Gold and silver prices are down

Win said:
I'm having trouble deciding is this is a big deal or not. It was still .9999 gold but that last .0001 percent was something it shouldn't have been? I do own a couple of ounces of Perth mint gold. I'm not pleased but not outraged either.
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Sounds like just a procedural thing between the mint and Shanghai Gold Exchange.
 
Varmint's post has me curious about where folks are in their positioning - just starting buying, in the process of buying, done buying? I started a poll in another thread for those interested.
 
Romokid said:
3327 oz x $0.03 per/oz = $99.81 ? to be exact $110/3327 oz = $0.03306281935677788 per oz I don't think I was that far off as I said about $0.03 per considering we don't have fractional pennies yet.
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AHA... I see the problem.

That video has been edited. The shop offered the guy $110,000 dollars. Here's the full video:

 
Win said:
@Varmint where is support for silver? How low could it go? Thanks!
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Support is at $20.5 and $20. You don’t want to see it close the week below $20.

Gold had a $350 dollar rally, so a 50% pullback to $1780-1800 is not surprising. Get worried if we close below $1780 for the week or month. Otherwise just use it as a buying opportunity.

I watch gold more than silver cause silver is such a small market and easily manipulated by traders.
 
Last edited:
DJBrad said:
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 🥳
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Silver Tiger metals chart. Weird to see a stock ride the 200 day moving average like that. Support is at $0.19, that’s a good buy price but I have enough.

59B4B578-5F84-4249-A4DC-22365561E682.jpeg
 
jek said:
Would you mind explaining what this means? I’m slowly learning the nuances of buying gold/silver.
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Most of the day to day moves you see are just traders or algorithms looking at charts and buying and selling at key levels. So we shouldn’t worry much about the longer term trends because of these short term moves. See the chart of silver tiger metals above to see what I mean.

But if say silver breaks through a key level like $20, and overcomes all the buyers at that level, that means there could be a change in the longer term trend. These breakthroughs up or down aren’t really meaningful unless you close the week or more importantly the month above or below the key level. That gets the attention of traders who may change their own strategy.

So if silver closes below $20 Friday, traders may start to doubt the up trend in silver and expect it to go back to $17-18, and start selling or shorting silver.

If silver dips below $20 this week but closes the week above $20, that would mean the key support level held and the longer term up trend is intact.
 
richc said:
This is why the dollar is strong. Powell says interest rates are heading higher that expected.

www.cnbc.com

Fed Chair Powell says interest rates are 'likely to be higher' than previously anticipated

Citing earlier data showing that inflation has reversed the deceleration in late 2022, Powell warned of tighter monetary policy ahead.
www.cnbc.com www.cnbc.com
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The Fed news (was widely expected though) is very bearish stocks, bonds, gold, tech stocks. They all moved down 1.5-2% on the news, but all are still within their recent trading range so no significant moves.

The markets clearly don’t believe the Fed, and it’s hard to argue since we know the Fed are pathological liars.
 
Varmint said:
The Fed news (was widely expected though) is very bearish stocks, bonds, gold, tech stocks. They all moved down 1.5-2% on the news, but all are still within their recent trading range so no significant moves.

The markets clearly don’t believe the Fed, and it’s hard to argue since we know the Fed are pathological liars.
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So, will Powell raise rates by .25%, as he did last time? Or will he introduce shock and awe and raise them by .50%?

That's the real question. .50% would clearly shake the markets.
 
richc said:
So, will Powell raise rates by .25%, as he did last time? Or will he introduce shock and awe and raise them by .50%?

That's the real question. .50% would clearly shake the markets.
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I don’t think it matters, the reason is that the markets believe no matter what the Fed says and does in the short term, they’ll be cutting rates and doing QE in 6 months, so nobody wants to sell and miss that bonanza.

They could raise rates to 10% and markets will still believe the fantasy. It won’t be until things start breaking that we see this bullish mentality crumble. That takes time, so until then I wouldn’t read too much into short term moves in stocks, gold etc.
 
Politicians want the economy to look strong.
The Fed wants it to be weak for the sake of disinflation.
Politicians believe it's actually weak and want to postpone the realization of it any way they can.
The Fed believes it's actually strong and wants to push it down.

This is not going to end well, but PMs should benefit eventually.
 
Varmint said:
I don’t think it matters, the reason is that the markets believe no matter what the Fed says and does in the short term, they’ll be cutting rates and doing QE in 6 months, so nobody wants to sell and miss that bonanza.

They could raise rates to 10% and markets will still believe the fantasy. It won’t be until things start breaking that we see this bullish mentality crumble. That takes time, so until then I wouldn’t read too much into short term moves in stocks, gold etc.
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I respectfully disagree but I've clearly been wrong before.

It definitely will be interesting to watch.
 
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meh said:
Politicians want the economy to look strong.
The Fed wants it to be weak for the sake of disinflation.
Politicians believe it's actually weak and want to postpone the realization of it any way they can.
The Fed believes it's actually strong and wants to push it down.

This is not going to end well, but PMs should benefit eventually.
Click to expand...

No where in your statement do I see either the government or Fed wanting to do the right thing for the right reasons.

That's what scares me.
 
The fed is admitting that it's efforts to control inflation are not working as well as they had hoped, the Russia/Ukraine war continues on, Biden administration won't let US drill for oil and continue to find new ways to waste taxpayer dollars (student debt relief), Interest on US debt is at 852 billion/year, China is chirping louder, N Korea is continuing to launch missiles and building nukes, Iran is readying to nuke Israel, central governments are preparing CBDC to track everyone's expenditures, and PMs are down. Seems like a buying opportunity to me.
 
richc said:
I respectively disagree but I've clearly been wrong before.

It definitely will be interesting to watch.
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The Fed doesn’t really surprise anymore, they’ll only do 0.50% if the market is expecting it.

Odds of a 50 basis point hike rose from 30% to 48% today, and I’d guess the odds will go up depending on the jobs data this Friday.

www.reuters.com

Odds of 50-basis-point Fed rate hike rise after Powell testimony

Traders of futures tied to the Federal Reserve's policy rate were pricing in a half-percentage-point hike in interest rates at the U.S. central bank's March 21-22 policy meeting after Fed Chair Jerome Powell said on Tuesday that continued strong inflation data could require tougher measures.
www.reuters.com www.reuters.com
 
Varmint said:
The Fed doesn’t really surprise anymore, they’ll only do 0.50% if the market is expecting it.

Odds of a 50 basis point hike rose from 30% to 48% today, and I’d guess the odds will go up depending on the jobs data this Friday.

www.reuters.com

Odds of 50-basis-point Fed rate hike rise after Powell testimony

Traders of futures tied to the Federal Reserve's policy rate were pricing in a half-percentage-point hike in interest rates at the U.S. central bank's March 21-22 policy meeting after Fed Chair Jerome Powell said on Tuesday that continued strong inflation data could require tougher measures.
www.reuters.com www.reuters.com
Click to expand...
Just updated odds of 50bps rate increase now at 75%.
 

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