Varmint
NES Member
Sounds like just a procedural thing between the mint and Shanghai Gold Exchange.
-
If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
Gold and silver prices are down
- Thread starter Rider
- Start date
Sounds like just a procedural thing between the mint and Shanghai Gold Exchange.
Romokid
NES Member
I can't believe that was a real episode, basically $0.03 per ounce. That guy is a boob.
Varmint
NES Member
Win
NES Member
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.
richc
NES Member
Double check your math...
richc
NES Member
It represents about 18 cents an ounce in gold difference. Sounds like more of a contractual issue with Shanghai.
Their one ounce gold bars state 99.99% purity.
Romokid
NES Member
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.
richc
NES Member
AHA... I see the problem.
That video has been edited. The shop offered the guy $110,000 dollars. Here's the full video:
Romokid
NES Member
Oh ok that makes way more sense now, I couldn't figure out what I did wrong. I hate when they doctor videos just to be funny.
richc
NES Member
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
Romokid
NES Member
Silver is down $1.00 right now, damn. I may have to grab another tube of silver.
Varmint
NES Member
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:
Would you mind explaining what this means? I’m slowly learning the nuances of buying gold/silver.
Varmint
NES Member
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
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.
Varmint
NES Member
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.
Varmint
NES Member
This is why the dollar is strong. Powell says interest rates are heading higher that expected.
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.
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.
richc
NES Member
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.
Varmint
NES Member
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.
Win
NES Member
So we think we have > 6 months of time to buy? Maybe longer?
Varmint
NES Member
I think it’ll be 6-12 months before we see $2100 gold, but we might not stay at $1800 very long.
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.
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.
smokey-seven
NES Member
Here's some reading. Start at least a few months back.
MetalDaily.com | Live Gold Prices, Gold Charts and Gold Headlines
MetalsDaily.com aims to bring you the latest gold news, live gold prices and gold charts and will soon be an online shop for buying gold bars and gold coins.
richc
NES Member
I respectfully disagree but I've clearly been wrong before.
It definitely will be interesting to watch.
Last edited:
Win
NES Member
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.
Varmint
NES Member
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.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/XV4DTLRKXJJO5I2QOCN7PSOMTY.jpg)
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
Just updated odds of 50bps rate increase now at 75%.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.
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.
Similar threads
