Gold and silver prices are down

Win said:
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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If they add 6.25% sales tax to a coin already priced over spot it tends not to make much sense.
 
Varmint said:
And in like 10 minutes gold shot up $20 back to $1924. o_O

I guess they’ll be fighting over the monthly close today.
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February being a rather tepid month for gold will leave a few fomoists on the sidelines at the last minute. There is too much confluence of acute events at play that could go either way fast. I don’t wanna miss that train or hang off the caboose so I’m fully invested in gold and silver.

I opened up a UTMA acct on Fidelity for my daughter. First trade? Silver Tiger. In 4 more years when she turns 18 I hope to gift her gains from a blossoming silver mine being one of the largest in the world 🥳
 
The market looks really weird to me. Everything is in place for PMs to shine - inflation, negative real interest rates, central bank purchases, expanding wars, etc. But investors want to continue to buy risk on (even fanciful) assets. Very strange. I expect a dramatic reversal at some point but strange days right now.
 
Win said:
The market looks really weird to me. Everything is in place for PMs to shine - inflation, negative real interest rates, central bank purchases, expanding wars, etc. But investors want to continue to buy risk on (even fanciful) assets. Very strange. I expect a dramatic reversal at some point but strange days right now.
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Gold is up $300 after triple bottoming in October so it’s performing well. Monthly close around $1940 is nice.

General stock market still believes in the Fed put so the bullish behavior continues and bad news is considered good for stocks.
 
Varmint said:
Gold rally needs a breather. We got to $1975 resistance without any pullback, that’s impressive. Whether we pull back to $1900 or $1840-1850, either is perfectly fine and a healthy correction to build a base for the push through $2000.
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Ask and you shall receive

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bostonasphalt2 said:
I am very new to gold and silver, but if I have $1,500 to screw around with, would you recommend buying silver now, or waiting?
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Premiums are still pretty high for silver. Buying the dips in precious metals is a very good plan of action. Too many bullish indicators exist for gold and silver with silver facing supply constraints and possible better ratio to gold. For physical holdings of precious metals now is as good a time as any to convert fiat dollars into them.
 
richc said:
BTW the decrease in gold price coincided with a major uptick in the US Dollar. Prior to this the US Dollar was trending lower.

View attachment 716715
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Both (and stocks and bonds) are reacting to the same thing, strong jobs means the Fed can’t pivot as quickly, not that they would anyway.

This is what I mean about gold tracking the stock market, I don’t like to see that.
 
TBH It's when prices go up dramatically that I get nervous - How many more nice coins will I be able to obtain before they get too expensive? When prices come down like this, I take some time to review what auctions are upcoming.
 
bostonasphalt2 said:
I am very new to gold and silver, but if I have $1,500 to screw around with, would you recommend buying silver now, or waiting?
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When faced with this question, buy now or buy later, I generally dollar cost average in. I don't want to have bought nothing if the prices rises dramatically but I also don't want to have spent everything if the price drops dramatically.
 
richc said:
FIFY
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I don’t think it tracks the US dollar, I think both track the Fed. In times of fear, gold and the dollar both move up. People say gold tracks real rates, but of course the Fed mostly determines those.

Probably incorrect for me to say it tracks the stock market cause it doesn’t really, just everything is moving to Fed sentiment now.
 
Varmint said:
I don’t think it tracks the US dollar, I think both track the Fed. In times of fear, gold and the dollar both move up. People say gold tracks real rates, but of course the Fed mostly determines those.

Probably incorrect for me to say it tracks the stock market cause it doesn’t really, just everything is moving to Fed sentiment now.
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richc said:
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Well that’s a span of one month - in the very short term the prices are driven by computer algorithms buying and selling based on dollar movements. But look at a 10 year chart. Gold and dollar both trending up. So it’s a mistake to think gold follows the dollar. At times it certainly does but it can also diverge, and I think it will this year if there’s some kind of financial event, both dollar and gold will go up. On the chart you can see it did this around Covid.

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