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<p>[QUOTE=&quot;medoraman, post: 2177672, member: 26302&quot;]I think the prospect of raising Fed rates have, along with lower oil prices, been a driver this year in lowering pm prices already. The major downfall to pm is there is no current return on the investment, so if rates go up for bonds why does anyone want to hold an asset that has zero return?</p><p>&nbsp;</p><p>Just off the top of my head there are 5 other aspects to pricing, but to get into all of them would take much longer, and in the end would not prove anything anyway. I simply wanted to say its my opinion that expected Fed tightening has already been priced in. If they change versus expectations it could affect pm. I am kind of viewing a longer term malaise in pm. I think we will go into a very, very slow tightening pattern, and this will simply be a firm headwind for pm for a few years. All of this is great for me, as it will shake out other participants and possibly further depress premium prices on things I would like to buy for long term holding.</p><p>&nbsp;</p><p>Again, just my opinion, and EVEN if I were right 10 new things have happened around the world as I type this that will affect this outlook anyway.[/QUOTE]</p><p><br /></p>

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