Look at Platinum
For those of you who have expressed concerns about putting any money into Platinum, I suggest you look at today's Kitco chart on platinum. If that doesn't scare the hell out of you , I don't know what will. The pattern of sales on this clearly shows the commodity crooks are at work. Of course the next question is when are they going to attack gold?
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Permalink Reply by Buffalo on -
The drop might also have been related to data on the auto industry today. April sales were reported stronger than year ago numbers but down from the previous month, so mixed results that could have still caused concerns reflected in the price. I doubt if any of the precious metals are free of manipulation though. It will be interesting to see what comes out of the recent interest by the CFTC and apparently now the Justice Department:
Ted Butler Interview
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Permalink Reply by Steve W on -
LG,
It might be the time to buy some! I do not believe that this recovery has run its course yet. It is definitely not a time to sell.
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Permalink Reply by Lee Grant on -
Patrick Heller's article on gold and silver prices made me realize that the precious metals commodity market is not being run by some offshoot of the Mafia but, instead, the criminals in action are the U.S. Government. If you think you can outwit this bunch of crooks you have a lot of work ahead of you.
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Permalink Reply by Lureuin on -
LG- Here is a great quote from the recent whistle blower-
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the U.S. dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the U.S. taxpayers,” said Maguire.
Here is the article:
http://www.thestreet.com/newsanalysis/metals-and-mining/10753883.html
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Permalink Reply by Steve W on
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Lureuin,
Do you think that this current "gold bull rush" can be stopped? I am starting to think that things are beyond any one bank's ability to change. The European situation along with the recession and sovereign deficits have created a "Perfect Storm" in the PM markets. I think this price run up is far from over.
I bet you are sorry you cashed out those Liberty Double Eagles with Mark. LOL
Lureuin said:LG- Here is a great quote from the recent whistle blower-
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the U.S. dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the U.S. taxpayers,” said Maguire.
Here is the article:
http://www.thestreet.com/newsanalysis/metals-and-mining/10753883.html
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Permalink Reply by Lureuin on
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I made my money when I sold. I tripled up. I still have a little gold.
I've been watching, reading, and following the situation a lot lately. Even though I saw this coming a long time ago, it saddens me that it is coming to fruition; and maybe worse than I ever thought it would be. It is the perfect storm, but might get so bad you can't go to Mark to sell your gold; you might have to cut up your 2.5 Indians just to buy food. I hope I'm just kidding.
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Permalink Reply by Ike on -
Way-to-go Lureuin. A lesson I learned long ago from playing the stock market ---lock in some profit!!
Lureuin said:I made my money when I sold. I tripled up. I still have a little gold.
I've been watching, reading, and following the situation a lot lately. Even though I saw this coming a long time ago, it saddens me that it is coming to fruition; and maybe worse than I ever thought it would be. It is the perfect storm, but might get so bad you can't go to Mark to sell your gold; you might have to cut up your 2.5 Indians just to buy food. I hope I'm just kidding.
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Permalink Reply by Lee Grant on
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Gold prices show a level of stability compared to platinum. I am out of the platinum market of any type. You can't get hurt on modest purchases of silver. But gold surely is where the action is. There is plenty of gold talk on the media, seldom silver, and platinum never.
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Permalink Reply by Steve W on
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Lureuin,
300% is an amazing profit. I congratulate your good fortune. I only wish that I had had the knowledge and inclination to buy some PMs back in the 80s. No adviser ever made such a suggestion. It was all about stocks! It seems to me that any reasonable broker would have advised some diversification that would have included precious metals. Most modern financial planners talk about 10-20%
BTW I have just one more common coin to complete the Tribe. Hopefully, they will never be the main course at a meal because they are old and hard. Besides, what good will your paper profits do you if we have major inflation? I understand that dollar bills have little nutritional value. At any rate, most Americans would not suffer from eating less. LOL
Mark is getting flakier all the time. The last time I visited he simply walked off for his lunch in the middle of a major (to me) coin purchase. Other dealers have told me that his bullion trades are so huge that most customers are just "small change" to him. I have not been back since.
Lureuin said:I made my money when I sold. I tripled up. I still have a little gold.
I've been watching, reading, and following the situation a lot lately. Even though I saw this coming a long time ago, it saddens me that it is coming to fruition; and maybe worse than I ever thought it would be. It is the perfect storm, but might get so bad you can't go to Mark to sell your gold; you might have to cut up your 2.5 Indians just to buy food. I hope I'm just kidding.
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Permalink Reply by Buffalo on
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Platinum has dropped about $100 today on top of about $140 drop from May 12th thru yesterday. I still think its risky but it might be getting into a range where its worth looking at. I personally don't intend to buy, just saying it has been a large drop.
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Permalink Reply by Steve W on
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Can you think of a recent time when platinum prices were this close to gold? Platinum seems to be a very vol ital bullion. Some people said that gold would be $1500/ oz by now.
What is with palladium prices? Why would that metal post such robust advances today?
Buffalo said:Platinum has dropped about $100 today on top of about $140 drop from May 12th thru yesterday. I still think its risky but it might be getting into a range where its worth looking at. I personally don't intend to buy, just saying it has been a large drop.
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Permalink Reply by Steve W on
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I will answer my own question on platinum. It was close to gold in May of 2008. I cannot imagine the feelings of those who bought the metal from 07! It really tracked the progress of the economy. When businesses were flush platinum was ascendant. When the economy crashed, so did platinum prices. Gold has been less volatile.
So, Platinum is an investment for those who see a strong economic recovery on the horizon. Otherwise, it is to be treated with caution.
Steve W said:Can you think of a recent time when platinum prices were this close to gold? Platinum seems to be a very vol ital bullion. Some people said that gold would be $1500/ oz by now. What is with palladium prices? Why would that metal post such robust advances today? Buffalo said:Platinum has dropped about $100 today on top of about $140 drop from May 12th thru yesterday. I still think its risky but it might be getting into a range where its worth looking at. I personally don't intend to buy, just saying it has been a large drop.
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