The Gold and Silver Thread

[KissMy]

Gold & Silver are off again tonight. Trading opened tonight at 6:00PM & Gold is down $4.00 & Silver is off $0.35

 

[uscitizen]

Damn! Gold Eagles down to only $1,000 more than I paid for them.

 

[Alastair]

Hi, The Gold and silver are going beyond limits in price increase and still it is up going.It has been great investment in these two two metals resulting huge profit for investors.I have this opinion as I concluded.

 

[Toro]

I have established a small short position in silver. Both silver and gold look vulnerable here.

 

[KissMy]

I have established a small short position in silver. Both silver and gold look vulnerable here.

Gold & silver are acting squirly. I am short Silver & Gold also but it has been painful for a couple of days. After listening to Greenspan I don't see additional QE unless the economy nosedives. He also believes that the debt limit will not be raised by the August 2nd deadline. Tim Geithner will be stepping down. The government may be shutting down for a time. M2 money supply is not rising as fast as the QE of M1 money supply. Banks are not lending. Government will be trying new tools to get expansion going in the next month.

 

[Toro]

I forgot to mention that I covered my small silver short yesterday for a slight loss. The ECB changed its requirements for holding Greek bonds by saying that as long as any ratings agency does not have Greece as defaulting, the ECB could still own Greek bonds. This differs from past statements that if any ratings agency had Greece in default, it couldn't hold Greek bonds. Since I'm sure there will be some spineless compliant (and probably French) ratings agency willing to do what Paris wants, the ECB will no longer need to jettison it's Greek holdings. This is fundamentally positive for gold and by extension silver since it further debases fiat currencies. Plus, silver has had a clear bid underneath it over the past week.

The technical picture for both gold and silver remain problematic and seasonality is a negative but I will be watching for reentry points over the next month or two.

 

[Toro]

I reestablished my positions last week, buying silver as silver looked clearer to me than gold. It appeared there was a floor at $33. There is overhead at $38-39. Gold is hitting an all time high in euros today and sits near an all time high in dollars. I would prefer that gold back and fill over the next month but I will be adaptive depending on what the market is saying.

Given how poor my trading has been however, I might have just signaled a top in the PM markets!

 

[KissMy]

I went long Gold & Silver pre-market Tuesday July 5th. I have took a beating trying to short. The Euro is in such trouble that even when the US Dollar is up, gold is up. It really does not matter at this point if the US Gov shuts down or we have QE3. Europe will continue to drive precious metals.

 

[Zander]

Investors should stay in Cash. Speculators should take maximum Short on S&P 500.

 

[Toro]

I would be wary of any government securities if there is a default in August. Treasuries have been the default "risk off" play. If the risk off play becomes risky, you could see some real fireworks.

 

[Trajan]

I reestablished my positions last week, buying silver as silver looked clearer to me than gold. It appeared there was a floor at $33. There is overhead at $38-39. Gold is hitting an all time high in euros today and sits near an all time high in dollars. I would prefer that gold back and fill over the next month but I will be adaptive depending on what the market is saying.

Given how poor my trading has been however, I might have just signaled a top in the PM markets!

I have a project at the house I would like to get done. I am really thinking of cashing in perhaps a third of my gold held to get it done, I have a price quoted for the work a full third less than 2007 when I considered it last.

I have the cash but, I don't want to use it, I am not sure at this point how far gold has to run, vs. inflation comparatively it has not hit a "historical' high and things appear a great deal worse altogether than they did in say, 78.

decisions decisions.

 

[Toro]

I reestablished my positions last week, buying silver as silver looked clearer to me than gold. It appeared there was a floor at $33. There is overhead at $38-39. Gold is hitting an all time high in euros today and sits near an all time high in dollars. I would prefer that gold back and fill over the next month but I will be adaptive depending on what the market is saying.

Given how poor my trading has been however, I might have just signaled a top in the PM markets!

I have a project at the house I would like to get done. I am really thinking of cashing in perhaps a third of my gold held to get it done, I have a price quoted for the work a full third less than 2007 when I considered it last.

I have the cash but, I don't want to use it, I am not sure at this point how far gold has to run, vs. inflation comparatively it has not hit a "historical' high and things appear a great deal worse altogether than they did in say, 78.

decisions decisions.

Of course, after I made that above post, silver fell $1. lol

Story of my year.

 

[Toro]

Gold hit $1573 today, near an all-time high, on release of the Fed minutes. There is internal debate about QE3, with some members arguing for another round if the economy stays soft. This has taken the market by surprise as investors had thought QE3 was off the table.

Also it was reported that speculative net longs in gold have fallen to the lowest level since February, providing potential buying power to move gold higher.

 

[Trajan]

Gold hit $1573 today, near an all-time high, on release of the Fed minutes. There is internal debate about QE3, with some members arguing for another round if the economy stays soft. This has taken the market by surprise as investors had thought QE3 was off the table.

Also it was reported that speculative net longs in gold have fallen to the lowest level since February, providing potential buying power to move gold higher.

see my QE 3 therad

and I aint selling squat, gold today, gold tomorrow....the house can wait. Cha Ching!

 

[Toro]

Gold hit an all-time high today. Gold remains in a powerful, multi-year bull market. Announcements like this feed the precious metals.

I had gotten pretty long silver last week. I will look to get extremely long over the next while, given the increasingly positive fundamentals for precious metals. I'd like to see a bit of backing and filling first, though. Gold is on fire and could use a rest.

 

[Trajan]

Gold hit an all-time high today. Gold remains in a powerful, multi-year bull market. Announcements like this feed the precious metals.

I had gotten pretty long silver last week. I will look to get extremely long over the next while, given the increasingly positive fundamentals for precious metals. I'd like to see a bit of backing and filling first, though. Gold is on fire and could use a rest.

I agree, in sailing terms we got the puff we needed to move away from the pier of 1500-50 chains...

were are at sea again.

 

[KissMy]

Lets hear it for QE3!

QE3! - QE3! - QE3! - QE3! - QE3! - QE3!

 

[KissMy]

Bernanke actually thinks Gold & Silver are not money!

During the Q&A portion of the testimony, Congressman Ron Paul asked Bernanke if he thinks gold is money. Bernanke replied, “No. It’s a precious metal.”

Dr. Paul then asked why do central banks hold gold in reserves. All Bernanke could say to that was “Tradition.”

When asked by Dr. Paul if he monitors the price of gold – which today hit another new all-time record high, of $1,588.90 per ounce, amid speculation over QE3 – Bernanke responded that he does.

J.P. Morgan Chase & Co. will accept Gold as collateral.

J.P. Morgan Chase & Co. will accept Gold as collateral. Typically, banks accept only Treasury bonds and stocks in such agreements. By making the announcement, J.P. Morgan is effectively saying gold is as rock solid an investment as triple-A rated Treasurys, adding to a movement that places gold at the top tier of asset classes.

Moody's said it could cut the United States' prized triple-A credit rating.

I got news for Bernanke - Gold & Silver are Money!​

[ame="http://www.youtube.com/watch?v=JVArPiDebdY"]Gold & Silver are being accepted across Michigan[/ame]
[ame="http://www.youtube.com/watch?v=h4_ehBNlCL0"]I got news for Bernanke - Gold & Silver are Money![/ame]

 

[JackDan]

Great points people. Europe and the debt ceiling are definately going to push PM's up I believe in the next couple weeks. If we suddenly reach a deal on the debt ceiling, (doesn't look to good right now) PM's could fall but we are still looking at Greece defaulting which could could continue to prop up fiat currencies further.

 

[LordBrownTrout]

We're on a continuous trend now towards instability in the world. PM's will continue to rise.