So what's up, anybody here buying gold or trying hard to sell your gold?

Discussion in 'Bullion Investing' started by fretboard, Sep 15, 2015.

  1. fretboard

    fretboard Defender of Old Coinage!

    Just wondering. The price of gold has plunged a bit and looks to be heading south some more. I sold one of my AGE's 1/10ths the other day and was lucky to break even. How about you? Are you buying, meaning have you bought any gold in the last couple of weeks. Do you plan on buying within the next couple of weeks? Or are you trying to sell before you lose your shirt? Or is it stupid to buy gold right now? C'mon gold bugs, I know somebody's buying. Anyone?
     
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  3. SD51555

    SD51555 Active Member

    To me, the markets are seized up. Gold and silver aren't moving. Gold would have to make a major downward move to attract any attention I think. I'm in no mood to buy, and definitely not selling. Seems any downward movement in silver is met with rising markups. I talked to a LCS owner last week and he said he's getting drilled with higher markups as well.

    Until something breaks loose again, I think this market will continue to be a snoozer. Anyone left likely isn't going to sell after what we've been through. I bought eagles when silver was a $1.60 higher not long ago, and I paid about 70 cents less per ounce than where we're at now.

    In my short time in the bullion game, I still have yet to see 10oz bars much below $158. I'm also burned out on "The sun is going to explode tomorrow" rhetoric. I'll keep stacking, but there's no deal to be had out there right now.
     
    medoraman likes this.
  4. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I'm always buying, but only select dates and grades in numismatic US gold.

    I'm also selling numismatic US gold, but I'm selling different dates than I'm buying.

    For any of you who owns a better date US gold coin that wishes to trade into more common date gold coins instead, this may be an opportune time to do so.
     
    imrich and Jaelus like this.
  5. NorthKorea

    NorthKorea Dealer Member is a made up title...

    I'm still buying platinum and iridium when I can find them up for sale.
     
  6. Collecting Nut

    Collecting Nut Borderline Hoarder

    I just buy. Not interested in selling in today's market. Let it drop more, as I don't care. It's just another buying spree for me. Buy and hold. When it goes up, then I'll sell. Buy, buy, buy.
     
    Silver Boozer and imrich like this.
  7. Daniel Jones

    Daniel Jones Well-Known Member

    You are buying iridium? Interesting! Currently, Ruthenium is a real bargain at just around $38 per oz. This is by far the cheapest precious metal on the market. Just about 10 years ago, Ruthenium was selling at around $700 per oz. Get it while it's still a steal!!!
     
  8. Gilbert

    Gilbert Part time collector Supporter

    Haven't bought or sold bullion recently but have purchased a few collector coins. Should silver drop below $10 or gold below $800 - that will get me interested. Right now both are drifting aimlessly.
     
  9. David Setree Rare Coins

    David Setree Rare Coins Well-Known Member

    Gold is very stagnate it seems. No excitement at all. I don't expect it to become hot until people realize that for each ounce of physical gold supposedly in the comex there is about 200 claims on that ounce on paper.

    Now silver is another story. There is great demand for all forms of physical silver. the price for it is around $19.00/ounce wholesale. that's over a 25% premium over the spot price.
     
  10. Brett_in_Sacto

    Brett_in_Sacto Well-Known Member

    I'm buying. Cautiously, but I'm buying.
     
  11. Comixbooks

    Comixbooks Active Member

    I'm waiting on -900.00 or less...... pre 2012 levels
     
  12. WLH22

    WLH22 Well-Known Member

    I have been accumulating $2.5 and $5 Libertys and Indians in MS63/64 over the past year. If gold ever does go to $800/900 I will change over to $20 Libertys and Saints. If silver gets to $10 I will add a lot of that as well.
     
    Brett_in_Sacto likes this.
  13. Daniel Jones

    Daniel Jones Well-Known Member

    You might be waiting an awfully long time. Sorry. Ha, ha!
     
    Brett_in_Sacto likes this.
  14. Collecting Nut

    Collecting Nut Borderline Hoarder

    Don't hold your breath.
     
    Brett_in_Sacto likes this.
  15. fretboard

    fretboard Defender of Old Coinage!

    Little bit lower and I'll start buying again. I'm thinking in 30 to 60 days.
     
  16. NorthKorea

    NorthKorea Dealer Member is a made up title...

    Ruthenium isn't really a bargain. Its major consumer is the solar industry. The advances in thin film, coupled with the collapse of oil prices (partially due to oil exporting economies being typically run by oligarchies), cause thick film resistor demand to go through the floor. If technology comes up with a better use for Ruthenium, I'll consider it. For now, it seems to be the equivalent of a "falling knife" for chart traders.

    I realize you may have been making a joke, but given this is a public forum, I thought it proper to clarify for those who might be reading this looking for investing ideas.
     
    Daniel Jones likes this.
  17. InfleXion

    InfleXion Wealth Preserver

    Still doing DCA. Price only matters insomuch as how much my allocated funds allow me to acquire. Nonetheless, now that metal prices are slinking along the longterm bull market trend that began 15 years ago, this to me appears to be another buying opportunity like we had in 2008.
     
    Brett_in_Sacto likes this.
  18. NorthKorea

    NorthKorea Dealer Member is a made up title...

    And I would firmly disagree. Non-consumed commodities (which, even though they might get consumed, PMs generally are viewed as) typically go through extended lulls of flat market trading, followed by something that triggers a huge bull run (500%+ gains) and collapse (70%+ losses), then a return to the flat market trough. Sure, I might be wrong and history might decide to change or the investor sentiment of PMs might change them into consumed commodities, but I doubt it.

    We've likely settled into a flat pattern. If you want to acquire, I wouldn't DCA. If you can afford to tie up your money in PMs for another 20+ years, go right ahead. No one is going to stop you. However, if you're using DCA as an acquisition technique, that typically means that you either have little capital to work with or you're incrementally building your entire portfolio. In either case, it may (likely will) behoove you to adjust your asset allocation to shift from non-consumed commodities to consumed commodities. While gold/silver will initially rise in tandem with oil due to sympathy, that usually stops once it's clear that oil has reached a new stability level. This is due to speculator sentiment that in short-run situations, oil can act like a non-consumed commodity. That said, in the long run, it's a consumed commodity.

    Now, all of THAT said, we've gone through deflation globally for the last five years or so. If you look at silver prices today, they basically reflect a $17-$19 level in 2012 basket of currencies. If you really are looking to park cash at negative interest rates, silver is fairly priced right now. I don't know enough about gold consumption at the moment to make the exact same claim, but my assumption has been this is the case.

    The above summarizes why I'm trying to acquire platinum and iridium. Both platinum group medals have very specific uses with minimal alternatives (palladium is toxic, and iridium's physical properties make it VERY useful in industrial applications).
     
  19. InfleXion

    InfleXion Wealth Preserver

    I can afford to tie up my funds for 20+ years and that is in fact my very plan. 30+ years if necessary. I'm not interested in making profits in a currency that has no fundamental value, and am more than happy to trade it for real money.

    Considering that the spot price is a joke, that "junk" silver is being bought by online dealers for $3 over spot, I don't see how the supply picture is telling us anything other than that silver is undervalued. Sure it can go lower, I still think it's a good buy since it can be bought at or below cost of production in spite of high premiums, and I don't mind rounding the bottom with DCA since I only spend what I can afford to lose.

    I like platinum and all metals for the same reason I like precious metals. They're all finite resources that are fungible, divisible, durable, and portable. The reason I like silver better is that it's the only metal that has a healthy demand for both industrial and monetary reasons, and total demand is only met by existing scrap being recycled. Mining alone does not sate the silver market. For these reasons silver has the most bullish longterm picture in my opinion.

    My concern with consumed commodities is storage and durability. I prefer the bird in hand that lives forever. My goal above all else is wealth preservation in a manner that I have complete control over. I'm not interested in owning someone else's claim on something in a leveraged market.

    In any case, the Dow and PM charts since 2000 pretty clearly show that stocks are at the top of their uptrend and metals are at the bottom of their uptrend. So regardless of how or what someone buys, I would definitely not be selling my metal right now.
     
    Last edited: Sep 21, 2015
  20. NorthKorea

    NorthKorea Dealer Member is a made up title...

    My point was that if you can buy and hold, you're better off not DCAing, since you can buy the dips instead. It's just a slightly better method of acquisition in a sideways market.

    As for the junk silver argument... that's mainly because most "junk" silver is actually XF+ or rare. Even paying $3 over spot, the numismatic value of the coins would likely be adding at least that much to the basis. It's basically the same reason why coin values tend to bunch up from AG-VF/XF35 when silver prices rise.
     
  21. InfleXion

    InfleXion Wealth Preserver

    Technically I do try time my DCA on the dips, as opposed to buying X amount of ounces like clockwork, so I guess I'm doing more of a mixed approach. Regardless, I never spend what I can't afford to lose, and my approach is to spend a certain amount of cash that I've allocated, not to acquire a certain number of ounces.

    My concern with only buying the dips is that you can't necessarily assume there will always be another dip (sure, it's extremely likely, but nothing is guaranteed), and even if there is, the next dip could be higher than the current price. DCA ensures you never miss the bottom, and since my goal is accumulation and wealth preservation, not profits in currency, it accomplishes that goal perfectly.
     
    Last edited: Sep 22, 2015
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