Gold and silver prices are down

[Varmint]

Silver miners went nuts today, maybe sniffing out a silver breakout?

Their sense of smell is pretty poor though.

 

[steven grammont]

 

[Varmint]

Discovery Silver is up 18% today on news they bought a $400 million silver mine from Newmont. That’s kind of surprising and maybe a sign the junior miner sentiment is improving.

Discovery Silver is up another 50% since I posted this and has tripled since Dec 19.

 

[richc]

Are we seeing new all time highs in gold???

 

[steven grammont]

Are we seeing new all time highs in gold???

I'm not sure what the ATH is , but it's definitely climbing today

 

[richc]

 

[Varmint]

I'm not sure what the ATH is , but it's definitely climbing today

I want to say the high was like $2973 (futures) and it hit $2993 today.

 

[DJBrad]

 

[DJBrad]

 

[DJBrad]

Discovery Silver is up another 50% since I posted this and has tripled since Dec 19.

Honestly I would not be surprised if Discovery becomes another Kirkland Lake or Agnico Eagle. If it manifests into an open pit mine with silver at $50 and above that would be a crazy arbitrage to the silver price.

 

[Varmint]

Honestly I would not be surprised if Discovery becomes another Kirkland Lake or Agnico Eagle. If it manifests into an open pit mine with silver at $50 and above that would be a crazy arbitrage to the silver price.

I don’t know if their silver deposit is getting assigned much value since Mexico isn’t giving any open pit permits. I think it’s all their gold acquisition from Newmont. If that permit status changes the stock will explode.

I’m trying to take some profits in miners today for when the rally fizzles. Sold K92 Mining.

 

[Reptile]

Gold just hit $3,000.00

Silver hit $34

 

[GM-GUY]

I just looked at my APMEX account info (the holdings section - what I have here), I’ll quote Grady from Tremors 2 “I feel lightheaded Earl”.

Not that I’d ever sell it - strictly TEOTWAWKI/SHTF/WROL. By the way things are going, maybe next month

BTW:
Not blaming Trump, this has been building for decades - it’s just a question does Trump do what we always do ( paper over it) or actually fix it = more pain (which is due & well deserved)

 

[DJBrad]

I don’t know if their silver deposit is getting assigned much value since Mexico isn’t giving any open pit permits. I think it’s all their gold acquisition from Newmont. If that permit status changes the stock will explode.

I’m trying to take some profits in miners today for when the rally fizzles. Sold K92 Mining.

Didn’t they already have a permit?

 

[DJBrad]

Gold just hit $3,000.00

Silver hit $34

Interesting as the futures contract is now in backwardation. Futures only hit $2996 around 12:40p while Spot hit $3000. Good times for precious metals investors.

The breakaway of Gold from the Equity markets is another strong sign of this long bull market which could stretch to another 10+ years.

 

[DJBrad]

Closed the day on spot above $3000. Nice

 

[GM-GUY]

If we can pull a close above $3000 tomorrow for the week - yeah baby.

 

[richc]

Interesting that gold spiked a fair bit at the end of the day. Someone was buying into the close.

 

[yogi]

Interesting that gold spiked a fair bit at the end of the day. Someone was buying into the close.

Varmint Fund @Varmint making a significant rotation into GLD

 

[Varmint]

Didn’t they already have a permit?

Yeah K92 are in production, I’m just not a big fan, and I’m selling to free up some cash if we go back down.

Did you mean Discovery? They’re waiting on an open pit permit, but have a producing gold mine they just bought from Newmont.

 

[Varmint]

Closed the day on spot above $3000. Nice

Interesting as the futures contract is now in backwardation. Futures only hit $2996 around 12:40p while Spot hit $3000. Good times for precious metals investors.

The breakaway of Gold from the Equity markets is another strong sign of this long bull market which could stretch to another 10+ years.

I don’t see that high a spot price, where do you see that?

Gold to S&p500 is breaking out.

 

[DJBrad]

I don’t see that high a spot price, where do you see that?

Gold to S&p500 is breaking out.

Fooled by Apmex “spot price”. Dammit!

 

[Varmint]

Fooled by Apmex “spot price”. Dammit!

You’re not the only one, and I noticed JMBullion does the same thing.

 

[Varmint]

$3000 has a nice ring to it.

Hopefully gold miners will now start to price in $2000 gold.

 

[Varmint]

Come on baby, give me $35 silver.

Miners have no faith but I do!

 

[steven grammont]

This package arrived on Monday , I generally try to buy a few ounces per week and the guy I deal with will hold it and send once a month for me so that I'm not paying constant shipping fees.

 

[steven grammont]

 

[Duxprep]

You’re not the only one, and I noticed JMBullion does the same thing.

Not only do they show a higher spot price they also sell at the higher spot price. I won't do business with any company that is not tracking to the kitco spot price. Just load the kitco gold live app on your phone to track current spot. Steve literally posted the app while I was writing this!

 

[Varmint]

I want to sell more gold miners to free up cash cause I think the rally will fizzle, but naturally the stuff I want to sell doesn’t move up much. Hopefully I’m wrong and we’ll close the week above $3000 and $35.