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Today gold closed down $25.10 at $$769.90 and silver closed up .30 at $10.03. For the two days gold is down $13.00 and silver is up .68.
Kevin, gas dropped .25 per gallon the two days after we talked about it. Gas is now selling at about $2.90.
The silver lease forward rates are starting to put pressure on the paper players.
Silver drops .19 in the 1st five minutes of trading in NY.
Today gold closed up $12.10 at $795.00 and silver closed up .38 at $9.73
Today gold closed down $21.40 at $782.90 and silver closed down .30 at $9.35. For the week gold closed down $67.00 and silver closed down .82.
Today gold closed down$43.80 at $804.30 and silver closed down .60 at $9.65. So far this week gold is down $45.60 and silver is down .52. The gold/silver ratio is currently 83.35.
I lived near Minneapolis in the 60's. Brooklyn Park, Wayzata and a town across the highway from Bloomington Stadium.
Where do you live, Kevin. It is about $3.29 here in western Washington State.
Kevin, sorry. I have no idea. I have never seen it happen this much. At the present time gold is down about $50.00 this morning and silver is down about .60. When silver gets down to .10 per ounce I plan to buy another million ounces. lol! I have never seen any commodity with the obvious supply/demand deficit that silver has do so badly. When world industrialization repairs itself there will be a tremendous demand and price increase in silver.
Today gold closed up $13.50 at $848.10 and silver closed down .71 at $10.25. So far this week gold is down $1.20 and silver is up .08.
At the present price, ($10.42), silver is still up .15 so far this week. Gold is still down $4.90 even though it is up $10.40 today at the moment.
Today gold closed up $2.40 at $834.60 and silver closed up .29 at $10.96. So far this week gold is down $15.30 and silver is up .79.
LOL!! I'm having a senior moment. Now I'm not sure. I know that there were 1.28 quadrillion in derivatives in total in US financial institutions so I believe that Langlui's figures are correct. And don't worry about asking for clarification on anything that I say. I am quite capable of being wrong from time to time.
I believe that it was about two months ago. They have gone from bad to worse.
Right! But apparently J P Morgan/Chase has been working on it. A few months ago they had over two-trillion in derivatives. The government has already helped them once and quite possibly, with further help from the government coupled with their quite good cash flow, they can work themselves out of this mess.
After taking a look at some of the things that Citibank and J P Morgan/Chase have gotten themselves into I don't believe that the 700 billion will bail these two out without even considering the others. It looks to me like the cash flow of J P Morgan and Citibank is the only thing that is currently saving them.
Kevin, not quite this high but close but not for decades.
Today gold closed down $17.70 at $832.20 and silver closed up .50 at $10.67.
Thanks Kevin!
MBoomer, I agree! All I said was "wait a few days", meaning, wait until it turns. I don't understand the US dollar strength during the past couple of weeks. It will not last.
I would wait a few days. The Canadian dollar fell .0714 against the US dollar this week and is now .8523 after being $1.10 in May.
I don't know what to think anymore. I don't see how it can. It is silver that is the hardest PM to buy. I believe in the law of supply and demand but it is not working while the manipulations go on.
Today gold closed down $62.50 at $849.90 and silver closed down $1.90 at $10.17. For the week gold is up $15.10 and silver is down .99. The gold/silver ratio is 83.57.
Kevin, you probably won't understand why but I am loving this even though I am losing about five figures every heartbeat. lol... I know that silver is getting more scarce by the day and any amount of manipulation is not going to change that. I plan to grab up a couple of stocks when the bleeding stops. Some are extremely over sold.
Atotalbum, that is the next best thing to bullion. They are suppose to have 100% storage to cover the silver sold. I still prefer to have the bullion but it just is not available in any quantity.
I am quite familiar with Northgate and feel that an investor has a chance for a much better percentage of return on NXG that any of the others that we have mentioned today. It's just that companies like GG are a safer investment. I'm not very familiar with Eldorado and have no useful opinion.
I believe that you are right in that all should do very well in the long term future.
langlui, My favorite has been GG for a long time. Goldcorp just keeps growing.The company bought Silver Wheaton a while back and more recently bought Gold Eagle Mines. They have over one-billion in cash very little debt. They also pay a dividend 12 times each year.
Next would be Kinross followed by Goldfields and then Yamana.
Kevin, the precious metal stocks are really taking a hit right now but everything indicates to me that this will turn around in a big way. Some stocks are lower than I thought that they would ever go, ie SRLM.
The idea that even the US is having trouble buying PM's should tell us something. Those coins that the US sells every year are a big money maker so when the demand is great and they still stop minting them it is for only one reason, the PM's are not available. Simple supply and demand economics. This looks to me like the lull before the storm.
Today gold closed up $19.40 at $906.50 and silver closed up .21 at $11.63. So far this week gold is up $71.70 and silver is up .61. The gold/silver ratio is 77.94.
That's ok. You will do fine in the long run but I have been a fan of GG for the past few years. I know of no other mining company with as good a management team as GG. Hundreds of millions in cash and very little debt.
By Frank Tang
NEW YORK, Oct 7 (Reuters) - Unprecedented demand for
precious metals and volatile markets forced the U.S. Mint to
cease production for the half-ounce and quarter-ounce popular
American Eagle gold coins for the rest of this year and to
supply other bullion coins on an allocation basis.
"Due to the extreme fluctuating market conditions for 2008,
as well as current market conditions, gold and silver demand is
unprecedented and the demand for platinum is unusually high,"
the U.S. Mint said Monday in a memorandum to its authorized
coin dealers.
"The U.S. Mint has worked diligently to attempt to meet
demand, however, blank supplies are very limited and it is
necessary for the U.S. Mint to focus remaining bullion
production primarily on American Eagle Gold one-ounce and
Silver one-ounce coins," the Mint said.
The Mint said it would continue to supply one-ounce
American Eagle gold coins and one-ounce American Eagle silver
coins on an allocation basis to coin dealers.
For half-ounce and quarter-ounce American Eagles, the Mint
said that inventory was depleted last week and no more coins
would be produced for the rest of 2008.
In addition, the Mint said it would produce 1-10th ounce
Eagles based on current coin blank supplies, but would cease
production for the rest of this year once the remaining
inventory was depleted.
Produced from gold mined in the United States, the 22-karat
American Eagles have been novel items among collectors and
investors since their introduction in 1986. Each coin has a
face value of $50 but it is sold by authorized dealers at a
premium to the price of gold.
AMERICAN BUFFALO, AMERICAN EAGLE PLATINUM
The Mint said it would continue to supply 24-karat American
Buffalo one-ounce gold coins based on current blank supplies,
but would halt production once the remaining inventory was
out.
The Mint had suspended sales of the Buffalos in late
September due to strong demand and inventory depletion.
Similarly, the Mint said that all denominations for
American Eagle platinum bullion coins were depleted last week,
and it would halt production for the rest of the year once the
remaining inventory was depleted.
Coin dealers from the United States to Canada have recently
reported a surge in buying of bullion coins.
Gold has soared as much as $200 in the last 30 days as
panic investors flocked to gold as a worsening global financial
crisis prompted people to seek a safe haven.
Today gold closed up $31.80 at $$887.10 and silver closed up .53 at $11.56. So far this week gold is up $52.30 and silver is up .40.
Today gold closed up $20.50 at $855.30 and silver closed down .13 at $11.03. The gold/silver ratio is now 77.54.
I agree with you Kevin. I don't believe that the dollar strength will last very long.
Kevin, the lease rates are now too high to be a viable turnover.
This means that in 30 days there will be a tremendous amount of pressure on the shorts to cover. It will start with the 1 month then go to the two month and so on. This is if the lease rates stay above the 1% level.
Kevin, I believe that it will not happen for very long. Every time in a long term bull market in the past silver has out performed gold. That coupled with the shortage squeeze in silver will make a dramatic change. The construction in China and the supply demand deficit will demand higher silver prices.
At one time silver was up .90. The euro lost 5.44 cents this week against the US dollar which is the largest weekly drop that I can remember.
Today gold closed up .30 at $834.80 and silver closed up .31 at $11.16. For the week gold is down $43.00 and silver is down $2.15.