Dealers probably need to eat or they bought a truck way over retail
Seriously though a dealer just has a business model. They buy and sell to make cash. Underlying this they are obtaining some nice bullion and coinage.
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Gold and silver prices are down
- Thread starter Rider
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Seriously though a dealer just has a business model. They buy and sell to make cash. Underlying this they are obtaining some nice bullion and coinage.
Is that $1900 we’re seeing soon?
Surprise high number? I can’t believe anyone would be surprised by a high cpi these days.
richc
NES Member
This is the start to a very big move in gold equities as GDX snd GDXJ as well as spot gold are testing major resistance levels and volume will ramp up heavily. Not only do the macroeconomic factors bode very well for precious metals but the charts also agree.
I suppose we'll just have to trust the science
And now the spot price breached $1900. Very good.
Win
NES Member
I think that's the first time I've seen my numismatic friends guess wrong. Interesting.
it's being 'adjusted' back down as we speak
Varmint
NES Member
Wake me up when we have a weekly close above $1900. Miners have been moving up for like 4 months now, time for a pullback.
Varmint
NES Member
Back under before I could even crack a beer.
Varmint
NES Member
DoubleLine Capital CEO Jeffrey Gundlach turned bullish on gold after it crossed the $1,800 an ounce level and believes it is a good time to purchase and hold the precious metal.
Gold crossed $1800 like 35 times, which one made him bullish?
I was pretty sure it would have been $1899
yep. I view any PM that I may or may not have stacked as insurance against the dollar's inevitable collapse therefore, I care not how many FRNs are tied to each ounce of it at any given time that I may or may not own!
That being said, I can see how much fun it can be to speculate
richc
NES Member
If any single person could predict with a high degree of certainty the daily movements of PM or other asset, they'd become rich beyond their wildest dreams. The Hunt brothers tried to corner the market in silver decades ago. And they ran into a wall of big money that fought them and won. If guys like the Hunt brothers can't predict this stuff, how do any of us have a chance???
None have a crystal ball and price movement is the sole indicator we should focus on. While I tend to focus highly on macros that does become noisy alot of the time. For example yet again right on cue GDXU rose another 6% at the open and fell back down slowly to just below the previous day’s close. Then right back up.
Physical gold is not to be traded. That’s not it’s job. Gold and silver equities are because they are the leveraged intruments with massive liquidity that allows a fast entrance and exit electronically. If only we had our own algorithms working for us little guys….
Physical gold is not to be traded. That’s not it’s job. Gold and silver equities are because they are the leveraged intruments with massive liquidity that allows a fast entrance and exit electronically. If only we had our own algorithms working for us little guys….
You and I will have a conversation after hours tomorrow
I never seem to get on the right side of a stock movement, but to minimize risk in the mining sector, I've been taking some positions in optionable/dividend-paying royalty companies. These guys typically don't have the operational risks (warring jurisdictions, road blockages from disgruntled locals etc.) like the actual mining companies do. No guarantee that you'll succeed, but I sleep better.
Varmint
NES Member
Hunts were shut down by the house, like the Redditers and card counters at Vegas. They shut down silver futures buying and they were focked.
Varmint
NES Member
You and I will have a conversation after hours tomorrow
Yeah, there’s huge sellers around $1900, if we can close the week above that (and not like $1902 cause that won’t mean much), that would be very bullish.
But I don’t like to see gold and the miners tracking the S&P500, cause that won’t last.
richc
NES Member
Varmint
NES Member
You are fast becoming my favorite contradictory indicator!!!
Don’t be fooled by daily moves, they don’t mean anything. Gold can poke its head above key levels but it doesn’t matter - watch weekly and monthly closing levels.
413guy
NES Member
1906 currently..Quite a day of bouncing around
Edit 1908
Edit 1908
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Varmint
NES Member
expect gold bears (or big banks if you like) to try to drive it back down below $1880 tonight at 3 am.
Varmint
NES Member
What number are you looking at? Futures high after hours seems to be $1904.
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