Nickel plummets $3 a pound!

Just went on Coinflation this morning to find the price of nickel drop through the floor. Almost $3.00 a pound or 30%. Seems like a big typo but then again you never know in this day and age of modern economy. Is this a sign of other significant adjustments for copper, silver and gold?.

 

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Copper needa go, Silver needa go, And Gold I don't buy it.

Edit: Bronze needa get cheaper 2.

 

It shows that on Kitco too.
I think it must be a bad quote because the etn (JJN) is steady and copper is doing fine.

 

No! Its really High Right now. Its almost expensive as nickel.

 

Interesting, that is one big drop all at once

 

MANIPULATION! CONSPIRACY! They're trying to cause a panic and flush out all the nickel-stackers!

Joking aside, I'd expect an instantaneous 35% price drop to be worth some mention in the wider media, but I'm turning up nothing at all. Even if it's a software problem, I'm surprised it's getting no coverage at all.

 

Probably goverment manipulation trying to get rid of the penny because it costs 2 cents to make 1. Nickels were over 6 cents each to make, now with the drop it is less then 5 cents to make one - coincidence?? If they argue the cent costs to much and decide to do away with it then the same argument could be made for the nickel... unless the price goes down... hmmm. A comspiracy theory in the works!

 

Today marks the day that the government buys all of the Nickel blanks for the 2012 Nickels

 

My guess is stocks built up for a while, and someone finally had to bail for cash flow reasons before year end. It happens fairly frequently with commodities. Demand slows down but no one wishes to sell at the currnet price, and eventually for some reason someone is forced to, forcing a "fire sale" effectively.

 

Indeed, but the mainstream media has no interest in reporting anything that doesn't fit a per-defined narrative.

What is happening is the collapse of the paper metals commodities markets. The volume is dying because people no longer trust the CME, the regulators and the banksters who constantly game it. They have simply pulled out of the futures markets. It has nothing to do with real physical demand. It's the same situation with silver, gold, and most other popular metal.

 

Could be, I simply have no data to indicate that.

My suspicion on nickel may be slowing demand for stainless steel. This was a huge slug of demand that I see slowing down considerably. Consumer taste is moving away from it again. I have always been nervous how much of the price has been subject to consumer taste preferences for appliances, a demand that you know long term will not continue due to the innate fickleness of consumer preferences.

 

Did you go look? It's not really subject to interpretation. Either the buyers are there, or they are not.

 

Must be a glitch - info I have is nickel down about 10 cents.

 

Well, it was not my assertion, so felt no need to prove or disprove it. That is the asserters. Secondly, there are myriads of reasons as to why contracts could be up or down. Again, not my assertion, so I did not try to prove or disprove.

If its so important to you, since you are the one asserting this, why don't you go prove it to us, and then we can decide to respond or not.

Geez, I halfway agree with you, saying its possible but have not seen or studied the issue, and STILL all you wish to do is argue with me.

Merry Christmas, or whatever holiday you celebrate, Fatima.

 

What chart ?

Kitco shows a 1.39% loss today.

Quote :
[TABLE="width: 180, align: center"]
[TR="class: spot"]
[TD="class: menuB"]Nickel[/TD]
[TD="class: marketstime, align: right"]December 22,13:58[/TD]
[/TR]
[/TABLE]
[TABLE="width: 180, align: center"]
[TR="class: spot"]
[TD="bgcolor: #f1f1f1"]Bid/Ask[/TD]
[TD="bgcolor: #f1f1f1, align: center"]8.3816[/TD]
[TD="bgcolor: #f1f1f1, align: center"]-[/TD]
[TD="bgcolor: #f1f1f1, align: center"]8.4406[/TD]
[/TR]
[TR="class: spot"]
Change
[TD="align: center"]-0.1179[/TD]
[TD="align: center"][/TD]
[TD="align: center"]-1.39%[/TD]
[/TR]
[TR="class: spot"]
[TD="bgcolor: #f1f1f1"]Low/High[/TD]
[TD="bgcolor: #f1f1f1, align: center"]5.4786[/TD]
[TD="bgcolor: #f1f1f1, align: center"]-[/TD]
[TD="bgcolor: #f1f1f1, align: center"]8.5222[/TD]
[/TR]
[/TABLE]

chart :http://www.kitcometals.com/charts/Nickel.html

Come on , If you want to start a conspiracy idea, or see a flight from the USD or other, be sure you are backing the real numbers rather than taking a running leap .... IMO.

Jim

 

Is this an airing of a grievance or an example of a miracle.

Festivus for the rest of us.

 

just checked again its gone back up to only droping .10

 

I don't have screenshots, but both Kitco and Coinflation were showing the 35% drop earlier today. (I'm guessing Coinflation pulls their data from Kitco.) The prices and charts have now been "corrected".

If you've been extending your narrative about the commodities markets to include that 35% drop, well, you'll be wanting to "correct" that, too. :devil:

 

Lol, yes happy Festivus to us all.

Doesn't the person having the Festivus party get to sit down and tell every single person there what is wrong with them? Man I love that holiday.

Edit: I was wrong, the leader of Festivus gets to tell everyone there "how they have disappointed them over the last year". Still have to love it. You made my day reminding me of this JF.

 

They would be wrong on that. There has been a 35% drop over the past year or so. While I'm not that upbeat on the state of the US economy, there hasn't been a drop of 35% in industrial demand over this period. If there was, there would be a much bigger rout in the markets.