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On Second Thought - I Will Wait On Selling
Silver falls below $30 and gold falls below $1600. So, in short, I will keep my silver safely put away in the locations I have it as well as my gold.
I do not like to sell into a panic market if I can help it any more than I like buying in a rally. The old rule of not chasing a rally in the stock arena has some validity in the PM area as well.
ELK, as for a lower price, I think that is about as good as I can find. This being said, you may wish to wait this out a day or so and see if it goes a bit further south.
Sad Short Trend Seems Negative
I agree that the short term does seem a bit negative. With all the highs in the markets, investors are just finding more wealth in stocks and the like and do not seem to be all that concerned about risk at this point.
My problem is that I have a lot of sterling I need to sell but cannot get even close to a decent price in my area. All pawn shops, etc., are just crooks IMO paying around 40-45% of spot based on quotes they have given me recently. (I was asking and pretending like I was completely naive to it's value. In short, I was testing their responses.)
I keep thinking about Midwest Refineries but have yet to hear from anyone here, or otherwise, who has dealt with them directly within the last five to six months. My better pieces, such as Milano bracelets, should sell with no problem and at a premium. Yet, a good majority of mine is average sterling jewelry and the like.
As for my gold, my nice pieces should sell easily and above spot with my scrap selling at close to spot minus the seller's fees on E-Bay. Not really concerned about the gold. It should be a very easy sell.
Prices Still Slipping Today
Prices on gold and silver are again dropping today. Gold hitting 1635 is not really a good thing here and silver fell as low as $30.14.
Waiting on the COT. I really want silver to hold $30 if possible and gold around $1625-$1630 or I think potential for downside pricing will gain too much momentum.
Financial Advisor - Reason I May Sell My Gold
I was speaking to a financial adviser last week about options for my small 401k. He pointed out that he thought there was going to be some very high days in the market over the next year and a half due to the cheap money being produced by the Fed.
His advise was to look at companies I knew something about and which also were almost integral to the lives of most people. He mentioned a regional energy company (Duke Energy) and a good cell phone company (Verizon) as examples.
Now, I know that fundamentals are still very much in favor of PMs. Yet, I am seeing some very high volume in the market as of late. So, I am thinking now may be a decent time to sell most of my gold pieces, and some silver, and put the money into the bank (or something like some decent Morgans).
My view is that sentiment, not fundamentals, seem to control the PM market for the short term trend. Thus, with all this hub bub in the media about some mythical recovery, I think a lot of investors will move to stocks and the like and away from metals for a while thus likely dropping the PM prices.
If I had the luxury of holding a larger part of my potential income, I would likely keep most of my gold pieces. Yet, I am still unemployed and right now fiat is more useable by me. I am hoping to go back to school later this year if I can get some grants and also hoping to build some kind of fund for some basic medical insurance.
So, I am seriously considering selling most of the gold in the next week or so. Really not looking forward to it, but for me I think it is time.
I Have Had This Concern For a While...
SP,
In the past, I have posted my concerns that the historical factors which have made gold and silver as valuable as they are may be in danger.
If the economy continues to drag, and I believe it will, then there will likely be less industrial demand for silver and gold. Also, with less and less money in the hands of the middle class, it is likely that gold and silver jewelry demand will wain as well thus adding yet another weakness to the value of the metals.
This being said, if a lot of the world has their value built into gold and silver they will continue to have value more out of necessity than physical demand.
Forest Service Overstepping It's Boundaries
If all is correct in the video, it seems to me like a governmental agency is trying to overstep it's boundaries. Wouldn't be the first time and probably will not be the last.
I am concerned that liberal environmentalists may now push too far and have agendas passed which are just plain stupid. With the current cronies we have in office, it would not surprise if we see a bit more of this.
Sad that the people of the US have to take their monies to defend themselves against the same government that is supposed to be defending them.
Debate On Dredging In NC Has Existed
SP,
As you may suspect, there are quite a number of gold prospectors / hobbyists in the North Carolina. It is a state well known for gold bugs.
A few years ago a decent debate was going on as to whether dredging should be allowed in NC. It seems a lot of people where using mechanical dredging in some sensitive creeks around mid-state and some environmentalists were raising a pretty good stink.
Both sides had valid points. If I understand it correctly, dredging is not allowed on some waterways considered to be pristine. In short, some public trout waters do not allow mechanical dredging. To my knowledge, panning and the like is still okay on most waterways but those running through private property can still have some issues.
Chinese New Year and Cartel Jamming
Pretty much as suspected, the Cartel seems to be using the Chinese holiday to drive the prices down and trip stops on the Comex.
Oh well, same old song with a new verse I guess. Guess we will just wait until after the holiday and see how things go. Personally, I expect prices to go back up a bit.
Have An IPod App As Well
Just thought I might mention that they also have a nice IPad / Ipod app for the sight as well.
I like the sight as well.
Authors Name Should Have Been A Clue
I also first thought the article might be real but then the authors name is a bit of a give away.
Justin Thyme --- "Just In Time"
Fairly decent AP style writing though. Not a bad spoof.
Careful in Mexico
SP,
Careful south of the Rio there my friend. It was once a nice thing to drive into Mexico for a change of pace but has become much more dangerous as of late.
Though in NC, I have a lot of Texas roots. Heck, I was born there.
Be careful and might go to Taxco if in that area. Nice place for silver as I understand it.
Anyone Saw Platinum Activity?
Seems to be some interesting price activity in platinum over the last little while. Does anyone here deal in platinum in any way?
Really Liked The Video - Shared It With My Dad
I really liked that video and shared it with my dad.
I am wondering why so much was found where it was found at. I am assuming it was a buried savings that was forgotten and which was eventually flooded by the river. Likely a hoard only one person knew the location to and who likely perished before the information could be passed on.
Any other theories?
If They Are Willing To Pay
You know the old addage. Something is worth what someone will pay for it. So if someone is willing to pay that exuberant price, more power to this guy.
Personally, I think it is a bit too high and simply ignore it.
Is It Worth Slabbing?
Is it worth slabbing? Would it be worth the investment? If so, might consider it at the great price you got it at.
Yes - I Like Morgans Over Bullion As Well
WER123,
I am with you on this one. I do not like having such a premium in bullion coins which can sway too much up or down due to paper silver manipulation.
I prefer Morgans seeing how they tend to hold decent value if the price of silver does go down. Also, I know there is a premium on them but if one is diligent one can pick them up at nice prices.
Recovering Gold from Gold Filled Pieces - Aqua Regia
Does anyone here have actual experience using Aqua Regia to recover gold from gold filled pieces?
If so, would you recommend getting the equipment to do the process? I see the basics would run between $200 and $250 depending on where they are purchased.
I Looked At Them - Still Unemployed
SP,
I looked at the 2013 Proof Eagles and they are nice. I would like to purchase one or two, but I am still unemployed.
Nice to have in a collection. Maybe later if something improves.
Thanks Everyone - Nice Silver After Cleaning
I went ahead and did some light cleaning on the 1964s and they have came out quite nicely. I am happy with them.
I plan on going back this week and opening an account with the bank I found them at seeing how I have heard they are good for ordering halves from the Fed. Also, I would like to see if they have some in their vault someone may have brought in.
Also, seeing silver rise today was nice to see as well.
Until Physical Overtakes Paper
SP,
Until some catalyst takes place to make physical worth more than paper, the Cartel will continue to control the market through illegal, shady methods.
On ABC news this evening, they were showing how house prices have increased nicely over the last 10-12 months. In the face of endless paper printing, the evening news is trying to paint an optimistic picture of the economy I guess.
Point is that if they can continue to convince Americans things are getting better, you will see high DOW days like today and ammunition to take down PM prices.
Problem is, it seems a lot fewer people seem to be believing the story any more. Tried to buy Eagles lately? :)
Nice Find Today - Silver Halves and a Proof
While at a bank today, I asked if they had any half dollars when I picked up a few rolls of dimes. Both tellers had some halves, and one noted the color was different on some of hers and she thought they may be silver.
Final count turned out to be eleven 1964 Kennedy Halves and a decent clad 2005-S Kennedy Half. I will take silver and proof coins at face value any day.
Yes - I Am Reading More Opinions Silver and Gold Will Decrease
I have been reading more opinions saying that some economic growth signs are appearing and that things are going to look better for investors in stocks, etc. than in PMs.
Also, some are saying a multi-year rally will have to correct itself sooner than later.
If the media can convince investors that things are better in other pastures than PMs, I see some downside pressure on PMs. This being said, the looming reality of inflation is here and this may keep enough buying pressure present to prevent too dramatic a drop.
Area Could Be In Union County, SC
SP,
The place they are prospecting could well be in Union County, SC. It has gold mining history, and I am fairly sure the Appalachian range extends there.
Either way, they sure seem to know what they are doing and there is a lot to be taken in.
Thanks for the links.
Just Wondering Why We Don't Mention Platinum
You know, it seems most of the discussion here revolves around gold and silver and it does make sense seeing how these are the two precious metals we are more likely to possess and deal with.
In an article I read earlier today, the point was made that platinum might be a safer haven than gold or silver if some type of confiscation scheme was hatched to take gold and silver from citizens.
Historically, platinum has been worth more than gold and I understand it is much more rare than gold.
Personally, I am starting to think confiscation is not so likely as some may think. When it was done before, the US dollar was backed by gold and now it is not. Also, it would take a lot of time and effort for the government to enforce when there are a lot easier targets than can be taken with the flip of a few electronic switches. Wouldn't 401ks, Social Security, and large bank accounts be easier?
Maples in the US Aren't Legal Tender? - More Below
SP,
I should have phrased my question more clearly. Though the Maples are $5 Canadian legal tender, it is my understanding they have no legal tender value in the US - that is unless they are converted into US currency.
Thus, if they are not a US legal tender coin, could the US government confiscate then as just another silver round? On the same reasoning, could Canada take Eagles from their citizens and treat them as general silver seeing they are not legal Canadian currency?
On the matter of confiscation, I guess the government could pretty much confiscate just about anything they wanted if they so wished. So, the question I have asked above is only important to me if the government makes an exception for legal tender silver and gold coins.
Could Fed Take Canadian Bullion Pieces?
As many here know, there is evidently a legal avenue for the Fed to take gold and silver from citizens if they so see fit to do so in the future.
Some say that they could not take US Silver Eagles and the like, seeing how they are legal, monetary pieces.
Do you think this would apply to Canadian currency pieces being held by US citizens?
Just a question that arose when considering Eagles vs Maples.
Silver Aided By "False" Optimism - Unlike Gold
I think silver could be aided by the idea that the economy is actually turning around. If people believe this, they could see more silver being used in manufacturing.
Now, add to this those holding silver to help offset inflation and you have a decent scenario set up for silver.
This being said, silver will only go as high as the Cartel allows it to go for the time being. In fact, I think we will see weaker prices for a few days now.
The agreement to increase the debt ceiling for a few months did surprise me a bit, but the decrease in spot prices did not. I posted earlier that I thought this would happen. Now, with normal futures related activity next week, I think we can expect a softer market for at least a week or so. The unemployment rate today did not help either.
And There Are Ways to "Mine" E-Bay
Just a note that there are some techniques to "mining" some good silver on E-Bay.
Yet, as we all know, you can tell all you know. :)
Topography Is More Mountain Like Most of SC
SP,
I am very familiar with the topography of local creeks seeing how I am a trout fisherman who will go to places others may not to get some nice fish.
The topography of the creek makes me think they are in a stream very close to the NC border. It looks very much like a mountain based creek to me. I would say it is in a county were the Appalachians are extended into the edge of SC. I would have to do a bit of research to determine which areas, but I know the choices are actually quite few.
I am learing from these videos. The tree structure in the first video is very much like one I know in a close trout stream in my area. In fact, one could pass for the other short a few minor things.
I am not sure if gold could be in the creek, but it would not surprise me. The more likely place would be miles up the creek where it runs down a mountain at a pretty steep grade.
Now I just haft to take a pan with me.
Maybe Silver Is Becoming More Important
Granted, if they continued production and put orders on hold, the it would likely translate into more money in their pockets.
Then remember what money we are referring to. It is money that is becoming worth less and less each day as more and more money is being printed with nothing to back it.
So, might they be holding back on silver instead of gaining money worth less and less each day?
International Digital Currency Backed By Gold
I think what may well happen is a standard world currency backed by gold.
I think the US dollar will still be traded as will the Yen and other currencies. I just think they will all be worth a certain amount of an international standard currency.
In short, if the new standard is called Dead X, then the US dollar would be worth 1/3 a Dead X while the Canadian dollar may be worth 1/2 Dead X.
The writing is on the wall with more and more countries calling for something similar to this.
This Seems Like a Bear Trap To Me
Something about the shortage of Silver Eagles, the upcoming debt ceiling talks, and the gradual increase in PMs has me thinking this is a bear trap.
I would not be surprised for this to continue to a bit longer and PMs to continue to rise. Then, something will likely happen to drive them back through the floor again.
I think each time this happens, the powers that be hope a bit more resentment is created in investors who are trying to use gold and silver as a form of financial stability or monetary growth.
This being said, I think holding US silver and gold bullion coins is a good idea for the time being. After all, they are both legal currency and bullion.
I Do Not Think It Is A Physical Shortage
My thoughts are that there is plenty of silver and not a shortage at this point. I think it is more a sign of overwhelming demand they did not expect.
What this says, at least to me, is that a lot of parties see reality and not the mirage of normalcy being projected by the media and those it is protecting.
Likely Start In Old Church Locations
I plan on cutting my teeth, as it were, by taking my White's and going to old church locations. Also, likely to find old school areas which may not even resemble school areas when looked at today.
Luckily, my dad was raised in Western North Carolina most of his early life as was most of his family. I can talk to him, and old timers, and find out a lot which may not even be in text books.
Another place I plan to go is a local trout stream which is more like a small river. It comes out of East Tennessee and into NC and a friend of mine says he knows a person who has found a decent gold nugget in it. Good thing is, I have never saw anyone panning on it.
So, I will likely take my fly rods and pan with me next time I go.
I have thought about taking the detector with me next time I go to the Outer Banks. I have heard it may be illegal in some areas, yet I saw a person doing it this past year and nobody said anything to my knowledge. I will have to find out the specifics before scanning there.
My Error - It Was In Australia
Sorry about thinking it was Canada. When I saw "Victoria's West" I took it to be Canada. It turns out, it is Australia.
I Think Morgans Silver Dollars Are One Candidate
Auroradude,
Personally, I like the Morgan Silver Dollars in your given scenario. I feel they have a stronger following than many other US coins.
In addition to their silver content, they tend to have good numismatic value as well and their value tends to hold despite market ups and downs.
Right now, given the choice between a nice condition Morgan or a bullion piece, I would choose the Morgan.
Looking Forward To Using My Whites
Makes we want to go out, even in this cold weather, and use my White's metal detector.
Could you imagine finding a gold nugget that large?
I wonder how much he will clear at $300,000 after Canada takes its taxes out? Does anyone know the Canadian tax structure on such things?
Fed Is Not Going To Allow Gold To Be Rattled
I simply believe that the Fed is not going to allow the gold market to be rattled too much seeing how it is them who seriously benefit from it's manipulation.
Also, from what I have read, the Germans are not bringing huge amounts back to Germany at one time. It seems they are bringing small amounts back over s given number of years. So, even if the gold has been misappropriated, the countries involved have plenty of time to find enough to ship.
In short, it seems the German government did enough to quieten to calls of it's people for the time being. We will see if their current move will be enough to pass-ivy them for a while.
Germany Likely Just The First
I think more countries will follow suit after Germany starts the ball rolling. If there really is a shortage of physical gold, like many think, this could get really interesting.
Now to see how this plays out over the next 24 hours. I think information provided in the official announcement later today will be carefully scrutinized.
Just Insertion Fees On E-Bay Though
SP, I also receive the free listing options on E-Bay but find the .50 incentive to be a bit trivial. Plus, I tend to list most of mine as BIN sales.
For me to list, even with a decent level starting bid, still means around 3% more in fees.
This being said, I have been trying to find some decent silver buys over the last few weeks. I think some strategic searching for sterling related items is likely the most favorable. It seems everyone finds the coins and they go quite quickly.