Gold and silver prices are down

[AverageJoe]

If and when the PM values are allowed to rise again against the USD, they will install a very large tax on the capital gain.

 

[Varmint]

If and when the PM values are allowed to rise again against the USD, they will install a very large tax on the capital gain.

That'd be a lot of effort for little gain. People would just use IRAs or hide the sales of physical metals, and it wouldn't drive down the price at all, probably the opposite.

I think most PM holders aren't worried about that cause they think their metals will outlast the US government.

 

[AverageJoe]

That'd be a lot of effort for little gain. People would just use IRAs or hide the sales of physical metals, and it wouldn't drive down the price at all, probably the opposite.

I think most PM holders aren't worried about that cause they think their metals will outlast the US government.

Agree, that’s a common mistake many PM holders make.

 

[Varmint]

Agree, that’s a common mistake many PM holders make.

I didn't say they're wrong, but who knows. I plan to pass mine on to my kids, and won't sell them unless it's for some SHTF situation, like buying our freedom from a US government run amok.

But I don't think you'll have to wait long to see PMs (and mining stocks) go nuts, it'll probably happen the next time the Fed rolls over and starts up QE again.

 

[AverageJoe]

I didn't say they're wrong, but who knows. I plan to pass mine on to my kids, and won't sell them unless it's for some SHTF situation, like buying our freedom from a US government run amok.

But I don't think you'll have to wait long to see PMs (and mining stocks) go nuts, it'll probably happen the next time the Fed rolls over and starts up QE again.

Maybe, who knows? Peter Schiff has been ringing that bell for a decade.

 

[enbloc]

I think most PM holders aren't worried about that cause they know their metals will outlast the US government.

FIFY

 

[Varmint]

Maybe, who knows? Peter Schiff has been ringing that bell for a decade.

Schiff gets a little overzealous I think cause he sells financial products that will only do well if the dollar tanks (and he sells PMs). So he’s a bit like the Wall St ‘analyst’ types he criticizes who are trying to sell you stock and bond funds. He’s certainly been right predicting dollar weakness.

In fact he’s been so right about many things. He talks much of the time about things like government over reach, which is why I keep listening despite the constant (gold is going up tomorrow!) which gets exhausting.

He’s not alone either, not now. There are so many brilliant minds who recently are predicting big things for PMs. When the masses finally get it, PMs won’t be cheap anymore.

 

[Varmint]

Bought some more stuff today. Sometimes I set a buy price for a gold mining stock at a killer price, and expect it’ll never hit it, but I’m starting to hit some of them. But most good gold miner stocks are still holding up despite the selloff in gold itself. Dunno what that means, either they’ve bottomed or capitulation is coming!

 

[Varmint]

As for physical, I really want to buy a couple of these for my kids, but $5 over spot is really pricey.



10 oz Silver Bar - Tombstone Silver Nugget - SKU #84776 | eBay

 

[enbloc]

If you wait long enough, you might be able to buy one for a little over spot from a third party (LCS)
Eventually, weak-hearted stackers get disillusioned and trade their PMs in for sub-spot cash.
The local guys tack on a buck/TOZ and resell it. Good luck getting the bag though...

I'd rather have a Carson City Morgan...

 

[Varmint]

If you wait long enough, you might be able to buy one for a little over spot from a third party (LCS)
Eventually, weak-hearted stackers get disillusioned and trade their PMs in for sub-spot cash.
The local guys tack on a buck/TOZ and resell it. Good luck getting the bag though...

I'd rather have a Carson City Morgan...

Those are like $200 over spot right? I’m trying to take advantage of the low spot prices, lol. Plus my kids might put it in a CAMBRIDGE parking meter.

 

[AverageJoe]

Schiff gets a little overzealous I think cause he sells financial products that will only do well if the dollar tanks (and he sells PMs). So he’s a bit like the Wall St ‘analyst’ types he criticizes who are trying to sell you stock and bond funds. He’s certainly been right predicting dollar weakness.

In fact he’s been so right about many things. He talks much of the time about things like government over reach, which is why I keep listening despite the constant (gold is going up tomorrow!) which gets exhausting.

He’s not alone either, not now. There are so many brilliant minds who recently are predicting big things for PMs. When the masses finally get it, PMs won’t be cheap anymore.

I’ve read his books. Many people who have followed him since 2008 have lost a great deal of money and opportunity. Who knows what will transpire in the future?

 

[Varmint]

I’ve read his books. Many people who have followed him since 2008 have lost a great deal of money and opportunity. Who knows what will transpire in the future?

Too early to say this. Pets.com owners felt great at the peak of the tech bubble. I had coworkers who were paper millionaires with jds Uniphase options in 2007.

 

[AverageJoe]

Too early to say this. Pets.com owners felt great at the peak of the tech bubble. I had coworkers who were paper millionaires with jds Uniphase options in 2007.

Not sure about that, people following Schiff have lost a great deal of opportunity. Whether people that didn't follow Schiff and made large gains are smart enough to keep them is a whole other story.

 

[Varmint]

Not sure about that, people following Schiff have lost a great deal of opportunity. Whether people that didn't follow Schiff and made large gains are smart enough to keep them is a whole other story.

Yeah, that's what I mean - Schiff is always saying "you've missed out a lot but if you stick with me, you'll make it up soon when the dollar crashes yada, yada". He keeps saying a lot of his customers are bailing out and buying stocks. That's probably the worst thing to do, he's right about that.

But my big problem with Schiff's mutual funds is when the dollar tanks, his stuff doesn't take off like it should. And it tanks when the general market tanks. So I think he's probably doing something wrong.

 

[Win]

I like Schiff and I own both EPASX and EPIVX. My philosophy on investing is that I want to be in a strategy that rings true to me while knowing that I can't reasonably be a student of every company in every mutual fund that I invest in.

 

[Varmint]

Schiff today was saying the IRS can now take your passport simply by claiming you owe taxes. He calls out all kinds of government over reach and explains why it’s so dangerous.

 

[Win]

Yes I listened to that. I enjoy Schiff’s patriotic, limited government perspective. It’s refreshing.

 

[Win]

Interesting Story:

Britain’s believed record-setting gold nugget found by ‘sniping’ in Scottish riverbed

The man found the nugget, weighing about 85 grams, or 3.02 ounces, while lying facedown with a snorkel in the riverbed, a method that prospectors call “sniping.” But he has shown the discovery to experts, including one who suggested the nugget’s rarity makes it worth about £50,000 (over $65,000). ... Found gold and silver in the U.K. is usually classed as belonging to the crown, and it was not clear whether the finder had received permission to remove it. So far, he is keeping it in a safe-deposit box, according to the Guardian report.

Britain’s believed record-setting gold nugget found by ‘sniping’ in Scottish riverbed

 

[Varmint]

Cool, never heard of sniping for gold. I figured it was all picked clean by now, except in places like South Africa or the Yukon.

 

[Win]

I figured it was all picked clean by now, except in places like South Africa or the Yukon.

I was thinking that same thing. Maybe because any found gold historically "belongs to the crown" people don't have any incentive to go find the gold?

 

[Varmint]

I noticed at these reduced prices, you don't see the $8 over spot, or $12 over spot gold coins you usually see. You rarely see anything even $50 over spot.

I think it's a sign of the divergence between paper and physical gold. But it's the paper market determines the price.

 

[Win]

Many of the major news outlets are beginning to write stories on stock market corrections and even crashes. I’m surprised that the metals markets are remaining so low. I would have guessed folks would begin to diversify out of equities.

 

[enbloc]

I've panned for gold in Colorado, California and Alaska and found nothing but a few flecks of color.
This nugget is so beautiful as it sits, I hope it never sees a temperature above 98.6...

 

[Win]

Speaking of panning for gold, has anyone been to Coos Canyon Gold Panning on the Swift River at Coos Canyon ? My daughter is interested in going and panning but it's far away enough that we'd likely want to make a weekend trip out of it. I wouldn't expect to find anything grand or even noteworthy but seems like it would be a bummer to get completely shutout.

 

[Varmint]

I recently found a little tube with gold flecks in it that I panned as a teenager in Colorado. My 6 year old opened it up somewhere and I think my wife probably vacuumed up the gold.

There’s just no appreciation of precious metals in my family.

 

[Varmint]

Many of the major news outlets are beginning to write stories on stock market corrections and even crashes. I’m surprised that the metals markets are remaining so low. I would have guessed folks would begin to diversify out of equities.

I think only PM enthusiasts are buying right now, the masses are buying Facebook at ‘bargain’ prices.

With interest rates going up and dollar going up, there’s just no interest in PMs, and the technicals are pretty bad. I think we need to test the 2015 or 2016 lows before we’ll get any upward momentum.

 

[NHCraigT]

Many of the major news outlets are beginning to write stories on stock market corrections and even crashes. I’m surprised that the metals markets are remaining so low. I would have guessed folks would begin to diversify out of equities.

Cognitive Dissonance

 

[Varmint]

I'm probably not buying any of these cause I think we'll soon see 10% bucks and lower spot prices, but gold/silver may have a short-term rally from here so I could be wrong.


Gold Maple for $1238, $21 over spot. No Ebay bucks.

SPECIAL PRICE! 2018 Canada 1 oz Gold Maple Leaf Coin Brilliant Uncirculated BU | eBay

Silver Maples roll of 25 for $16.60 or $1.10 over spot if you get the 8% Ebay bucks.

Roll of 25 - 2018 Canada 1 oz Silver Maple Leaf $5 Coins GEM BU Coins SKU49796 | eBay

2 oz Queen's beasts $1.70 over spot (per oz) w/ 8% bucks.
Roll of 10 - 2018 Britain 2 oz Silver Queen's Beasts Black Bull £5 BU SKU52871 | eBay

90% silver quarters for $0.20 under spot w/ 8% bucks.
90% Silver Coins - $10 Face-Value Roll (Denomination Varies) - SKU #16485 | eBay

20 Silver Eagles for $2.20 over spot w/ 8% bucks.
Roll of 20 Coins - 2018 American Silver Eagle $1 GEM BU Coin SKU51559 | eBay

5 silver eagles for $1.90 over spot w/ 8% bucks.
Grab Bag of 5 -Random Year 1 oz American Silver Eagle Coins SKU39414 | eBay

Swiss Gold 20 Francs (restrikes) for $6 under melt or $34 below spot per Oz w/ 8% Bucks.
SPECIAL PRICE! Swiss Gold 20 Francs Helvetia Coin AU (Random Year) - SKU #151896 | eBay

 

[Win]

Just bought 3 of these SilverTowne 10 ounce Ten Commandments bars - 1 for me and 1 for each of my kids. I've been looking for a 10 ounce silver Ten Commandments bar but they often have an incorrect translation of commandment 6 - "You shall not murder." That is the correct translation but all of the 10 ounce Ten Commandment bars that I have seen read "You shall not kill."

10 oz Silver Bar - SilverTowne Ten Commandments Bar For Sale | 10 oz Silver Bars | APMEX Silvertowne