2011 GOLD high $1,500.00, SILVER high $24.00

Unfortunately, that range , 30% or so decrease, would ,IMO, not stop there, but could continue further as the majority of buyers would be very spooked, especially since there has been no significant change in monetary policy, contrarily it seems things may be a little worse with Irish banks, China and S. Korea trade problems, etc. Many would start to wonder if PM are needed for monetary value stabilization. If the Chinese, Indians, etc. do not continue buying gold and silver, because the push seems lessened, this also will enhance a downward trend. I think serious trend changing could occur at $23-24 range, then you might consider dumping it and put all into bank stocks, as the direction of the wind has changed. Until that level ( might come Monday, might come years from now, who knows), I am betting with todays purchases that it will regain upward momentum ( although much slower probably). All just my own opinion and suppositions.

Jim
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If there is a dip, I'm guessing it will be shallow like the other dips. This one though feels slightly different. I beleive Desertgem mentioned it, wait for this coming week to see what happens to PM's....

Hmmm not ready to end this ride yet. I think we should have at least until 2012 to see where our economy and global economy is at.

 

Hmmm maybe you miss understood me? $1393 at the time was gold coming down from $1400+ so I was cheering the downward spiral because I wanted to buy more.....

 

Currently, Before the US market open for Monday, 11/15/2010:

Gold: $1,369.80
Silver: $26.06
Platinum: $1,687
Palladium: $681

Opening in approx. five minutes...
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Currently, After the US market open for Monday, 11/15/2010:

Gold: $1,364.20
Silver: $25.86
Platinum: $1,680
Palladium: $680

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PM's went up last Sunday night, I think as high as $1375'ish....about $10 down now.....$1350 would be a nice round number.... =)

I'm just going to be a casual observer at this point. I have too many things to purchase by the end of the year. Car needs some work too.... oh well...not sounding too healthy....

 

Currently:

Gold: $1,370.50
Silver: $26.09
Platinum: $1,684
Palladium: $680

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Closed in US markets Monday below where we began after last weeks dips...

Gold: $1,369.80 --> Closed $1,361.50
Silver: $26.06 --> Closed $25.55
Platinum: $1,687 --> Closed $1,679
Palladium: $681 --> Closed $675


Currently in Asia-Pac markets for Tuesday 11/16/2010:

Gold: $1,359.20
Silver: $25.53
Platinum: $1,678
Palladium: $676

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And as the prices dip, so comes the tumbleweeds around here.....

 

For sure!

 

Maybe now is a good time to be reflective and think about the investing side. I suspect many of the late comers are breaking even or somewhat behind. Also I think now, we have some who before said they wanted a dip to buy , who are taking a second and third look at things. Most have tried to express caution as to % of possession of PM in portfolio. We have all said to not buy PM you can not really afford to lose, and I suspect many in the US has. So many ask why? Could it be that the world as a whole is starting to see a change in their economy so that the need for PM is lessened, or is the economy seen so bad, that money is spent on other things? I saw in a news report recently that many in cotton producing areas are stuffing cotton thread and fiber into 55 gallon size drums as a commodity need. Not silver but cotton, which to them is the closest to economic safety they might get. Almost all of our previous reasons for the price increases in PM were linked to political unrest, dilution and decrease in the value of the dollar, European ( Irish) and other banks still close to failing, trade balance, etc. So why might the PM market be seemingly unresponsive? Is it just that it ran up too fast, and by Jan or so , will be back up, or does it have a long ways still to go down because things were never as bad as we thought overall.

I am reading Benoit Mandelbrot's book "The misbehavior of Markets", and although he is the founder of Fractal geometry, and an arrogant **** , he does have interesting data and interpretations on the financial markets. He finds that all markets, from the original cotton market he studied to major stocks, there is a long term and short term memory in price fluctuations, and that extremes occur much more often and in greater % than accounted for in most financial models. I started to think, maybe he is correct and the long term memory of the last gold/silver bubble in the minds of those that experienced it, influenced the sudden extremes lately, so maybe this last peak was when the long term memory overwhelmed the short term memory of almost consistent upward climb? Just curious what people think outside of conspiracy theories and end of times thinking, as I do not see these happening, Just a thought to keep the tumbleweeds away.

Jim

 

Well that is quite a thought indeed. And just as we have gold bulls, it's healthy to have other thoughts regarding PM's. I think it's way too soon to even think that this dip, which may be shallow is anything to be worried about. As you've mentioned, this week was the week to keep an eye on PM's. Already we are seeing the dips early in the week. Who knows what the outcome will be by Friday.

As for those waiting for the dips. There will always be those waiting for dips. It's a vicious cycle. When PM's do dip, you hold off purchasing because now you are questioning the strength of PM's....then when they go up, you wish you've bought during the dips.......

I do think the price of metals ran up too fast. I remember mentioning that I wasn't comfortable with the prices of metals. I think gold was around $1420......I'm glad I didn't pull the trigger or else I'd be looking at good $50-60 loss.....

Storing cotton is a good idea, storing anything you can get your hands on at cheap prices today will only help. Last year I bought tons of toothbrushes. I know that sounds silly, but I still have a lot left. If you really think about it, if you can purchase things that don't spoil now, then you are good to go down the road.

The hard part is spending all that cash for which seems so silly.....but mathematically it makes economical sense.....

 

We still are in an overall uptrend..just look at charts laid side by side, look at the last few years... I look at May of 05,(that's when it became my job to do so..) 6 months later, and all the way up to present. The direction is basically up. Too early to jump ship, in my opinion. It's sort of too nit-picky, too reactionary to bail at the slightest dip. I recall in 2006 being told that I "missed the boat" by not selling gold/silver "before it tanked". (Apparently it had "tanked" to whomever it was that felt it necessary to rub my nose in it..) They were "just thankful THEY got out in time". I disagreed then, as I do now. Time for a chill pill! A necessary correction for the time being.. and I'm pretty sure folks who invest expect some of that, yes?

Just trying to help out with a comment here and there.. so we don't fill up with "tumbleweeds" (?) Personally, my husband left instruction for me to sell silver when it got to $8.00, he thought that might be nice. Told me I'd just have to wing it on the gold..no time to figure it out. I'm very glad I didn't, and instead swapped a good bit of it when it was UP and gold was down; it was a great deal! It was a RATIO thing that worked to my advantage. I won't do any more ratio swaps; too much work (physically)(metals weigh a lot)(takes up room..), but instead will watch for a 'good' time to get out. Not necessarily the peak time, but a 'good' time. Hopefully, YEARS from now NOT now though. Just so you know I'm paying attention to what all of you more learned people are doing with your metals, then I might know when the time is right. Thanks all. Lucy

 

Currently: in UK/EU markets for Tuesday 11/16/2010:

Gold: $1,359.10
Silver: $25.53
Platinum: $1,671
Palladium: $671

US Markets opening in approx. twenty minutes...

 

Barely no change since last night.....interesting.....

 

Is the Ireland deal having an effect this week?

 

Currently: After the open, in US markets for Tuesday 11/16/2010:

Gold: $1,355.30
Silver: $25.40
Platinum: $1,655
Palladium: $659
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Not sure, I've been casually following the Ireland issue. It seems everyday there are more reports about what they are going to do....

The week is still early......

 

Things seem pensive. After so much daily volatility recently to see a level price for a couple days straight looks odd.

 

Funny you say that, this morning, I checked my APMEX app on my iPhone to check PM prices. It said $1359 and I was thinking, "that can't be.."

Then I noticed the last update was from last night so I hit refresh to get the latest numbers. It did update already but barely...it still was $1359...only the cents changed.... LOL...