Gold and silver prices are down

Win said:
It's a smaller show and I actually enjoyed that. I was there early but it wasn't terribly crowded which was nice since I was offering coins to dealers. There was a good amount of US coins, silver, bullion gold and platinum, and generic pre-33 gold. There wasn't much in the way of 19th century world gold that I tend to buy these days. I bought a 1696 and a 1822 crown. Both are well worn and raw. I had positive, friendly interactions with John from Rare Coin Dealer Boston Area • Coin Rarities Online and Frank & Tom from Buying and Selling Rare Coins at Northeast Numismatics I'll definitely go again.
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I haven't been to a coin show in years. When I did go it would be in Boston, across from the Boston Park Plaza.

What are the better shows to visit?
 
Win said:
I went to the Devens Mass coin show this past weekend and sold several numismatic silver coins and a couple of generic world gold coins that were no longer "singing" to me. I was hoping to get a little over spot gold but I sold them for several hundred dollars over spot. Today, those checks cleared, and I paid off my truck. I'll be buying back into world gold coins over the next several months.

Anyway, to Rich's point, I think demand is high. What I'm not certain of is if the market is going to really crash dragging PMs back down further. It's possible. I made a defensive play by selling some coins, paying off my truck, and limiting my liabilities. I have a low risk tolerance.
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Depends on the reason for the stock market crash. Gold has been following the Fed and the dollar, so if the market goes down due to tight Fed and strong dollar, gold will go down, at least paper gold anyway.
 
richc said:
I've heard that Apmex is not very generous historically in its gold and silver buy prices. Here's an ad received today...

I don't recall getting an ad like this for a while from them. Demand must be strong.

View attachment 692208
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I know with silver the US mint makes a set amount each year and stops, so they may have already stopped Eagle production for 2022.
 
richc said:
I haven't been to a coin show in years. When I did go it would be in Boston, across from the Boston Park Plaza.

What are the better shows to visit?
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The Bay State coin show was downtown years ago. It's now out in Marlborough. That show is bigger with a fair amount of hustle and bustle. It might be a better show for finding (or selling or just seeing) less common coins but most of the folks here are looking for generic gold and silver. I attended this show a year ago with my kids. It's not super kid friendly because it is so big and there are so many people. I sold some coins and bought some coins but I felt rushed since I couldn't see my kids at all times.

The Devens show is much smaller but will have everything that most folks here are looking for. I'm not sure how many Saints I saw there - over 100. If you're looking for 62/63 common date Saints there are plenty to choose from at this show. There is also plenty of bullion silver and platinum to choose from. The atmosphere is more low-key which I prefer. I'll likely attend this show more regularly. Let me know if you plan on attending!
 
Was pleasantly pleased to see gold break above $1800 today. The uptrend of a weaker dollar and rising gold price through year’s end with a 50 pt hike this month should be a goos take off for 2023 and all it’s sunshine and rainbows. To be sure alot of crypto money probably came into the sector with the contagion stemming from FTX.
 
DJBrad said:
Was pleasantly pleased to see gold break above $1800 today. The uptrend of a weaker dollar and rising gold price through year’s end with a 50 pt hike this month should be a goos take off for 2023 and all it’s sunshine and rainbows. To be sure alot of crypto money probably came into the sector with the contagion stemming from FTX.
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If the crypto customers were able to get their money out of their exchanges...
 
DJBrad said:
Was pleasantly pleased to see gold break above $1800 today. The uptrend of a weaker dollar and rising gold price through year’s end with a 50 pt hike this month should be a goos take off for 2023 and all it’s sunshine and rainbows. To be sure alot of crypto money probably came into the sector with the contagion stemming from FTX.
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Nice to see gold up $50 and gold miners exploding while the stock market was flat to down. Gold and the mining stocks are diverging from the stock market, which should be good when the bear market rally is over.
 
richc said:
If the crypto customers were able to get their money out of their exchanges...
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The wild west of trading. I couldn’t imagine how incensed I would be if I was unable to sell during the GME debacle when Robinhood suspended trading. Likewise these crypto exchanges are like bootleggers of the Prohibition era.
 
Bitcoin is still way too high for me to believe that the big sell offs are over. I’m thinking there’s another big down trend in stock market and Bitcoin that will force selling in gold for margin calls. There could also be forced selling from layoffs. I’m usually wrong so don’t anyone adjust their thinking [laugh] but that’s what I’m thinking.
 
Win said:
Bitcoin is still way too high for me to believe that the big sell offs are over. I’m thinking there’s another big down trend in stock market and Bitcoin that will force selling in gold for margin calls. There could also be forced selling from layoffs. I’m usually wrong so don’t anyone adjust their thinking [laugh] but that’s what I’m thinking.
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Gold is definitely the most liquid asset and a good choice for settling margin calls. But the trend appears to be up now for gold.
 
Varmint said:
Good timing - with gold and silver miners, timing is everything. You absolutely have to "time the market" or you get slaughtered.
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My timing this year has been pretty good. Last year not so much. I think I had moved my entire 401k in late September when it hit around $32. If it climbs past the April high I’ll be thrilled. 2011 high was like $90.
 
DJBrad said:
My timing this year has been pretty good. Last year not so much. I think I had moved my entire 401k in late September when it hit around $32. If it climbs past the April high I’ll be thrilled. 2011 high was like $90.
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Yeah I think in September the negative sentiment and selling just got ridiculous, like gold is a pet rock and gold in the ground is worth less than dirt.

I got lucky that I rolled over my 2nd 401k to an IRA in July. It was all cash and I loaded up on miners at incredible prices.
 
Win said:
Bitcoin is still way too high for me to believe that the big sell offs are over. I’m thinking there’s another big down trend in stock market and Bitcoin that will force selling in gold for margin calls. There could also be forced selling from layoffs. I’m usually wrong so don’t anyone adjust their thinking [laugh] but that’s what I’m thinking.
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It's interesting that Bitcoin so far has become an asset, not a currency. I saw something recently that said that 78% of Bitcoins had not been transacted in some fairly long period. I'm sorry that I don't remember the details, but the implication was that a substantial majority of Bitcoins are just being held. That suggests to me that you could be right.
 
meh said:
It's interesting that Bitcoin so far has become an asset, not a currency. I saw something recently that said that 78% of Bitcoins had not been transacted in some fairly long period. I'm sorry that I don't remember the details, but the implication was that a substantial majority of Bitcoins are just being held. That suggests to me that you could be right.
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Bitcoin's value as an asset is entirely illusory. It isn't a product in itself and it isn't an ingredient in any other product.
 
Win said:
Bitcoin's value as an asset is entirely illusory. It isn't a product in itself and it isn't an ingredient in any other product.
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It’s value was that it always went up. Many still think it retains that value, that in a year or two it’ll be back to new highs. It’s like a meme stock or tech stock.
 
How's the $2k gold outlook going? 🤣

Again hyperinflation is the end game here. The price of paper/market gold will not be allowed to rise. Only the black market value of gold will rise.
 

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