Gold and silver prices are down

What's catching my attention is the gold is remaining strong in the face of a declining market i.e. the margin calls don't appear to be having the negative effect I anticipated. Maybe we are getting closer to a breakout???
 
Win said:
What's catching my attention is the gold is remaining strong in the face of a declining market i.e. the margin calls don't appear to be having the negative effect I anticipated. Maybe we are getting closer to a breakout???
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Confirmation of a Fed pause is needed or contagion increasing for Gold to breakout. It’s pretty much diverged from equities now as we can see. I’m still super bullish for breaking $1950 soon. If $1900 is becoming the new floor then we are set for full throttle. Moving down to $1800’s appears to not be happening and even if that occurs the fundamentals are still very favorable to precious metals.
 
Hit a high of $1936 on Feb contracts. USD is slowly losing out and this year may see some major weakness. I’ll say 80’s by Q3 2023.
 
richc said:
C'mon, who's gonna buy this? You know you want it...

www.ebay.com

100 oz silver bar * Johnson Matthey * .999 pure silver w/beautiful earth tones. | eBay

Find many great new & used options and get the best deals for 100 oz silver bar * Johnson Matthey * .999 pure silver w/beautiful earth tones. at the best online prices at eBay! Free shipping for many products!
www.ebay.com
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That’s straight up retarded.

It’s ‘worth’ the exact weight of silver it is comprised of…nothing more.

People amaze me the kind of shit they see value in. I understand it’s historic, but that premium is absurd.
 
richc said:
C'mon, who's gonna buy this? You know you want it...

www.ebay.com

100 oz silver bar * Johnson Matthey * .999 pure silver w/beautiful earth tones. | eBay

Find many great new & used options and get the best deals for 100 oz silver bar * Johnson Matthey * .999 pure silver w/beautiful earth tones. at the best online prices at eBay! Free shipping for many products!
www.ebay.com
Click to expand...
Wow - priced on the 'real value' rather than artificaly low 'market value'. Sounds like something you'd hear from a deluded seller in a declining real estate market.
 
Thus far 2023 has been a really good year for gold. No huge days but most days up a few dollars starting to really add up. We’re not terribly far from all time highs.
 
Win said:
What's catching my attention is the gold is remaining strong in the face of a declining market i.e. the margin calls don't appear to be having the negative effect I anticipated. Maybe we are getting closer to a breakout???
Click to expand...

You get margin calls when the stock market drops big, like 3-4% down days - we haven’t seen that recently.

Hopefully it’s not just momentum traders cause they’re the weak hand.
 
$1949. But gold miners and silver haven’t gained much the last week, so we’ll probably get a failed test of $1950.

Which would be ok, we should consolidate the nice gains of the last few months before making a run at breaking $2000.
 
Varmint said:
$1949. But gold miners and silver haven’t gained much the last week, so we’ll probably get a failed test of $1950.

Which would be ok, we should consolidate the nice gains of the last few months before making a run at breaking $2000.
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Yeah that was expected that we would see a pullback at 1949. I watched it hit that high today and said, “ down she goes”. It’s a good sign to see this consolidation and like @Varmint I’m not surprised that miners are still undervalued and trading on super low volume.
 
DJBrad said:
Yeah that was expected that we would see a pullback at 1949. I watched it hit that high today and said, “ down she goes”. It’s a good sign to see this consolidation and like @Varmint I’m not surprised that miners are still undervalued and trading on super low volume.
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The thing that worries me is the stock market is still so bullish, investors just rotate into something else, there’s no panic selling or bearish behavior (bearish sentiment doesn’t mean anything if investors behave bullish).

So I think momentum traders have noticed gold’s rally and are jumping on board. That could get us to $2000 even but it won’t last cause they’ll jump ship as soon as momentum turns. And the correction will be worse as they all bail on gold.
 
Varmint said:
The thing that worries me is the stock market is still so bullish, investors just rotate into something else, there’s no panic selling or bearish behavior (bearish sentiment doesn’t mean anything if investors behave bullish).

So I think momentum traders have noticed gold’s rally and are jumping on board. That could get us to $2000 even but it won’t last cause they’ll jump ship as soon as momentum turns. And the correction will be worse as they all bail on gold.
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Exactly. There is no fear yet. Once fear sets in say gnite to everything.
 
This is interesting, gold has gone up $300 in the last few months but gold ETF buying hasn’t increased at all. Which I guess means the gold buying is via futures and spot market but generalist and institutional investors are not buying gold.

419A7AE6-0D23-4E9E-B088-766D80D6A162.jpeg
 
One of my favorite silver juniors is GoGold Resources (GLGDF) hit 2,738 g/t Ag-equivalent over 55m, that's a monster hit, the kind you see once a year in the industry. That's like hitting 34g/t gold over 55 meters, but it's mostly silver, not much gold or base metals. They also announced $65 million Canadian financing which they will use to build a mine.

The low this fall was $1.00 and it's now $1.68 (it dropped from $2 this week on the financing news) but is still cheap along with the sector. If buying a junior miner, I try to keep it under 2% of my porfolio, and I buy a lot of them to spread out the risk.

When sentiment is poor, junior miners drop on financing news, usually to the financing price or often below, even if it's a good deal with no warrants like GLGDF's.
 
Got a 5% ebay bucks offer this morning. Combined with this special price on an MS 63 St Gaudens, not a bad deal with gold around $1930.

www.ebay.com

$20 Saint-Gaudens Gold Double Eagle MS-63 PCGS/NGC Random | eBay

Find many great new & used options and get the best deals for $20 Saint-Gaudens Gold Double Eagle MS-63 PCGS/NGC Random at the best online prices at eBay! Free shipping for many products!
www.ebay.com
 
I was excited to win these in the last Stacks and Bowers world coin auction. These are larger coins with over 1.2 ounces of gold each. Cost me $2,400 each including BP which is pretty close to melt. They cost much more elsewhere (the 1929 in MS63 is currently listed for $3,195 on apmex). My point is - you guys might want to check out Stacks and Bowers auctions if, for no other reason, just to browse. But you might also get lucky and win some gold close to melt.

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Win said:
I was excited to win these in the last Stacks and Bowers world coin auction. These are larger coins with over 1.2 ounces of gold each. Cost me $2,400 each including BP which is pretty close to melt. They cost much more elsewhere (the 1929 in MS63 is currently listed for $3,195 on apmex). My point is - you guys might want to check out Stacks and Bowers auctions if, for no other reason, just to browse. But you might also get lucky and win some gold close to melt.

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I love those coins and would like to own one some day. Damn PM’s are taxed in Kentucky though so I would have to find one while I’m traveling.
 
Regarding the Kentucky taxes - what about numismatic coins? These coins were in a numismatic auction. Stacks also has seperate bullion auctions. I wonder if there are certain gold coins you can buy in Kentucky that have high gold bullion value but skirt past the PM tax?
 
Win said:
Regarding the Kentucky taxes - what about numismatic coins? These coins were in a numismatic auction. Stacks also has seperate bullion auctions. I wonder if there are certain gold coins you can buy in Kentucky that have high gold bullion value but skirt past the PM tax?
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Win, how does that work in MA? IIRC sales below $1000 are taxable. But not sure how that applies to numismatic coins.
 
richc said:
Win, how does that work in MA? IIRC sales below $1000 are taxable. But not sure how that applies to numismatic coins.
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Pretty sure it's the same $1,000 rule - Numismatic coins over $1,000 are tax free but under $1,000 are taxed. I have heard of instances at shows and coin stores where proprietors may have forgotten to collect taxes in cash and carry transactions.
 

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