TA Student
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Curious Downtrend – Something Larger Taking Place?
Okay, I think it is fair to say something is wrong with this picture.
Quantitate Easing is now official. We know that money is going to be printed out of thin air
to infinity if something positive does not materialize. We know this is likely to lead to hyperinflation,
and we know that the United States debt is going to continue to spiral out of control.
If fundamentals truly guided the price of silver and gold, both silver and gold should logically
be much higher than they are today. Yet, after a short uptrend rally, they are now being slaughtered.
The key question here is why.
Some say the problem stems from talks in Washington DC. Others say the problem is likely due
to selling in respect to year end taxes. Still others say it may be due to profit taking.
Personally, I think it may be a combination of all of the aforementioned and normal Cartel actions.
This being said, I must say the timing of this downtrend is just too odd. Surely something larger
is taking place. The question is what.
Could Dealing Coins Be A Felony?
Found out recently, from my cousin the lawyer, that possession alone of a stolen good valued over $1000 is a felony in the state of NC.
If you are just in the possession of the object, knowing or not knowing it is stolen, you are facing a felony. In other words, you could be completely unaware an object is stolen and still be guilty of a felony.
If the value of the item is below $1000, I think it is downgraded to a misdemeanor.
So, lets say you have a nice 1955 Doubled Die you purchased at a fair but decent price, and it turns out to be stolen, you are facing a felony. NOW, think of how easily this could happen when dealing with gold and it's high value.
You may want to check the laws of your state regarding this.
Know You Source and Common Practice
I would suggest that you find a good, reputable source from which to buy your coins. Also, learn some common safety things like checking for magnetism, certain common minting aspects, and the like.
I am fairly sure that places like Youtube will likely have some decent videos on this subject. Sometimes they are put out by dealers themselves, but even then you can glean good information.
As I Said Before - They Have Too Much Power
Milo3,
No question to it in my opinion. As I said earlier, the Cartel just has too much shorting power with the government being more than glad to help them by almost no regulation.
Also, keeping gold and silver down also tends to aid the goals of the current administration. Allow gold and silver to rise to where they should be and a lot of money goes out of bonds and into precious metals. Also a lot of money goes out of stocks and into metals. In short, they simply do not seem to want this to happen.
My opinion here as always.
GATA Catches Austria With It's Pants Down (Gold)
Might want to follow this - seriously.
http://www.24hgold.com/english/news-gold-silver-growing-clamor-about-monetary-metal-that-may-not-be-where-it-s-supposed-to-be.aspx?article=4146187012G10020&redirect=false&contributor=Chris+Powell
Kitco Is My Avenue
I am not sure as to a ticker, but I have heard there is one. Personally, I track it via a live web query in Excel. Each minute, all limited holdings are updated with the current spot price.
Kitco.com has a tab called something like All Metal Quotes. Scroll down the page and you will see the chart for the world spot price.
Sprott and Reasons for Likely Gold Increase
Worth a read IMO. Reminds us that some major countries are looking more closely at their physical holdings.
http://seekingalpha.com/article/1039411-eric-sprott-gold-could-move-up-500-from-current-levels
December 14th Is Deadline
SP,
I just viewed the 2012 Congressional calendar and the last day the Senate is active is the 14th. They officially adjourn on the 17th.
So, now to see what happens next. I have pretty much placed Dec. 29th as the last week I will have unemployment funds coming in. This said, a good job before then would be great.
As for silver and gold this coming week, I think Friday's major crunch is par for the course to scare some out of delivery. After it is over, I do look to see spot prices rise and previous resistance levels fall (unless something well orchestrated takes place which of course may well happen).
My Sister Has One Reason To Avoid the Cliff
To start, I totally understand the reasons one would give to go over the fiscal cliff. Cuts must be made at some point in the process, and further debt is economic suicide.
This being said, my problem is the people who will truly suffer if the budget is not reached. While talking to my sister today, I was reminded that a lot of fighting military people will not receive pay if an agreement is not reached. Add to this the millions of Americans who will no longer receive unemployment benefits, and two good reasons to avert the cliff present themselves.
Regretfully, the talking heads of the government are not the ones who will suffer if the new budget is not reached. They will not go hungry. They will not lose their homes. They will not lose their medical insurance. Quite frankly, I'm not sure they will lose any essentials of life.
Sadly, though some suffering from responsible decision-making is required, I feel those who will suffer are not those who most logically should.
Peace Out,
White Cobra
Will the Awakening Change Precious Metals Markets?
I think evidence of the manipulation of the precious metals markets has been present for some time.
Various parties have been pointing out the blatant manipulation for some time now. I think many
here have a good understanding of why the manipulation has continued the way it has. Yet, things may
change very soon.
I think the overpowering shorting ability of J.P. Morgan and other major commercial banks is one reason
why the precious metals markets have been so easily manipulated. I think the need to keep the American dollar it appearing strong in
this horrid economy has been another reason manipulation has continued. In addition to these, I also think
that certain parties may have been trying to divert investors away from precious metals and towards company stocks
and bonds.
With the sound of the runaway train whistle is becoming louder, I think some complacent parties may now be
re-examining their viewpoints of gold and silver.
Have you read about Germany's call for an audit of their gold reserves? Do you understand that it is likely inflation
will start to show its effects very soon? In Fact, some may argue that inflation has already shown itself at the grocery stores
and in the price of utilities. This being said, the aforementioned are not part of the government's official inflation figure.
As unemployment continues to run rampant in the United States, and while Europe seems to be disintegrating,
I think more Americans are realizing the picture that has been painted is in an inaccurate depiction of reality.
Beyond the United States, I think citizens of the world are also starting to see this as well. With this increasing awareness,
I am hoping a more accurate understanding of gold and silver are taking hold in people's minds. If this is so, I think
the winds make change.
Peace Out,
White Cobra
Some Buzz About Yesterday's Price Action
Seems even the normal sheep are talking about the odd price action yesterday. Could be that yesterday was so blatant that even a normal sheep could see it.
http://www.kitco.com/reports/KitcoNews20121129JW_pm.html
I Wish More Would Take Delivery
I only wish more parties would take delivery from the vaults. If what we suspect is true, talk about a catalyst for higher spot prices.
Decreasing Spot Values and My Change Findings
As usual, I think we will continue to see a decrease in spot price through Friday.
After the cartel scares people into not taking delivery, I think we will see a rebound in prices. Hopefully December will see resistance levels fail and spot prices increase. I would like
to see silver hit $44 and gold hit $1800.
By the way, I searched through $1000 worth of change yesterday. Out of $800 in quarters,and $200 and dimes, I found to silver coins. I found one 1964 quarter and one 1964 dime. Silver value is a little over $8.
Yet They Will Win? (Cartel)
Milo3,
In my opinion, the Cartel will continue to win at will until some event, or events, drives investors to invest at high enough volume to force their hand.
The Fed isn't going to bother their constant shorting, and they have the shorting ability. They have shown it over and over and over and...well, you get the point.
I think the current financial picture of the world will likely drive more parties, including governments, to increase their physical holdings. Also, the first real acknowledgement of INFLATION should do what QE3 was supposed to do already.
Either way, I see holding some physical as a smart thing for the time being. Until a world standard currency system is put in place, and it will be, I think PMs seem one of the most logical places to hold and preserve funds.
Don't They Mine the Bering Sea In The Spring / Summer
SP,
Just wondering if they do not mine in the warmer seasons of the year. Do you know if this is so?
Also, you are an experienced prospector. Would you go under the ice for the gold if you had the opportunity? Personally, I am not quite that adventuress.
December Options Coming Due
The expiry date for gold and silver options is coming up quite soon. So, I think there will be some down pressure by the Fed / Cartel to dissuade some investors from taking delivery.
Earlier, I do not think 90% of silver traders ever really cared about taking delivery. I felt they just traded the paper like any other trade in a lot of ways. Now, with Germany calling for audits and inflation just around the bin, I think the mentality may have changed a bit.
What do you think?
Depends On Your Purpose
For numismatic, and quick resale, I would go for Eagles.
For pure silver bullion purposes, I would go with Buffalos seeing how their premium is likely to be lower.
Interesting Finds This Afternoon
This afternoon I was blessed to be able to buy a $10 bag of broken odds and ends. As always, it is a bit of a gamble to buy these broken backs but often I am pleased with what I get from them.
The coup de grace was a nice bracelet with the following inscription: "T & Co. 925." For those who may not know what this means, it is a legal trademark for Tiffany and Company. A few months ago I found a Tiffany and Company pouch with nothing in it. I guess the Lord knew I would need one for the other. Based on recent prices on eBay, I figure I should clear around $85.
Also in this bag, I found an antique pendant full of perfume. The top part of the pendant unscrews, and the stem inside allows a lady to place perfume on her risk or her neck. From what I'm guessing, it is likely vintage and a nice find.
I guess the last thing to note is the "poison" ring. It is a regular ring that has a small hidden compartment in the front. In earlier times, these hidden compartments often contained poison that was placed into a person's drink to kill them or make them ill. Now, there more conversation pieces and collectors pieces than anything else.
Along with a few more sterling odds and ends, I think I have done very well on this bag.
Peace Out,
White Cobra
Things Seem To Be Looking Up
To say the least, I was very pleased to see where spot prices ended this afternoon for silver and gold. A lot of the better sources I have been reading have been calling for increases in the price by the end of this month with a likely extension into December.
Now that $33.50 has been broken for silver, I am a bit optimistic things may be on an upscale swing. This being said, I don't get my hopes up too high seen how the process are so easily manipulated.
As for investing, I have considered liquidating some of my traditional IRA in the beginning of 2013. Even though I would take a huge tax hit, I feel I might be better off doing some investing in precious metals before things get too nasty.
I too think that inflation will show its ugly head early in 2013. I feel that once the official word has been let loose by the government, you will see a big rush and precious metals. This being said, this would be the logical thing to do in the market has not been following a logical pattern for some time now.
From my point of view, I think viable options are shrinking in precious metals are looking better and better each day. Hopefully the market will also think this in the near future.
Volatility Isn't Always Great
For those who are accumulating a lot of physical, or for those trading paper, I can see where volatility could be a good thing. I can also see where this can be positive for people accumulating wealth through a metals backed IRA.
Yet, not everyone here has a job or the funds to do the aforementioned steps. Some of us are unemployed and unable to buy physical silver in large amounts or trade paper on a daily basis. Therefore, we like to see silver and gold maintain solid price ranges or increase in value. Some of us would like to make the amount of money others of us would consider spare change.
So, please remember that different parties here a approach precious metals in different ways. Maybe one day, when I get a job or acquire additional funds, I may see volatility in a more positive light. In fact, I am considering moving my traditional IRA to a metals backed IRA once I obtain a new job.
Until then, I and others may prefer to see spot prices go up instead of sideways or down.
Peace Out,
White Cobra
PMs Looking Terrible :)
Okay, seeing how things worked out after my other recent post, I might as well keep going with it.
My oh my, the metals are doing horribly. If they get any worse gold might break $1800 and silver might break $35.00. Goodness, I hope they don't get this bad before Jan. 1. :)
Let's Try Something Else
Well, I said it looked like $33.10 would hold and now it has fallen to $32.82. So, I am going to test a theory here.
SILVER WILL FALL TO $30.00 by tomorrow. Now, maybe it will rise. :)
Anyway, on a serious note, I think we may see some downside action by the Cartel with less volume due to the Holiday. We saw something similar after Christmas last year.
Free Listing With Mobile Program / PMs Range Bound
SP,
There is a promotion going now for a free listing as long as it is done with the E-Bay mobile program. So, I have about three gold bracelets I plan on listing using the mobile program via my I-Pod.
I now need to figure out how to take the pictures with my Canon 450D, load them onto the I-Pod, and use them in the listing. With no insertion fee, and now Final Value fee, I think I might as well go big with this one.
BTW, seems like silver is going to hold over $33.10 on spot for now though it has dropped as low as $32.80 today. Looks like gold is going to continue to be range bound for a while.
Placer Deposits and E-Bay Listings
SP,
I need to research exactly what Placer Deposits are but I think I have a logical idea. Are these natural places gold would be found like under heavy boulders or in the bends of streams?
Odd you mentioned that today. Earlier this morning, I and my dad stopped along the French Broad River at a point where a local trout stream runs into the river. I know the river bed is considered to be ancient and the river is one of only a few in the world that runs North. I saw a few people with mining pans very close to where we were about a year ago. So, now I know a simple place to look when it turns warmer.
As for E-Bay, how do you sell without seller's fees? Even on free listing events, I think the standard seller fees are charged. Also, another approach to listing I have found effective is to have a BIN at top value in conjunction with an opening bid option just a few dollars below the BIN.
For instance, you could have a 1964 Kennedy Half worth about $15. You could do a BIN for $15 with a starting bid option of $12.50. Often, someone will bid the lower amount to cancel out the BIN option and in hopes their low bid stands. Personally, I try to research my pieces and have BIN around going values.
Yes - I Plan On Listing Wednesday
SP,
I have a few pieces I want to have up for the holidays. I will likely put up some 10k bracelets tomorrow and have them come due around Friday or Saturday.
Hoping volume will help lessen my reserves and increase my very low bank account. :)
Want to See Spot Price at Close
I am waiting to see the spot price of silver at the close of the market today. If it holds above $33.10, I think it will be a good sign with lower margin calls taking effect.
Do the lower margins take place at the opening, or closing, of the US market tomorrow?
Maybe These Need To Draw In New Blood
SP,
The reduced margin calls could be an attempt to draw in new blood. From what I have read, they have not done very well lately at shaking out moderate to entrenched longs.
With the current OI picture, it is clear something is about to let loose. Thing is, I am not sure in which direction to be honest.
Hopefully, 1800 will be met soon. If it is, I expect a huge defense at this level by a lot of powers that be.
No November Rally Yet
Just a note that we have not saw the stronger rally we normally see in November. In fact, if anything, we are just seeing more and more downside pressure.
This being said, I do think the fundamentals will move it up sooner than later.
Just Window Dressing
If the CFTC has not done anything with the blatant manipulation as it is, then I seriously question if it will ever do anything.
With four more years of the same power structure and fiscal mentality, I am not optimistic we will see any form of justics any time soon.
American Socialism and PM Prices (Seekingalpha Article)
I find this article to be simultaneously encouraging and discouraging. If you have a chance to read, I think you will understand what I am talking about.
http://seekingalpha.com/article/999221-socialism-and-debasement-of-currency
Did Research on Navajo Piece
SP,
I understand that B Webb is a more modern Navajo silversmith. I have done research and found many pieces by him / her and they do note he /she is Navajo.
I do not like to list something as Native American unless I can confirm this seeing how Native American pieces do tend to bring higher prices.
Thanks for the information on Navajo pieces. I did not know the earlier pieces were coin silver and I did not know how they were crafted.
Waiting On Next Move
I want to see what kind of policies are now pursued by the Fed. Some think bi-partisanship will now take place more out of sheer desperation than anything else.
Personally, I think a band-aid might be applied to prolong the fiscal cliff.
I also think others are waiting, to some degree, to see if bi-partisanship takes place. If it does, and the economy does make some sort of real progress, I see PM prices going down. If they do not, I think the unavoidable reality of hyperinflation will move more money into the metals as long as they seem a safe haven compared to other investments.
Personally, I think now is the time for me to sell some gold and put some needed funds in the bank (and into groceries, property taxes, etc.) I have held for a long time, but now reserves are low and I am not sure if extended unemployment is going to be possible
If the Congress and Senate do not approve additional funding to the states, most people on extended unemployment will no longer have income as of Jan. 1, 2013. As illogical as it sounds, I think they may leave those in need high and dry.
On a positive note, I did find a broken 14k necklace this past Saturday and got it for a quarter (.25). Also, found a child's jewelry box at a Goodwill and paid $3.21 for it. In the bottom was a Navajo cuff bracelet with the maker's name and the word sterling on it. Look for around $25 on the small necklace and around $35-$40 on the bracelet. Not rich, but still nice to find.
Smart Thinking There
SP,
Yes, I think paying off debt is a very good idea at this point. I paid my debt off a few months back and have not regretted it.
I Am Waiting To See If It Holds
SP,
I am waiting to see if this rise holds over the next few days. If it does, I think the upper 30s are possible but just cannot bring myself to say $40 by the end of the year.
As for gold, the same approach applies.
I still have my sterling and gold and may soon have to part with some of it. Yet another doctor visit today and this time it was for my right thumb.
Turns out I have a form of tendonitis referred to as trigger thumb. He held off on a cortisone injection at this point, but I have read this ends up being the most common fix. I also know it is a very painful shot into the sheath tendon, and I am praying I do not have to face this.
I have asked people to pray for me.
Not Sure PM Will Do Well - America Either
Okay, it seems we now have another four years of a Federal government who will suppress PM prices at whatever costs. I just honestly do not think the Cartel will be overtaken at this point.
Granted, I think there will be a short-term rally. Yet, I think it will be created by the Cartel and will put more money in their pockets.
If there is any serious hope for precious metals, I think it will stem from the likely reality this election creates. In short, get ready for INFLATION like you have never seen before (at least for most people). Also, get ready for much higher gas prices and the crippling effect they will have on an already fragile economy.
Mixed Ticket
Yes, there are power changes coming up this week in China. I think there is also a Fed policy announcement due Friday of this week.
As for voting, I voted a mixed ticket as I normally tend to vote. I am part of that group the parties do not tend to predict that well; I am an (I) Independent.
Yes, Things Can Be Odd At Times
SP,
Yes, I totally agree with you. There are just a bit too many opinions out there for my taste.
Personally, I believe it unlikely that the Cartel to be overtaken any time soon. With the current system, and their evident unregulated shorting, they just have too much of an upper hand at this point.
Pointing to the near future, I am hoping to see a short-term run up in the metals. Long-term, I am hoping to stock up on groceries and living items a person would need if the bottom fell out.
And $1700 Falls on Mediocre Jobs Report
My oh my, now I see a support level of $1700 fall. The current bid is $1683 at 12;05 p.m.
Here are the dangers in my opinion. One, no real job creation seems to have taken place. Two, it is hurting PM prices. Three, it will add ammunition for the Fed to cut funding for extended unemployment in 2013.
So, I see nothing positive from this report. Sad to see how gullible people can really be.
October Employment Report - Just A Guess
With the election less than a week away, I just have a hunch how the numbers will likely come out.
If they do come out negative, I will be a bit surprised. Oddly, I would be glad in a few ways and sad in others. It would likely be good for metals and Romney, but bad for those like me still unemployed and wishing the economy was better than it is.
Wait On The Actual Drilling
Nice PR piece there, but I would suggest people wait on the actual drilling and results. Also, an actual buyback to reduce the float would be another good thing.
If you are a Wild West gambler, you might buy early. This said, I would be ready to pull the trigger the moment positive news came down the line and then buy and sell on percentages.