Is it time to buy silver and gold?
 

IDK, Silver closed at $30.98 today. Gold biggest one day drop in 5 years

Like 1.5 / 2 yr ago someone posted here about buying gold and no one took him serious

Buy as much as you can and come back to this thread in 2 years.

It might not be the most profitable investment, but it will be the most risk-free

dropped 8% in 3 days, lot worse than the stock market.
might be a good time to buy..

Good luck catching that falling knife.

Thought it was more. It's 30.98 right now

People are paying at least $5 above spot on ebay. Stupid or what?

Yes, BUY TOMORROW and sell in to 2-3 days. Seriously

Good time to buy stocks and real estate but gold and siver have probably gone no?

I dont know ... Just took possession of 10k of Scrap computer memory for the gold and silver content and i was lucky i bought it from an idiot or else i would be hurting with the large drop ....

About a year and a half ago I was telling people that gold will go through a big drop and then in 6 to 12 months it would go way way WAY up, and when it did, it would mean we were going to be in for some VERY hard times. I was hoping that this wouldn't happen, but now I'm afraid that it will and it's going to be ugly. We ain't seen nothin' yet. :(


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Silver dropped almost 50% in one day
http://stockcharts.com/c-sc/sc?s=AGQ...28644418&r=846

Spot is for 24k pure gold. Gold nuggets aren't 24k but buyers pay a premium for nuggets do to their rarity. Most of the nuggets I buy on ebay are between 16k and 20k. If I ever want to sell I can just melt them.

Buying a train on the edge of the mountain slope.
Marvelous...

Are you talking about the US dollar? Yes I agree. It is very liberating to actually own a few rolls of shiny metal because it has actual value and is not backed by a government controlled by thieves and the whores who serve them. Most people who promote metals are not suggesting you sell everything and put into gold or silver but it is wise to have a little bit. Most people still do not own any.

That was to be expected. The Fed tried to flatten the yield curve by selling shortterm debt and buying longterm securities. Their "possible 'significant risks' to the US economy" statement, combined with the negative news from China, the news about the Greek situation, the comments by the ECB chairman about the possible collapse of the Euro and you've got yourself a selling spree.

Now throw in some leveraged hedgies with balance sheet pressures and you've got lots of people selling of their gold positions to raise cash or meet margin calls in other markets.

Long term prediction: gold will continue to go up.

Short term: difficult to say, the need for cash in other sectors and the recent uneasiness may cause gold to drop some more.
On the other hand, there's plenty of people who've been waiting for an opportunity like this to stock up on physical gold (especially the Indians and the Chinese) and this would cause pm prices to go up again.

Some other directions this can go:

- unemployement levels increase
- people have less to spend
- they realise theres no cash left
- they cant pay groceries with gold
- they realise they spent their savings on gold
... Or they get impatient and want to buy shit...

... They think shortterm, cash in their gold cheap, and prices drop.

I called this silver correction almost 2 weeks ago, except I forcasted it would go to about $34.00 .... and I advised my clients to wait until it got as close to $34 as they could ...

The fact it went to $30.98 just means that those of us that were anticipating the correction, can buy that much more now! :thumbsup

Yeah that's my thoughts exactly. I'm trying to buy as much as I can on ebay, but fucking idiots are bidding up to 35 and even more. I'm buying 90% junk us silver coins and my absolute max above spot on this is 5%. But for every 10 bids on ebay I make at this 5% above spot 9 of them I get outbidded on. People seem willing to pay $35 a ounce even though its at $31.00 right now.

Choker, you'll never pay spot price for physical. There's always a premium, especially for coins, but you'll also get a premium (not as much) when you sell, so it works out pretty close. On a lot of PM forums, people are saying coin shops are sold out all over the place, so the premium increases as physical shortages also increase.

Probably the best place online is http://www.tulving.com/goldbull.html Site looks crappy, but they have the best prices, are totally legit and you get free overnight shipping.

From 10 to 50, you're looking at a Fibo retrace of 62% to about 26, unless 30 was the spike low for a 50% retrace.

If the bears stay in control to 26 and bulls cannot get control there, then the next level down is 22, then 18.

http://www.finviz.com/fut_chart.ashx...ot=084691&p=w1

Also, if you're dead set in buying, don't blow all your wad right now. Tuesday is Comex options expiration and I'll almost guarantee they're going to beat the fuck out of it on Monday and Tuesday. I have puts on SLV and plan to sell into expiration.

History Repeats
 

There is no telling if these are minor corrections, the beginning of a great rush or the end. But they are called economic cycles. Just look up Wikipedia for the Silver Panic of 1893. It also happened in 1873. Thing is now, everything is magnified by the Internet.
Joseph Kennedy, (JFK's dad), sold all his stocks before the '29 crash. his quote was "when the shoe shine boys give stock tips, it's time to sell."
Zoom to 1980, the Hunt brothers want to corner the silver market. Silver went to (don't quote me), about $40 per ounce. When metal prices get too high, everybody sells grandma's silverware they inherited, and unprofitable mines, suddenly open and work overtime. There's more metal than fools.
Quit looking at porn long enough to read one book on economics. Gold & silver may be over or have a long way to go. Same as Bitcoins. But you are playing a game of Musical Chairs. Sooner or later the music will stop.
Didn't say there was opportunity, just be aware of the risks.

When the music stops it's gonna be awfully quiet. :Oh crap

7 months late

I think next weeks market will be dictated by what the EU says they are gonna do about Greece.

Could someone explain why you'd want to buy gold in the first place? I know it holds it's value and is the least risky of investments, but I could turn a better profit just gambling $50 here and there on stuff until I find something that works. Why hold up $10,000 in something for years just for a couple grand profit?

Say HELLO to the double dip recession. Once ITALY goes tits up, its GOODNIGHT, EURO, HELLO YEN.

There is a silver lining (pun intended) in all this... the return of the gold standard (or money being backed up by real world value)

Despite what Ron Paul says, having the dollar back by gold is a terrible idea. The two largest producers of gold are China and South Africa. There's no way in hell that anyone in their right mind would willingly give those two countries the ability to control our currency. Like you said, if it's something backed like a commodity, it should be something that we control in the U.S., coal, even corn would be better.

100.90 is next leg down for EURO/YEN which is currently is at 102.90 and has been probing for new lows.

91.33 is the October 2000 low on EURO/YEN

Return of the gold standard?
That works out real well for people holding billions of bricks.
For the rest of the people, it don't work out so good.

The US already has the largest gold reserves in the world.

I think at least a partial backing will have to happen. Maybe even other commodities as you suggest, or a mix of them. Something will have to give, as the current ponzie scheme we're in has no other long term outcome but collapse. Maybe not next year or maybe not in 10 years, but sooner or later the make believe merry-go-round is going to stop.

We've only been off the gold standard for 40 years, which really isn't a long time. Before that it was off from 1933 - 1944, but they went back to it and kept it there until 1971. Time to go back (to something) and lose the fiat currency.

In regards to China and South Africa being the largest producers, I guess the Americans will need to get back to mining, and fast. I'm sure there is still plenty of gold in them there hills!

lol wow that was a big drop in gold. its just an adjustment tho. didnt the US adjust inflation rates this week or something? the whole economy is still in the shitter tho. gold will rise again by end of year (or month)..

Go 49ers! :thumbsup

i still wanna titty fuck your avatar :thumbsup

Simple. Gold has went from $600 to $1800 in 5 years.

A good friend of mine writes for several coin and investment periodicals and he is predicting $50-$60 an ounce silver by the end of the year. Knowing his past prediction successes I'd say buy silver now that it is around $30 per ounce ... you can't go wrong. Google Pat Heller and you will find lots of mention of him. I'd say BUY BUY BUY

one does not buy gold to make 'a profit', one buys gold to protect one's assets against inflation.

Gold for inflation is flawed.. look back in the 70s and 80s.. you buy Gold because all the Fiat Currency will all devalue with all the stupid debt the politicians accumulated over the years and not a single currency is worth shit without Gold's backing.

Gold is a currency, not against inflation... Silver is secondary and all investment are flaw ...Silver is used as an industrial metal more than precious metal

Buy Gold again when the Bernake or ECB print money again, thats when you buy

you dont buy things when they are on sale, you buy mainly because there is a reason to do so ... it can drop another 20% ... no one will know ... watch the big mouth from the central banks.. thats the green light

I could take $10,000 and turn it into much more than $30,000 over 5 years.

Someone else said it's not for the profit but for the asset, and then someone else posted a reason to disagree with that..

Idk, I clearly just don't get it lol. I guess people just don't know better ways to invest their money..

You must be joking with the comparison, Bitcoin has been around for couple years, USD has been around for couple 100 years, and gold & silver have been around and valuable for 1000's of years straight.

:error If you could turn any 10k into much more than 30k in 5 years, without gambling, then you should be enough smart to get it why 99% of people can't do it.

LOL interesting investment strategy you have. 10% a year sounds good to me