Gold and silver prices are down

richc said:
I was rather puzzled to see gold prices drop by 1% today after Biden's announcement of even more giveaways and thus US Government indebtedness.
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While gold bugs look to stimulus and Fed printing as the driver of gold, most of the market doesn't look at that, they look at interest rates (which are rising), fear (subsiding) and other things like the strong stock market and the momentum trend - all of those things are bearish for gold right now.

So I think we'll retest $1780, and possibly $1690-1700. When everything is going up people lose interest in gold. And that's the time to buy.

Unfortunately the physical retail prices of coins and bars isn't going to follow the spot price down, so you won't see gold eagles for $1800 or silver eagles for $25.
 
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Canndo said:
Are silver prices going through the roof tomorrow?
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Seems like the WSB guys may be targeting AG but not silver itself or SLV. Silver is the futures market so don’t think they can do anything there. So I don’t think so.

However gold and silver miners are selling off to major resistance, and if they bottom here the 5 month consolidation in gold and silver may be over, or at least we’ll have a rally.
 
I watched my miners all lose money yesterday but held on. Today almost all of them are up big.

SLV was specifically targeted by at least one post on WSB.
 
new guy said:
I watched my miners all lose money yesterday but held on. Today almost all of them are up big.

SLV was specifically targeted by at least one post on WSB.
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I don't think the miners today has much to do with WSB, other than AG and NAK. It's just that yesterday the miners got close to major support levels so there's a bounce today. I don't think it's done but miners are cheap at these levels and below.
 
Canndo said:
I guess I was right [wink]
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Silver is up 5% so I'm not sure that has anything to do with WSB. That's a pretty normal bounce for silver after a multi-day selloff.

Some of my silver stocks are up 10-15% today but again that's a normal move for them after a selloff. Most silver besides AG probably don't have enough short interest to attract the WSB crowd.
 
Varmint said:
Silver is up 5% so I'm not sure that has anything to do with WSB. That's a pretty normal bounce for silver after a multi-day selloff.

Some of my silver stocks are up 10-15% today but again that's a normal move for them after a selloff. Most silver besides AG probably don't have enough short interest to attract the WSB crowd.
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A simple yes would’ve been OK. [laugh]
We’ll see where this goes.
 
PaulR said:
NES first, then google: What is AG and should I buy NOW?
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AG is first majestic silver, a silver miner, one of the best. Since there are a lot of shorts on that stock, WSBs were starting to run it up before trading.

But I wouldn't buy now - it looks like either WSBers are locked out of buying it by Robinhood, or they lost interest, cause it stopped shooting up around 8:30 this morning.

If you're looking for a WSB trade, just wait - if you're looking for silver miners as an investment, just buy SILJ (miner ETF) - but I'd wait and buy it at $13.5, it might bottom around there.
 

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