Gold and silver prices are down

Berrymac65 said:
I hate silver so much. I won't sell it to my clients. I talk them into gold
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I like physical silver as part of general prepping. If you mean something like a silver ETF, then yeah, that’s only good as a trading vehicle imo. It’s too volatile and manipulated as an investment.

I do like junior silver miners as Super Vegas speculations. If you time it right you can make 10x even 50x.
 
The Fortune magazine article mentioned earlier indicated that a lot of the big days have been on Monday, Wednesday and Friday.

I noticed on these big days that prices popped starting at 9:30-10:AM.

Sounds like programmed buying patterns.

A few dealers commented on YouTube that they are not busy. In fact they have more sellers than buyers walking through their doors.

I don't think @Win can move the market under these conditions.

ETA: I wonder how many COMEX contracts will demand physical delivery this time around?
 
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richc said:
The Fortune magazine article mentioned earlier indicated that a lot of the big days have been on Monday, Wednesday and Friday.

I noticed on these big days that prices popped starting at 9:30-10:AM.

Sounds like programmed buying patterns.

A few dealers commented on YouTube that they are not busy. In fact they have more sellers than buyers walking through their doors.

I don't think @Win can move the market under these conditions.

ETA: I wonder how many COMEX contracts will demand physical delivery this time around?
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Yeah, I've heard from other experts that retail PMs are not selling very well. And we know Gold ETFs are still seeing outflows, not inflows.

But this is typical of gold, it shakes everyone off the train before leaving the station.
 
Varmint said:
Yeah, I've heard from other experts that retail PMs are not selling very well. And we know Gold ETFs are still seeing outflows, not inflows.

But this is typical of gold, it shakes everyone off the train before leaving the station.
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So it's not ETF's. It's not retail.

Huge investors? Hedge funds? Large financial institutions?

Or as suspected central bank buying. It would have to be large demand to move prices this much.
 
richc said:
So it's not ETF's. It's not retail.

Huge investors? Hedge funds? Large financial institutions?

Or as suspected central bank buying. It would have to be large demand to move prices this much.
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It’s the Global South. China has been amassing gold not only via CBOC but retail demand is huge. Look into “gold beans”. Also, India is in it’s dowry season. Not to mention many other central banks from the ME and Africa are also buying at record levels.

The emperor is without clothes.
 
DJBrad said:
It’s the Global South. China has been amassing gold not only via CBOC but retail demand is huge. Look into “gold beans”. Also, India is in it’s dowry season. Not to mention many other central banks from the ME and Africa are also buying at record levels.

The emperor is without clothes.
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Which makes me think COMEX may be in for a big surprise as contracts expire. Contract owners may demand physical gold/silver.

That would cause a ruckus...
 
richc said:
Which makes me think COMEX may be in for a big surprise as contracts expire. Contract owners may demand physical gold/silver.

That would cause a ruckus...
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Comex is one of them. The LBMA is another. All other gold etfs in the western world have seen record outflows of physical gold. Open interest on COT reports is another indicator when banks/ hedge funds/institutional investors see the sign to buy. It’s currently showing a net long position.
 
FWIW what I'm reading on twitter is that enough gold has moved east that the west no longer controls the price of gold. Gold price is now being set in the east.
 
richc said:
So it's not ETF's. It's not retail.

Huge investors? Hedge funds? Large financial institutions?

Or as suspected central bank buying. It would have to be large demand to move prices this much.
Click to expand...

Well, in 2023 there were 244 tons of outflows from gold ETFs, but central banks bought 1000 tons of gold.

At the same time, gold jewelry is double the size of the coin and bar market.

So it could simply be Asian jewelry and central bank buying driving the price. I think there’s a lot of momentum buying as well.
 
Saw a link today on FaceBook for great prices on PM's.

Clicked on it and the prices were astounding. So I knew it was fake. The fraudster knocked off SD Bullion's look and feel. And had a very similar URL.

Be careful out there...


www.usdbullion.shop

2023 Canadian Silver Maple Leaf 500 Coin Monster Box

The 2023 Canadian Silver Maple Leaf 500 Coin Monster Box contains 500 oz of pure silver content with .9999 purity. Produced by the Royal Canadian Mint in 2023.
www.usdbullion.shop www.usdbullion.shop
 
Gold blew through $2250 and $2350 like nothing, I have to wonder if it's going to $2500 before a pullback?

Historically when gold goes on one of its 700% runs, like 2000 to 2011, it does this, doesn't pull back much at all, leaving all the smart money trying to play catch up.
 
Varmint said:
Gold blew through $2250 and $2350 like nothing, I have to wonder if it's going to $2500 before a pullback?

Historically when gold goes on one of its 700% runs, like 2000 to 2011, it does this, doesn't pull back much at all, leaving all the smart money trying to play catch up.
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Probable pullback just because of self fulfilling prophecy. “Gold could touch $2500 and then pullback” It touches $2500 and that’s exactly what happens because everyone heard about that outlook.

It could also just keep pushing higher due to macro and major uncertainties increasing. For us that invest taking profits is key.
 
DJBrad said:
Probable pullback just because of self fulfilling prophecy. “Gold could touch $2500 and then pullback” It touches $2500 and that’s exactly what happens because everyone heard about that outlook.

It could also just keep pushing higher due to macro and major uncertainties increasing. For us that invest taking profits is key.
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Right. Pullbacks happen primarily cause everyone gets on the same side of the boat, everyone is already bullish so there’s no new buyers and you sell off.

But gold is completely different, everyone is bearish, so as it goes up, more people get in. So there’s a constant supply of new buyers and you get no pullbacks.
 
Varmint said:
Right. Pullbacks happen primarily cause everyone gets on the same side of the boat, everyone is already bullish so there’s no new buyers and you sell off.

But gold is completely different, everyone is bearish, so as it goes up, more people get in. So there’s a constant supply of new buyers and you get no pullbacks.
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So $5000 😃
 

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