevent that. I'm expecting gold to mysteriously tank today.

 

[Win]

I'm surprised silver is staying so low.

 

[Varmint]

I'm surprised silver is staying so low.

Here's my 2 cents.

Silver is different from gold - it trades primarily as an industrial metal, since it's monetary value isn't nearly as widely accepted as gold. Your average investor and average account manager will buy gold but won't touch silver, it's trading in the toilet like other industrial metals due to the global economic slowdown.

So silver tends to lag gold in rallies, but then it takes off once a gold bull market is solidly going. So silver has major headwinds and tailwinds, while gold has only tailwinds.

We closed above $1400 gold (6 year major resistance) and above $25 resistance for GDX (gold mining ETF) which confirms the breakout.

There's still risk of a selloff next week - you need to be above resistance like this for more than a day or two to be safe.

 

[Win]

Here's my 2 cents.

There's still risk of a selloff next week - you need to be above resistance like this for more than a day or two to be safe.

I'll be holding

 

[Win]

Have we broke out or could we go back to $1,250? Seems like a lot of momentum moving gold up.

 

[Varmint]

Have we broke out or could we go back to $1,250? Seems like a lot of momentum moving gold up.

I think we’ve probably broken that $1400 resistance but we need to close the month above $1360-75 range to be sure. Something like a trade deal this week could knock us back down.

 

[richc]

I'd really like to to keep saying you expect gold to tank. It seems to be a solid contrary indicator!

A good close today for gold would be really positive (weekly close, and next week monthly close will be even more important.

So they're gonna try to prevent that. I'm expecting gold to mysteriously tank today.

 

[Win]

I wonder if some of the debt cancellation and taxation policies being put out by the democrats is prompting any gold buying? Too early in the race for that maybe?

 

[Varmint]

I'd really like to to keep saying you expect gold to tank. It seems to be a solid contrary indicator!

I do expect it to tank back below $1400 before the end of the month.

 

[richc]

I don't think most people believe any of that rhetoric is real. I don't...

But I'm a crusty ol' buzzard...

I wonder if some of the debt cancellation and taxation policies being put out by the democrats is prompting any gold buying? Too early in the race for that maybe?

 

[Varmint]

I wonder if some of the debt cancellation and taxation policies being put out by the democrats is prompting any gold buying? Too early in the race for that maybe?

I think in the short term the rally has been driven by the sudden dovish stances by US and EU Fed, and by Iran escalation. That’s why I think the rally will fade. the fear trade of the Iran thing will fizzle and China trade spat too.

In the long term gold’s strength is driven by massive debt and debt spending like you said, and that’ll eventually drive gold to $2000 and up.

 

[Varmint]

I don't think most people believe any of that rhetoric is real. I don't...

But I'm a crusty ol' buzzard...

But we’ll get milder forms of what they’re touting for sure. More handouts and more deficits.

 

[Varmint]

gold is looking strong, bounced off support despite some less dovish Fed talk. It'd probably take a trade deal this weekend to knock it back below $1400, and even then it might just be a healthy correction.

 

[richc]

Heard this quote on tv this week from a well known economic analyst:

"Every central bank on the planet is in a race to devalue their currency, and we (AKA the US) are the biggest currency manipulators in the history of mankind."

Talk about a recipe for higher PM prices...

 

[Varmint]

gold is looking strong, bounced off support despite some less dovish Fed talk. It'd probably take a trade deal this weekend to knock it back below $1400, and even then it might just be a healthy correction.

Gold is $1394 after the nothing-burger of the trade talks, or maybe the Trump-Kim meeting. Probably a healthy pullback to $1380, or at most $1360.

Regardless this month showed the future of gold - huge explosions up in price.

 

[richc]

Well after a short lived pullback to 1385 or so gold zoomed ahead today. Currently trading at $1430 or so.

Not sure I understand why the price popped so much.

 

[yogi]

Just received this coin. Bought it for no other reason than I thought it was cool:

 

[Varmint]

Well after a short lived pullback to 1385 or so gold zoomed ahead today. Currently trading at $1430 or so.

Not sure I understand why the price popped so much.

Probably just traders trying to win the bull vs bear game. I think we'll go back and test $1360 in the next month. Could be the last chance buying opportunity.

 

[Win]

 

[rep308]

Rich, here is one for your collection:

A Gigantic Gold Coin Makes Its Way to Wall Street

A Gigantic Gold Coin Makes Its Way to Wall Street
Australian chunk of change weighs a metric ton and is worth about $45 million

Richard Hayes plans to leave a $45 million coin on the streets of Manhattan all day Tuesday, but he isn’t particularly worried about a thief carting it off.

The coin—with Queen Elizabeth’s profile pressed onto one side and a mid-hop kangaroo on the other—is beyond the wiles of the average pickpocket. It measures nearly 32 inches in diameter and is almost 5 inches thick.

Oh, and it weighs about 2,200 pounds. (That is more than 32,000 troy ounces, for the precious-metals buffs out there.)

Mr. Hayes is the chief executive of the Perth Mint, one of the world’s largest gold refiners. He flew to the U.S. from Australia with the world’s largest gold coin in tow, on a publicity tour for his exchange-traded fund.

 

[Varmint]

Gold closed above $1420, this is big. There's a chance we may never see $1300s again. Could be over $1500 by the Fed meeting at end of July.

Wish I had cash to buy more gold.

Silver is also rallying strong this week. Strong sign that the gold rally is for real.

 

[Win]

That's the most bullish I've ever heard you speak

 

[Varmint]

That's the most bullish I've ever heard you speak

I think silver was the key. Hard to believe the gold breakout when silver was doing nothing. The last two days silver has been outpacing gold - and when other commodities are doing poorly. Very bullish sign.

I read an article about a theory that JP Morgan's silver manipulation of the last decade is not manipulation at all, but they are just trading for the Chinese central bank. Same article says while speculators are heavily short silver, there's now a huge long position in silver (the Chinese central bank) that might crush these shorts. Dunno if true but it was a very long detailed article.

 

[Varmint]

Anyone notice that gold and silver ETFs today have diverged from the futures prices?

GLD is down 1.35% which equates to $18/oz, but gold the metal is down only $2. Same for silver.

Never mind it seems like they're just listing the wrong percentage for gold, it's down $20 but it says -0.08%.

 

[Varmint]

Yet again this morning silver is way up while gold is flat. That's bullish for gold and silver!

Gold seems to be consolidating for the push to $1500. Maybe when the Fed cuts rates on July 31.

 

[Win]

Platinum has really been moving up. It’s almost back up to where I bought most of my platinum