What's up with PMs?

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Posted: 9/14/2010 9:55:20 AM EDT

Does anybody have any info or links to the "guru" class explaining what has fueled the rise in price over the last couple weeks?

As of right now (just after lunch in NY) silver is $20.44 and hit $20.50 earlier, gold is about $1270 and hit about $1275 earlier. The stock market doesn't seem to be doing anything weird. Silver is up about 25% in just a couple weeks.

Maybe my tinfoil is on too tight, but I have to wonder why there isn't a lot of discussion about this. I've been watching Fox Business News and haven't caught anything on PMs, just the same old buy and hold song.

Thanks for any info.

Posted: 9/14/2010 9:59:44 AM EDT

[#1]

Quoted:
Does anybody have any info or links to the "guru" class explaining what has fueled the rise in price over the last couple weeks?

As of right now (just after lunch in NY) silver is $20.44 and hit $20.50 earlier, gold is about $1270 and hit about $1275 earlier. The stock market doesn't seem to be doing anything weird. Silver is up about 25% in just a couple weeks.

Maybe my tinfoil is on too tight, but I have to wonder why there isn't a lot of discussion about this. I've been watching Fox Business News and haven't caught anything on PMs, just the same old buy and hold song.

Thanks for any info.

The govt just said were are NOT to hit another recession

If you believe the govt, then everyone else is wrong, or maybe everyone things the govt is wrong.

Posted: 9/14/2010 10:17:37 AM EDT

[#2]

First post

Got some friends in the PM business. Talked to them about this last week and are hearing "gold @ $1600.00 in a couple of months"

Posted: 9/14/2010 10:40:30 AM EDT

[#3]

Hold onto yours.

I'm about to sell some to fund some new garage doors.

If you think it's on a tear now wait a week or two.

I'm reading "weakness of the US dollar", etc.

Who knows? Maybe the babes in India are stepping up their jewelry buys.

Posted: 9/14/2010 10:54:23 AM EDT

[#4]

I've been checking the PM's a couple of times a day. A theory is that the signal of the predicted American economic implosion will be PM's and commodities skyrocketing and the USD and Euro plummeting as insiders try to sell everything worthless (fiat currency, stocks, ect) right quick and buy tangibles.

Posted: 9/14/2010 11:19:19 AM EDT

[#5]

Gold prices have pushed to a fresh record amid forecasts that central banks will be net buyers of bullion this year for the first time in two decades, the clearest sign of the rehabilitation of bullion after the financial crisis.

http://www.ft.com/cms/s/0/f99f518a-c025-11df-b77d-00144feab49a.html?ftcamp=rss

Posted: 9/14/2010 12:01:04 PM EDT

[#6]

Gold $1,269.50
Silver $20.49

Posted: 9/14/2010 12:42:24 PM EDT

[#7]

the IMF is out of gold to sell, Bangladesh bought the last of it, the IMF can no longer dump gold on the market to stabilize it's price.

Posted: 9/14/2010 1:22:06 PM EDT

[#8]

Quoted:

the IMF is out of gold to sell, Bangladesh bought the last of it, the IMF can no longer dump gold on the market to stabilize it's price.

The jig is up.

Posted: 9/14/2010 2:50:46 PM EDT

[#9]

Metal is still metal, just like it always was.
Bernanke, et al just shrunk the " dollar"

Posted: 9/14/2010 3:16:35 PM EDT

[#10]

The .GOV is predicting a turn-around in the economy, I think many people betting the .GOV is "all wet." It is pretty obvious that the .GOVs are wishing and hoping that the world's economy is turning around, especially tin he US, butttt....... I don't think that will happen. The US has been the engine to get the world out of recessions in the past, but this time most of the wealth has flowed to the PRC. Personally I think the world economy is going to get worse before it gets better, hence the meteoric rise of the PMs.

Posted: 9/14/2010 4:05:21 PM EDT

[#11]

Quoted:
Metal is still metal, just like it always was.
Bernanke, et al just shrunk the " dollar"

But it's high around the world now, not just the U.S.

Posted: 9/14/2010 4:19:40 PM EDT

[#12]

Silver hit $40 plus when Carter left office. I wonder what it is going to be when Obama leaves office? I'm going to buy as much silver as I can afford till it hits $30, and sell if it ever drops to a price im not comfy with. I may lose a little but some of my past silver purchases will help offset the loss. I have read that it may hit $200 an ounce by 2015 and I'm willing to take the risk. Gold has exploded and I think silver is going to as well. I'm kinda late to the party and wish I would have started buying it ten years ago.

Posted: 9/14/2010 4:37:04 PM EDT

[#13]

Quoted:
Hold onto yours.

I'm about to sell some to fund some new garage doors.

If you think it's on a tear now wait a week or two.

I'm reading "weakness of the US dollar", etc.

Who knows? Maybe the babes in India are stepping up their jewelry buys.

funny, when I wasa 18 I didnt understand why the turks would buy gold jewelry as a way to save their money.........now at 45 those backwards folks knew what they were doing

Posted: 9/14/2010 6:30:00 PM EDT

[#14]

The Fed announced more QE.

Posted: 9/14/2010 6:32:12 PM EDT

[#15]

what is QE?

Posted: 9/14/2010 6:35:15 PM EDT

[#16]

Where is the best place to buy / sell Silver these days?

Still Ampex?

Posted: 9/14/2010 6:43:20 PM EDT

[#17]

Quoted:
what is QE?

Quantitative easing, monetization of our national debt. The Fed announced that it's going to purchase more bonds, increasing the monetary base, decreasing the purchasing power of every dollar we hold. That's why gold (and other commodities) screamed higher today.

Posted: 9/14/2010 6:46:33 PM EDT

[#18]

Quoted:

Quoted:
what is QE?

Quantitative easing, monetization of our national debt. The Fed announced that it's going to purchase more bonds, increasing the monetary base, decreasing the purchasing power of every dollar we hold. That's why gold (and other commodities) screamed higher today.

in other words, printing more money from thin air and paper.

Posted: 9/14/2010 6:53:53 PM EDT

[#19]

Quoted:

Quoted:
what is QE?

Quantitative easing, monetization of our national debt. The Fed announced that it's going to purchase more bonds, increasing the monetary base, decreasing the purchasing power of every dollar we hold. That's why gold (and other commodities) screamed higher today.

in other words, printing more money from thin air and paper.

As Ron Paul put it, a hidden tax on the money you hold.

Every dollar worth of savings you have, and every dollar worth of earnings you work for, purchases less today than it did yesterday. Hence the rush into and subsequent increase in price of hard assets (commodities like gold, silver, copper, oil, wheat, corn, and equities as well).

Posted: 9/14/2010 8:02:30 PM EDT

[#20]

Quoted:

Quoted:
what is QE?

Quantitative easing, monetization of our national debt. The Fed announced that it's going to purchase more bonds, increasing the monetary base, decreasing the purchasing power of every dollar we hold. That's why gold (and other commodities) screamed higher today.

in other words, printing more money from thin air and paper.

or, using one credit card to pay off another

I suspect gold to continue throughout the rest of the year (minimum)
some feel that $1240 is bye-bye, and that 1270 is important for gold

Posted: 9/14/2010 8:29:37 PM EDT

[#21]

Quoted:

Quoted:
what is QE?

Quantitative easing, monetization of our national debt. The Fed announced that it's going to purchase more bonds, increasing the monetary base, decreasing the purchasing power of every dollar we hold. That's why gold (and other commodities) screamed higher today.

in other words, printing more money from thin air and paper.

or, using one credit card to pay off another

I suspect gold to continue throughout the rest of the year (minimum)
some feel that $1240 is bye-bye, and that 1270 is important for gold

I can't afford gold, but could you please expand on the importance of 1270 for gold.

Thanks.

Posted: 9/14/2010 9:39:19 PM EDT

[#22]

Quoted:

Quoted:
I suspect gold to continue throughout the rest of the year (minimum)
some feel that $1240 is bye-bye, and that 1270 is important for gold

I can't afford gold, but could you please expand on the importance of 1270 for gold.

Thanks.

with gold breaking above resistance levels, gold is bound to increase in value
there may be pulbacks in October.......

also, Marc Faber explained that he doesn't think gold is ever going below $1000 per ounce....

In a recent interview, investment guru Marc Faber. From Faber:

Basically we had a good move in gold whereby we had fluctuated for two-years between USD 800 per ounce and USD 1000 per ounce and now we've broken through the USD 1000 per ounce level with quite conviction and heavy volume. I believe that whereas in the past the USD 1000 per ounce level was kind of a resistance level, now it becomes a support level. I don't think that you'll see gold below a USD 1000 per ounce probably ever again So I’m actually quite positive. Maybe gold at this level is a better buy than it was at USD 300 per ounce in 2001.

Marc Faber: Gold Is Never Going Below $1000 An Ounce

(eta) not advice, do your own homework

Posted: 9/15/2010 4:22:16 PM EDT

[#23]

Quoted:

Quoted:
Hold onto yours.

I'm about to sell some to fund some new garage doors.

If you think it's on a tear now wait a week or two.

I'm reading "weakness of the US dollar", etc.

Who knows? Maybe the babes in India are stepping up their jewelry buys.

funny, when I wasa 18 I didnt understand why the turks would buy gold jewelry as a way to save their money.........now at 45 those backwards folks knew what they were doing

Something to teach kids/grandkids for the future: collecting coins just aint for dorks....

Posted: 9/16/2010 12:11:19 PM EDT

[#24]

Quoted:
Does anybody have any info or links to the "guru" class explaining what has fueled the rise in price over the last couple weeks?

As of right now (just after lunch in NY) silver is $20.44 and hit $20.50 earlier, gold is about $1270 and hit about $1275 earlier. The stock market doesn't seem to be doing anything weird. Silver is up about 25% in just a couple weeks.

Maybe my tinfoil is on too tight, but I have to wonder why there isn't a lot of discussion about this. I've been watching Fox Business News and haven't caught anything on PMs, just the same old buy and hold song.

Thanks for any info.

There are rampant rumors of shortages of above-ground silver in relation to demand, coupled with a lot of "whistleblower" type events relating to Comex and both gold and silver. There was an attempted hit on one of the whistleblowers, and the attacker was captured, so I'm thinking there may be some truth in there somewhere.

But, other than that, I'd say a lot of PM action has something to do with the continuing global financial meltdown. We're just getting started with this stuff. A lot of nations including our own are going to eventually default, the game now is to see how far down the road they can kick the can. The race to devalue currencies has already started - see the actions involving central banks and the Yen, the Euro, and the Swiss franc. Whoever does it big first wins the most, but no one wanted to start it because it meant the game was up.

These are central banks trying to save their own asses:

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/shirakawa/CHF%209.16.jpg

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/shirakawa/USDJPY%209.14.jpg

Posted: 9/16/2010 1:57:30 PM EDT

[#25]

Thanks for the QE explanation.

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