Gold & Silver down

Discussion in 'Financial Cents' started by stg58, Jul 7, 2015.

  1. stg58

    stg58 Monkey+++ Founding Member

    Good if you are buying...

    Gold and silver are getting crushed.

    On Tuesday morning, gold fell more than 1%, or about $15 an ounce, to around $1,157.30 – a three-month low.

    Silver fell more than 3% to around $15.16 an ounce.

    It's the first big move for both commodities following the big news out of Greece on Sunday. In a note to clients earlier on Tuesday, Accendo Markets noted that gold had shrugged a sell-off in spite of the "No" referendum result and a stronger US dollar.

    Other precious metals are also trading weaker. Platinum dipped nearly 2%, or about $20.50 an ounce, to around $1,045.80. Copper fell more than 4%.

    Here's a chart showing the slide in gold prices:

    Read more: Gold and silver prices, July 7 - Business Insider
    Marck, Tully Mars and Motomom34 like this.
  2. Motomom34

    Motomom34 Monkey+++

    News flash-

    US Mint Runs Out Of Silver On Same Day Price Of Silver Plunges To 2015 Lows | Zero Hedge
    Marck likes this.
  3. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Just a guess. But sounds like an attempt to slow the market. To me.
  4. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    or a stop loss. ;)
    Only in a manipulated world would the lack of a resource coincide with a drop in price.
    If you can't get it from the mint the sellers should be charging a premium for those that want it.

    I'll bet retail for 2015 eagles is going to be over 20%.

    yep, 20% in bulk and 33% if buying singles. OUCH!
  5. UncleMorgan

    UncleMorgan I like peeling bananas and (occasionally) people.

    Every day they fix the price of precious metals in much the same way people fix horse races. The number they choose is selected to accommodate their agendas, and depends on ignorance and blind obedience for its effectiveness. In actuality, the value of precious metals is increasing. For every person who has an ounce of physical silver to sell, about fifty people are waiting in line to buy it.
    Just over a week ago I watched a 1oz fine silver round sell for $74.00 + another 22% in sales taxes and buyer's fee. And several people very upset that their bids were beat by someone who was willing to pay more than they.

    To find out what the real price of silver is, just stroll into any pawn shop and ask to buy ten ounces of fine silver for $150.00.
    They will quote you a much more realistic price.
    Marck and Gator 45/70 like this.
  6. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I'm willing to pay over spot for minting it into a fine silver coin. But not hundreds of percent.
    Heck, even 90% "Junk" coinage is going for way more than I'd be willing to part with.
    Beans, spam, rice, barter goods are a better bet.

    I wonder who dumped tonnes of silver paper on the market this week
    Yard Dart likes this.
  7. vonslob

    vonslob Monkey++

    The premiums are getting too high here. I don't mind paying a couple of dollars over spot for rounds and five or so for silver eagles but a five dollar premium on rounds and eight dollars on eagles is too much. If I get that interested I will go the jewelry supply houses and pick up silver shot. I do know of one dealer in town that has built up an inventory and is selling at a fair price, and he had tons of silver dimes my personal favorite.

    Goldman Sachs or MorganStanley, just a guess but probably not too far off.
  8. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I have a problem with silver shot. In my book it's an unknown.
    Not backed by a nation (coinage, national mint) nor a well known mint house (apmex, Scottsdale, NWT ... etc)
    no proof of fineness. Might as well be pot metal.

  9. vonslob

    vonslob Monkey++

  10. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    Pretty much neither. The mint produces runs of various coins on a schedule planned to keep the work force and equipment moving along. They sell these to only outside vendors and then they tool up for another batch of some coin, if they run out of a coin then they wait till that coin's production is planned. The vendors climbed on the band wagon and purchased what was left from the last minting and many still have a well stocked supply at a fair price if 20 or more.

    Check ebay, prices are all over the board as usual. Some are $3 above spot with shipping in rolls of 20.
    Last edited: Jul 7, 2015
  11. stg58

    stg58 Monkey+++ Founding Member

    Metals prices recovered a bit today, it will be interesting if the Chinese markets, Greece and general instability cause spikes.

    [​IMG] [​IMG]
  12. Legion489

    Legion489 Rev. 2:19 Banned

    Wonderful. I just bought some rounds for right around $17+/oz in various sizes, 1oz, 1/2oz, 10th oz., included S&H. Yes, I knew the spot (at the time) was somewhere around $16+ oz so figured it wasn't that bad a deal. Well guess I got took again. Always a guess, going up? Going down? Staying the same? Same with gold. Who would have thought that that $400/oz gold would be worth $1100 (if it hasn't dumped already). One group i belong to bought at $400, when it got to $800 I said SELL! Man did hey get mad! THAT'S not investing, that's speculation! And.... ? Who has TWO oz of gold when they sold at $800 and bought back at $400 again? Pays you money and takes you chances. On the other hand, I have NEVER bought ammo and had it go down in value! Of course I don't buy .22 now and haven't for several years. SOLD .22s when I needed money, but not bought.
  13. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Buy Solid. Buy often. 20 years from now you will be thankful.
    VisuTrac likes this.
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