Gold and silver prices are down

Varmint said:
Every single gold and silver expert is predicting the usual bull market pullback to $2100 and $26 silver.

Which could mean it doesn’t happen. Gold loves to get everyone on the wrong side of the boat and pull a fast one.
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I’m stunned it’s held above $2300 and now $2400 for this long. Gold is acting like a coiled spring just waiting for the global economic narrative to breakdown.
 
JoseyWales said:
Is an older silver set worth anything these days? Got 2 extensive sets. Some coin silver some sterling. Sterling is copper mixed with silver?
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Never heard of coin silver flatware. I love sterling, though. Sterling is 92.5% silver except the knives--the blades are steel and the handles are hollow. "Extensive sets" are very valuable.

And sterling is healthy to eat off of (unless it's coated to prevent tarnish). I've heard that people who eat off sterling get sick less often, and it seems to be true in my house. The missus teaches little germ factories but we never get sick.

Buying sterling is kinda like buying gold rings--you can often buy the metal without absurd premiums.
yogi said:
If I had $500k in precious metals, like @richc, my advisors would have it distributed across the world in safe deposit boxes and chateaus 😎. Right Rich?
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Yeah, that's what I do.
 
meh said:
Tough day. I'm in investor mode right now, so I'm basically just watching it. I have pumped a little bit more here and there into individual miners.
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Yeah I went to some cash to wait for a better buy in some stocks. Bouncing off $2380 but we need a correction to stabilize the massive run.
 
Good content on this guy's channel with solid analysis. He explains that silver is clearly in a breakout and can't be held back by the short paper any longer. They've lost control of the market. If we hold 30 the next Fibonacci level is 37.50 that will be tested. I'm bullish on Silver at the moment even at this price


View: http://youtu.be/Af_n9-x-ye8?si=VqEx_hs3NYskkA-g
 
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Rat187 said:
decibel001 27 followers....1.5K items sold? So whatever averages out to be 55 items per buyer Custom makes auto decals, what could go wrong?

decibel001​

100% positive feedback (1815)
1.5K items sold
27 followers
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Most buyers don’t follow a seller, I don’t follow anyone. Buy more feedback than sold items is weird, unless it doesn’t track very far back.
 
Dumped my large position in Troilus Gold, after disappointing feasibility study. I think it’s never going to be a mine. I could hold it and hope the rising tide lifts it but I think it’s better to cut your losses and put the money in better stocks.

Rotated the money into Reunion Gold and AbraSilver.
 
Looks like gold futures will bounce off $2300 rather than the dreaded double top pattern. It performed a triple top late last year so this might be the next big move to $2500 coming soon.
 
DJBrad said:
Looks like gold futures will bounce off $2300 rather than the dreaded double top pattern. It performed a triple top late last year so this might be the next big move to $2500 coming soon.
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I think the concept of a double top is that people who bought the first top, will sell when we get back to that top, relieved they got their money back.

It’s been such a short time and gold has been so bullish that I doubt there’s many people who would sell just cause we’re back over $2400. So I don’t think a double top is likely.

It’s just normal overbought profit taking. To work off the overbought situation requires either time hanging around at these prices, or a sell off to attract more investors.
 
Very interesting interview with PM analyst David Jensen. Unlike a lot of silver permabulls, he seems to understand the silver market very well.
A few of his comments:
- when you buy a silver ETF, the bank (JP Morgan etc) buys physical silver for the ETF, but then they turn around and sell that silver in the promissory note market. (They go short silver with your silver in essence). So there’s no increase in net buying and the price doesn’t go up.

- there is a growing silver (1000 oz bar) shortage, so much that the bullion banks (JPM, Deutsche etc) all went to China’s Shanghai Metals Exchange to try to get physical silver to use to meet delivery demands. The Shanghai exchange’s silver inventory is down 75% the last 3 years.

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I know this group likely knows this but for anyone not paying attention - Costo has the best deals on Gold and silver at the moment. With an executive membership and Costo Anywhere Visa you're getting 4% cash back. (You might do better on ebay with certain credit cards but more risk) Gold Eagles and Buffalos can be had at Below spot. Silver Maples at $1-2 over. You can pick up some Eagles right now at $3.02 over. Thats an insanely low premium for Eagles

The hard part is knowing when things are in stock as they sell out quickly. If you go to Louies' Website ( Best Silver gold Deals) where he searches every morning for the best deals, you can sign up for his email alert - The only thing he emails to you is when things are in stock at Costco
 
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Duxprep said:
I know this group likely knows this but for anyone not paying attention - Costo has the best deals on Gold and silver at the moment. With an executive membership and Costo Anywhere Visa you're getting 4% cash back. (You might do better on ebay with certain credit cards but more risk) Gold Eagles and Buffalos can be had at Below spot. Silver Maples at $1-2 over. You can pick up some Eagles right now at $3.02 over. Thats an insanely low premium for Eagles

The hard part is knowing when things are in stock as they sell out quickly. If you go to Louies' Website ( Best Silver gold Deals) where he searches every morning for the best deals, you can sign up for his email alert - The only thing he emails to you is when things are in stock at Costco
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Definitely the best way to buy physical PMs these days but I have a hard time buying at these prices. I’d rather buy junior mining stocks. A Vizla Silver’s silver in the ground is selling for $1.30/oz.
 
HappyHarry said:
Yeah... it's just old news :)View attachment 885143
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From what I’m hearing it may happen again although this time it’s 1000 oz Comex bars that are getting scarce. The Shanghai gold market was reporting a bunch of reps from the Western bullion banks were in Shanghai, possibly trying to buy silver for the Comex.
 

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