Wow, silver and gold still going down, did anyone see this coming?
- Thread starter Bodhi
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thoughtomator
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It's a concerted attack on the paper PM market by some large players.
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Gold and silver got a little ahead of themselves on the upside, and the Fed/Wall St have done everything in their power to make real estate and the DOW seem like good investments.
And they took advantage of the weakness for an all out assault on gold.
And they took advantage of the weakness for an all out assault on gold.
Zippyjuan
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It has actually been going down since September- though not as sharply.
http://www.kitco.com/charts/popup/au0365nyb.html
http://www.kitco.com/charts/popup/au0365nyb.html
The Gold Standard
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I don't think there was a whole lot of weakness. I think this is a desperate move to slow down the withdrawal of their gold reserves. If the demand for physical gold continued as it had been, they would soon be out of gold and left with their pants down. If they can make it look like a crash then they can get the weak hands to supply the physical gold for a while.
BlackTerrel
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What should the value of gold and silver be? Highly speculative...
Gaddafi Duck
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I didn't think it would get this depressed. But...Jim Rogers has to get a lot of credit. Everytime he was asked if he was buying gold and he said "No. Not at these levels". That was at $1,600. He said he would hope he'd be "smart enough to buy if it went to $1500". Well, it's far below that number now..but he did mention the fact that gold has been up every year for the last 12 years. As far as he knows, that's never happened before in any asset so it was due for a drop. (I could write Jim Rogers' bio).
But, it's to be expected. I've thought for a few years now that there would come a day when we would see triple digit moves in gold in either direction, but I pictured that years out...when there was bubble-like speculation with gold...
To paraphrase Yoda, don't underestimate the power of the dark pools. Futures can be leveraged much greater than equities, so you can control a significant amount of gold with little skin in the game. Combine this innate leverage built into the futures market with all that QE we love to hate, and you have a perfect storm where things like this gold crash can happen.
The wildfire came and now we can rebuild from a sounder base. It cleared out a lot of the underbrush...nature naturally has these built in mechanisms in dealing with weeds, whether they conduct photosynthesis or the Black Scholes Model.
Right, it is a paper market move down, physical market is a different story. The paper market will soon be a joke, it just about is now, few places will sell you anything at spot these days.
I bet they are.
Virtually every retail outlet across the country is out of stock and there are wait times for delivery. BC to Montreal and everything in between.
jclay2
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Just keep stacking and forget the paper price. PMS are not for speculation. They are insurance that should be set aside and hopefully never touched again.
edit: well not necessarily never tough again. Fondling one's pms is probably one of the oldest known traditions.
edit: well not necessarily never tough again. Fondling one's pms is probably one of the oldest known traditions.
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