I refinanced my house and get to skip a payment.... Should I save that cash or buy gold? Silver?
-
If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
-
Be sure to enter the NES/Pioneer Valley Arms February Giveaway ***Smith & Wesson SD9VE 9MM***
Gold and silver prices are down
- Thread starter Rider
- Start date
The "right thing to do" is save that cash, but you know you want a nice stack of silver, and buying in bulk will get you over the $1K number to skip MA sales tax.
Varmint
NES Member
not new guy
NES Member
- Joined
- Dec 7, 2009
- Messages
- 39,073
- Likes
- 62,756
Picked up a little more gold this morning. As I was settling back into the chair, my dentist looked down at me and asked "are you a gold bug?" I smiled, he smiled (behind his mask), his assistant sitting next to us looked blankly at the both of us, and I answered yes. He nodded and said something about just picking up a little more himself.
Varmint
NES Member
Bought Orca Gold, a gold miner with a project in Sudan. Sudan is coming off the US watch/restricted lists this month, and the company has a 4 million ounce resource and is valued at $120 million. Which may sound really cheap ($30/oz), but the median price for a mining explorer is like $40/oz.
It's cheap cause well . . . it's Sudan. But I think it can be a future 10 bagger.
It's cheap cause well . . . it's Sudan. But I think it can be a future 10 bagger.
I only invest in companies OSHA certified.Bought Orca Gold, a gold miner with a project in Sudan. Sudan is coming off the US watch/restricted lists this month, and the company has a 4 million ounce resource and is valued at $120 million. Which may sound really cheap ($30/oz), but the median price for a mining explorer is like $40/oz.
It's cheap cause well . . . it's Sudan. But I think it can be a future 10 bagger.
Varmint
NES Member
I think one of those dudes is wearing a safety helmet. But could be a beanie.
I might do somthing commemorative....
I have some scottsdale silver.... Its nice.
Do you guys like gold nuggs?..... What do you think?
www.scottsdalemint.com
I have some scottsdale silver.... Its nice.
Do you guys like gold nuggs?..... What do you think?
Scottsdale Certi-LOCK 1 Oz .9999 Gold Bar
1 Troy Ounce .9999 Fine Gold Bar by Scottsdale Mint in Certi-Lock
www.scottsdalemint.com
How come silver hasnt spiked like gold? I remember not long ago silver at like 40 bucks...
Varmint
NES Member
Silver had a huge run up from $11 in March to $29 in August, and is just consolidating those huge gains. Because it's an industrial metal as much or more than a monetary metal, it's hard for silver to run up when the economy is in shambles. Gold has no such limitation being purely a monetary metal responding to global central bank printing.
Also don't give the $49 spike from 2011 too much credence, it was a one day spike and silver is a tiny market so it can get super volatile. The slower run up we saw this year is much more healthy for silver.
When gold breaks through $2100 and starts its next leg up, silver will push through $30 like a knife through butter and head for $40 or $50. The smart money knows this and is why silver mining stocks are already getting expensive.
I've been buying silver since 2009. I seem to buy at all price levels.... more of an investment for my family than anything. I started buying gold when my daughter was born. I've mentioned here on this forum before that every year for her birthday I buy 1 gold eagle from Apmex. This year, I went with a half dollar instead because of cost. My parents will basically leave with me with nothing when they are gone.... which is fine..... But, when I'm gone - I want to make sure I leave something for my daughter.....
Keep an eye on PM's today and tomorrow. Could see some volatility.
richc
NES Member
Ash, what's driving this?
Varmint
NES Member
Congress is looking to pass a $900 billion stimulus.
Gold and silver have bottomed or are trying to bottom after 4 months of consolidation. But gold probably needs to break through $1920 or the rally may fade.
Win
NES Member
But platinum doesn't tarnish. My wife likes the look of silver but gets annoyed by the polishing. She prefers platinum for this reason.
Win
NES Member
I do both. It's good to have some amount (opinions on the amount vary) of pure cash - completely liquid, usable at a moments notice. Then it's good to have a hedge against inflation in the form of PMs. I probably have something like 1:3 cash to PMs.
Varmint's got the answer ↑↑↑
If stimulus discussions are still helter skelter and there are no substantive cooperation agreements by the weekend, there could be some opportunities and wild fluctuations. I don't think we're there yet, but I'm keeping my eyes open.
If stimulus discussions are still helter skelter and there are no substantive cooperation agreements by the weekend, there could be some opportunities and wild fluctuations. I don't think we're there yet, but I'm keeping my eyes open.
richc
NES Member
I'm working on a deal at the moment (my offer is proposed) with a guy, silver for gold. I think I'll be ok in the long term, but I'm a little afraid that I may take it in the shorts in the short term....
Not really an analytical or researched trade. More of a gut feeling.
Not really an analytical or researched trade. More of a gut feeling.
With the USD pushing lows, Silver broke $25 yesterday and may be in for a new high consolidation.
Varmint
NES Member
Silver blasting off on stimulus package deal, well above strong resistance at $26. Needs to hold above $26 tomorrow. Gold needs to clear major resistance around $1920.
Win
NES Member
Why did the dollar remain stable today? I thought it would be down?
Varmint
NES Member
I think the stimulus package was already baked into stocks, bonds, dollar, gold etc. So today's action was about the Covid news - dollar went up sharply initially, and stocks down, but everything went back to sleep by the end of the day.
Will still be an interesting week imo. Markets like to lull you to sleep.
richc
NES Member
Larming developments in GLD ETF reaffirm need to own physical Gold
The world’s largest gold exchange traded fund (ETF) seems to be having a lot of trouble when it comes to accounting. The SPDR Gold Trust (GLD)...
Varmint
NES Member
Larming developments in GLD ETF reaffirm need to own physical Gold
The world’s largest gold exchange traded fund (ETF) seems to be having a lot of trouble when it comes to accounting. The SPDR Gold Trust (GLD)...www.fxstreet.com
Not sure how "Larming" makes it past the editor, but I think that article explains it better, mentioning that skeptics think GLD is leasing gold and claiming it's backing their fund.
I think the risk of GLD is not so much losing your money (unlikely), it's more that suppose you woke up tomorrow and the WEF announced that there was a great reset and gold is now worth $10,000. GLD is not going to let you cash that out - they're going to say "here's your shares back, valued at yesterday's price. We closed the fund yesterday."
richc
NES Member
Reminds me of back in 2009. The Kraft family was borrowing funds and rolling them over either weekly or monthly. And then the SHTF in the financial markets and no one would lend.
Same could happen in gold. GLD counts gold they lease as part of their inventory and keeps turning over the contracts. They do so until such time as a black swan event sends gold to the stratosphere and there's no gold to lease. Now they don't have the gold that the fund promises.
Yeah, maybe there's a sneaky backdoor to protect them from their obligations. But unless they've disclosed that and been completely transparent I think they're playing a dangerous game. And the shareholders will be left holding the bag...
Last edited:
For the life of me I can't figure out what's going on with my mining stock. it's down almost 9% since I bought it in April. It's Newmont, FYI.
Rob Boudrie
NES Member
- Joined
- Apr 24, 2005
- Messages
- 49,023
- Likes
- 36,537
Lots of people are treating common knowledge; internet forum opinions; etc. as if it were information that gave one an advantage over their opponents in the market.
Bull markets take time to mature. Just be patient. Don’t think for one moment the Fed will stop printing dollars. I have some down almost 50% but that risk is limited in my portfolio. I also have some up 100% and more.
Similar threads
