The day's price movements

ancona

Praying Mantis
Messages
3,370
Reaction score
1
Points
0
Location
Waaay south
Silver feels sort of range-bound. It's like an epic battle between the forces of evil and the forces of...well......evil.
 

pmbug

Your Host
Administrator
Messages
7,649
Reaction score
77
Points
203
Location
Texas
The metals just feel cheap right now. I couldn't resist swinging by my LCS today and getting some shiny. I also finally pulled the trigger on a few Niue Island silver bars.
 

DoChenRollingBearing

Yellow Jacket
Supporter
Messages
1,275
Reaction score
0
Points
0
Location
SE USA
...

To an extent, I have been taking advantage of the gold price drop to buy a little.

My last purchase (and first "numismatic" one, although my coin is not rare at all) is a US $5.00 gold piece, 1898-S, about VF condition, cost me $375. Just to get a toe in, maybe I will collect some more...
 

11C1P

Yellow Jacket
Messages
1,006
Reaction score
10
Points
153
Location
North Dakota
Just placed a small order and will probably place a little larger one tomorrow. Just like with ammo, I go with the theory of buying it cheap and stacking it deep. When it gets back to $50/ozt again I'll be bummed that I can't get as good of deals, but I'll at least know the value of all my sunken boats have more than doubled.
 

pmbug

Your Host
Administrator
Messages
7,649
Reaction score
77
Points
203
Location
Texas
Watching the metals move higher today, I'm thinking I should have bought a little more than I did yesterday.
 

ancona

Praying Mantis
Messages
3,370
Reaction score
1
Points
0
Location
Waaay south
You know 'Bug, I have watched the Boyzz and their silver/gold action for a number of weeks now, and for some reason they seem to want it capped in a tight range. It's like they know someone holding a huge position that they want to put to sleep, so they're capping the metals between two tight numbers to shove one up someone's ass.

Silver especially, has been kept in a tight range between about 19.00 and 20.25. this is a long time as far as i am concerned without any significant movement on either side of those numbers.
 

pmbug

Your Host
Administrator
Messages
7,649
Reaction score
77
Points
203
Location
Texas
Any obvious reason for todays big drop ? :flushed:
Eric King: “James, what are your thoughts on the gold and silver smash today?”

Turk: “Well, it’s another option expiry day, Eric. Today just repeats the pattern that we’ve seen time and time again over the past couple of years. At the end of the month in order to make as many of the call options expire out of the money as possible, you always see the price of gold and silver slammed on option expiry. And these are call options that are sold by the bullion banks....
More: http://kingworldnews.com/kingworldn..._&_Silver_Plunge_&_History_In_The_Making.html
 

rblong2us

Yellow Jacket
Messages
2,187
Reaction score
41
Points
163
Location
off world
Thanks Bug.

There was a time when we got all excited about biggish price movements and discussed them in great detail.

Are we now reaching a point where we no longer care ?

And does this indicate a turning point ?

or have we already discussed this ad nauseum ..........
 

pmbug

Your Host
Administrator
Messages
7,649
Reaction score
77
Points
203
Location
Texas
Yeah, I don't stack as an investment, so near term spot movement doesn't really matter to me. Nothing I've seen in the news has dispelled my view that our current monetary system is on borrowed time and hard assets will be essential to weather the coming storm.
 

CoinExplorer

Fly on the Wall
Messages
44
Reaction score
0
Points
0
Location
Tampa, FL
Bug has it right. We'd worked our way WAY into the tight corner of a triangle pattern, and almost all the DMAs were within $15 of each other. I called it last Friday that we'd see a bust out AFTER the options expired, and that's what happened.

Curiously enough, I saw reports that the gold ETFs bought the dip yesterday. That leads me to conclude that someone, at least, sees this as a short term drop. $1262 was the 62% Fib retracement from the March high, btw, and seems to be holding this morning.

There are some that have been calling for a retest of the December low before we can take off, but market opinions are like shopping for ice cream at Baskin Robbins - you can always find a flavor you like.
 

benjamen

Yellow Jacket
Messages
1,620
Reaction score
0
Points
0
Location
Migratory

ancona

Praying Mantis
Messages
3,370
Reaction score
1
Points
0
Location
Waaay south
I find this new range to be interesting, since we've been stuck at just over 19 for so long. I wonder if they are trying to habituate us to lower prices by jerking the price down and holding it there long enough to cause some paper holders to bail out. I can't really see the reasoning behind this other than to allow shorts to get the hell out before an inevitable explosion in price.
 

DSAbug

Moderator
Messages
1,059
Reaction score
0
Points
0
I find this new range to be interesting, since we've been stuck at just over 19 for so long. I wonder if they are trying to habituate us to lower prices by jerking the price down and holding it there long enough to cause some paper holders to bail out. I can't really see the reasoning behind this other than to allow shorts to get the hell out before an inevitable explosion in price.
Well.. if we make a new low for the move, i'd be prepared for a move down to 1000.. I don't think that happens though. Usually we put in a low by the end of June. Might have already bottomed on this decline but it's clear that something is weighing on the metal.

I wouldn't be selling simply because this decline is in the top 5 in duration since the 1860s. No, that isn't a typo. We should see a rally to the 150 week moving average at the very least. That is around 1530 right now.
 

pmbug

Your Host
Administrator
Messages
7,649
Reaction score
77
Points
203
Location
Texas
It has been nearly two weeks since we have had an updated report of what the current gold holdings are in the large gold ETF, GLD. We finally got one today.

The new number came in 4.2 tons below the last reported tonnage. GLD is now holding 782.88 tons.

That this is occurring against a backdrop of events in Iraq tells me that large traders/investors are using the current geopolitical rally in the yellow metal to sell.

I had remarked some three weeks ago that the first sizeable jump in gold holdings ( nearly 8.4 tons back on May 27th) was the first good news that gold has had in some time. What I wanted to see was whether or not this was the start of a new trend among Western-based investors or more or less a flash in the pan brought on by some value-based buying that was a one-off type of transaction.

From that point, GLD only added another 1.8 tons before today's fairly sizeable drop.

I do not think it coincidental that the drop occurred as gold hit a resistance zone on the price chart centered near the $1280 region. Obviously big sellers were lying in wait to take advantage of the short-lived spike in price set off by the running of buy stops in Asian trade Sunday evening here in the West.
...
http://traderdannorcini.blogspot.com/2014/06/gld-loses-42-tons-of-gold.html
 

rblong2us

Yellow Jacket
Messages
2,187
Reaction score
41
Points
163
Location
off world
Hey a good week and gold above $1300 but the Kitco chart at the top of these pages showing $1252, pretty much stuck there for a couple of days ............ well since june 6th now I look more closely

Is the kitco chart no longer relevant ?
 
Last edited:
Top