Gold and silver prices are down

[oldgunner]

Charts don’t lie

The charts may not lie but the data within those charts isn't immune to manipulation.

Garbage in; garbage out IMHO

 

[DJBrad]

GDX and GDXJ hit new lows last week on extreme bearish sentiment so I think we are seeing an oversold bounce.

There's definitely room on the charts to go lower, I think it'll depend on the general stock market. If the S&P500 rolls over and makes new lows, the miners probably will also. That will be good for miners in the long run since nobody is interested in gold and gold miners when the general stock market keeps going up.

When something breaks and the Fed changes their hawkish tone, gold and miners will go ballistic, so you definitely want to be in before that.

A surprise high CPI tomorrow might trigger a selloff in gold since it means the Fed pivot will be further out.

View attachment 661160

Hot CPI with .8% food and .6% core. Down goes gold and everything else. We will be seeing the 75 pts as expected.

 

[enbloc]

That $17 was short lived eh?

Long enough...

 

[DJBrad]

Hot CPI with .8% food and .6% core. Down goes gold and everything else. We will be seeing the 75 pts as expected.

I revise my statement and we will know raise it a full point. Ouchy.

 

[ASHDUMP]

Let's say over night the market crashes and loses 20% immediately. Will paper silver and gold rally or go down too with the market.

 

[Win]

Margin calls will send paper/electronic prices lower in the immediate term

 

[DJBrad]

Margin calls will send paper/electronic prices lower in the immediate term

Yup, all turkeys fly together.

 

[Varmint]

Let's say over night the market crashes and loses 20% immediately. Will paper silver and gold rally or go down too with the market.

That would be a liquidity crisis and gold and silver would sell off big as margin calls force traders to sell whatever they have. Buying opportunity if it happens but I don’t think it will. This seems more like a traditional death by a thousand cuts bear market.

 

[Win]

Bitcoin at 20k is a big red flag to me. Lots of selling still to come over the next several weeks and months.

 

[DJBrad]

Just noticed Sprott has a gold fund. SGDLX. Count me in.

https://sprott.com/media/3034/sgdlx-holdings.pdf

 

[Varmint]

Just noticed Sprott has a gold fund. SGDLX. Count me in.

https://sprott.com/media/3034/sgdlx-holdings.pdf

Interesting - that has a mix of junior and senior miners, and even warrants. I own quite of a few of their holdings (Wesdome, ODV, Sibanye, Silvercrest, I80 Gold, Bear Creek Mining).

 

[DJBrad]

Interesting - that has a mix of junior and senior miners, and even warrants. I own quite of a few of their holdings (Wesdome, ODV, Sibanye, Silvercrest, I80 Gold, Bear Creek Mining).

A very non-traditional fund. Some shite like NuLegacy and interesting holdings like the British Pound. Lol.

 

[Varmint]

A very non-traditional fund. Some shite like NuLegacy and interesting holdings like the British Pound. Lol.

37 million shares of NuLegacy. hope they didn't buy that too high.

NuLegacy was (and probably still is) a Chris Temple pick.

 

[Varmint]

And gold is $1699. It’s deja vu all over again.

 

[oldgunner]

And gold is $1699. It’s deja vu all over again.

buy the dip

 

[Varmint]

buy the dip

One does eventually run out of money, unfortunately.

 

[Varmint]

Gold is selling off but silver and miners aren’t. That’s bullish.

 

[DJBrad]

Today was the first day of the Fed balance sheet reduction doubling to $60 billion in Treasuries and $30? billion in mortgage-backed securities.

 

[DJBrad]

Not good at all breaking below that $1680 mark……

 

[DJBrad]

Good buy for senior producers now?

 

[Varmint]

Good buy for senior producers now?

Miners and silver were cheaper two weeks ago and seem to be holding up despite gold breaking to a new low. That’s indicating they may have bottomed two weeks ago. Silver holding up around $19 is a good sign.

Futures market can drive gold to $1600 but the miners look sold out. The risk is if the S&p500 goes into a tailspin that might bring new selling in miners. But the 4% drop this week didn’t hurt miners much.

 

[Varmint]

Someone is taking advantage of the cheap Comex gold prices. Huge physical delivery levels since 2019.

 

[Varmint]

Good buy for senior producers now?

Close to best buying opportunity ever. Although I think juniors are the better buy, more bombed out.

 

[DJBrad]

Close to best buying opportunity ever. Although I think juniors are the better buy, more bombed out.

View attachment 662452

View attachment 662453

In the gutter for sure. Thanks Varmint.

 

[enbloc]

Someone is taking advantage of the cheap Comex gold prices. Huge physical delivery levels since 2019.

View attachment 662451

Banks & Governments?

 

[Varmint]

Banks & Governments?

Some for sure. Central banks are buying a lot of gold.

 

[yogi]

I know this is off topic but found this at a flea market for $15….any tips on how to clean? Thanks!

 

[enbloc]

20 years... no issues.

EDIT: Great for Bullion. Would not use on numismatics...

 

[Daddy Mac]

Awesome find. You could still say Merry Christmas in 1972! Are you going to go Chemical Ali on it?

 

[strangenh]

20 years... no issues.

EDIT: Great for Bullion. Would not use on numismatics...
View attachment 663025View attachment 663027

yes, right - and a reminder to all who didn't see that last bit-- please, please, never do that to an actual issued coin