Any idea why PM's are dropping like a rock?

I agree. I meant to convey that, that PT group metals do not have enough "pretty" factor to prop up prices if industrial demand goes away. Maybe I did not word it properly. I find palladium especially ugly, Pt has some gloss and the heft of it makes it pleasant to hold.

 

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Thread: Any idea why PM's are dropping like a rock?

Because stocks are rising like a rocket.

 

The real reason is that I sold off some gold on Monday that I had been holding since 2005 - it has been plummeting in value ever since - but now that is not my problem! I made a 300% profit.

 

My guess would be to invest in the companies making them.

OK, quiz time.

Let's say I own $100 worth of silver that I bought at $32/Oz and the price of silver drops to $5/Oz. How much money have I lost at that point?

 

Harvey where r u?

 

None. None, that is, until you go to sell.........:devil:

 

Aw, man... I worked so hard baiting that trap and you go and spring it.

 

i welcome the drop as long as it goes back up even if it dosent i like what i have.

i have around 10 oz in different types i want more so lower price would be nice for me to gain more

 

Yeah, but not quite true, right? Every day you lose the potential interest you would have earned on the $100, as well as losing the cost of storing the stuff. So, technically, (I know I am sounding like an accountant here, sorry), every day you hold PM you are losing money. The hope is all of this lost money is more than made up for when you sell. But, every single day this hole gets deeper and deeper.

That is, unless you hold the PM as a HOBBY. Then, every day you gain pleasure from ownership. That is what I advocate for those wishing to own PM, own it as a hobby. Collect ASE's, or world silver or gold. Get enjoyment NOW that will offset holding costs of the things.

 

u have lost it all. silver is worthless. when north korea does mischief we wont need silver :d

now can I have it :d?

 

I used to own pm by the kilo over the years all that is left is memory

 

I don't believe that for a second. As far as taxes and the IRS, yes, but for everything else, I never bought into that line of reasoning. I have seem too many people refuse to sell, because they "didn't want to take a loss" as the security just kept on falling and falling. Sometimes you need to cut your losses.

 

Hmmm, this is a hard one. Let me get out my calculator. OK, you bought $100 of silver at $32/ounce. That means you got 100/32, or 3.125 ounces of silver. Now, silver drops to $5/ounce. That means you now got 100/5, or 20 ounces of silver. That means you gained 20-3.125, or 16.875 ounces of silver. Now, at $5/ounce, that's 5X16.875, or $84.375, rounded up to $84.38 worth of silver. If you paid $100, that means you lost 100-84.38, or $15.62 worth of silver. But, at the same time, you gained 16.875 ounces of silver, so that's good.

 

I guess so, if ya gotta eat. It's not Beanie Baby's though........

 

[video=youtube;LehNm4VVqJI]http://www.youtube.com/watch?v=LehNm4VVqJI[/video]

 

Well, another interesting day. Smith and Wesson and Ruger down another 2% today, and also precious metals , PCGS parent CLCT, copper, oil, Dow,S&P, although comstock mining ( LODE) was up a cent.

 

Opportunity cost does complicate things, but it's not an issue for me. My silver serves several purposes, which combined far exceed any gains I might miss out on from investing it elsewhere.

 

Yes...but it's those memories that make you "The Most Interesting Man in the World"!

Stay thirsty my friend...:cheers:

 

"Any idea why PM's are dropping like a rock?" maybe the big boys needed to cover shorts...

I'd love to have low prices again- like below $20 for silver

 

Danr if it gets down to $20 I'll still be buying, but much more. There is someone who has a signature line that I like now that he attributes to Rothchilds about "buying when there is blood in the streets, even if it's yours" that's beginning to have more of a ring of truth to especially after the past two days.

Tomorrow should be interesting. When gold hits $400 we're either broke or buying more.