Gold and silver prices are down

NH_Realtor

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The big banks do NOT want gold closing the month above $1800 so they’re dumping contracts on the market, and they have trillions in Fed funny money to deploy.

Stupid question, but why? I can see them being concerned about the end of the year/ 4th quarter but November seems like such an arbitrary month.
 

Varmint

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Stupid question, but why? I can see them being concerned about the end of the year/ 4th quarter but November seems like such an arbitrary month.

I think it’s bigger. Nothing says inflation like a high gold price. The Fed cannot have gold taking off to the moon while they’re trying to spin some transitory inflation narrative. Yes, bitcoin and real estate are going ballistic but the public still looks to gold as a measure of currency stability.

And the central banks are the biggest buyers of gold. They don’t like to pay a lot for their gold.

Someone dumped $2.5 billion in gold contracts on the futures market in two minutes Monday. You lose a lot of money doing that kind of thing, it’s the kind of thing only central banks and their cohorts do.
 

Canndo

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Is anyone melting scrap metals. I’m always collecting scrap, but I’ve never melted it down. I’m interested in a melting furnace for gold, silver, copper, aluminum etc. Do I go electric or propane?
Thank you.
 

DJBrad

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Is anyone melting scrap metals. I’m always collecting scrap, but I’ve never melted it down. I’m interested in a melting furnace for gold, silver, copper, aluminum etc. Do I go electric or propane?
Thank you.
I’ve been watching this guy for awhile now. Seems to have a nice compact setup.
 

whalerman69

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Funny I have been going to post similar question. I have recently aquired quite a bit of melted down 14kt gold and a bunch of multiple kt gold jewlery. Can anyone recommend a place in the south shore area that proccesses into 24kt. I have watched many interesting videos but looks pretty involved. Thanks
 

Canndo

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Funny I have been going to post similar question. I have recently aquired quite a bit of melted down 14kt gold and a bunch of multiple kt gold jewlery. Can anyone recommend a place in the south shore area that proccesses into 24kt. I have watched many interesting videos but looks pretty involved. Thanks
I watched a few videos on that as well. Like you said, interesting, but way too involved.
Unless you’re a pseudo chemist, have access to chemicals, giant beakers, protective equipment and feel comfortable working around caustic acids and vapors, that is.
I was watching a video last night about refining gold. My wife asked me if I was watching a video about meth labs. [rofl]
 

enbloc

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prices dipping today, I always wonder what makes the market move...
Not typical for the time of year...

uploads%2F1622052812455-average_silver1.png

uploads%2F1622053460953-average_gold2.png
 

Varmint

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prices dipping today, I always wonder what makes the market move...

If you see gold drop $30 in a few minutes it’s cause some big bank dropped a couple billion dollars in futures contracts on the market to drive it down. They absolutely will not allow gold to close the month above $1800.

We’ll try again next month.
 

tinhorn

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Do most buy gold, seems like with silver you have to buy a ton, was toying with the idea of a gold coin to start but wonder how good it will really do long term and if it is worth it.
Well, what's your goal? If you're looking for short term return on your investment, there are better options. I envy the guys who made a ton of dough on Bitcoin or the stock market the last couple years. I look at gold and silver as long term insurance.

Some crystal ball gazers think there will be a faster, or greater, return on one metal or another. Me, I have no fricking clue. I have a little gold set aside because the coins are a lot smaller and easier to stash. I also have silver coins socked away in case I may need to use them for bartering after the zombie apocalypse. I stick with common, well-known coins because I think they're easier to sell if the need arises, and I know how to check them for authenticity.
 

ASHDUMP

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And... don't forget that if you buy from a store front dealer in MA, you will pay sales tax unless you buy over $1,000 at a time.
....and if you buy from eBay it's actually an eBay tax that they shouldn't charge. You have to go through eBay to get your tax money back if the purchase was over 1K. I was successful in doing so last year.
 

76Too

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....and if you buy from eBay it's actually an eBay tax that they shouldn't charge. You have to go through eBay to get your tax money back if the purchase was over 1K. I was successful in doing so last year.
I found this out the hard way recently and had to cancel an order instead...I wasn’t about to spend time ‘proving’ to eBay that their ‘tax’ was unwarranted. I was lucky the seller obliged and returned my money.
 

76Too

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enbloc

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Good chance there is no tungsten core in it... [rofl]

1935 SPOT gold was $34.84.
$34.84 x 401.547 = $13989.90 (rounded)
Nice Profit...
 
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Varmint

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Good chance there is no tungsten core in it... [rofl]

1935 SPOT gold was $34.84.
$34.84 x 401.547 = $13989.90 (rounded)
Nice Profit...

Except it was still $35 til 1968 or something. Gold bugs must have hated the government.

Or maybe the opposite, cause anyone who loaded up on $35 gold in the 60s is rich now. [laugh]
 

DJBrad

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Well, it was just the right time to jump back into gold and gold stocks today. Tax loss selling is about extinguished. I don’t think they’ll get much lower. A disinflationary event in 2022 is possible for all commodities. Bullish.
 
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Varmint

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The president of Miles Franklin was saying in a podcast today you can sell silver eagles back to them at $6 over spot and $4 over spot for junk silver. Silver eagles sell at $9 over spot these days and the US mint has shut down Eagle production for the year already.

Yet paper silver keeps getting cheaper! [cheers]
 

DJBrad

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The president of Miles Franklin was saying in a podcast today you can sell silver eagles back to them at $6 over spot and $4 over spot for junk silver. Silver eagles sell at $9 over spot these days and the US mint has shut down Eagle production for the year already.

Yet paper silver keeps getting cheaper! [cheers]
How much will they give me for the Morgans? 🥳
 
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